CFA一级每日一练（含详细解析）67
1、Sheila Schleif, CFA, is an equity analyst at an investment banking division of Mokara Financial Group, a full service financial group. Schleif uses a multi-factor computer model to make stock recommendations for all clients of Mokara. Schleif discovers the model contains an error. If the error were corrected, her most recent buy recommendation communicated to all clients would change to a sell. Schleif corrects the error, changing the buy to a sell recommendation, and then simultaneously distributes via e-mail the revision to all investment banking clients who received the initial recommendation. A week later, Schleif sells the same shares she held in her personal portfolio. Concerning her actions, Schleif most likely violated which of the following CFA Institute Standards of Professional Conduct?【单选题】 A.Fair Dealing
B.Priority of Transactions
C.Diligence and Reasonable Basis 正确答案:A
答案解析:“Guidance for Standards I–VII,” CFA InstituteA is correct because the analyst violated Standard III (B) Fair Dealing by selectively distributing the recommendation only to investment banking clients despite being responsible for making investment recommendations to all group clients. Schleif should distribute the change in recommendation to all clients who received the initial recommendation, not just those within the investment banking division of the group.
2、The effective annualized cost (%) of a banker’s acceptance that has an all-inclusive annual rate of 5.25% for a one-month loan of $2,000,000 is closest to:【单选题】 A.5.27. B.5.38. C.5.54.
1
正确答案:A
答案解析:“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela Peterson Drake, CFA 2013 Modular Level I, Vol. 4, Reading 40, Section 8.4., Example
7
3、First-degree price discrimination is best described as pricing that allows producers to increase theireconomic profit while consumer surplus:【单选题】 A.increases. B.decreases. C.is eliminated. 正确答案:C
答案解析:In first-degree price discrimination, the entire consumer surplus is captured by the producer; theconsumer surplus falls to zero.Section 6.4
4、During a period of rising price and stable inventory levels, using the LIFO inventoryaccounting method results in cost of goods sold (COGS) that is:【单选题】 A.less than COGS using the FIFO method. B.equal to COGS using the FIFO method. C.greater than COGS using the FIFO method. 正确答案:C
答案解析:当物价上涨并且存货数量稳定时，后进先出法（LIFO）相对于先进先出法（聊）有更高的销货成本，因为后买进来的价格高的存货先作为成本统计。
5、An analyst wants to calculate an appropriate price to earnings (P/E) ratio for acompany that operated in mining industry using the following information.Thecompany's average return on equity was determined to be 13.3 percent during thefour-year period ending in 2011, and that the company's book value per share was$8.45 at the beginning of that period but had increased to $ 12.36 in 2011.Ifthe company's stock is priced at $40 per share, the appropriate P/E isclosest to:【单选题】 A.24.3
2
B.28.9 C.56.4 正确答案:A
答案解析:如果对于盈利比较波动的公司，我们在计算P/E时有两种方法：一种是将过去几年的收益（earnings）移动平均，另外一种是将ROE移动平均，再乘以最近一年的每股净资产（book value），前者没有考虑公司规模的改变，后者考虑了公司规模的改变，但都可以用于平滑市盈率，使其显得不那么波动。$40/（13.3% × $12.36）
3
。 = 24.3
CFA一级每日一练(含详细解析)67
