CFA一级历年模拟考试(2015-2019)：2016_CFA_Level_1_Mock_Exam_afternoon_questions_removed.docx

Questions1*18RelatetoEthiCS2Questions1932RelatetoQuantitativeanalysis9Questions3344RelatetoEconomics13Questions4568RelatetoFinancialStatementAnalysis17Questions6976RelatetoCorporatefinance26Questions7788ReIatetoEquityinvestment29Questions8994RelatetoDerivatives32Questions95*106RelatetoFixed-incomeAnalysis34Questions107*110RelatetoAlternativeInvestments38Questions111120RelatetoPortfolioManagement39Last Name:First Name:MOCK EXAM 114No:Date:Questions118RelatetoEthicsI.CarolinaOchoa,CFA,isthechieffinancialofficeralPanlagoniaComputing.OchoaiscurrentlythesubjectofaninquirybyPantagoniatScorporateinvestigationsdepartment.TheinquiryistheresultofananonymouscomplaintaccusingOchoaoffalsifyingtravelexpensesforseniormanagementrelatedtoagovernmentcontract.Accordingo(heCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,ilismostappropriateforOchoatodisclose(heallegations:A.onherProfessionalConductStatement.B.toCFAInstituteiftheallegationsareprovencorrect.C.toCFAInstitutewhentheinvestigationconcludes.2.RichardCardinal,CFA,isthefounderofVolcanoCapitalResearch,aninvestmentmanagementfirmwhosesoleactivityisshortselling.Cardinalseeksoutcompanieswhosestockshavehadlargepriceincreases.Cardinalalsopaysseverallobbyingfirmstoupdatehimimmediatelyonanylegislativeorregulatorychangesthatmayimpacthistargetcompanies.Cardinalsellsshortthosetargetcompaniesheestimatesarenearthepeakoftheirsalesandearningsandthathissourcesidentifyasfacinglegalorregulatorychallenges.Immediatelyafterhesellsastock.Cardinalconductsapublicrelationscampaigntodiscloseallofthenegativeinformationhehasgatheredonthecompany,eveniftheinformationisnotyetpublic.WhichofCardinal'sactionsisleastlikelytobeinviolationoftheCFAInstituteStandardsofProfessionalConduct?A.DisclosinginformationabouttargetcompaniesB.SellingstockshortC.Tradingoninformationfromlobbyists3.BethKozniak,aCFAcandidate,isanindependentlicensedrealestatebrokerandawell-knownpropertyinvestor.Sheiscurrentlybrokeringthesaleofacommercialpropertyonbehalfofaclientinfinancialdistress.IfthecIienfsbuildingisnotsoldwithin30days,hewilllosethebuildingtothebank.Ayearearlier,anotherclientofKozniak1Shadexpressedinterestinpurchasingthissameproperty.However,sheisunabletocontactthisclient,andshehasnotdiscoveredanyotherpotentialbuyers.Givenherdistressedclient'slimitedtimeframe,Kozniakpurchasesthepropertyherselfandforgoesanysalescommission.Sixmonthslater,shesellsthepropertyforaniceprofittotheclientwhohadearlierexpressedinterestintheproperty.HasKozniakmostlikelyviolatedtheCFAInstituteStandardsofProfessionalConduct?A.Yes,shedidnotdiscloseherpotentialconflictsofinteresttoeitherclientB.Yes,sheprofitedontherealestatetothedetrimentofherfinanciallystressedclientC.No4.JanLoots,CFA,quithisjobasaportfoliomanagerataninvestmentfirmwithwhomhehadanon-solicitationagreementhesignedseveralyearsago.Lootsreceivedpermissiontotakehisinvestmentperformancehistorywithhimandalsotkacopyofthefhn'ssoftware-tradingplatform.Subsequently,Lootssentoutmessagesonsocialmediasitesannouncinghewaslookingforclientsforhisnewinvestmentmanagementfirm.AccesstoLoots,ssocialmediasitesisrestrictedtofriends,family,andformerclients.LootsleastlikelyviolatedtheCFAInstituteStandardsofProfessionalConductconcerninghis:A.non-solicitationagreement,B.investmentperformancehistory.C.tradingsoftware*5.ZhaoXuan,CFA,isasell-sideinvestmentanalyst.Whileatasoftwareindustryconference,ZhaohearsrumorsthatGreenRunSoftwaremayhavefalsifieditsnancialresults.Whenshereturnstoheroffice,ZhaoconductsathoroughanalysisofGreenRun.Basedonherresearch,includingdiscussionswithsomeofGreenRun,scustomers,ZhaoisconvincedthatGreenRun*sreported50%increaseinnetincomeduringrecentquartersiscompletelyfictitious.ButsofarZhaoistheonlyanalystsuspiciousaboutGreenRun,sreportedearnings.AccordingtotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct,theleastappropriate3/41actionforZhaoisto:A.recommendherclientsselltheirGreenRunsharesimmediately.B.donothinguntilotheranalystssupportheranalysis.C.reporthersuspicionstoGreenRun'smanagement.6.BclenZapata,CFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethesereturnsbyinvestinginnon-investment-gradebondsandotherfixed-incomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:A.investmentmandate.B.promisedreturns.C.returnofcapital.7.Whileatabarinthefinancialdistrictafterwork,EllenMiffitt,CFA,overhearsseveralemployeesofacompetitordiscusshowtheywillmanipulatedownthepriceOfathinlytradedmicro-capstock'spriceoverthenextfewdays.Miffitt,sclientshavelargepositionsofthisstock,sowhenshearrivesatworkthenextday,sheimmediatelysellsalloftheseholdings.Becauseshehaddeterminedthemicro-capstockwa