CFA考試《CFA一級》歷年真題精選及詳細(xì)解析1006-53

1、CFA考試CFA級歷年真題精選及詳細(xì)解析 1006-531、A publicly listed company has a 12person Board of Directors whose composition is as follows: the Chairman, who is the past pr eside nt of the com pany and was n amed Chairman on his retirement date four years ago, five members of senior man agement in cludi ng the curre

2、nt preside nt, and six outside directors.Each member is elected for a two-year term and one-half of the positions stand for election every year The three members of the Audit Committee are all outside directors and have re leva nt fina ncial exp erie nee. The Remu nerati on Committee is composed of

3、the Chairman and two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company?【單選題】A. The Chairman of the Board should be an independent director.B. AII members of the Board of Directors should stand for election every yearC

4、The com panys Vice-P reside nt of Fina nee should be a member of the audit committee.正確答案:A 答案解析：The Corporate Governance of Listed Com panics: AManual for Investors/2010 Modular Level b Vol. 4, pp. 174-185Study Session ll48b，cDiscuss and critique characteristics and practices related toboard and co

5、mmittee independen ce,exp erie nee, com pen sati on, external con sulta nts and frequency of electio ns and determine whether they are supportive of shareowner pr otection.Describe board independence and explain the importance of independent board members in corporate governance.If the chair of the

6、board is a former chief executive of the com pan% it may ham per efforts to undo the mistakes made by him or her as chief executive* It is not clear if it is better to have all members elected annually (more flexibility to meet changes in the market place) or if it is better to have staggered board

7、terms (better continuity of board expertise) All members of the audit committee should be independent members of the board2、Lee Chu, a CFA can didate, devel ops a new qua ntitative security selection model exclusively through back-testing on theChinese equity market. Chu is asked to review marketing

8、 materials that in elude an overview of the concep tual framework for his model, provide back-tested performanee results, and list the top holdings, Chu directs the marketing group to remove the description of his model because of concerns that competitors may attempt to replicate his investment phi

9、losophy. He also instructs the marketing group to remove the list of the top holdings because it shows that the top holding represents 30% of the back-tested modek Which of the following actions is least likely to result in a violation of theCode and Standards? Chus:【單選題】A. failure to disclose that

10、the top holding represents such a large allocation in the modelB. failure to adequately describe the investment process to prospective dientsC. use of back-tested results in communication with prospective clients正確答案:c 答案解析:The use of back-tested results is not prohibited, provided it is appropriate

11、ly disclosed.2014 CFA Level IGuidance for Standards l-VII/* CFA InstituteStandard V(B)3. With res pect to the Stan dards of P rofessional Con duct relating to conflicts of interests,CFA members are required to fully disclose to clients, prospective dientsand employers:【單選題】A. only all actual conflic

12、ts of interests.B. only all potential conflicts of interests.C. both all actual and potential conflicts of interests.正確答案:c答案解析:CFA協(xié)會姜求會員向具雇主、客戶和潛在客戶披露所有潛在的或者事實(shí)上的利益沖突。4 . Michael Papis, CFA, does research about fiscal policy.According to the toolsof fiscal policy, adjustments to direct taxes are mos

13、t likely:【單選題】A.less difficult to implement quickly than adjustments to in direct taxes.B.equally difficult to imp leme nt quickly com pared with adjustments to indirecttaxes.Cmore difficult to implement quickly than adjustments to in direct taxes.正確答案:c答案解析:間接稅主要基于產(chǎn)品和服務(wù)征稅，直接稅主要基于收入和財(cái)產(chǎn)征稅。間接稅相比直接稅實(shí)施起

14、來更為迅速，此時政府可以增加收入而不產(chǎn)生額外的成本。5、Companies pursuing cost leadership will most likely:【單選題】A.invest in productivity-improving capital equipmentB.en gage in defe nsive pricing when the com petitive environment is one of high rivalry*C. establish strong market research teams to match customer needs with product development正確答案:A 答案解析：Introduction to Industry and Company Analysis/Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O Reilly2012 Modular Level h Vol. 5, pp 250-251Study Sessio n 14-51-kDescribe the elements that should b