CFA金融分析师Level Ⅰ真题_cfaLevel Ⅰ历年考试题库
Gloria Brown, CFA, is the founder and portfolio manager of the Everglades Fund. In its first year the fund generated a return of 35%. Building on the fund’s performance, Gloria created new marketing materials that showed the fund’s gross 1-year return as well as the 3-, and 5-year returns which he calculated by using back-tested performance information. As the marketing material is used only for presentations to institutional clients, Gloria does not mention the inclusion of back-tested data. According to the Standards of Practice Handbook, did Gloria violate any CFA Institute Standards of Professional Conduct?
A. No.
B. Yes, because he did not disclose the use of back-tested data.
C. Yes, because he failed to deduct all fees and expenses before calculating the fund’s track record.
【答案】B
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According to the crowding-out model, persistent, large government budget deficits are most likely to be associated with a(n):
A. increase in net exports
B. decrease in private spending
C. decrease in the real rate of interest
【答案】B
Which of the following statements regarding the money supply and determination of short-term interest rates is least accurate?
A. On balance, growth in real GDP tends to increase the transactional demand for money.
B. If the short-term interest rate is greater than the equilibrium rate, there will be excess supply of real money balances.
C. An increase in the real money supply from an initial equilibrium situation will cause households and businesses to sell interest-bearing securities.
【答案】C
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