2011CFALevel1MockExammorning.pdf
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1、 By accessing this mock exam,you agree to the following terms of use:This mock exam is provided to currently-registered CFA candidates.Candidates may view and print the exam for personal exam preparation only.The following activities are strictly prohibited and may result in disciplinary and/or lega
2、l action:accessing or permitting access by anyone other than currently-registered CFA candidates;copying,posting to any website,emailing,distributing and/or reprinting the mock exam for any purpose.2011 Level I Mock Exam:Morning Session The morning session of the 2011 Level I Chartered Financial Ana
3、lyst Mock Examination has 120 questions.To best simulate the exam day experience,candidates are advised to allocate an average of 1.5 minutes per question for a total of 180 minutes(3 hours)for this session of the exam.Questions Topic Minutes 1-18 Ethical and Professional Standards 27 19-32 Quantita
4、tive Methods 21 33-44 Economics 18 45-68 Financial Statement Analysis 36 69-78 Corporate Finance 15 79-90 Equity Investments 18 91-96 Derivative Investments 9 97-108 Fixed Income Investments 18 109-114 Alternative Investments 9 115-120 Portfolio Management 9 Total:180 【梦轩考资】QQ106454842 专业提供CFA FRM全程
5、高清视频+讲义 By accessing this mock exam,you agree to the following terms of use:This mock exam is provided to currently-registered CFA candidates.Candidates may view and print the exam for personal exam preparation only.The following activities are strictly prohibited and may result in disciplinary and/
6、or legal action:accessing or permitting access by anyone other than currently-registered CFA candidates;copying,posting to any website,emailing,distributing and/or reprinting the mock exam for any purpose.Questions 1 through 18 relate to Ethical and Professional Standards.1.Gabrielle Gabbe,CFA has b
7、een accused of professional misconduct by one of her competitors.The allegations concern Gabbes personal bankruptcy filing ten years ago when she was a college student and had a large amount of medical bills she could not pay.By not disclosing the bankruptcy filing to her clients,did Gabbe most like
8、ly violate any CFA Institute Standards of Professional Conduct?A.No.B.Yes,related to Misconduct.C.Yes,related to Misrepresentation.2.Bryan Barrett,CFA has an investment advisory service providing advice on gold and other commodities to several large retail banks.Barrett advertises his services in wi
9、dely read publications to broaden his business to include retail clients.Because the client base for the institutions that Barrett serves is large,he is comfortable stating in the ads that thousands of his clients have benefited from his advice.Does Barretts advertisement most likely violate any CFA
10、 Institute Standards of Professional Conduct?A.No.B.Yes,related to Misrepresentation.C.Yes,related to Communication with Clients.3.While at a bar in the financial district after work,Ellen Miffitt,CFA overhears several employees of a competitor discuss how they will manipulate down the price of a th
11、inly traded micro cap stocks price over the next few days.Miffitts clients have large positions of this stock so when she arrives at work the next day she immediately sells all of these holdings.Because she has determined that the micro cap stock was suitable for all of her accounts at its previousl
12、y higher price,Miffitt buys back her clients original exposure at the end of the week at the new,lower price.Which CFA Institute Standards of Professional Conduct did Miffitt least likely violate?A.Market Manipulation B.Preservation of Confidentiality C.Material Non Public Information 【梦轩考资】QQ106454
13、842 专业提供CFA FRM全程高清视频+讲义 By accessing this mock exam,you agree to the following terms of use:This mock exam is provided to currently-registered CFA candidates.Candidates may view and print the exam for personal exam preparation only.The following activities are strictly prohibited and may result in
14、disciplinary and/or legal action:accessing or permitting access by anyone other than currently-registered CFA candidates;copying,posting to any website,emailing,distributing and/or reprinting the mock exam for any purpose.4.Diana Fairbanks,CFA is married to an auditor who is employed at a large acco
15、unting firm.When her husband mentions a computer firm he audits will receive a qualified opinion she thinks nothing of it.Later that week when she reviews a new client account she notices there are substantial holdings of this computer firm.When she does a thorough Internet search for news on the co
16、mpany,she does not find anything about its most recent audit or any other adverse information.Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?A.Take no investment action.B.Complete a
17、 thorough and diligent analysis of the company and then sell the stock.C.Sell the stock immediately as she has a reasonable basis for taking this investment action.5.Sherry Buckner,CFA manages equity accounts for government entities whose portfolios are conservative and risk averse.Since the objecti
18、ve of her clients is to maximize returns with the lowest possible risk,Buckner considers adding to their holdings a new,thinly-traded,leveraged derivative product which she believes has the potential for high returns.To make her investment decision,Buckner relies upon comprehensive research from an
19、investment bank that has a solid reputation for top quality research.After her review of that research,Buckner positions her accounts so that each has a 10%allocation to the derivative product.Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the deriv
20、ative for her clients?A.No.B.Yes,related to Suitability.C.Yes,related to Loyalty,Prudence and Care.6.Teresa Staal,CFA is an investment officer in a bank trust department.She manages money for celebrities and public figures,including an influential local politician.She receives a request from the pol
21、iticians political party headquarters to disclose his stock holdings.The request indicates local law requires the disclosure.What steps should Staal most likely take to ensure she does not violate any CFA Institute Standards of Professional Conduct?A.Provide the information and inform her client.B.S
22、end the requested documents and inform her supervisor.C.Check with her firms compliance department to determine her legal responsibilities.【梦轩考资】QQ106454842 专业提供CFA FRM全程高清视频+讲义 By accessing this mock exam,you agree to the following terms of use:This mock exam is provided to currently-registered CFA
23、 candidates.Candidates may view and print the exam for personal exam preparation only.The following activities are strictly prohibited and may result in disciplinary and/or legal action:accessing or permitting access by anyone other than currently-registered CFA candidates;copying,posting to any web
24、site,emailing,distributing and/or reprinting the mock exam for any purpose.7.Sergio Morales,CFA believes he has found evidence his supervisor is engaged in fraudulent activity concerning a clients account.When Morales confronts his supervisor,he is told the client is fully aware of the issue.Later t
25、hat day,Morales contacts the client and upon disclosing his evidence,is told he should mind his own business.Concerned his job is at risk,Morales provides his evidence,along with copies of the clients most recent account statements,to a government whistle blower program.Morales is least likely to ha
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