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1、2021年北京金融英语考试模拟卷本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An analyst does research about interest rate risk. The duration of a bond with $1000 face value is 4.5, and its current price is $990. Which of the following is the best estimate of the bond price change if i
2、nterest rates increase by 3%（）A. -$133.65B. -$135.00C. $133.652.An analyst does research about valuation of bond. An option-free 6 percent coupon bond has an annual discount rate of 5 percent, pays interest semiannually, matures in five years, and is valued at $1043.76. One year later, the annual di
3、scount rate for that bond is 4.5 percent and the bond is valued at $1054.35. The change in value for this bond that is attributable only to the change of discount rate is closest to:（）A. -$7.91B. $7.91C. $18.53.An analyst does research about characteristics of U. S. Treasury inflation protection sec
4、urities (TIPS). Which of the following statements is most accurate U. S. Treasury inflation protection security (TIPS):（）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 matur
5、ity for less than the original par value amount.4.An analyst does research about calculating relative yield spread and gathered the following yield information about two bonds: Issue Yield 5 year on-the-run Treasury 5.10% 5 year A-rated security 6.35% The relative yield spread between these two bond
6、s is closest to:（）A. 4.5%B. 19.7%C. 24.5%5.A bond is selling at a premium relative to its par value. Which of the following relationships holds（）A. Yield to maturitycoupon ratecurrent yield.B. Current yieldyield to maturitycoupon yield.C. Coupon ratecurrent yieldyield to maturity.6.An analyst does r
7、esearch about a callable bond. All else being equal, is a callable bond most likely to exhibit negative convexity when the prevailing market yield for that bond is relatively:（）A.AB.BC.C7.An analyst does research about various risks of investing in bonds. Investors in U. S. Treasury Inflation-Protec
8、ted Securities are most likely to be exposed to:（）A. credit risk.B. reinvestment rate risk.C. purchasing power risk.8.An analyst does research about yield spread. With respect to yield spread on corporate bonds, which of the following statements is least accurate（）A. The size of a bond issue is a fa
9、ctor in the determination of yield spreads.B. Different sectors in the bond market require different spreads over Treasuries.C. A bond with an embedded put option would require a wider spread than an otherwise comparable option-free bond.9.An analyst does research about a floating rate securities. A
10、ll else being equal, the price of a floating-rate security is most likely to react in the same way to changes in market interest rates as a fixed-rate coupon bond if market rates:（）A. increase between coupon reset dates.B. are substantially below the floating rate security's cap rate.C. are subs
11、tantially above the floating rate security's cap rate.10.An analyst does research about a floating-rate security. All else being equal, the cap on a floating-rate security is most likeLy to benefit the:（）A. issuer if interest rates fall.B. issuer if interest rates rise.C. bondholder if interest
12、rates rise.11.All else being equal, an increase in expected yield volatility would most likely cause the price of:（）A. a callable bond to increase and the price of a putable bond to decrease.B. a callable bond to decrease and the price of a putable bond to increase.C. a callable bond to increase and
13、 the price of a option-free bond to decrease.12.An analyst does research about reinvestment risk. Which of the following securities is most likely to be subject to reinvestment risk during the period of time between issuance and maturity（）A. Treasury bills.B. Treasury notes.C. Treasury coupon strips
14、.13.An analyst does research about yield spreads difference between a callable bond and a putable bond. Compared to an otherwise identical option-free bond, market participants would most likely require that yield spreads be:（）A. larger for both a callable bond and a putable bond.B. larger for a cal
15、lable bond and smaller for a putable bond.C. smaller for a callable bond and larger for a putable bond.14.Two portfolios have the same expected rate of return. If these two portfolios are combined on an equally weighted basis, the benefits of diversification are most likely maximized if the portfoli
16、os have the same standard deviation and a correlation coefficient of:（）A. 0.0B. -1.0C. +1.015.An analyst does research about capital market line (CML). According to capital market theory, if an investor holds a portfolio that lies on the capital market line to the left of the market portfolio, that
17、investor should expect that his portfolio will:（）A. eam less than the return on the market portfolio.B. earn more than the return on the market portfolio.C. haveless unsystematic risk than the market portfolio.16.An analyst does research about investment risk. In the context of capital market theory
18、 and the capital asset pricing model, investors should most likely expect higher retums for accepting increasing amounts of:（）A. total risk.B. unique risk.C. systematic risk.17.An analyst does research about various risks between callable bond and optionfree bond. Compared to an otherwise identical
19、callable bond, an option-free bond is least likely to be affected by:（）A. event risk.B. liquidity risk.C. volatility risk.18.With respect to the portfolio management process, a well-constructed investment policy statement is least likely to include:（）A. investor constraints.B. the return benchmark.C
20、. the specific securities that should be purchased.19.An analyst does research about calculating the expected standard deviation of returns. An investor estimates that the retum from a security over his holding period will be either 12 percent or 16 percent and that each of the two potential returns
21、 has an equal probability of occurrence. The expected standard deviation of returns for that security over the investors holding period is closest to:（）A. 0.020B. 0.028C. 0.04020.An investor has a portfolio that lies on the capital market line (CML), and the portfolios expected return is more than e
22、xpected return on the market portfolio. That investors portfolio is best described as:（）A. a lending portfolio.B. a borrowing portfolio.C. having more unsystematic risk than the market portfolio.21.Michael Jackson, CFA, works for a Privately Offered Fund Company as a portfolio manager. The firm purc
23、hases investment research about IT industry from a third-party independent research institution which the firm determines has a sound research basis and continuous reliability. Jackson communicates information from the third-party research to his retail and institutional clients but does not disclos
24、e the source. Jackson has most likely violated the Standards of Professional Conduct relating to:（）A. the Standards regarding disclosure of conflicts.B. the Standards regarding misrepresentation.C. the Standards regarding diligence and reasonable basis.22.As CFA members, when they dealing with the i
25、nvestment service for his or her clients and employer, which of the following statements is most accurate according to the Standards of Professional Conduct relating to loyalty, prudence and care（）A. CFA members must place their clients' and employers' interests before their own clients'
26、 interests.B. CFA members must place their employers' interests before their own interests.C. CFA members must place their clients' interests before their employers' or their own interests.23.Ralph Salley, CFA, is a portfolio manager at a mutual fund company. According to the Standards o
27、f Professional Conduct relating to diligence and reasonable basis, which of the following statements is most accurate（）A. CFA members may not rely solely on third-party research to make investment decisions.B. CFA members may rely on others in their firm to determine whether thirdparty research has
28、a sound basis and continuous reliability.C. CFA members may not rely on others in their firm to determine whether third-party research has a sound basis and continuously reliability.24.Kate Wilson, CFA, is a portfolio manager for wealthy individuals in a large international investment company. Which
29、 of Wilsons following statements is among the recommended procedures in compliance with the Standards of Professional Conduct relating to performance presentation（）A. When the company presents its performance, it should use uniform format for both retail and institutional clients.B. When the company
30、 presents its historical performance, terminated accounts should be excluded.C. Rather than a single representative account, the company presents performance of the weighted composite of portfolios with similar investment strategy, objective, or mandate.25.Dominic Morris, CFA, works for a small regi
31、onal securities firm. According to the Standards of Professional Conduct relating to additional compensation arrangements, which of the following is most accurate（）A. Morris must not accept compensation for work that competes with his firm's interests.B. Morris must not accept compensation for w
32、ork that competes with his firm's interests without written consent from his firm.C. Morris must not accept compensation for work that competes with his firm's interests without written consent from all parties involved.26.Theresa Green, CFA, manages the portfolio of Ian Knowlden, a client o
33、f Tisbury Investments. Green knows that Knowlden is preparing to sell a large position in the Franklin Industries, a relatively small inactively-traded stock listing in a local exchange. Green places a sell order for Franklin Industries in his own account before the Knowldens order is placed. Green
34、has most likely violated the Standard(s) of Professional Conduct relating to:（）A. only material non-public information.B. only priority of transactions.C. both material nonpublic informationand priority of transactions.27.Roger Smith is a retail broker for TNT Securities, a small regional broker fir
35、m. As a CFA member, according to the Code of Ethics and Standards of Professional Conduct relating to knowledge of the law, he is most likely required to:（）A. report violations of the Code of Ethics and Standards of Professional Conduct to appropriate regulatory organization.B. dissociate from any a
36、ctivity that is believed to be illegal or unethical.C. report violations of the Code of Ethics and Standards of Professional Conduct to CFA Institute.28.According to the Standards of Professional Conduct relating to record retention, if local regulatory guidance is in place and requires at least 5 y
37、ears of maintenances, CFA members should keep records for at least:（）A. 5 years.B. 7 years.C. 10 years.29.Bill Gates, CFA, is a securities analyst covering transportation industry in a local broker. According to the Code of Ethics and Standards of Professional Conduct, which of the following recomme
38、nded procedures to prevent violations of the Standards of Professional Conduct relating to priority of transactions is NOT accurate（）A. Prohibit personal trading in the broker's recommended stock list.B. Fully disclose to investors the broker's policies regarding personal investing.C. Restri
39、ct investment personnel to participate on private placements.30.Which of the following statements most accurately describes the best execution when a portfolio manager services his or her clients（）A. The portfolio manager chooses the broker providing the lowest commission in order to obtain a higher
40、 net return.B. The portfolio manager maximizes the value of the client's portfolio within its investment policy statement.C. The portfolio manager obtains the best investment research through soft dollar arrangement.31.Giselle Holt is a staff of the Professional Conduct Program of CFA Institute.
41、 In order to be compliance with the Code of Ethics and Standards of Professional Conduct, Holt is most directly responsible for which of the following activities（）A. conducting investigations on CFA members or candidates who may have violated the Code of Ethics and Standards of Professional Conduct.
42、B. conducting hearing panel relating to proposed sanctions on CFA members or candidates.C. updating the code of ethics and the professional conduct annually to ensure they are effective.32.David Beckham, CFA, is a portfolio manager at a hedge fund company. David has an arrangement with a close frien
43、d who is an investment consultant, whereby he refers clients who need investment advice to the friend, who in turn refers clients to Beckham. Beckham believes there is no referral fees involved, and he does not disclose this arrangement to his existing or prospective clients. Has Beckham most likely
44、 violated the Standards（）A. No.B. Yes, only by failing to disclose the arrangement to his prospective clients.C. Yes, both by failing to disclose the arrangement to his existing clients and to his prospective clients.33.James Martin, CFA, is a portfolio manager in charge of several mutual funds with
45、 Global First Investments. Martin receives an oversubscribed initial public offering (IPO) and allocates it proportionately to his largest clients. Martin discloses this arrangement to all of his clients and obtains their written consent. Has Martin most likely violated the Standards of Professional
46、 Conduct（）A. No.B. Yes, relating to fair dealing.C. Yes, relating to diligence and reasonable basis.34.Sarah Connor, CFA, is a financial analyst employed by Johnson Investment Counselors. According to the Code of Ethics and Standards of Professional Conduct, which of the following Staterments is NOT
47、 among the recommended procedures in compliance with the Standards of Professional Conduct relating to independence and objectivity Johnson Investrnent Counselors:（）A. prohibits the acceptance of gifts.B. protects the integrity of opinions.C. restricts special cost arrangements.35.Cristiano Ronaldo,
48、 CFA, is a mutual fund portfolio manager at Bengal International Investment. The fund is focused on the global financial services sector. According to the Standards of Professional Conduct relating to Duties to Employers, which of the following statements is most accurate If Ronaldo leaves Bengal Intemational Investment to join Jason Investment Management Corporation, a competitor of Bengal, all of his research records:（）A. can be recreated at Jason from his memory, provided no records are taken from Be