CFA考试历年真题精选4(附详解)
CFA考试历年真题精选4（附详解）
1、Edo Ronde, CFA, an analyst for a hedge fund, One World Investments, is attending a key industry conference for the microelectronics industry. At lunch in a restaurant adjacent to the conference venue, Ronde sits next to a table of conference attendees and is able to read their nametags. Ronde realizes the group includes the president of a publicly traded company in the microelectronics industry, Fulda Manufacturing, a company Ronde follows. Ronde overhears the president complain about a production delay problem Fulda’s factories are experiencing. The president mentions the delay will reduce Fulda earnings more than 20% during the next year if not solved. Ronde relays this information to the portfolio manager he reports to at One World explaining that in a recent research report he recommended Fulda as a buy. The manager asks Ronde to write up a negative report on Fulda so the fund can sell the stock. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Ronde should least likely:【单选题】
A.revise his research report.
B.leave his research report as it is.
C.request the portfolio manager not act on the information.
正确答案:A
答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Ronde should refuse to follow his supervisor’s request. If Ronde revises his research report based on the information he overheard at the industry conference, he would violate Standard II (A) Material Nonpublic Information. The production delay information is material and considered nonpublic until it is widely distributed. Therefore, it should not be included in Ronde’s research report or acted on until it becomes public. Ronde should try to encourage Fulda to make the information public.
2、Jennifer Ducumon, CFA, is a portfolio manager for high-net-worth individuals at Northeast Investment Bank. Northeast holds a large number of shares in Baby Skin Care Inc., a manufacturer of baby care products. Northeast obtained the Baby Skin Care shares when it underwrote the company’s recent IPO. Ducumon has been asked by the investment-banking department to recommend Baby Skin Care to her clients, who currently do not hold any shares in their portfolios. Although Ducumon has a favorable opinion of Baby Skin Care, she does not consider the shares a buy at the IPO price nor at current price levels. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Ducumon is to:【单选题】
A.ignore the request.
B.recommend the shares after additional analysis.
C.follow the request as soon as the share price declines.
正确答案:A
答案解析:“Guidance for Standards I-VII”, CFA InstituteA is correct because Ducumon should refuse to recommend the shares because her opinion of the Baby Skin Care shares must not be affected by internal pressure. If Ducumon followed the request from the investment-banking department at her company, she would be in violation of Standard I (B) Independence and Objectivity. Ducumon must refuse to recommend the BabySkin Care shares until they are an attractive purchase based on fundamental analysis and market pricing. 3、In the current year, a company increased its deferred tax asset by $500,000. During the year, the company
most likely:【单选题】
A.became entitled to a $500,000 tax refund.
B.reported a lower accounting profit than taxable income.
C.had permanent differences between accounting profit and taxable income.
正确答案:B
答案解析:“Income Taxes” Elbie Antonites, CFA and Michael A. Broihahn, CFAB is correct. Deferred tax assets represent taxes that have been paid (because of the higher taxable income) but have not yet been recognized on the income statement (because of the lower accounting profit).
4、Two parties agree to a forward contract on a non-dividend paying stock at a price of $103.00. At contract expiration the stock trades at $105.00. In a cash-settled forward contract, the:【单选题】
A.short pays the long $2.00.
B.short pays the long $103.00.
C.long pays the short $105.00.
正确答案:A
答案解析:“Forward Markets and Contracts”, Don M. Chance, CFAA is correct because a cash-settled forward permits the long and short to pay the net cash value of the position on the delivery date. The long is due to receive a stock from the short with a market value of $105.00. Through the forward contract, the long agreed to purchase the stock at $103.00. Therefore, the short must pay the net cash value of $2.00 to the long.
5、An analyst determines that a 5.50 percent coupon option-free bond, maturing in 7 years, would experience a 3 percent decrease in price if market interest rates rise by 50 basis points. If market interest rates instead fall by
50 basis points, the bond’s price would increase by:【单选题】
A.exactly 3%.
B.less than 3%.
C.more than 3%.
正确答案:C
答案解析:“Introduction to the Measurement of Interest Rate Risk,” Frank J. FabozziThe bond is option-free and will therefore exhibit positive convexity. An equal change in rates will produce a greater percentage gain when rates decrease than the percentage loss produced when rates increase.
6、The slope of the security market line (SML) represents the portion of an asset’s expected return attributable to:【单选题】
A.total risk.
B.market risk.
C.diversifiable risk.
正确答案:B
答案解析:“Portfolio Risk and Return Part II,” Vijay SingalB is correct. The slope of the SML is the market risk premium, E(Rm) – Rf. It represents the return of the market less the return of a risk-free asset. Thus, the slope represents the portion of expected return that reflects compensation for market or systematic risk.
7、Which of the following is NOT a recommended procedure for compliance withthe Standards of Professional Conduct relating to misrepresentation? The firm:【单选题】
A.specifically designates which employees are authorized to speak on behalfof the firm.
B.discontinues using the work completed by a former member or candidate.
C.provides a written list of the firm's available services and a description ofthe firm's qualification.
正确答案:B
答案解析:公司特别指定哪个员工可以代表公司发言，提供书面形式的公司可服务类型以及对公司资质进行
描述，都是为了遵守禁止虚假陈述（misrepresentation）所推荐的做法。公司可以继续使用过去员工的研究成果。
8、An analyst does research about financial statement framework.Ratios and graphsare most likely the output of which of the following phases of the financial statementanalysis framework?【单选题】
A.Process data.
B.Analyze/interpret the processed data.
C.Collect input data.
正确答案:A
答案解析:财务报表分析的步骤如下：（6）继续跟踪。
9、An analyst does research about fund manger performance.In an efficient stockmarket, a list of appropriate policies for a portfolio manager who does not havesuperior ability to analyze is least likely to include the:【单选题】
https://www.360docs.net/doc/0218466136.html,e of index funds.
B.elimination of systematic risk.
C.minimization of transaction cost.
正确答案:B
答案解析:对于没有超强分析能力的基金经理来说，应该买人指数基金或者是减少交易成本，或者通过分散化投资来消除非系统性风险，注意基金经理是无法消除系统性风险的。
10、An analyst does research about characteristics of U.S.Treasury inflation protection securities (TIPS).Which of the following statements is most accurate? U.S.Treasury inflation protection security (TIPS) :【单选题】
A.has interest payments that are based on an inflation-adjusted coupon rate.
B.has interest payments that are based on an inflation-adjusted principal.
C.may be redeemed at maturity for less than the original par value amount.
正确答案:B
答案解析:对于通货膨胀保护证券，如果通货膨胀率上升，债券的本金将上调；如果通货膨胀率下跌，债券的本金将下调，所以选项A错。通货膨胀保护证券最后的本金调整结果可能会低于其面值，但到期赎回时，赎回价格不会小于其面值，如果调整后的价格低于其面值，则到期赎回时也是按照面值来进行的，所以选项C错。