Tài liệu Printable Tests doc

A A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio's trades to XYZ.. She does not inform her manager since there is no cash involved.

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Printable Tests - Level 1 - EXAM 1 Morning - 180 minutes - Level 1 - EXAM

C) An investment manager recommends to a prospective client, an investment in mortgage IO strips because they are guaranteed by an agency of the federal government.D) A broker says XYZ stock is 100% guaranteed to double in value over the next six months

D) is held responsible for participating in illegal acts when the law is evident to anyone knowing the law and is held responsible for violations by others when the analyst is unaware of the facts giving rise to the violation

Question: 3 - 28162

Which of the following is a violation based on AIMR's Standard's of Professional Conduct?

A) A portfolio manager accepts free trades from XYZ for her personal account for directing the portfolio's trades to XYZ She does not inform her manager since there is no cash involved.B) After informing his manager, a portfolio manager accepts money for giving a broker information relating to a client's financial standing.C) A portfolio manager is offered a free vacation to increase performance At the end of the year performance is up and the manager accepts the vacation after informing his manager of the fact.D) A portfolio manager is unexpectedly offered a vacation at year-end from a client who was pleased with their portfolio's performance The manager accepts the vacation after informing her manager of the fact

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D) All of these.

Question: 5 - 28167

Which one of the following is NOT consistent with AIMR's Performance Presentation Standards?

A) Cash and cash equivalents must be included in composite returns

B) All actual, fee paying, discretionary portfolios should be included in at least one composite.C) Investment performance is the record of the manager not the firm, all changes in personnel should be accounted for by adjusting the composite's performance history.D) Presentation of performance may be either gross or net of investment management fees, as long as the method and the fee schedule are disclosed.Question: 6 - 28168

Under the Employee Retirement Income Security Act (ERISA), a person is a fiduciary if he or she:

A) has discretionary authority in the administration of the pension plan; renders investment advice for a fee with respect to a pension plan's assets; exercises any discretionary authority with the management of the pension plan or its assets

B) has an executive position in the firm sponsoring the pension plan

C) has an executive position in the firm sponsoring the pension plan; has discretionary authority in the administration of the pension plan.D) exercises any discretionary authority with the management of the pension plan or its assets.Question: 7 - 29219

There are four components of the AIMR?Code of Ethics All of the following are part of the Code of Ethics

EXCEPT:

A) Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.B) Strive to maintain and improve the competence of regulatory bodies such as the Securities and Exchange Commission (SEC).C) Strive to maintain and improve the competence of others in the profession

D) Use reasonable care and exercise independent professional judgment

Question: 8 - 29220

AIMR?believes:

A) that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.B) companies should set standards based on the ethics of upper management and the board of directors.C) that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.D) that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.Question: 9 - 29221

Which of the following statements about the AIMR?Code and Standards is TRUE? The Code and

Standards:

A) require that members report legal violations to the appropriate governmental or regulatory organization.B) do not require that members report legal violations to the appropriate governmental or regulatory organization.C) expect members to resign from their jobs to disassociate themselves from clients engaging in illegal activities.D) expect members to persuade the perpetrator to cease illegal activities

Question: 10 - 29222

All of the following are appropriate uses of the CFA designation EXCEPT:

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A) Jeremy Salyers, CFA.

B) Joanne Silbourne is a CFA charterholder

C) I, as a CFA charterholder, expect to outperform the market because CFA charterholders have on average outperformed the S&P in 95 percent of the last 50 years.D) I have earned the CFA designation by passing three exams, having sufficient work experience and becoming a member of AIMR®.Question: 11 - 29223

Which of the following would NOT violate AIMR畳 s rules regarding personal integrity and behavior?

A) A driving under the influence (DUI) conviction that results in the loss of one's driver's license for six months.B) Stealing a car and going to prison for 18 months

C) A misdemeanor conviction that results from lying about your income on your tax return

D) Cheating on an MBA preliminary exam and being expelled from the University

When must an analyst give credit to the firm畳 own research staff for research analysis?

A) When sending printed materials to clients

B) When discussing research with a client

C) In a professional witness situation

D) In inter-office communications

An AIMR member is NOT required to notify her supervisor in writing of the AIMR Code and Standards under

which of the following circumstances?

A) The employer has indicated a willingness to adopt AIMR's Code and Standards, and the supervisor is an AIMR member.B) The employer has a high ethical standard, much of which is reflected in writing in the firm's Mission Statement.C) The supervisor is an AIMR member

D) The employer has publicly acknowledged in writing that they have adopted the AIMR Code and Standards.Question: 14 - 29226

When an AIMR?member who is presently employed by a firm undertakes any independent practice, he

must do all of the following EXCEPT:

A) secure written permission from the employer

B) remand a percentage (to be determined by the employee and employer) of the income earned back to the employer.C) secure written permission from the outside firm

D) disclose the identity of their employer to clients and prospective clients and the fact that they are performing independently of the employer.Question: 15 - 29227

Which of the following statements regarding employee/employer relationships is FALSE?

A) A written contract may or may not exist between employer and employee

B) The employer has the power to control and direct the details of how work is to be performed.C) There must be monetary compensation for an employer/employee relationship to exist

D) An employee is someone in the service of another

With respect to Standard III(E), Responsibilities of Supervisors, compliance supervisors and compliance

officers should do all of the following EXCEPT:

A) disseminate the compliance procedures

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B) incorporate a professional conduct evaluation into the employee's performance review.

C) hold hearings with representatives from the firm to decide whether violations have occurred and the level of severity of the violations.D) review employee actions to ensure compliance and identify violators

Brett Germaine is an AIMR?member who manages client portfolios He has the power to buy and sell securities on behalf of his clients His mother is a client and Brett manages her trust With respect to his mother畳 account, he must:

A) treat her account with a bit more care and concern giving her advance notice of information like recommendation changes.B) treat her account with less care and concern than his other accounts so as to avoid the appearance of favoritism and comply with the Code and Standards.C) not take his mother's account because it is a violation of the Code and Standards to manage a family member's account or trust.D) treat her account like any other firm account and should not give her account special treatment or disadvantage.Question: 18 - 29230

In a tough decision to leave Greenberg and Associates, Jillian Cross, CFA, decides to seek employment with a competing firm She decides that her current management team is essential to her ability to do her job and plans to convince the others to come with her when she leaves She also plans to take her client list with her because she has to start somewhere in building a book of business Jillian is:

A) out of compliance only in taking the client list

B) out of compliance only in trying to get her employees to come with her

C) out of compliance with Standard III(B), Duty to Employer, on both counts-attempting to take her management team with her and misappropriating the client list.D) in compliance

Quantitative Analysis - 18 Questions - 27 minutes

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Which of the following statements is FALSE?

A) The interquartile range contains half the data points in the data set

B) The interquartile range is set at half the distance between the largest and smallest number in the data set.C) If the median is on the left side of the interquartile range the data is skewed to the left

D) Downside outliers are those observations below the first quartile less 1.5 times the interquartile range.Question: 22 - 18873

Use the following data to calculate the standard deviation about the expected return:

Based on the following data, what is ABC Co.'s projected growth rate?

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TRUE?

A) Stock A (CV = 0.875) has more dispersion relative to the mean than stock B

B) Stock A (CV = 0.875) has less dispersion relative to the mean than stock B

C) Stock A (CV 1.14) has more dispersion relative to the mean than stock B

D) Stock A (CV 1.14) has less dispersion relative to the mean than stock B

The probability of a boom economy is 40 percent The probability of Yacht Co having a 50 percent return given a boom economy is 80 percent Find the joint probability of a boom economy and a 50 percent return for Yacht Co

growth portfolio and for the S&P 500 Which of the following statements is TRUE?

A) Based on a reward-to-variability ratio the growth portfolio is preferable to the S&P 500

B) The growth portfolio has more excess return per unit of risk than the S&P 500

C) An investor would always prefer the S&P 500 to the growth portfolio

D) Based on a reward-to-variability ratio the S&P 500 is preferable to the growth portfolio

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Sarah Parker is buying a new $25,000 car Her trade-in is worth $5,000 so she needs to borrow $20,000 The loan will be paid in 48 monthly installments and the annual interest rate on the loan is 7.5% If the first payment is due at the end of the first month, what is Sarah畳 monthly car payment?

Which of the following statements are TRUE?

I. The mean of a sample of five numbers (5 + 2 + 4 + 5 + 4) is ΣX / (n-1) = 5

II. The standard error of the sample means of the numbers above is s/ ? (n-1) = 75

III. The variance of a sample of five numbers (5 + 2 + 4 + 5 + 4) is Σ(X - X)2 / (n-1) = 1.5

IV. The sampling error is the difference between a sample statistic and its corresponding population parameter

A) III and IV only

B) III only

C) I, II, and III only

D) I, II, III, and IV

An analyst conducts a two-tailed z-test to determine if small cap returns are significantly different from 10 percent The sample size was 200 The computed z-statistic is 2.3 Using a 5 percent confidence level,

which statement is TRUE?

A) You cannot determine what to do with the information given

B) A sample size of 200 indicates that the null should be accepted

C) Accept the null hypothesis and reject the alternative hypothesis That is small cap returns are not significantly different from 10%.D) Reject the null hypothesis and accept the alternative hypothesis That is small cap returns are significantly different from 10%.Question: 33 - 28158

I. A two-tailed test on a large sample with a significance level of 01 has confidence intervals of + 1.96 s/ ?n

II A hypothesized mean of 3, a sample mean of 6, and a standard error of the sampling means of 2 give a sample Z-statistic of 1.5

III A Type I error is rejecting the null hypothesis when it was true and a Type II error is accepting the alternative hypothesis when it is false

IV When the sample Z-statistic is greater than the critical Z-statistic in a two-tailed test you should reject the null hypothesis and accept the alternative hypothesis

A) I and III only

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B) II and IV only.

C) II, III, and IV only

D) I, II, III, and IV

All of the following are properties of the student畳 t-distribution EXCEPT it:

A) is symmetrical

B) has "fatter tails" than a normal distribution

C) is defined by a single parameter, the degrees of freedom (df)

Which of the following statements is FALSE regarding hypothesis testing?

A) An analyst can perform a one-tailed or a two-tailed test

B) A type I error is acceptance of a hypothesis that is actually false

C) A type II error is the acceptance of a hypothesis that is actually false

D) The significance level is the risk of making a type I error

Economics - 14 Questions - 21 minutes

Under rational expectations, a shift to a more expansionary economic policy would:

A) fail to reduce the unemployment rate in either the short or long term

B) reduce the short run unemployment rate, but not the long term rate

C) reduce the long and short term unemployment rate

D) reduce the long run unemployment rate, but not the short term rate

Which of the following statements about the basic functions of money is TRUE?

A) When money is defined as a medium of exchange, it means that money enables value to be stored and transported.B) Money's value is directly related to the level of prices

C) Paper money allows consumers to defer consumption, encourages division of labor, and is the best store of value.D) Money's function as a unit of account allows individuals to account for debts

You are expecting an additional payment of $2,000 of income this year You intend to save $500 of the

$2000 According to the multiplier effect, total spending will increase by a total amount of:

A) $1,500

B) $4,000

C) $6,000

D) $2,500

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Changes in the budget deficit due to government actions are called:

A) mandatory fiscal policy

B) Keynesian policy

C) monetary policy

D) discretionary fiscal policy

Which of the following statements is FALSE regarding the process by which fiscal policy affects aggregate

demand and aggregate supply? The results of restrictive fiscal policy are:

A) lower prices and reduced output

B) impossible to predict with respect to prices and output

C) a shift downward and to the right in the aggregate demand curve

D) higher prices and higher output

Which of the following statements regarding budget deficits, inflation, and interest rates is FALSE?

A) The crowding out model implies budget deficits will decrease the demand for loanable funds and put downward pressure on the real rate of interest.B) The crowding out model implies budget deficits will increase demand for loanable funds and put upward pressure on the real rate of interest.C) Empirical studies show a weak relationship between deficits and real interest rates

D) The new classical model implies that higher expected future taxes will stimulate additional savings and thereby permit the government to expand borrowing at an unchanged interest rate.Question: 43 - 29288

Bank required reserves are the:

A) maximum reserves required by law, earn interest and may not be loaned to customers

B) minimum reserves required by law, earn interest and may be loaned to customers

C) minimum reserves required by law, do not earn interest and may not be loaned to customers.D) maximum reserves required by law, do earn interest and may be loaned to customers

The potential deposit expansion multiplier is:

A) the reciprocal of the required reserve ratio

B) equal to the required reserve ratio

C) always equal to the actual expansion in the economy

D) is increased by a higher reserve requirement

Assume that Notasled, a producer of cafeteria trays, operates in a purely competitive market In addition, assume that the market price is $3.25 Notasled will produce so long as:

A) marginal revenue is positive

B) marginal revenue is greater than $3.25

C) marginal cost is less than or equal to $3.25

D) total revenue is increasing

The primary benefits derived from tariffs usually accrue to:

A) domestic suppliers of goods protected by tariffs

B) domestic producers of export goods

C) foreign producers of goods protected by tariffs

D) domestic consumers of goods protected by tariffs

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If the dollar appreciates it becomes:

A) cheaper for foreigners to buy U.S goods

B) more expensive for foreigners to buy U.S goods

C) cheaper for foreigners to buy foreign goods

D) more expensive for foreigners to buy foreign goods

Given the following information:

• The U.S interest rate is 6%

• The DEM/USD spot rate is 2.2

• The DEM forward rate is 2 DEM/USD

• The domestic German interest rate is 8%

I Capital will flow into Germany

II If you start by borrowing $1000, your arbitrage profits will be $128

III If you start by borrowing 1000 DEM, your arbitrage profits will be 116 DEM

IV. To arbitrage borrow Dollars at 6%, convert them to DEMs and lend the DEMs out at 8%

If the exchange rate value of the English Pound goes from $1.75 to $1.50, then the Pound has:

A) depreciated and the English will find U.S goods more expensive

B) appreciated and the English will find U.S goods cheaper

C) depreciated and the English will find U.S goods cheaper

D) appreciated and the English will find U.S goods more expensive

Six months ago, a country畳 currency was quoted at 1,128.0 units to the U.S dollar Today, the currency is

trading at 1,234.0 units to the U.S Dollar Which of the following factors is the least likely cause of this

currency movement? The country畳:

A) government recently undertook an unanticipated restrictive monetary policy action

B) inflation rate increased (relative to the United State's inflation rate)

C) economy grew at a faster rate than the U.S economy

D) real interest rate decreased (relative to the United State's real interest rate)

Financial Statement Analysis (FSA) - 30 Questions - 45 minutes

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Which of the following statements is FALSE?

A) Accounting income recognizes both current period actual cash flows and changes in asset value.B) Reported income under the accrual concept provides a measure of current operating performance based solely on actual current period cash flows.C) The accounting process only recognizes value changes arising from actual transactions

D) Accrual accounting may allocate transactions and cash flows to time periods other than those in which the cash flows occur.Question: 52 - 14503

A) Neither of these are correct

B) With the installment sales method sales are recognized when cash is received but profits are only recognized after all costs have been recovered.C) Both of these are correct

D) With the cost recovery method sales and profits are recognized as cash is received

A) Reported earnings under the completed-contract method are more volatile than under the percent-of-completion method.B) Reported earnings under the completed-contract method are more volatile than under the percent-of-completion method; Analysis of cash flow from operations is more important when using the completed-contract method than when using the percent-of-completion method C)

Reported earnings under the completed-contract method are more volatile than under the percent-of-completion method; When cash receipts are greater than revenues earned the completed-contract method will give lower net income, retained earnings, liabilities, and current assets than the percent-of-completion method

D)

Analysis of cash flow from operations is more important when using the completed-contract method than when using the percent-of-completion method; When cash receipts are greater than revenues earned the completed-contract method will give lower net income, retained earnings, liabilities, and current assets than the percent-of-completion method

Data Corp manufactures and sells computer equipment The following information is available concerning

a transaction between Data and Venture, Inc.:

• On November 30, 2001 Data Corp received a signed purchase order from Venture Inc for 100 model D computers at a price of $150,000 Under the terms of the purchase order, Data arranges and pays for shipping, risk of ownership passes upon delivery, and the transaction is not subject to revocation

• On December 29, 2001 100 model D computers were shipped from Data Corp.畳 factory

• On December 31, 2001 Data Corp received cash payment for the computers in the amount of

$150,000

• On January 2, 2002 the computers were received at Venture, Inc.畳 headquarters

Data Corp should recognize $150,000 of revenue as of:

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White prepares its Statement of Cash Flow using the direct method.

The Cash Flow from Operations (CFO) section of the statement will show Cash Collections of:

Gain on Sale of Old Equipment 400,000

• Brown issued bonds on June 30, 2001 and received proceeds of $4,000,000

• Old equipment with a book value of $2,000,000 was sold on August 15, 2001 for $2,400,000 cash

• Brown purchased land for a new factory on September 30, 2001 for $3,000,000, issuing a

$2,000,000 note and paying the balance in cash

Using the definition of free cash flow as cash flow from operations less capital expenditures, Brown畳 free cash flow available to equity shareholders for 2001 is:

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In 1998, Copper, Inc completed a $4,000,000 bond issue to finance the purchase of equipment used in its operations The bonds were convertible into common stock at a conversion rate of 100 shares per $1,000 bond In 2001 the market price of Copper, Inc.畳 common stock rose above $10 per share, and all of the outstanding bonds were converted into common stock when the common stock was selling for an average price of $15 per share

Copper, Inc prepares its Statement of Cash Flows using the indirect method

Given the above information, Copper畳 Statement of Cash Flows for the year ended December 31, 2001 should include the following:

A) no reporting of the transaction in the Statement of Cash Flows, except for a footnote describing the conversion of the bonds into common stock.B) under Cash Flow from Financing, "Retirement of Bonds: $4,000,000" and "Issuance of Common Stock: $4,000,000." C) under Cash Flow from Financing, "Retirement of Bonds: $4,000,000" and "Issuance of Common Stock: $6,000,000" and under Cash Flow from Investing "Loss on Retirement of Bonds:

$2,000,000."

D) no reporting of the transaction

Marcus Corp.畳 balance sheet as of December 31, 2001 is as follows (in $ millions):

Marcus Corp.畳 current ratio is:

Bingham Corp.畳 income statements for the years ended December 31, 2000 and December 31, 2001 are

as follows: (in $ millions)

Balance Sheets for these years showed that total assets were $100 million and total equity was $35 million

on December 31, 2000, and total assets were $118 million and total equity was $40 million on December

31, 2001 Which component of the traditional Du Pont equation explains more of Bingham Corp畳 financial improvement than any other component of the equation?

A) Net Profit Margin

B) Equity Multiplier

C) Asset Turnover

D) Financial Leverage Multiplier

Tiêu đề	Cfa Mock Exam 01
Trường học	VSE University
Chuyên ngành	Finance
Thể loại	Bài kiểm tra
Năm xuất bản	2008
Thành phố	Hanoi

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