2021云南金融英语考试考前冲刺卷（1）.docx

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1、2021云南金融英语考试考前冲刺卷（1）本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An investor does research about forward rate agreement and takes a $1million short position in a forward rate agreement 39 quoted at 5% according to LIBOR. At expiration, the investor gathers the followin

2、g rates: Underlying Rate Rate 30-day LIBOR 5.20% 60-day LIBOR 5.30% 90-day LIBOR 5.40% The payoff for this investor is closest to:（）A. $495.62B. $500.00C. $660.832.An analyst does research about Eurodollar time deposits. Which of the following statements about Eurodollar time deposits is teast accur

3、ate（）A. The interest is not deducted from the principal.B. The interest rate is based on LIBOR.C. The deposits are essentially short-term secured loans.3.An analyst does research about future contracts. A commodity futures account has the following margin balances: Initial margin requirement $18700

4、Maintenance margin requirement $14300 Margin balance $12500 The variation margin is closest to:（）A. $1800B. $4400C. $62004.An analyst does research about commodity. For an investor with a long-term time horizon, the return from rolling forward the maturity of the derivative position is most likely d

5、escribed as:（）A. convenience yield.B. price return.C. collateral yield.5.Which of the following is least accurate An interest rate collar is:（）A. a combination of a long cap and a short floor.B. a combination of a short cap and a long floor.C. a combination of a long cap and a long floor.6.An Americ

6、an call has a strike price of $60 and expires in 1.5 years. The current price of the underlying is $58.5 and the risk-free rate is 3.5%. The minimum value of this call is:（）A. $0B. $0.53C. $1.527.An analyst does research about commodity markets. Which of the following statements about investing in c

7、ommodities is least accurate（）A. Investing in commodity futures is the most common strategy for commodity investing.B. A collateralized futures position consists entirely of long position in futures for a given amount of underlying value.C. Commodities tend to have a low to negative correlation with

8、 stock and bond retums and a desired positive correlation with inflation.8.An analyst does research about real estate investing and gathers the following information for a real estate investment: Gross potential rent $250000 Insurance and taxes $15000 Utilities $9000 Maintenance $13000 Depreciation

9、$8000 Mortgage interest $10000 If the estimate vacancy loss is 5%, the net operating income is closest to:（）A. $182500B. $192500C. $2005009.Which of the following is least accurate about exchange traded funds (ETF)（）A. Diversification can be obtained easily with a single ETF transaction.B. ETFs have

10、 a cost advantage over traditional mutual funds.C. ETFs trade once a day at closing market prices.10.All else being equal, an option-free bond least likely has greater:（）A. interest rate risk than a callable bond.B. reinvestment risk than a callable bond.C. price appreciation potential than a callab

11、le bond.11.Which of the following statements is least accurate Nonrefundable bonds:（）A. holder is protected only if interest rates decline.B. holder is protected from obtaining lower-cost money to pay off the debt.C. provide greater assurance against premature and unwanted redemption than callable b

12、onds.12.The argument that term structure of interest rates is determined by expectations about future interest rates and a yield premium for interest rate risk is most closely associated with the:（）A. expectations hypothesis.B. liquidity preference theory.C. market segmentation theory.13.If yield in

13、creases by 8 basis points, the percentage price change of an option-free bond that has duration of 15 is closest to:（）A. -0.12%B. 0.12%C. -1.2%14.An analyst does research about yield-to-maturity measure. The yield-to-maturity measure for a bond fails to consider the:（）A. coupon income.B. reinvestmen

14、t income.C. possibility that the bond is sold prior to maturity.15.An analyst does research about asset-backed securities. Which of the following is least accurate Special purpose vehicles:（）A. create a subsidiary of the sponsoring corporation to hold assets.B. reduce exposure to the bankruptcy risk

15、 of the sponsoring corporation.C. are non-operating entities created to carry out a special purpose such as leasing assets or securitizing receivables.16.An investor owns an annual-pay bond that matures in five years with a 5% COUpon rate and a $1000 face value. If the discount rate is 8%, the value

16、 of the bond is closest to:（）A. $878B. $880C. $108117.An analyst does research about borrowing funds to purchase bonds. The sale of a security with a commitment by the seller to buy the same security back from the purchaser at a specified price at a designated future date is best described as:（）A. m

17、argin buying.B. negotiable CDs.C. a repurchase agreement.18.An annual-pay bond with a yield to maturity of 5.90% has a bond equivalent ield closest to:（）A. 2.9%B. 5.8%C. 6.0%19.The relative yield spread between a corporate bond yielding 5.95% and an onthe-run Treasury security yielding 5.21% is clos

18、est to:（）A. 0.74%B. 12.44%C. 14.20%20.An analyst does research about methods of distributing new government securities. Which of the following is the regular way for U. S. government to issue U. S. Treasury securities（）A. Tap method.B. Regular auction cycle/single price method.C. Regular auction cyc

19、le/multiple price method.21.An analyst does research about bond price and gathers the following information about a callable bond: Par value $1000000 Current market value $923686 Effective duration 3.5 Modified duration 3.1 If yields are expected to increase by 125 basis points, the expected price c

20、hange for the bond is closest to:（）A. -$35793B. -$40411C. -$4,375022.Which of the following procedures creates a theoretical spot rate curve used to value default-free cash flows by observing Treasury yield curve（）A. Striping.B. Bootstrapping.C. Reconstitution.23.A bond has a duration of 14.4 and a

21、convexity measure of 85. If yield increases by 75 basis points, the percentage price change is closest to:（）A. -5.16%B. -10.32%C. -11.28%24.An analyst does research about beta and gathers the following information about an asset and the market portfolio: Standard deviation of the market portfolios r

22、eturn 55% Standard deviation of the assets return 78% Correlation between returns of the asset and the market portfolio 0.75 The beta of the asset is closest to:（）A. 0.53B. 1.06C. 1.8925.Which of the following is best described as the decision to deliberately deviate from the policy exposures to sys

23、tem risk factors with the intent to add value based on forecasts of the near-term returns of those asset classes（）A. Risk budgeting.B. Security selection.C. Tactical asset allocation.26.An analyst does research about the portfolios standard deviation of return. A portfolio consisting of two securiti

24、es has the following characteristics: Security Portfolio Weight Standard Deviation 1 35% 16% 2 65% 19% If the correlation of returns between the two securities is -0.25, the portfolios standard deviation of return is closest to:（）A. 12.22%B. 14.78%C. 14.93%27.An analyst does research about correlati

25、on. In a portfolio of two risky securities, the portfolio risk is maximized when the two securities are.（）A. uncorrelated.B. perfectly positively correlated.C. perfectly negatively correlated.28.An analyst does research about the capital asset pricing model and gathers the following information abou

26、t a security and the market portfolio: Beta of the security 1.25 Market portfolio premium 8% Risk-free rate 3% Based on the CAPM, the securitys expected return is closest to:（）A. 9.25%B. 11.00%C. 13.00%29.An analyst does research about capital asset pricing model. Which of the following statements i

27、s most accurate The security market line (SML):（）A. is a graphical representation of the capital asset pricing model that plots expected retum versus beta for any security.B. includes all possible combinations of the risk-free asset and any risky portfolio.C. includes all possible combinations of th

28、e risk-free asset and the market portfolio.30.Jane Mattock, CFA, senior vice president and head of the research department of H&V, Inc., a regional brokerage firm. In preparation for a long business trip, Mattock delegates his authority to Deion Miller, CFA. Which of the following is most accurate t

29、o comply with the Professional Conduct Standards（）A. Mattock is required to advise his supervisor and his compliance department, in writing, of the delegation of his supervisory duties.B. Mattock still has supervisory responsibility and must instruct Miller about methods to prevent and detect violat

30、ions of applicable laws, rules, regulations, and the CFA Institute Code of Ethics and Standards of Professional Conduct.C. Miller still has supervisory responsibility but need not instruct a charterholder like Miller about methods to prevent and detect violations of applicable laws, rules, regulatio

31、ns, and the CFA Institute Code of Ethics and Standards of Professional Conduct.31.According to the Professional Conduct Standards relating to responsibility of supervisors, supervisors are NOT required to:（）A. take steps to prevent persons acting under their supervision from violating Jaws, rules, r

32、egulations, firm policies, or the Code of Ethics and Professional Conduct Standards.B. contain the firm's compliance procedures in a clearly written and accessible manual that is tailored to the firm's operations.C. exercise supervisory responsibility to employees who are not CFA Institute m

33、embers.32.Jagdish Teja, CFA, is a buy-side analyst covering the furniture industry in a large investment management firm. She is invited to attend a conference call meeting with the top executives of a large furniture manufacturing company and four buy-side analysts. During the meeting, the CEO ment

34、ions that they have just calculated the companys earnings for the past quarter and they have unexpectedly and significantly dropped. The CFO adds that this drop will not be released to the public until next week. According to the Standards of Practice Handbook, Tejas most appropriate initial course

35、of action would be to:（）A. encourage the company to make the information public as soon as possible.B. disclose the information to her firm's compliance department personnel.C. disclose the information to five equally important sell-side analysts so that the information is distributed in an equi

36、table manner.33.Lynn Moody is an investment officer at the Lester Trust Company (LTC). If a current or former client of LTC has not permitted the disclosure of confidential information and disclosure of clients confidential information does not conflict with local law, which of the following stateme

37、nts is most accurate According to the Professional Conduct Standards, a member will breach his duties by disclosing confidential client information that relates to:（）A. an individual client who ended the client relationship with LTC ten years ago.B. illegal activities on the part of an individual wh

38、o is a current client of LTC.C. information requested by the CFA Institute Professional Conduct Program during the course of an investigation into that member's conduct by designed officer.34.Kristen Chandler, CFA, is an investment consultant in the Tokyo office of Dalton Securities, a major glo

39、bal investment consultant firm. Chandler is preparing to leave Dalton Securities to join a competing company. There is no non-compete agreement between Chandler and Dalton Securities. According to the Professional Conduct Standards,Chandler may:（）A. take a list of her own clients from Dalton Securit

40、ies.B. solicit clients of Dalton Securities after leaving but not take any record from Dalton Securities.C. not contact clients of Dalton Securities for a period of 5 year after leaving.35.Tom Stafford, CFA, is a part of team within Appleton Investment Management (AIM) responsible for managing a poo

41、l of assets for Open Air Bank. AIM is recognized as a specialist in identifying investment opportunities in small-capitalization stocks. The firm's assets have grown rapidly in recent years, and to enhance liquidity, senior management recently made the decision to lift the maximum permissible ma

42、rket-cap ceiling from $ 500 million to $2 billion. At the same time, management changed the group responsible for selecting stocks to be added to the firm's approved list from individual portfolio managers to a committee consisting of the firm's chief investment officer and four senior portf

43、olio managers. Has Stafford violated the Professional Conduct Standards relating to communication with clients and prospective clients if he doesn't notify his clients about the changes in the：（）A.B.C.36.Lynn Hampton, CFA, is a well-respected private wealth manager in her community with a divers

44、ified client base. The local government decides to construct a large factory manufacturing chemical raw materials near her community, which results in a demonstration protesting the decision. She is arrested and convinced of her conduct, and immediately released. After she pays a fine, she returns t

45、o work. She is most likely violated the Professional Conduct Standards（）A. No.B. Yes, relating to misconduct.C. Yes, relating to knowledge of the law.37.Sarah Wang, CFA, is a vice president in Dragon Securities, an international brokerage firm. She has determined that Dragon has established adequate

46、 compliance program designed to detect and prevent violations of applicable laws, rules, regulations, and the Code of Ethics and Professional Conduct Standards. Given that a compliance program is in place, which of the following actions is least likely included in the list of recommended compliance

47、procedures according to the Standards of Practice Handbook（）A. Continually educate personnel regarding the compliance procedures.B. Test employees on their knowledge and understanding of the compliance procedure.C. take necessary steps to enforce the procedures once a violation has occurred.38.Elean

48、or Preston, CFA, is a financial planner for high-net-worth individual clients in a local bank. Preston has been under pressure from his supervisor to sell a new bond which has a fixed rate of interest 6% guaranteed by the corporate issuer. Preston sends an e-mail to all her clients, which includes a copy of the prospectus with a message. The subject line reads, New Fixed Rate Interest Bond of 6%, safe and guaranteed rate of return. Has Ellis m