CFA一级历年模拟考试(2015-2019)：2017_level_I_mock_exam_morning_questions removed.docx

2017LevelIMockExam:MorningSessionThemorningsessionofthe2017LevelICharteredFinancialAnalyst(CFA)MockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageof1.5minutesperquestionforatotalof180minutes(3hours)forthissessionofthee×am.TopicMinutes1-18EthicalandProfessionalStandards2719-32QuantitativeMethods2133-44Economics1845-68FinancialStatementAnaIysis3669-76CorporateFinance1277-88EquityInvestments1889-94DerivativeInvestments995-106FixedIncomeInvestments18107-110AlternativeInvestments6111-120PortfolioManagement15Total:1801.IncaseswhereapplicablelocallawsgoverningcalculationandpresentationofinvestmentperformanceconflictwiththeGIPSstandards,firmsare:A.requiredtocomplywithlocalregulationsandmakefulldisclosureoftheconflicttoclaimGIPScompliance.B.unabletoclaimGIPScomplianceincaseswherelocalregulationsprohibitaccuratecalculation.C.requiredtocalculateandmaintaintwosetsofperformancedatainordertoclaimGIPScompliance.2.RossNelson,CFA,managesaccountsforhigh-net-worthclients,includinghisownfamily'saccount.Hehasnobeneficialownershipinhisfamily,saccount.BecauseNelsonisconcernedabouttheappearanceofimproperbehaviorinmanaginghisfamily,saccount,whenhisfirmpurchasesablockofsecurities,Nelsonallocatestohisfamily'saccountonlythosesharesthatremainafterhisotherclientaccountshavetheirordersfilled.Thefeeformanaginghisfamily'saccountisbasedonhisfirm'snormalfeestructure.AccordingtotheStandardsofPracticeHandbook,Nelson'sbestcourseofactionwithregardtomanagementofhisfamily'saccountwouldbeto:A.treattheaccountlikeotheremployeeaccountsofthefirm.B.treattheaccountlikeotherclientaccounts.C.removehimselffromanydirectinvolvementbytransferringresponsibilityforthisaccounttoanotherinvestmentprofessionalinthefirm.3.AlexanderNewton,CFA,isthechiefcomplianceofficerforMillsInvestmentLimited.Newtoninstitutesanewpolicyrequiringtheproratadistributionofnewsecurityissuestoallestablisheddiscretionaryaccountsforwhichthenewissuesareappropriate.Thepolicyalsoprovidesfortheexclusionofnewlyestablisheddiscretionaryaccountsfromthedistributionuntiltheyhavereachedtheirone-monthanniversarydate.Thispolicyisdisclosedtoallexistingandpotentialclients.DidNewtonmostlikelyviolateanyCFAInstituteStandardsofProfessionalConduct?A.No,becausethepolicyhasbeenadequatelydisclosedtoallexistingandpotentialclientsB.YesC.No,becausetheallocationpolicyisnotinequitableunderthestandards4.AccordingtotheGIPSstandardsaverificationreportconfirmsallofthefollowingexceptwhether:A.specificcompositepresentationsareaccurate.B.processesandproceduresaredesignedtocalculateandpresentcompliantperformanceresults.C.afirmhascompliedwithallfirm-widecompositeconstructionrequirements.5.JustinBlake,CFA,aretiredportfoliomanager,owns20,000sharesofasmallpubliccompanythathewouldliketosellbecauseheisworriedaboutthecompany'sprospects.Hepostsmessagesonseveralinternetbulletinboards.Themessagesread,Thisstockisgoinguponcethependingpatentsarereleased,sonowisthetimetobuy.Thestockisabuyatanythingbelow$3.1havedonesomecloseresearchontheseguys.AccordingtotheStandardsofPracticeHandbook,BlakemostlikelyviolatedtheCodeandStandardsassociatedwith:A.IntegrityofCapitalMarkets,butnotConflictsofInterest.B.neitherIntegrityofCapitalMarketsnorConflictsofInterest.C.IntegrityofCapitalMarkets,andConflictsofInterest.6.MirandaGrafton,CFA,purchasedalargeblockofstockatvaryingpricesduringthetradingsession.Thestockrealizedasignificantgaininvaluebeforethecloseofthetradingday,soGraftonreviewedherpurchasepricestodeterminewhatpricesshouldbeassignedtoeachspecificaccount.AccordingtotheStandardsOfPracticeHandbook,Grafton'sleastappropriateactionistoallocatetheexecutionprices:A.acrosstheparticipatingclientaccountsatthesameexecutionprice.B.acrosstheparticipatingclientaccountsprorataonthebasisofaccountsize.C.onafirst-inzfirst-outbasiswithconsiderationofbundlingordersforefficiency.7.WhichofthefollowingleastlikelyreflectsthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProfessionalConduct?A.FairprocesstothememberandcandidateB.PublicdisclosureofdisciplinarysanctionsC.Confidentialityofproceedings8.Severalyearsago,LeoPeek,CFA,co-foundedaninvestmentclub.Theclubisfullyinvestedbuthasnotactivelytradeditsaccountforatleastayearanddoesnotplantoresumeactivetradingoftheaccount.Peek'semployerrequiresanannualdisclosureofemployeestockownership.Peekdisclosesallofhispersonaltradingaccountsbutdoesnotdisclosehisholdingsintheinvestmentclub.Peek'sactionsareleastlikelytobeaviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?A.MisrepresentationB.TransactionpriorityC.Conflictsofinterest9.MadelineSmith,CFA,wasrecentlypromotedtoseniorportfoliomanager.Inhernewposition.Smithisrequiredtosupervisethreeportfoliomanagers.Smithasksforacopyofherfirm'swrittensupervisorypoliciesandproceduresbutisadvisedthatnosuchpoliciesarerequiredbyregulatorystandardsinthecountrywhereSmithworks.AccordingtotheStanda