CFA Level 1 － Mock Exam 1 模拟真题－Q16-20 investment, normal, Jimmy, style, class

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16、Jimmy Lee, CFA, is an investment banker in a country with strict confidentiality laws. He is working on an acquisition for Panda Mining Co. (PMC). While performing due diligence, Lee notices that PMC has a number of questionable offshore partnerships. He investigates the legality of the partnerships and finds evidence of illegal activity. According to the Standards of Professional Conduct, Lee's best course of action would be to:

Select exactly 1 answer(s) from the following:

A. tip the media.

B. alert CFA Institute.

C. consult outside counsel.

D. notify regulatory authorities.

 

17、Rene Whatcom, CFA, is an independent contractor who writes research reports for several investment publications. Whatcom refuses to sign contracts with exclusivity clauses. Whatcom sometimes revises work he submits to one publication and sends slightly altered versions of the report to additional publications. Does Whatcom violate any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to loyalty.

C. Yes, with respect to disclosure of conflicts.

D. Yes, with respect to additional compensation.

 

18、Angus Draper, CFA, is a senior portfolio manager and member of the investment committee at Tillahook Investments. Draper serves as a board member for several non-profit organizations. These commitments require eight workdays per month of Draper's time. Because he does not receive any form of compensation for these activities, Draper does not tell anyone at work about his board activities. Does Draper violate any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to conflict of interest.

C. Yes, with respect to additional compensation.

D. Yes, with respect to responsibilities of supervisors.

19、The yield to maturity on otherwise identical option-free bonds issued by the U.S. Treasury and General Motors is 6% and 8%, respectively. If annual inflation is expected to remain steady at 2.5% over the life of the bonds, the most likely explanation for the difference in yields is:

Select exactly 1 answer(s) from the following:

A. liquidity.

B. maturity.

C. default risk.

D. business risk.

 

20、Rachel Kelly, age 24, is planning for retirement. Kelly's annual consumption expenditures are currently $30,000. She assumes her consumption expenditures will increase with the rate of inflation, which she expects to average 3% until she retires at age 68. Given a life expectancy of 83 years and constant expenditures in retirement, the amount Kelly must accumulate by her retirement date, assuming an 8% rate of return on her retirement account, is closest to:

Select exactly 1 answer(s) from the following:

A. $320,000.

B. $423,000.

C. $1,176,000.

D. $1,552,000.

 

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答案和详解如下：

16 Correct answer is C

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 79-80
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 67-68
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Members must keep client information confidential and must comply with applicable law. If applicable law requires disclosure of client information in certain circumstances, members and candidates must comply with the law. If applicable law requires members to maintain confidentiality, even if the information concerns illegal activities on the part of the client, members should not disclose such information. Lee’s best course of action would be to consult with outside counsel to determine applicable law.

17 Correct answer is A

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 83-85
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 69-71
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
A member’s duties within an independent contractor relationship are governed by the oral or written agreement between the member and the client. Members should take care to define clearly the scope of the responsibilities and the expectations of each client within the context of each relationship. Members have a duty to abide by the terms of the agreement.

18 Correct answer is B

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp 83-85, 113-115
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 69-71, 89-91
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Members must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties. Draper should discuss his outside activities with his employer and come to mutual agreement regarding how to manage his personal commitments with his responsibilities to his employer.

19 Correct answer is C

“The Time Value of Money,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 172-174
Study Session 2-5-b
explain an interest rate as the sum of a real risk-free rate, expected inflation, and premiums that compensate investors for distinct types of risk
The difference in yield on otherwise identical U.S Treasury and corporate bonds is attributed to default risk.

20 Correct answer is C

“The Time Value of Money,” Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 190-208
Study Session 2-5-d, e
calculate and interpret the future value (FV) and present value (PV) of a single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows;
draw a time line, specify a time index, and solve time value of money applications (for example, mortgages and savings for college tuition or retirement)
Kelly expects her consumption spending (currently $30,000 annually) to increase with the rate of inflation (3%) over the next 44 years until she retires. Her annual consumption spending at the time she retires will be $110,143.57 (PV = 30,000, %I = 3, N = 44, solve for FV). To support that level of spending for 25 years of retirement, assuming an 8% return on her retirement account, she must accumulate $1,175,756 by her retirement date (PMT = 110,143.57, N = 25, %I = 8, solve for PV).

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