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1、2021广东金融英语考试模拟卷（6）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.With respect to the CFA Institute Code of Ethics and Standards of Professional Conduct, which of the following is least likely to prompt an inquiry by the CFA Institute Professional Conduct ProgramA. Writte
2、n complaints received by Professional Conduct staffs.B. A violation report submitted by CFA examination proctors.C. Internal investigations of members conducted by local CFA societies.2.Wu Yang, CFA, manages individual portfolios for Far East Trust Company. Hu Haiyun, a client, proposes to Wu Yang,
3、Any year my portfolio achieves at least a 20 percent return before taxes, you and your family can fly to Sanya in Hainan Province in China at my expense and use my condominium during the Spring Festival in February. While Wu Yang does not inform his employer of the arrangement, he watches Hu Haiyuns
4、 portfolio performance intensively throughout the year and makes sure her account gets top priority for any partially executed block trade order. Hu Haiyuns portfolio return exceeds the 20 percent target for the year, and Wu Yang vacations in Sanya during the following February as Hu Haiyuns guest.
5、According to the Standards of Professional Conduct, Wu Yang has least likely violated the CFA Institute Standards relating to:A. fair dealing.B. disclosure of conflicts.C. priority of transactions.3.With respect to the Global Investments Performance Standards (), which of the following statements is
6、 least accurate Verification:（）A. ensure the accuracy of composite presentations.B. improve the consistency and quality of the firm's compliance presentations.C. provide improved internal processes and procedures as well as marketing advantages to the firm.4.James Handley is a Level candidate in
7、 the CFA Program. After taking the exam in June this year, Handleyimmediately enters into an Internet forum for CFA candidates and writes a post expressing his opinion that the CFA examination policies are unfair and CFA Institute doesnt deal fairly with every candidate. Has Handley most likely viol
8、ated the Standards of Professional ConductA. No.B. Yes, by providing confidential program information to the public.C. Yes, by compromising the reputation of CFA Institute and CFA program.5.Which of the following is NOT a recommendation procedure without applying Global Investments Performance Stand
9、ards () for compliance with the Standards of Professional Conduct relating to performance presentation（）A. Provide performance information in a consistent and standard format for all audiences.B. Clearly indicate when the performance record is that of a prior entity.C. Include terminated accounts as
10、 part of performance history with a clear indication of the time when the accounts were terminated.6.Carol Corky, CFA, is a senior portfolio manager for Universal Management. Universal Management manages five funds, each with a large-capitalization investment strategy. When choosing portfolios under
11、 its large-capitalization investment strategy for the purpose of achieving compliance with the Global Investments Performance Standards (), which of the following is most accurate Universal Management is most likely required to include:（）A. all discretionary portfolios currently managed under the la
12、rge-capitalization investment strategy.B. all discretionary portfolios currently and historically managed under the large-capitalization investment strategy.C. all discretionary and non-discretionary portfolios currently and historically managed under the large-capitalization investment strategy.7.W
13、ith respect to the Standards of Professional Conduct relating to conflicts of interests, CFA members are required to fully disclose to clients, prospective clients, and employers:A. only all actual conflicts of interests.B. only all potential conflicts of interests.C. both all actual and potential c
14、onflicts of interests.8.Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees Pension Plan in Thompson Investments. He recently completed thorough research about a chemical company and decided that the companys stock is significantly overvalued. Wayne places a large sell order for
15、the companys thinly traded stock. Thompson Investments trading desk takes a whole week to process the order, pulling the stock price to a 26-week low and the trading volume to four times the historic average. Has Wayne most likely violated the Standards of Professional ConductA. No.B. Yes, because h
16、e distorted the price-setting mechanism of financial instruments.C. Yes, because heartificially affected the trading volume significantly.9.Bruce Smith, CFA, covers East European equities for Marlborough Investments, an investment management firm with a strong presence in emerging markets. For the p
17、urpose of compliance with the Global Investments Performance Standards (), Marlborough Investments' total assets include:（）A. only fee-paying discretionary assets.B. both fee-paying discretionary assets and non-fee-paying discretionary assets.C. all fee-paying and non-fee-paying, discretionary a
18、nd nondiscretionary assets.10.Which of the following is most likely a recommended procedure for compliance with the Standards of Professional Conduct relating to loyalty, prudence, and care Members should:A. make their clients aware of all forms of manager compensation.B. seek best execution for the
19、ir clients in any circumstance.C. diversify investments to reduce the risk of loss in any circumstance.11.An analyst does research about kurtosis. Compared to a normal distribution, a distribution with excess kurtosis of zero is best described as:A. less peaked.B. equally peaked.C. greater peaked.12
20、.An investor does research about investment return and gathers the following nformation about a portfolio: Year Return 2009 11% 2010 7% 2011 3% If the investor contributed new funds to the portfolio at the beginning of each year, the time-weighted rate of return is m.ost likely:A. less than the mone
21、y-weighted rate of return.B. the same as the money-weighted rate of return.C. greater than the money-weighted rate of return.13.An analyst at a bank concludes that the probability of default for a one-year, single-payment loan is 10.0 percent, and the bank will recover nothing if the loan defaults.
22、The current risk-free rate of return is 3.5 percent. The minimum yieldto-maturity and minimum default risk premium, respectively, that the bank should demand on the loan are closest to:()A.B.C.14.An analyst does research about hypothesis testing. Which of the following test statistics is most approp
23、riate test statistics for two means based on samples that we believe are dependentA. T-test.B. F-test.C. Chi-square test.15.An analyst does research about standard deviation and forecasts the following information about earnings per share (EPS): Scenario Probability of Scenario Earnings per share 1
24、0.25 $8.10 2 0.75 $6.15 The standard deviation of earnings per share is closest to:A. 0.51B. 0.71C. 0.8416.An analyst does research about confidence interval and gathers the following information about a stock return. The mean return of the stock is 11.5%. The standard deviation of returns of the st
25、ock is 1.8%. The lower endpoint of a confidence interval for the population mean with a reliability factor of 1.5 is closest to:A. 8.8%B. 9.7%C. 14.2%17.A well-diversified investor holds an equal investment in cash of the equity shares of Meyer, Inc., Johnson, Inc., and Fairfax Enterprises. The thre
26、e companies operate in the same industry and will benefit equally from a favorable decision in a pending court case. The investor concludes that the current stock prices for Meyer and Johnson each reflect a 50 percent probability that the decision will be favorable to the industry, while the current
27、 stock price for Fairfax reflects a 70 percent probability that the decision will be favorable. The most. appropriate strategy for the investor is to:A. sell Fairfax shares and use the proceeds to purchase additional shares in Meyer and Johnson.B. sell both Meyer and Johnson shares and use the proce
28、eds to purchase additional shares in Fairfax.C. reallocate the investment in the industry to 15 percent in Meyer, 15 percent in Johnson, and 70 percent in Fairfax.18.An analyst does research about sampling and estimation and gathers the following information about the performance of a sample of fund
29、s from each of three different categories of mutual funds: Sample Population Standard Deviation Sample Mean Sample Size Category 1 15% 9.9% 40 Category 2 16% 10.3% 50 Category 3 19% 8.7% 65 The smallest standard error of the sample mean is associated with the sample from:（）A. Category 1.B. Category
30、2.C. Category 3.19.An analyst does research about Bayes formula and estimates the following information regarding bonus for management and the net income of a company: Event Probability Net income increases given management received a bonus 0.7 Net income mcreases given management did not receive a
31、bonus 0.3 The analysts prior probability that management received a bonus is 0.5. Using Bayes formula, if the company announces an increase in net income, the probability management received a bonus is closest to:A. 0.22B. 0.78C. 0.8620.An analyst does research about sampling. Compared to estimates
32、of parameters produced from simple random sampling, estimates of parameters produced from stratified random sampling most likely have:A. less precision.B. the same precision.C. greater precision.21.An analyst does research about the coefficient of covariance and the Sharpe ratio. A securitys mean re
33、turn is positive and more than its standard deviation of returns. If the risk-free rate is zero, the coefficient of covariance is most likely:A. less than the Sharpe ratio.B. equal to the Sharpe ratio.C. greater than the Sharpe ratio.22.An analyst does research about common probability distribution
34、and estimates an asset turnover ratio will range from 1.7 to 2.4. If the ratio follows continuous uniform distribution, the probability the companys asset turnover ratio will be less than 2.1 is closest to:A. 43.9%B. 57.1%C. 70.0%23.An analyst does research about sampling and estimation. With respec
35、t to statistical analysis, a sample statistics is least described as:A. the set of rules used to select a sample.B. quantity computed from a sample.C. descriptive measure of a sample.24.An analyst does research about central tendency and gathers the following information about a company: Year Earnin
36、gs per Share Market Price per Share Price-to-Earnings Ratio 2009 $4.00 $28 7.0 2010 $2.00 $22 11.0 2011 $3.00 $19.5 6.5 The harmonic mean for the companys price-to-earnings ratio is closest to:A. 7.74B. 7.94C. 8.1725.An analyst does research about market structures. With respect to traditional oligo
37、poly model, which of the following is least accurate The kinked demand curve model assumes:A. that there is a break in the marginal revenue curve.B. that the price decreases by one firm is followed by its peers.C. that the price and quantity are sensitive to small cost changes.26.An analyst does res
38、earch about real GDP. Holding all else constant, a decrease in which of the following is most likely to result in an increase in the quantity of real GDP demandedA. Import.B. Export.C. Government expenditure.27.An analyst does research about market structures. In a perfectively competition industry,
39、 the long-run effect of a permanent increase in demand most likely results in an increase in:A. price.B. output per firm.C. the number of firms.28.An analyst does research about the incidence of a tax. All else being equal, sellers pay the largest portion of a tax when the supply is:A. unit elastic.
40、B. highly elastic.C. highly inelastic.29.An analyst does research about the income elasticity of demand. As income rises from $500 per week to $1500 per week, the quantity demanded for a product increases from 1100 units to 1500 units. the income elasticity of demand is closest to:A. 0.25B. 0.31C. 0
41、.4030.An analyst does research about currency exchange rate and gathers the following information about euro (€)/dollar($) exchange rates:Relative to the dollar, the euro is best described as:（）A. weak, trading at an annualized forward discount of 6.17 percent.B. weak, trading at an annualized
42、forward discount of 6.20 percent.C. strong, trading at an annualized forward premium of 6.17 percent.31.An analyst does research about total, marginal and average product curve of labor. As more labor is hired, which of the following curves initially increases and then decreasesA. The average produc
43、t of labor curve, but not the total and marginal product of labor curve.B. The marginal product of labor curve, but not the total and average product of labor curve.C. Both the marginal product of labor and the average product of labor curve, but not the total product of labor curve.32.An analyst do
44、es research about trade restriction. A primary reason for a country to adopt restrictions on international trade is that restrictions typically:A. improve short-run economic efficiency.B. benefit consumers at the expense of producers.C. provide concentrated benefits to a small group of people.33.An
45、analyst does research about discretionary fiscal policy. Challenges to implementing a discretionary fiscal stimulus in a timely manner are least likely to include that:A. govemments discuss, vote on, and enact fiscal policy changes.B. policy-makers recognize the nature and extent of the economic pro
46、blems precisely.C. government expenditures on unemployment insurance payments will increase during a recession.34.An analyst does research about theories of the business cycle. Which of the following econormc views argue that wages are downward sticky, reducing the ability of a decrease in money wag
47、es to increase short-run aggregate supply and move the economy from recession back towards full employmentA. Neoclassical.B. Keynesian.C. Monetarist.35.An analyst does research about foreign currency rate. In foreign exchange markets characterized by interest rate parity, if the domestic country has
48、 a lower riskfree interest rate than the foreign country, the currency of the domestic country is most likely to be trading at a forward:A. discount, and to depreciate.B. premium, and to appreciate.C. premium, and to depreciate.36.An analyst does research about long-run equilibrium in monopoly markets. With respect to the regulation of a natural monopoly, a govemment subsidies sufficient to compensate the natural monopoly firm implies setting:A. price equal to average cost.B. price equal to ma