【重磅】CFA机考正在进行网校内部预测题公布...

来源: 正保会计网校编辑：小鞠橘桔 2021/02/20 16:52:35　字体：大小

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2021年首次CFA机考正在进行，正保会计网校重磅推出CFA机考预测题，赶紧来做一下吧！

1. Judy is a portfolio manager. One of his clients has told him that she will give him extra bonus based on the return of her portfolio this year. According to the Standards, Judy should:

A 、reject the extra bonus because it will result in conflicts with the interests of other clients’ accounts.

B 、reject the extra bonus because it will encourage him to pursue short- term investment goals.

C、 Obtain permission from his employer prior to accepting the compensation arrangement.

View answer resolution

【Answer to question 1】C

【analysis】

“Standard IV(B)–Additional Compensation Arrangements” The arrangement described in the question is not a violation of the Standards as long as Judy discloses the arrangement in writing to her employer and obtains permission from her employer prior to entering into the arrangement. Answers A and B are incorrect; although the private compensation arrangement could conflict with the interests of other clients and lead to short- term performance pressures, members and candidates may enter into such agreements as long as they have disclosed the arrangements to their employer and obtained permission for the arrangement from their employer.

2. Bond A and Bond B have return standard deviations of 0.09 and 0.81,

respectively. If the correlation between the two bonds is 0.13, the covariance of

returns is closest to:

A 、0.0108.

B 、0.0095.

C 、0.1005.

View answer resolution

【Answer to question 1】B

【analysis】

The covariance is the product of the standard deviations and correlation using the formula Cov(A, B) =σ(A)×σ(B)×ρ(A, B) =0.09×0.81×0.13 = 0.009477≈0.0095.

3. How the substitution and income effects influence the demand of a normal good when the normal good price increase?

A、The substitution effect leads to an increase in the quantity purchased, while the income effect leads to a decrease.

B、The substitution effect leads to an decrease in the quantity purchased, while the income effect has no impact.

C、Both the substitution and income effects lead to an decrease in the quantity purchased.

View answer resolution

【Answer to question 1】C

【analysis】

In the case of normal goods, the income and substitution effects are reinforcing, leading to an decrease in the amount purchased after a drop in price.

4. Interest paid is classified as an operating cash flow under:

A US GAAP but may be classified as either financing or investing cash flows under IFRS.

B US GAAP but may be classified as either operating or financing cash flows under IFRS.

C IFRS but may be classified as either operating or financing cash flows under US GAAP.

View answer resolution

【Answer to question 1】B

【analysis】

Interest expense is always classified as an operating cash flow under US GAAP but may be classified as either an operating or financing cash flow under IFRS.

CFA考试有一定的难度，CFA考试要从Ⅰ、Ⅱ、Ⅲ依次报考，只有通过前一阶段的考试，才有资格进入下一阶段的考试。如果你想考CFA，并满足CFA报名条件，可在CFA协会官网上先报考CFA一级。三个级别： Level 1、Level 2、 level 3 它的难易程度递增。

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