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1. Monique Gretta, CFA, is a research analyst at East West Investment Bank. Previously, Gretta worked at a mutual fund management company and has a long- standing client relationship with the managers of the funds and their institutional investors. Gretta often provides fund managers, who work for Gretta’s former employer, with draft copies of her research before disseminating the information to all of the bank’s clients. This practice has helped Gretta avoid several errors in her reports, and she believes it is beneficial to the bank's clients, even though they are not aware of this practice. Regarding her research, Gretta least likely violated the CFA Institute Standards of Professional Conduct because:

A. her report is a draft.

B. this practice benefits all clients.

C. the long- standing client relationships are not disclosed.

 

2. If the distribution of the population from which samples of size n are drawn is positively skewed and given that the sample size, n, is large, the sampling distribution of the sample means is most likely to have a:

A. mean smaller than the mean of the entire population.

B. variance equal to that of the entire population.Logo_CFAPortugal__4_

C. distribution that is approximately normal.

 

3. The price index that best resolves the substitution bias is the:

A. Fisher index.

B. Laspeyres index.

C. Paasche index.

 

4. A company acquired a customer list for $300,000 and a trademark for $5,000,000. Management expects the customer list to be useful for three years, and it expects to use the trademark for the foreseeable future. The trademark must be renewed every 10 years with the Patent and Trademark office for a nominal amount; otherwise it expires. If the company uses straight- line depreciation for all its intangible assets, the annual amortization expense for these two assets will be closest to:

A. $100,000.

B. $600,000.

C. $0.

 

5. Information about the coupon rates on the various long- term fixed- rate debt issues of a company can most likely be found in the:

A. notes to the financial statements.

B. non- current liabilities section of the balance sheet.

C. Management Discussion & Analysis (MD&A).

 

6. For a 90- day US Treasury bill selling at a discount, which of the following methods most likely results in the highest yield?

A. Discount- basis yield (DBY)

B. Money market yield (MMY)

C. Bond equivalent yield (BEY)

 

7. Which of the following statements is most accurate in an efficient market?

A. Active strategies will lead to excess risk adjusted portfolio returns.

B. Securities market prices fully reflect their fundamental values.

C. Securities market prices respond over time to changes in economic information.

 

8. Which of the following statements is least accurate regarding the factors that affect the interest rate risk characteristics of an option- free bond?

A. The lower the coupon rate, the greater the bond's price sensitivity to changes in interest rates.

B. The higher the yield, the greater the bond's price sensitivity to changes in interest rates.

C. The longer the bond's maturity, the greater the bond's price sensitivity to changes in interest rates.

 

9. When the futures price of a commodity exceeds the spot price, the commodity market is most likely in:

A. contango.

B. backwardation.

C. carry.

 

10. A technical analyst observes a head and shoulders pattern in a stock she has been following. She notes the following information:

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Based on this information, her estimate of the price target is closest to:

A. $59.50.

B. $48.00.

C. $44.50.

 

11. The following is an excerpt from the note to the financial statements on intangible assets for a company:

2

3

The percentage of intangible assets pledged as security against borrowings in 2016 is closest to:

A. 9.9%.

B. 15.3%.

C. 15.0%.

 

12. On 1 January, a company that prepares its financial statements according to International Financial Reporting Standards (IFRS) arranged financing for the construction of a new plant. The company

● borrowed NZ$5,000,000 at an interest rate of 8%,

● issued NZ$5,000,000 of preferred shares with a cumulative dividend rate of 6%, and

● temporarily invested NZ$2,000,000 of the loan proceeds during the first six months of construction and earned 7% on that amount.

The amount of financing costs to be capitalized to the cost of the plant in the first year is closest to:

A. NZ$400,000.

B. NZ$630,000.

C. NZ$330,000.

 

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1. Ileana Inkster, CFA, was recently offered a senior management position within the trust department at a regional bank. The department is new, but the bank has plans to expand it significantly over the next few months. Inkster has been told she will be expected to help grow the client base of the trust department. She is informed that the trust department plans to conduct educational seminars and pursue the attendees as new clients. Inkster notices that recent seminar advertisements prepared by the bank’s marketing department do not mention investment products will be for sale at the seminar. The ads indicate attendees can “learn how to immediately add $100,000 to their net worth.” What should Inkster most likely do to avoid violating any CFA Institute Standards of Professional Conduct?

A. Accept the position and inform senior management of inadequate compliance procedures

B. Accept the position and revise the marketing material

C. Decline to accept the new position

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2. Gardner Knight, CFA, is a product development specialist at an investment bank. Knight is responsible for creating and marketing collateralized debt obligations (CDOs) consisting of residential mortgage bonds. In the marketing brochure for his most recent CDO, Knight provided a list of the mortgage bonds that the CDO was created from. The brochure also states “an independent third party, the collateral manager, had sole authority over the selection of all mortgage bonds used as collateral in the CDO.” However, Knight met with the collateral manager and helped her select the bonds for the CDO. Knight is least likely to be in violation of which of the following CFA Institute Standards of Professional Conduct?

A. Suitability

B. Conflicts of Interest

C. Client Communication

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3. In setting the confidence interval for the population mean of a normal or approximately normal distribution, and given that the sample size is small, Student’s t-distribution is the most appropriate approach when the variance is:

A. known.

B. large.

C. unknown

3

4. If the scale of a single producer is small relative to the demand for an undifferentiated good, the market structure of the producer is best described as being:

A. an oligopoly.

B. monopolistic competition.

C. perfect competition.

4

5. The following information for a company was taken from its financial statements and the accompanying notes:

1

After adjusting for the LIFO liquidation in 2014, the change in gross profit margin compared with 2013 is most likely:

A. essentially unchanged.

B. higher by 2.5%.

C. lower by 2.3%.

5

6. To evaluate the potential effect of an innovative and unique type of business transaction on financial statements, an analyst's best approach is to:

A. monitor the actions of standard setters and regulators.

B. gain an understanding of the transaction’s economic purpose.

C. consider the approach taken for “new” transactions that arose in the past.

6

7. The following table shows information on three different investment strategies with equivalent systematic risk:

2

The return, gross of fees and expenses, that causes Strategy 3 to be most consistent with the strong form of market efficiency is:

A. 18%.

B. 16%.

C. 17%

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8. Centro Corp. recently issued a floating-rate note (FRN) that includes a feature that prevents its coupon rate from falling below a prespecified minimum rate. This feature in an FRN is most likely referred to as a:

A. cap.

B. collar.

C. floor.

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9. Which statement best describes the early exercise of non-dividend paying American options? Early exercise may be advantageous for:

A. both deep-in-the-money calls and deep-in-the-money puts.

B. deep-in-the-money calls.

C. deep-in-the-money puts.

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10. When considering a portfolio that is optimal for one investor, a second investor with a higher risk aversion would most likely:

A. expect a higher variance for the portfolio.

B. derive a lower utility from the portfolio.

C. have a lower return expectation for the portfolio.

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11. Eileen Fisher, CFA, has been a supervisory analyst at SL Advisers for the past 10 years. Recently, one of her analysts was found to be in violation of the CFA Institute Standards of Professional Conduct. Fisher has placed limits on the analyst's activities and is now monitoring all of his investment activities. Although SL did not have any compliance procedures up to this point, to avoid future violations, Fisher has put in place procedures exceeding industry standards. Did Fisher most likely violate any CFA Institute Standards of Professional Conduct?

A. No, because she has taken steps to ensure the violations will not be repeated by the analyst

B. Yes

C. No, because she is taking steps to implement compliance procedures that are more than adequate

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12. A one-tailed hypothesis testing has a p-value for a test statistic of 3%. An analyst would not reject the null hypothesis at a significance level of:

A. 0.01.

B. 0.05.

C. 0.10.

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