CFA Level 1 －模考试题(3)（AM）－Q16-20

考试题, style, class

Question 16

Standard V(B), Communication with Clients and Prospective Clients, least likely requires members to:

A) use reasonable judgment regarding the inclusion or exclusion of relevant factors in research reports.

B) distinguish between facts and opinions in research reports.

C) disclose the general principles of investment processes used to analyze and select securities, and construct portfolios.

D) make clear buy or sell recommendations on the securities covered in research reports.

Question 17

Bertha Mader, CFA, received proxy material related to a hostile takeover attempt of Danube Industries by Balnet Company. She holds shares of Danube in most of her client accounts. Mader has a high opinion of Danube’s management because they have run the company successfully and have always responded directly and honestly to her inquiries. She is not acquainted with Balnet’s management team but knows they have a reputation for improving the bottom line at the companies they acquire, partly because they tend to replace upper management at their targets and assume their functions. Balnet's offer is 60% higher than the price of Danube shares before the announcement. Danube’s management has contacted Mader and requested that she vote the shares she controls against the takeover because the management is concerned for their jobs and for the welfare of the company. To

comply with the Code and Standards, Mader should:

A) vote for the takeover if she can get assurance that Danube's management team will remain in place.

B) vote against the takeover if it does not appear that the takeover is in the best interest of the company.

C) vote for the takeover if it is in the best interest of Danube's shareholders, regardless of the consequences to current management.

D) delegate her proxy vote to another member of her firm due to the conflict of interest created when she was contacted by management.

Question 18

Which of the following actions most likely violates Standard I(D) – Misconduct?

A) A Level 1 candidate is ejected from a hotel for attempting to pass a bad check.

B) A member’s market forecasts have been wrong in three consecutive quarters, prompting a formal complaint from a client.

C) A member pursues an employment opportunity with a competing firm, primarily as a means of securing a salary increase from her current employer.

D) A Level 2 candidate in Upper Moesia is repeatedly arrested for protesting against the country’s rulers.

Question 19

John is getting a $25,000 loan, with an 8% annual interest rate to be paid in 48 equal monthly installments. If the first payment is due at the end of the first month, the principal and interest values for the first payment are closest to:

Principal Interest

A) $443.65 $200.00

B) $443.65 $166.67

C) $410.32 $200.00

D) $410.32 $166.67

Question 20

Which of the following statements about kurtosis is most accurate?

A) Kurtosis is critical to risk management because most risk managers put more emphasis on the standard deviation of a distribution than the distribution of returns in the tail.

B) Most investors perceive a leptokurtic distribution as riskier than a platykurtic distribution.

C) A distribution that is less peaked (flatter) than normal is leptokurtic.

D) For all normal distributions, kurtosis equals 3, and excess kurtosis is kurtosis plus 3.