2015年12月CFA Level1 考试模拟题精选（一）

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1.   Which of the following is a key  characteristic of the Global Investment
  
Performance  Standards (GIPS)?  The GIPS standards:
  

   
  
A.  rely on the integrity of input data.
  

   
  
B.  consist of required provisions for firms to  follow to achieve best practice.
  
C.  must be applied with the goal of achieving  excellence in performance
  
presentation.
  

   
  
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 purchase 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.   Carla Scott, CFA, is a portfolio manager  for a company that manages investment
  
accounts for  wealthy individuals.  Scott has no  beneficial interest in any of the
  
fee-paying accounts she manages, including her uncle’s  account.  When shares in
  
initial public  offerings (IPOs) become available, Scott first allocates shares to all
  
her other  clients for whom the investment is appropriate; only if shares are still
  
available does she purchase shares in her uncle’s account, if  the issue is
  
appropriate for  him.  Scott provides each of her  clients with full disclosure of her
  
allocation procedures and has received each client’s verbal  consent to her
  
allocation  procedures.  According to the Standards of  Practice Handbook, does
  
Scott’s method of allocating oversubscribed IPOs violate any CFA  Institute
  
Standards of  Professional Conduct?
  

   
  
A.  No.
  
B.  Yes, because she has breached her duty to  her uncle.
  
C.  Yes, because she has  not precleared and reported her Uncle’s transactions.
  

   
  
4.   Kim Li, CFA, is a portfolio manager for an  investment advisory firm.  Li
  
delegates some  of her supervisory duties to Janet Marshall, CFA, after educating
  
Marshall on methods to prevent and detect violations of the  firm’s compliance
  
procedures.  Despite these efforts, Li discovers that an  employee reporting to
  
Marshall may  have violated the procedures.   According to the Standards of
  
Practice Handbook, Li’s least likely initial course  of action must be to:
  

   
  
A.  suspend the employee.
  
B.  increase supervision of Marshall.
  
C.  initiate an investigation to determine the  extent of the wrongdoing.
  

   
  
5.   The Standards of Practice Handbook is least likely to require a  member to
  
disclose which  of the following to clients and prospective clients?
  

   
  
A.  Underwriting relationships.
  

   
  
B.  Service on a  publicly-traded company’s board of directors.
  
C.  Obligation to abide by CFA Institute Code  of Ethics and Standards of
  
Professional  Conduct.
  

   
  
6.   A CFA charterholder is the Fund Manager  for a non-profit organization.  During  a
  
presentation regarding the restructuring of their investment  portfolio’s asset
  
allocation, the  Head of the Finance Committee questions the manager.  As part of
  
his response, the manager states, “I am a CFA charterholder, I  know what I’m
  
talking about, you should do what I say”.  According to the Standards of  Practice
  
Handbook, has the  charterholder violated any of the CFA Institute Standards of
  
Professional  Conduct?
  

   
  
A.  No.
  
B.  Yes, Responsibilities as a CFA Institute  Member.
  
C.  Yes, Communication with Clients and  Prospective Clients.
  

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