Segunda semana de perguntas CFA

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Nesta segunda semana de perguntas CFA, continue a desafiar-se com estas 13 perguntas que trazemos para si. Boa sorte!

Confira, ainda, as suas respostas das perguntas feitas na semana passada, consultando o final deste artigo.

1. Belen Zapata, CFA, is the owner of Kawah Investments. Kawah promises investors returns of up to 12% per year and claims to achieve these returns by investing in non- investment- grade bonds and other fixed- income instruments. Over the next 12 months, bond market yields reach unprecedented lows and Zapata finds it impossible to achieve the returns she expected. No investments are ever made by Kawah, and clients are completely paid back all of their original investment. Zapata most likely violated the CFA Institute Standards of Professional Conduct because of the:

A. return of capital.

B. investment mandate.

C. promised returns.


2. Which of the following is not part of the nine major sections of the Global Investment Performance Standards (GIPS)?

A. Performance fees

B. Input data

C. Disclosure


3. The following information applies to a sample:

 ● The point estimate of the population mean is 12.5.

 ● The t-statistic (tα/2) used in calculating the 90% confidence interval is 1.67.

 ● The sample size is 64.

 ● The sample standard deviation is 5.

● The 90% confidence interval for the population mean is closest to:

A. 11.98 to 13.02.

B. 12.37 to 12.63.

C. 11.46 to 13.54.


4. Cost–push inflation is least likely to be affected by an increase in:

A. employee wages.

B. finished goods prices.

C. commodity prices.Logo_CFAPortugal__4_


5. The following information is available concerning a new showroom a company built. Construction started on 1 January 2012 and the grand opening was on 1 January 2014: 


The depreciation expense (in millions) for the showroom in 2014 is closest to:

A. €1.0175.

B. €0.9575.

C. €0.8375.


6. In a period of rising prices and stable inventory levels, which inventory valuation method will most likely result in the highest inventory turnover ratio, all else being equal?

A. Last- in, first- out (LIFO)

B. Weighted average cost

C. First- in, first- out (FIFO)


7.  A mining company has received government approval for the development of a mining property and has also consulted with members of the local community near the development site throughout the project assessment process. The latter action is best described as an example of:

A. principal–agent conflict mitigation.

B. stakeholder management.

C. regulatory compliance.


8. An industry characterized by rising volumes, improving profitability, falling prices, and relatively low competition among companies is most likely in which of the following life- cycle stages?

A. Growth

B. Mature

C. Embryonic


9. A bond with a par value of $100 matures in 10 years with a coupon of 4.5% paid semiannually; it is priced to yield 5.83% and has a modified duration of 7.81. If the yield of the bond declines by 0.25%, the approximate percentage price change for the bond is closest to:

A. 3.91%.

B. 1.95%.

C. 0.98%.


10. Concentrated portfolio strategies are attractive because of their:

A. potential to generate alpha.

B. ability to track market indices.

C. low risk.


11. Which of the following distinct entities can least likely claim compliance with the Global Investment Performance Standards (GIPS)?

A. A multinational financial services holding company

B. An investment management division of a regional commercial bank

C. A locally incorporated subsidiary undertaking investment management services


12. Oliver Opdyke, CFA, works for an independent research organization that does not manage any client money. In the course of his analysis of Red Ribbon Mining, he hears rumors that the president of Red Ribbon, Richard Leisberg, has recently been diagnosed with late stage Alzheimer's disease, a fact not publicly known. The final stage of Alzheimer's is when individuals lose the ability to respond to their environment, the ability to speak, and ultimately, the ability to control movement. Leisberg is the charismatic founder of Red Ribbon, and under his leadership the company grew to become one of the largest in the industry. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the most appropriate action for Opdyke is to:

A. encourage Red Ribbon Mining management to disclose the president’s medical condition.

B. immediately publish a sell recommendation for Red Ribbon Mining.

C. confirm the president’s diagnosis before publishing his research report.


13. Independent samples drawn from normally distributed populations exhibit the following characteristics:


Assuming that the variances of the underlying populations are equal, the pooled estimate of the common variance is 2,678.05. The t-test statistic appropriate to test the hypothesis that the two population means are equal is closest to:

A. 1.90.

B. 0.29.

C. 0.94.




1. Colin Gifford, CFA, is finalizing a monthly newsletter to his clients, who are primarily individual investors. Many of the clients’ accounts hold the common stock of Capricorn Technologies. In the newsletter, Gifford writes, “Based on the next six month's earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn's stock will be $22 per share by the end of the year.” Regarding his stock analysis, the least appropriate action Gifford should take to avoid violating any CFA Institute Standards of Professional Conduct would be to:


A. separate fact from opinion.

B. include earnings estimates.

C. identify limitations of the analysis


2. Zhao Xuan, CFA, is a sell-side investment analyst. While at a software industry conference, Zhao hears rumors that Green Run Software may have falsified its financial results. When she returns to her office, Zhao conducts a thorough analysis of Green Run. Based on her research, including discussions with some of Green Run's customers, Zhao is convinced that Green Run's reported 50% increase in net income during recent quarters is completely fictitious. But so far Zhao is the only analyst suspicious about Green Run's reported earnings. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, the least appropriate action for Zhao is to:

A. report her suspicions to Green Run's management.

B. do nothing until other analysts support her analysis.

C. recommend her clients sell their Green Run shares immediately.


3. As a monetary policy tool, quantitative easing (QE) will most likely help revive an ailing economy in which of the following environments?

A. Declining bank reserves and economic activity

B. Liquidity trap

C. Deflationary trap



4. A sample of 240 managed portfolios has a mean annual return of 0.11 and a standard deviation of returns of 0.23. The standard error of the sample mean is closest to:

A. 0.01485.

B. 0.00096.

C. 0.00710.


5. Which characteristic is a firm least likely to exhibit when it operates in a market with a downward sloping demand curve, many competitors, and zero economic profits in the long run?

A. No pricing power

B. Low barriers to entry

C. Differentiated product


6. If a company has a deferred tax asset reported on its statement of financial position and the tax authorities reduce the tax rate, which of the following statements is most accurate concerning the effect of the change? The existing deferred tax asset will:

A. not be affected.

B. increase in value.

C. decrease in value


7. If a company capitalizes an expenditure related to capital assets instead of expensing it, ignoring taxes, the company will most likely report:

A. a lower cash flow per share in that period.

B. the same free cash flow to the firm (FCFF) in that period.

C. a higher earnings per share in future periods.


8. An internal evaluation of the trading behavior of three fund managers of a mutual fund company during the past year has revealed the following: 


Which of the three managers most likely displayed the disposition effect bias?

A. Manager Y

B. Manager X

C. Manager Z


9. In a rising interest rate environment, the effective duration of a putable bond relative to an otherwise identical non-putable bond, will most likely be:

A. higher.

B. lower.

C. the same.


10. A corporation issues five-year fixed-rate bonds. Its treasurer expects interest rates to decline for all maturities for at least the next year. She enters into a one-year agreement with a bank to receive quarterly fixed-rate payments and to make payments based on floating rates benchmarked on three-month Libor. This agreement is best described as a:

A. futures contract.

B. forward contract.

C. swap.


11. The covariance of the assets in the following portfolio is closest to:


A. 1.8%

B. 0.4%

C. 2.3%