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1、2023年黑龙江金融英语考试模拟卷（5）本卷共分为2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47题，每题2分。每题的备选项中，只有一个最符合题意） 1.A CFA charterholder is asked to review her firms soft dollar practices. As part of the review, she notes that her firm has failed to disclose the practices to the firms clients in writing as required by l
2、aw. She does not report the firms violation to the appropriate regulatory authority, has the charterholder violated any CFA Institute Standards of Professional Conduct（）A. No.B. Yes, because she failed to act in the best interest of her employer.C. Yes, because she is required to report legal violat
3、ions to the appropriate authority.2.According to the Standards of Practice Handbook, a member who is an investment manager is least likely to breach his duty to clients by:（）A. disclosing confidential client information to the CFA Institute Professional Conduct Program.B. using client brokerage to p
4、urchase goods or services that are used in the investment decision-making process.C. consistently supporting, management’s recommendations by voting with management on proxies related to non-routine governance issues.3.A mutual fund manager wants to create a fund based on a high-grade corporat
5、e bond index. She first distinguishes between utility bonds and industrial bonds; she then, for each segment, defines maturity intervals of lee than 5 years, 5 to 10 years, and greater than 10 years. For each segment and maturity level, she classifies the bonds as callable or noncallable. She then s
6、elects bonds from each of the subpopulations she has created. For the managers sample, which of the following best describes the sampling approach（）A. Systematic sampling.B. Simple random sampling.C. Stratified random sampling.4.An investor opens a margin account with an initial deposit of $5000. He
7、 then purchases 300 shares of a stock at $30. His margin account has a maintenance margin requirement of 30 percent. Ignoring commissions and interest, the price at which the investor receives a margin call is closest to.（）A. $14.26.B. $18.72.C. $19.05.5.A security market with price continuity is mo
8、st accurately characterized as a market in which:（）A. assets can be bought or sold quickly with minimal transaction costs.B. prices change rapidly from one transaction to the next in response to new information.C. prices do not change much from one transaction to the next in the absence of new infor
9、mation.6.Several years ago Samuel Bergen, CFA, co-founded an investment club. The club has not actively traded the account for at least a year and does not plan to resume active trading of the account. Bergens employer requires an annual disclosure of employee stock ownership. Bergen discloses all o
10、f his personal trading accounts, but does not disclose his holdings in the investment club. Which CFA Institute Standards of Professional Conduct has Bergen violated()A. fiduciary dutyB. conflicts of interestC. selective disclosure7.An analyst estimates that an initial investment of $500 000 in a ve
11、nture capital project will pay $6 million at the end of five years if the project succeeds and that the probability the project survives to the end fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is
12、 closest to.（）A. $128754.B. $152632.C. $236486.8.Which of the following is least likely to be classified as an opportunity cost()A. The cash savings related to adopting a new production process.B. The cash flows generated by an old machine that is to be replaced.C. The market value of vacant land to
13、 be used for a distribution center.9.Under International Financial Reporting Standards (IFRS) , the preparation of a complete set financial statements is best described as a(n):()A. objective of financial reporting.B. general requirement of financial statements.C. qualitative characteristic of the I
14、FRS Framework.10.Challenges to implementing a discretionary fiscal stimulus in a timely manner are least likely to include the:（）A. government payments for unemployment benefits.B. need to convince lawmakers that action must be taken.C. inability of policymakers to forecast a recession precisely.11.
15、A derivative is most accurately defined as a financial instrument that provides:()A. an adjustment to another asset’s level of risk.B. a return based on the return of an underlying asset.C. an agreement between two parties to provide something for each other.12.Richard Pantoja is enrolled as a
16、 candidate in the CFA examination program. He works as an assistant for Warren Investment (WI). Pantoja sees WIs purchase list and purchases several of the recommended stocks. Pantoja least likely violates the CFA Institute Standard relating to:()A. loyalty to employer.B. priority of transactions.C.
17、 diligence and reasonable care.13.An analyst gathers the following information about a companys common stock: 1 January 2009 180000 shares outstanding 1 June 2009 60000 shares issued 1 August 2009 2-for-1 stock split 31 December 2009 480000 shares outstanding To calculate earnings per share for 2009
18、, the companys weighted average number of shares outstanding is closest:（）A. 215000.B. 420000.C. 430000.14.Which of the following statements about a normal distribution is least accurate A normal distribution:（）A. has an excess kurtosis of 3.B. is completely described by two parameters.C. can be the
19、 linear combination of two or more normal random variables.15.A company borrows $15 million from a bank for 1 year at a rate of LIBOR, currently 4.75 percent, plus 50 basis points. At the same time, the company enters a 1-year interest rate swap to pay the fixed rate of 5.25 percent and receive LIBO
20、R. Payments are made on the basis of 180 days in the settlement period. Floating payments are made on the basis of 360 days a year while fixed payments are made on the basis of 365 days a year. LIBOR is 5.00 percent on the first settlement. The companys total interest expense for the loan and swap f
21、or the first settlement period is closest to:（）A. $388400.B. $425900.C. $444600.16.Is the reporting of an extraordinary item, net of tax, allowed under U. S. GAAP and International Financial Reporting Standards (IFRS)（）A. Yes, under both.B. Yes, under IFRS, but not under U. S. GAAP.C. Yes, under U.
22、S. GAAP, but not under IFRS.17.Most of the differences among companies with respect to quality of earnings are addressed when companies are compared using:（）A. price to earnings ratios.B. price to cash flow ratios.C. both price to earnings ratios and price to cash flow ratios.18.Which of the followi
23、ng statements about a monopolist is least accurate（）A. The monopolist faces a downward sloping demand curve.B. Unlike an oligopolist, a monopolist will always be able to earn economic profit.C. A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.19.A company
24、 issued shares to acquire a large tract of undeveloped land for future development. The correct recording of this transaction in the cash flow statement is as a(n):()A. disclosure in a note or supplementary schedule.B. outflow in investing activities, and an inflow in financing activities.C. outflow
25、 in operating activities, and an inflow in financing activities.20.Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to:（）A. measured risk but not correlations with conventional equity investments.B. correlations with conventional equity inves
26、tments but not measured risk.C. both measure risk and correlations with conventional equity investments.21.In the statement of cash flows, a company is allowed to classify interest paid:()A. in either the operating or financing section under IFRS.B. in either the operating or financing section under
27、 U. S. GAAP. C. only in the financing section under both IFRS and U. S. GAAP. 22.An analyst determined that if interest rates increase 120 basis points the price of a bond would be $89.7, but if interest rate decreases 120 basic points the price that bond would he $99.3. If the initial price of the
28、bond is $95.4, the approximate percentage price change for a 100 basis point change in yield is closest to:（）A. 2.5%.B. 4.2%.C. 8.4%.23.A company is long an interest rate swap with a current market value of $125000. The company wants to terminate this swap before the expiration date. From a credit r
29、isk perspective, which of these is the least attractive way to terminate the swap()A. Sell the swap to a third party.B. Short an offsetting swap with a third party.C. Agree to terminate the swap and receive its market value from the eounterparty.24.If market interest rates rise, the price of a calla
30、ble bond, compared to an otherwise identical option-free bond, will most likely decrease by:()A. less than the option-free bond.B. more than the option-free bond.C. the same amount as the option-free bond.25.A U. S. investor who purchases an option-free bond with a 7 percent coupon rate, maturing in
31、 20 years, and issued by a U. S. -based company is most likely exposed to:()A. volatility risk and credit risk.B. event risk and interest rate risk.C. volatility risk and yield curve risk.26.Frank Jones passed the Level I CFA examination in 2008 and the Level examination in 2009. He is currently enr
32、olled for the Level examination. According to the CFA Institute Standards of Professional Conduct, which of the following is the most appropriate way for Jones to refer to his participation in the CFA program()A. Frank Jones, CFA Level B. Candidate in the CFA Institute CFA program.C. Passed Level of
33、 the CFA examination in 2009.27.The long-run production decision differs from the short-run production decision in that:()A. variable costs can be changed in the short run but not the long run.B. fixed costs can be changed in the short run but not the long run.C. fixed costs can be changed in the lo
34、ng run but not the short run.28.Which of the following statements about portfolio risk and diversification is least accurate（）A. Unsystematic risk can be substantially reduced by diversification.B. Systematic risk can be eliminated by holding securities in a well-diversified international stock port
35、folio.C. Diversification results from combining securities that have less than perfect positive correlation between their returns to reduce portfolio risk.29.During an onsite company visit, Marsha Ward, CFA, accidentally overheard the Chief Executive Officer (CEO) of Stargazer, Inc. discussing the c
36、ompanys pending offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the Standards of Practice Handbook, Ward may not use the information to take investment action because:()A. the information relates to an offer.B. she does not have a reasonably and adequate basis
37、for taking investment action.C. acting on the information would breach a duty to both Stargazer and Dynamica.30.Which of the following real estate valuation approaches is most likely to use slope coefficients derived from a statistical analysis to estimate the value of a property（）A. cost approach.B
38、. sales comparison approach.C. discounted after-tax cash flow model approach.31.Justin Sato, CFA, treasurer for a college, manages the Student Scholarship Trust. Sato issued a Request for Proposals (RFP) for domestic equity managers. Pamela Peters, CFA, a good friend of Sato, introduces him to repre
39、sentatives from Capital Investments, who submitted a proposal. Sato selected Capital as a manager based on the firms excellent performance record. Shortly after the selection, Peters, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Which
40、 of the CFA charterholders violated CFA Institute Standards of Professional Conduct（）A. Sato violated standards.B. Peters violated standards.C. Neither Sato nor Peters violated standards.32.According to the market segmentation theory, an upward sloping yield curve is most likely due to:（）A. investor
41、 expectations that short-term interest rates will rise in the future.B. different levels of supply and demand for short-term and long-term funds.C. an increasing yield premium required by investor for bearing interest rate risk.33.Firms claiming compliance with the GIPS Standards are least likely to
42、 be required to:()A. undertake a verification process.B. provide a composite list and description to any prospective client on request.C. document their policies and procedures used in establishing and maintaining compliance.34.An analyst gathers the following information about a company and the com
43、pany’s industry:The company’s operating cycle: （）A. and cash conversion cycle are both longer.B. is longer, but the cash conversion cycle is shorter.C. is shorter, but the cash conversion cycle is longer.35.A company is determining the cost of debt to use in its weighted average cost of
44、capital. It has recently issued a 10-year, 6 percent semiannual coupon bond for $ 864. The bond has a maturity value of $1 000. If the marginal tax rate is 35 percent, the cost of debt they should use in their calculation is closest to:（）A. 4.3%.B. 5.2%.C. 6.1%.36.An analyst conducted a significance
45、 test to determine if the relationship between two variables was real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He developed the fo
46、llowing information:The analyst conducted a:()A. one-tailed test and can reject his null hypothesis.B. two-tailed test and can reject his null hypothesis.C. two-tailed test and cannot reject his null hypothesis.37.Which of the following is the simplest way for a company to increase its reported oper
47、ating cash flow（）A. Record sales on a bill-and-hold basis.B. Slow down the rate of payment to suppliers.C. use a third party financial institution to pay suppliers.38.An analyst has recently determined that only 60 percent of all U. S. pension funds have holdings in hedge funds. In evaluating this p
48、robability, a random sample of 50 U. S. pension funds is taken. The number of U. S. pension funds in the sample of 50 that have hedge funds in their portfolio would most accurately be described as a:（）A. binomial random variable.B. Bernoulli random variable.C. continuous random variable.39.Danny Walter, CFA, manages accounts for high net worth clients including his own familys account. He has no