CFA一级历年模拟考试(2015-2019)：2019_Mock_Exam_A_－_Morning_Session_（with_Solutions）.docx

2019LevelIMockExamAMhcmorningsessionofthe2019LevelICharteredFinancialAnalystMockExaminationhas120questions.Tobestsimulatetheexamdayexperience,candidatesareadvisedtoallocateanaverageofoneandahalfminutesperquestionforatotalof180minules(3hours)(orthissessionoftheexam.QuestionsTopicMinutes1-20EthicalandProfessionalStandards3021-32QUanl1833-44Econ1845-62FinancialReportingandAnalysis2763-74CorporateFinance1875-81PortfolioManagement10.582-94Equity19.595-10711xcdIncome19.5IOH-II4DerivativesIoS115-120AlternativeInvestments9Total:180Byarretingthismockexam,yuagreetnthefnllwngtermsofw:ThhmockexamisprovidedtncurrentlyregisteredCfAcandidates.Candidatesmayviewandprinttheexamforpersonalexamprepantiononly.ThefollowingACtiYitiCSarcStrictiyprohibitedandmayresulttndisciplinaryand/orlegalaction：accessingorpermittingaccessbyanyoneotherthancurrently-regirteredCFAcandidates;copying,postingtoanywebs(e.emailing,dstnbutngand/orrepnnungthemockexamforanypurposeB201XCFAInshhitf.Allrightsrfserwd.2019LEVELIMOCKEXAMAM1WhCwo<likelydetermineswhetheraViolntinnoftheCFAInstituteCCdPandStandardsortestingpolicieshasoccurredandwhatsanctionshouldbeimposed?The:AProfessionalConductStaffandtheDisciplinaryReviewCommitteeBProfessionalConductStaffCDisciplinaryReviewCommitteeAiscorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraViolattonoftheCodeandStandardsortestingpolicieshasoccurredandifsowhatsanctionshouldbeimposed.Followingtheirinvestigation,tpProfMsionaIConductStaffmayCOndudPth?inquiryWlthnodKdpHnarysanction,issueacautionaryletter,orcontinueproceedingstodisciplinethememberorcandidatewhichincludethechargesandaproposedsanction.Ifthatproposalisrejectedbythememberorcandidate,thematterisreferredtoapanelcomposedofDRCMembers-TheanestaskistodetermineWhetheraviolationOftheCodeandStandardsortestingpoliciesoccurredd11dKsowhatsanctionshouldbeImposed.Bisincorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationOftheCodeandStandardsortestingpolideshasoccuedandifsowhatsanctionshouldbeimposed.Cisincorrect.BoththeProfessionalConductStaffandtheDisciplinaryReviewCommitteeareresponsiblefordeterminingwhetheraviolationOftheCodeandStandardsortestingpolideshasoccurredandifsowhatsanctionshouldbeimposed.CodeofEthicsandStandardsofProfessicxidlConduct1.OS诵2HollyBaker,CFAisCKPIeUningtheCFInstituteCodeofEthicstoaclient.WhichofthefollowingstatementscouldBakermaketomostlikelyreflectdisciplinarysanctionstheCFAInstitutemayimpose?Sanctionsinclude:Afinesforviolations.Brevocationofmembership.Cbanishmentfromtheindustry.BiscorrectastheCFAInstitutemayrevokemembershipforviolationsoftheInstituteCodeofEthics.AisIncorrectbecauseCFAInsttuteBylawsdonotincludefinesasasanction.CBincorrectasCFAInstitutedocsnothavetheauthoritytobananindividualfromthebusinessanddoesnotalwaysapplysanctionstoeveryVtolationofItsCode.CodeofEthksandStandardsofProfessionalConductLOSa3WilliamWong,CFAfisanequityanalystwithHayswickSecurities.Basedonhisfundamentalanalysis,Wongconcludesthatthestockofacompanyhefollows,Nolveclnc.fissubstantiallyundervaluedandwillexperiencealargepriceincrease.Hedelaysrevisinghisrecommendationonthestockfrom"hold"to"buy"toallowisbrothertobuysharesatthecurrentprice.WongisleastlikelytohaveviolatedtheCFAinstituteStandardsofProfessionalConductrelatedto:Adutytoclients.Breasonablebasis.Cpriorityoftransactions.BiscorrectbecausethereisnothingtosuggestthatWgdoesnothaveareasonablebasisforhisconclusionrelatedoNokecStandardV（八）).AisincorrectbecausebydelayingtherevisionofhisrecommendatisothathisbrothercanbuysharesatalowerpricehehasviolatedtheCFAInstituteStandardsrelatingtodutytoclientsSUnddrdH（八）.SUnddrdVKB).CisIncorrectbecausebydelayingterevisionofhisrecommendatisothathisbrothercanbuysharesatalowerpricehehasviolatedtheCFAInstituteStandardsrelatingtopriorttyoftrans4ctisStandardIIKA),StandardVl(B)LGuidanceforStandardsI-Vll1.oSaStandardIII（八）-LoyaIty,Prudence,andCare,StandardVl(B)-PriorityofTransactions,StandardV（八）-Dhgcn£eMndReasonableBd4HuiChen,CFA1developsmarketingmaterialsforaninvestmentfundhefoundedthreeyearsAgeThrmaterials<hcwthe3-yrar,2-yrar.and1yrarreturnsforthefund.Hcincludesaftnotethatstatesinsmallprint"Pastperformancedoesnotguaranteefuturereturns.*HedoesnotclaimcompliancewithGlPSinthedisclosuresorfootnotes.Hcalsoincludesaseparatesheetshowingthemostrecentsemi-annualandquarterlyreturns,whichnotesthattheyhavebeenneitherauditednorverified.HasChenmostlikelyviolatedanyCFAInstituteStandardsofPrufrssiunalConduct?ANdBYes,becauseheincludedunauditedandunverifiedresults.CYes,becausehedidnotadheretotheGlobalInvestmentPerformancestandards.AisccxrectbecausetheStandardsrequirememberstomakereasonableeffortstomakesureperfcxmanceInformationisfairtaccurate,andcomplete.TheStandardsdonotrequirecompliancewith