杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ SchweserPrintableAnswersBook6Exam1AM TestID#:1364808 Question1#44786 Youranswer:Cwascorrect! StandardVI(C)ReferralFees.Membersandcandidatesshalldisclosetoclientsand prospectsanyconsiderationorbenefitreceivedbythememberordeliveredtoothersforthe recommendationofanyservicetotheclientorprospect.Thisallowstheclienttoevaluateany partialityshowninmakingreferrals. Question2#44787 Youranswer:Awascorrect! StandardIV(C)ResponsibilitiesofSupervisorsexplicitlystatesthatspeakingtotheemployee todeterminetheextentoftheviolationsandreceivingassurancesthatitwillnotberepeated isnotenough.Finleymusttakepositivestepstoinsurethattheviolationwillnotberepeated includingpromptlylaunchinganinvestigationandlimitingtheemployee抯activitiesand/or increasingsupervisionoftheemployeduntiltheresultsoftheinvestigationareknown. Question3#44788 Youranswer:Awascorrect! SteinviolatedStandardI(C)Misrepresentationbypresentingmaterialdevelopedbyanother withoutacknowledgement. Question4#44789 Youranswer:Dwascorrect! StandardV(A)DiligenceandReasonableBasis.Therecommendationreflectstheconsensus ofthegroupandnotnecessarilytheopinionofthememberorcandidate.Iftheconsensus opinionhasareasonablebasis,thememberdoesnothavetodissociatefromthereportbut shoulddocumentthedifferenceofopinion. Question5#44825 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! StandardIV(C)ResponsibilitiesofSupervisors.IfKleinclearlycannotdischargesupervisory responsibilitiesbecauseofaninadequatecompliancesystem,heshoulddeclineinwritingthe supervisoryresponsibilityuntilthefirmadoptsreasonableprocedurestoallowhimto adequatelyexercisesuchresponsibility. Question6#44826 Youranswer:Cwasincorrect.ThecorrectanswerwasD) StandardIII(A)Loyalty,Prudence,andCare.Crockerisessentiallyusingasoftdollar arrangementtopayforresearchusedinmanagingherclients?accounts.Crockermaypay higherfeeswithoutviolatingherfiduciarydutyaslongas(1)thecommissionpaidis reasonableinrelationtotheresearchandexecutionofservicesreceivedand(2)theresearch benefitsthefirm抯clients. Question7#44827 Youranswer:Cwascorrect! StandardIV(A)Loyalty.Thestandarddoesnotprohibitformeremployeesfromcontacting clientsoftheirperviousfirmsolongasthecontactinformationdoesnotcomefromthe recordsofthepreviousemployerorviolateanoncompeteagreement. Question8#44828 Youranswer:Awascorrect! StandardI(A)KnowledgeoftheLaw.ChambersresidesinanddoesbusinessinBotwariand isboundbythestricteroflocallawandtheStandards.TheStandardspermitreferralfeesthat areproperlydisclosedtoclientsanddonotprohibitgiftstoclientsinreturnforbusiness. Question9#44829 Youranswer:Cwascorrect! StandardVI(A)DisclosureofConflicts.Membersandcandidatesmustmakefulldisclosureof allmattersthatcouldimpairtheirindependence.Sellsidemembersandcandidatesshould disclosetotheirclientsanyownershipinasecuritythattheyarerecommending. 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Question10#44832 Youranswer:Bwascorrect! AccordingtoStandardIV(B)AdditionalCompensationArrangements,membersand candidatesmustobtainwrittenpermissionfromtheiremployerbeforeacceptinganofferof compensation(fortheperformanceofworkdonefortheiremployer)inadditiontowhatthey receivefromtheiremployerandthatiscontingentonfutureperformance.Suchcontingent additionalcompensationisjudgedtobereasonablyexpectedtoimpairtheemployee抯 independenceandobjectivity. Question11#44833 Youranswer:Awasincorrect.ThecorrectanswerwasD) Compliancerequiresthatthefirmfollowlocallawanddisclosetheconflictbetweenlocallaw andGIPS. Question12#44834 Youranswer:Awascorrect! StandardIII(D)PerformancePresentationrequiresthatstatementsaboutperformancebenot onlyaccurate,butalsofairandcomplete.WhileVance抯statementmaybeaccurateina technicalsense,itisneitherfairnorcomplete,anditseemsintendedtomisleadprospects aboutVance抯trackrecordinmanagingequitiesaccountsand/orselectingequitysecurities. WhilecompliancewithGIPSanditsmethodsofcompositeconstructionarerecommended, theyarenotrequiredbytheStandard. Question13#44835 Youranswer:Dwascorrect! StandardV(B)CommunicationwithClientsandProspectiveClients.Briefcommunications mustbesupportedbybackgroundreportsordatathatcanbemadeavailabletotheclientif requested.Drakeshouldhavegiventheclientamoredetailedanalysisoftheinvestment whentheclientcalledtorequestsuchinformation.DrakedidnotviolateStandardIII(C) becausehe搕horoughly?readandevaluatedtheanalysisanddeterminedthatthestructured productwasinlinewithhisclient抯objectivesbeforerecommendingtheproducttohisclient. Question14#44836 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Cwascorrect! StandardVI(B)PriorityofTransactions.Clienttransactionsmusttakeprecedenceover members?orcandidates?trades.Heshouldhavesubmittedhispersonaltradeorderonlyafter tradingforhisclient.StandardIII(B)FairDealingrequiresthatFarleydealfairlywithallclients whenrecommendingsecuritiesortakinginvestmentaction.Sincetheendowmentfundis Farley抯onlyaccount,hehasnotdisadvantagedanyotherclientbyonlytakingactiononthe behalfoftheendowment. Question15#44837 Youranswer:Dwascorrect! StandardIII(A)Loyalty,Prudence,andCare.Membersandcandidatesmustcomplywiththeir fiduciarydutytothosepersonsandinterestsbywhomthedutyisowed.Specifically, membersmustalwaysactforthebenefitoftheirclientsandplaceclients?interestsbefore theirown.Murphy抯actionsindirectingtradestoCasanovaviolatethefiduciarydutyowed toWellington&Worrel抯clients,asheappearstobeselectingCasanovaforthediscounts receivedonpersonalsecuritiestransactions.Casanovachargeshighercommissionratesand deliverspoorerexecutionthanotherbrokersusedbythefirm.ByusingCasanova,Murphy violateshisfiduciarydutybyfailingtoactintheclients?bestinterest.Alternatively,the arrangementwithCedrockappearstocomplywithMurphy抯fiduciaryduty,asthefirm receivesinvestmentresearchusedinmanagingclientportfolios(asoftdollararrangement) andachievesbetterexecutionforclienttrades.Becausethetradingarrangementwith Cedrockbenefitsclients,itdoesnotviolateStandardIII(A). Question16#44838 Youranswer:Bwasincorrect.ThecorrectanswerwasC) DoddhasmostlikelyviolatedStandardIII(B)FairDealingbygivingPhillipsanovergenerous allocationoftheoversubscribed(揾ot?newissue.Theissueisnotthatheisoffering compensationtoaclienttoresolveadispute,butthatbyoverallocatingtheIPOsharesto Phillipsheisnottreatinghisotherclientsfairly.StandardIII(B)FairDealingrequiresthat candidatesandmembersnotusesharesof揾otissues?asanincentivetoachieveareward orbenefit.Thebenefitinthiscaseisthatthedisputewill揼oaway.?/SPAN> Question17#44839 Youranswer:Dwascorrect! 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ TheeightmajorsectionsoftheCFAInstituteGlobalInvestmentPerformanceStandardsare FundamentalsofCompliance,InputData,CalculationMethodology,CompositeConstruction, Disclosures,PresentationandReporting,RealEstate,andPrivateEquity. Question18#44840 Youranswer:Bwascorrect! StandardIII(C)Suitabilityrequiresthattheclientportfoliofittheclientriskandreturn objectivesasstatedintheinvestmentpolicystatement,andthatseemstobethecasehere. Theproperfocusofriskanalysisisontheentireportfolioandneednotbeappliedonan issuebyissuebasis.ThereappearstobenoviolationofV(A)DiligenceandReasonable Basissincehispreviousanalysisindicatedtheportfoliowassuitableandhisrecords supportedthatconclusion. Question19#44841 Youranswer:Bwascorrect! Withnointerestpaidontheoriginal$5,000loan,at6%infiveyearstheloanbalancewillbe: Newloanbalance=$5,000(1.06) 5 =$6,691.13orPV=5,000;I/Y=6;N=5;PMT=0;CPT →FV=?6,691.13.$6,691.13istheloanthathastoberetiredoverthenextfiveyears.The financialcalculatorsolutionis:PV=6,691.13;I/Y=6;N=5;CPT→PMT.YouobtainPMT= ?,588.45. Question20#44844 Youranswer:Cwascorrect! N=4;PV=?,000;FV=6,520;CPT→I/Y=12.99%,or Question21#44845 Youranswer:Cwascorrect! AandBdescribeahistogram,andDdescribesafrequencypolygon. Question22#44846 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! holdingperiodreturn(HPR)= Question23#44847 Youranswer:Cwascorrect! range=maximumvalue?minimumvalue=55?15=40Calculatethemean: Togetthemeanabsolutedeviation,sumthedeviationsaround themean(ignoringthesign),anddividebythenumberofobservations Notethattheunitsofvarianceherearepercentsquared.Usingdecimalsratherthanwhole percentyields0.0250. Question24#44848 Youranswer:Bwascorrect! Question25#44849 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Bwascorrect! Forthepositivelyskeweddistribution,themodeislessthanthemedian,whichislessthan themean. Question26#44850 Youranswer:Bwasincorrect.ThecorrectanswerwasA) ThenominalincreaseinindustrialproductionisexpectedtobeThusthe realchangeisexpectedtobeGiventheregressionequation,our forecastis9,397.54=8,950+395(1.133). Question27#44851 Youranswer:Awascorrect! ThefirstyearaccountreturnwasThesecondyearreturnwas Thegeometricmeanis,whichisthetime weightedreturn.Sinceonlyoneassetwasinvolved,alsogivesthetime weightedreturn.Tocalculatethemoneyweightedreturn,usethecashflowfunctionwithCf0 =?2,000,Cf1=?5,000,andCf2=54,000×2=108,000,andcomputeIRR,whichis7.73%. Themoneyweightedreturnislowerbecausetheamountintheaccountwasgreaterinthe secondperiod,whenthereturnwaspoor. Question28#44858 Youranswer:Dwascorrect! Thebinomialdistributionisadiscretedistribution,whilethenormaldistributionisanexample ofacontinuousdistribution.Univariateandmultivariatedistributionscanbediscreteor continuous. Question29#44859 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Dwascorrect! About68%ofallobservationsfallwithin?standarddeviationofthemean.Thus,about68% ofthevaluesfallbetween5and25. Question30#44860 Youranswer:Bwascorrect! Thecentrallimittheoremholdsforanydistributionaslongasthesamplesizeislarge(i.e.,n >30). Question31#44861 Youranswer:Bwascorrect! Thepopulationvarianceisknown(inthiscase100),sothestandarderrorofthesample meanis Question32#44863 Youranswer:Cwascorrect! Thettestisusedwhenthesamplesizeissmall. Question33#44864 Youranswer:Dwascorrect! Itwoulddecrease,notincrease,theprofitabilityofcorporateinvestmentprojects. Question34#44865 Youranswer:Awascorrect! Thepotentialdepositexpansionmultiplieristhereciprocalofthereserveratio.Ifthereserve ratiois20%,then1/0.20=5. Question35#44866 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Youranswer:Awascorrect! Iftheeconomyisjustbeginningtocomeoutofarecession,aperiodofexpansionis beginning.Inatypicalbusinesscycle,thiswillbefollowedbyabusinesspeak,andaperiod ofcontraction,leadingtothenextrecessionarytrough.Thiswouldcompleteonecyclefrom thetimeofthelastrecession.CandDarenotappropriatesincethequestionsaysthatthe economyiscomingoutofarecession.Thissuggeststhattheeconomyisgettingbetter,not worse. Question36#44868 Youranswer:Dwascorrect! Anindividualistechnicallyunemployedwhenheorsheisactivelyseekingemploymentoris waitingtoreturntoajobfromwhichheorshewasjustlaidoff.Notallpeoplewhoarenot workingareconsideredunemployed.Examplesincludehouseholdworkers,students, prisoners,andretirees. Question37#44869 Youranswer:Cwasincorrect.ThecorrectanswerwasD) Thelongrunproductiondecisiondiffersfromtheshortrunproductiondecisioninthatfixed costscanbechangedinthelongrunbutnottheshortrun.Thus,shortruncostcurvesapply foragivensizeofaplant,andlongruncostcurvescanshowcostsfordifferentsizeplants. Question38#44870 Youranswer:Cwascorrect! Onebrandofflourlikelyhasmanygoodsubstitutes,andelasticityofdemandislikelyhigh. Theotherstatementsaretrue.Demandelasticityisgreaterinthelongrunthanintheshort run.Thedemandforgasolineislikelyinelastic.Thus,whenthepriceincreases,the percentagechangeinquantitydemandedislessthanthepercentagechangeinprice.There arefewsubstitutesforgasoline,especiallyintheshortrun.Forgoodsthatarecomplements, crosselasticityisnegative. Question39#44871 Youranswer:Bwascorrect! 杨帆13818157537CFA资料专卖 欢迎广大考友订购！ 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第6本解释！买本公司notes看的舒心，用的放心，祝您一次通过！ Themonopolistfacesadownwardslopingdemandcurve.Insomecases,amonopolistmay beunabletosellforaprofit.Pricemaybeinsufficienttocovertheperunitcostofthe monopolistevenwhenoperatingattheMR=MCrateofoutput. Question40#44873 Youranswer:Dwascorrect! Theseconditionscharacterizemonopolisticcompetition.Bycontrast,monopoliesand oligopolieshavehighbarrierstoentryandinvolveeitherasingleseller(monopoly)orasmall numberofinterdependentsellers(oligopoly).Similartomonopolisticcompetition,pure competitioninvolvesalargenumberofindependentsellers.Withpurecompetition,products arehomogeneous(notdifferentiated),nobarrierstoentryexist(notlowbarrierstoentry),and thedemandscheduleishorizontal(notdownwardsloping)andperfectlyelastic(nothighly elastic). Question41#44874 Youranswer:Awascorrect! PartofthetradingstrategywouldincludesellingtheforeignorU.S.currencyforward.When theinterestrateislowrelativetothehedgedU.S.interestrate,aninvestorshouldborrow domesticcurrency,convertthelocalcurrencytoforeigncurrencyatthecurrentspotrate,lend attheforeigncurrencyinterestrate,andsimultaneouslysellforeigncurrencyunitsforwardto hedgeorlockinyourforeignlendings.Attheendoftheperiod,theinvestorshouldliquidate foreignlendingsanddelivertheforeigncurrencyproceedsagainsttheforwardcontractto convertforeignloanproceedsbackintolocalcurrencyunits.Theinvestorthenrepays domesticloansandreapsthearbitrageprofits. Question42#44875 Youranswer:Bwascorrect! Accountingprofitisoftenanunsatisfactoryperformancemeasurefromaneconomicpointof viewbecauseaccountingcostsgenerallydonotincludetheopportunitycostsofequitycapital. Accountingcostsdoreflectthecostofdepreciationandtaxes. Question43#44876 Youranswer:Dwascorrect! [...]... is [300,000 200,000 60 ,000 35,000] (1 0.35) 34, 919 + 60 ,000 = 28,3 31 Remaining principal balance is 2 million 34, 919 = 1, 965 ,0 81 so secondyear interest is 1 96, 508 and principal portion of the payment is 234, 919 1 96, 508 = 38, 411 Secondyear aftertax cash flow is [300,000 1 96, 508 60 ,000 35,000] (1 0.35) 38, 411 + 60 ,000 = 27 ,10 9 Including the proceeds of the sale the total secondyear... compound rate is $1, 3 91. 02 Ending value must be $888.94 (1. 0325 )14 = $1, 3 91. 02 ?u >1, 000.00 face value at maturity 3 91. 02 ?u> 315 .00 total coupons (14 × 22.50) 76. 02 Question 95 #44933 Your answer: B was correct! This is a supernormal growth stock valuation problem Step 1: Find the dividends in the supernormal growth period D1 = 1. 00 (1. 20) = $1. 20; D2 = 1. 2 (1. 2) = $1. 44; D3 = 1. 44 (1. 15) = $1 .65 6 Step 2: Use... cash flow is 63 7 ,10 9 NPV = = $52,2 91. 81 Question 11 1 #44950 Your answer: D was correct! The fourfirm concentration ratio is the sum of the market shares of the four largest firms in the industry 45% + 25% + 15 % + 10 % = 95 The Herfindahl index is the sum of the squares of the market shares of each of the firms in the industry 0.452 + 0.252 + 0 .15 2 + 0 .10 2 + 0.052 = 0.30 Question 11 2 #449 51 Your answer:... regression coefficients Question 1 16 #44955 Your answer: D was correct! aftertax cash flow = (revenue ?cost ?depreciation) (1 ?t) + depreciation (revenue ?cost) (1 ?t) + depreciation(t) [$250,000 ?(0.04 × $250,000) ? $15 ,000 ?( $1, 000,000 × 0.0 26) ] (1? 0.35) + (1, 000,000 × 0.0 26) [($250,000 ? $10 ,000 ? $15 ,000 ?$ 26, 000) (0 .65 )] + $ 26, 000 = $15 5,350 Question 11 7 #449 56 Your answer: B was correct! Historical... answer: B was correct! Question 64 #449 01 Your answer: D was correct! Deferred tax: Year 1: $1, 200 ?$400 = $800 Year 2: $1, 200 ?$400 = 800 Balance = $1 ,60 0 Tax Year 1 Tax Year 2 Fin Year 1 Revenue Fin Year 2 $5,000 $5,000 $5,000 $5,000 Depreciation 4,000 4,000 2,000 2,000 EBT 1, 000 1, 000 3,000 3,000 400 400 1, 200 1, 200 $60 0 $60 0 $1, 800 $1, 800 Tax (0.4) EAT Question 65 #44902 Your answer: B was correct!... fifth year is the product of one minus the probability of failure in each year Therefore the 5year survival probability is (1 ?0.25) (1 ?0.20) (1 ?0.20) (1 ?0 .15 ) (1 ?0 .10 ) = 0. 367 2 The NPV of the project if it survives is The NPV of the project if it fails is ?2 million Therefore the expected NPV = (0. 367 2)($4.55 36) +(0 .63 28)(?2) = $0.4 064 82 million = $4 06, 482 Question 12 0 #44959 Your answer: C... dividends and the end of year price (P3) back to the end of period 1 to get P1 Step 1: Find the dividends in the supernormal growth period D2 = 1. 2 (1. 2) = 1. 44; D3 = 1. 44 (1. 15) = $1 .65 6 Step 2: Use the constant growth model to find the price at the end of period 3 Step 3: Discount all of the cash flows back to time one Question 97 #44935 Your answer: D was correct! The OAS is a measure of the yield spread... correct! 10 0 @ $ 210 = $ 21, 000 70 @ $225 = $15 ,750 $ 36, 750 Question 59 #448 96 Your answer: A was correct! Purchases 19 0 Sales Balance 17 0 20 @ $ 210 = $4,200 Question 60 #44897 Your answer: D was correct! FIFO ending inventory = FIFO INV = LIFO INV + LIFO reserve = 22,000 + 4,000 = $ 26, 000 FIFO aftertax profit = LIFO aftertax profit + (change in LIFO reserve) (1 ?t) = $2,000 + ($4,000 ?$3,000) (1 ?0.4)... with a low net profit margin The cash conversion cycle is: ( 365 /6) + ( 365 /9) ?( 365 /12 ) = 60 .8 + 40 .6 ?30.4 = 71 days Question 57 #44894 Your answer: C was correct! In periods of rising prices and stable or increasing inventory quantities, FIFO, compared to LIFO, results in higher working capital 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第 6 本解释！买本公司 notes 看的舒心，用的放心，祝您一次通过！ 杨帆 13 818 157537 CFA 资料专卖 欢迎广大考友订购！... was correct! Since equity is 40% of assets, the equity multiplier is 1/ 0.40 = 2.5 Using the traditional DuPont formula, ROE = 8.7% × 2.4 × 2.5 = 52.2% Question 74 #44 911 Your answer: D was correct! g = (1 ?payout)(ROE) = (1 ?0.40)( 16 % ) = 9 .6% 彩色原版印刷书籍，用解释向您诠释真正原版影印，别家均是用我司书籍再次复 印，没有第 6 本解释！买本公司 notes 看的舒心，用的放心，祝您一次通过！ 杨帆 13 818 157537 CFA 资料专卖 欢迎广大考友订购！ Question 75 #44 912 Your answer: A was correct!