The crowding-out model suggests that 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   D. decrease in demand for loanable funds    【答案】 B The crowding-out model suggests that budget deficits are associated with higher real interest rates a decline in private investment, an inflow of capital from abroad, appreciation of the domestic currency, and a decline in net exports.    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

George Moses, CFA, analyzes Technicorp for a brokerage company. Extensive study has led Moses to rate Technicorp common stock as a hold, largely because of increasing competition in the industry. at a recent CFA institute society meeting Moses discussed Technicorp's prospects with two other analysts. Although the other analysts did not give a reason, both said that Technicorp was about to experience rapid earnings growth. Immediately following the meeting, Moses issued a buy"recommendation for Technicorp According to the Standards of Practice Handbook, did Moses violate any CFA Institute Standards of Professional Conduct when he issued the”buy recommendation? A No. B Yes because he copied the opinions of others. C Yes because he did not seek approval of the change from his supervisor. D Yes, because he did not have a reasonable and adequate basis for his recommendation.   【答案】   D Moses violated the Standard that requires members to have a reasonable and adequate basis supported by appropriate research and investigation, for investment recommendations or action. Moses buy recommendation was not supported by appropriate research and investigation.    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles) applies unless otherwise noted  Deltax Corp, a highly profitable company, purchased a new asset on 1 January 2002 for $1,000,000.  The following information applies to the asset; ·For financial statements purposes, straight-line depreciation over 10 years with no salvage value. ·For tax purposes, three-year MACRS depreciation class with first year MACRS factor = 0.333 ·Tax rate=40%   The effect of the asset purchase on Deltax's deferred tax liability for 2002 is closest to a:   A $233,000 decrease   B $93, 200 decrease   C $93, 200 increase   D $233, 000 increase   【答案】 C   The timing difference results in an increase in deferred tax liability: ($333,000-$100,000)x0.40=$93,200   CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted  An analyst gathered the following information about a company for a fiscal year;   If the company is not subject to income taxes, the net cash flow from operations for the fiscal year is  closest to;   A $20,000   B $30,000   C $50,000   D $75,000   【答案】 B   Cash flow from operations, prepared using the direct method, is $30,000; $150,000-$60,000-$40,000-$20,000=$30,000    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles) applies unless otherwise noted  An analyst gathered the following information about a ccompany whose fiscal year ends on 31  December;   ·Net income for the year was $10.5 million   ·Preferred stock dividends of $2 million were paid for the year.   ·Common stock dividends of $3.5 million were paid for the year.   ·20 million shares of common stock were outstanding on 1 January 2002.   ·The company issued 6 million new shares of common stock on 1 April 2002.   ·The capital structure does not include any potentially dilutive convertible securities, options  warrants, or other contingent securities.   The company' s basic earnings per share for 2002 was closest to;   A $035   B $0.37   C $0.43   D $046  【答案】 A Basic earnings per share is equal to income available to common stockholders divided by the  weighted average number of common shares outstanding:  ($10,500,000-$2,000,000)/24,500,000 shares=$0.35   CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Wilfred Clark, CFA, accumulated several items of nonpublic information through contacts with  computer companies. Although none of the information is"material"individually, Clark concluded  y combining the nonpublic information, that one of the companies will have unexpectedly high  earnings in the coming year. According to the Standards of Practice Handbook, Clark:   A. may not use the nonpublic information   B. may use the nonpublic information at any time to make investment recommendations and  decisions   C. must make reasonable efforts to achieve immediate public dissemination of the nonpublic  information   D. may use the nonpublic information only after gaining approval from a supervisory analyst  attesting to the information' s nonmateriality.   【答案】   B Clark may use the nonpublic information because none of the information is material.    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles)applies unless otherwise noted. After selling $20,000 of accounts receivable with full recourse, a company's balance sheet is as follows; None of the receivables has been collected After adjusting relevant account for the effects of the  off-balance-sheet financing. The company’s total debt-to-equity ratios is closest to:   A 1.20   B 1.25   C 1.75   D 2.00   【答案】 C   The appropriate adjustment is to increase both accounts receivable and current liabilities by the  amount of the receivables sold that have not yet been collected. Total debt-to-equity ratio;  $140,000/80,000=1.75.    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

休息，虽然我经常提前半小时做完，而由于Mock难度比较大，我还没有尝试过一天分上午下午刷2套Mock，只有做过一天1套而已。   总结起来的话，我的复习策略是：看视频+整理笔记+做原版书题和官网题。自己的总结能力很重要，复习到最后冲刺阶段，我笔记本基本上也没看了，专门看自己总结浓缩下来的word文档（看金程百题班和冲刺班视频总结的知识点），完一级考试，当天发了微博之后网友们反应强烈，所以想写一篇备考心得，一整地复习一次浓缩笔记花费1小时，这样就能把厚书读薄，提高学习效率。   写了这么多，主要是学习方法的介绍，希望能或多或少地帮到大家，在CFA的学习道路上助大家一臂之力，也非常欢迎大家与我交流学习心得。最后送上我很喜欢的一句话——越努力越幸运) 声明|本文转载自金程CFA

An analyst constructed the following hypothesis test: The null hypothesis means that:   A. the dependent variable is sensitive to changes in the independent variable.   B. the independent variable is sensitive to changes in the dependent variable.   C. changes in the dependent variable do not explain changes in the independent variable.   D. changes in the independent variable do not explain changes in the dependent variable.   【答案】 D the null hypothesis in this case is that the parameter of interest (slope)is equal to zero. Acceptance of the null hypothesis means that the statistical analysis indicates that changes in the independent variable do not explain changes in the dependent variable.  CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                   查看折扣    更多精彩：  CFA书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

One day before submitting his resignation of employment, Tony Spain, CFA, contacted his two largest clients to tell them of his intention to join a new firm. Spain was careful not to ask the clients to join him with his new employer, but told the clients he would be giving his resignation and starting his new position the following day. According to the Standards of practice Handbook, Spain; A. had a fiduciary duty to advise his clients of his impending departure. B. breached his duty of loyalty to his employer by telling the clients of his impending departure C. breached his duty of loyalty to the clients by failing to advise the clients of his departure sooner so the clients could assess the effect on their portfolios. D had a duty to disclose his impending departure to all clients because the change is a matter that could be expected to impair his ability to provide investment advice or take investment action.   【答案】 B Departing employees have a duty to act in the best interest of their employer until their resignations become effective. Spain was not acting in the best interest of his employer by telling clients of his impending departure.    CFA特许金融分析师1-3级【沪江金程联合开发】                权威名师倾情打造，助力通过金融第一考                查看折扣  CFA特许金融分析师1级【沪江&金程联合开发】                  权威名师倾情打造，助力通过金融第一考                查看折扣  金融英语【特惠班】                                                      双语教学，助力提升金融专业英语水平                    查看折扣    更多精彩： CFA书籍丨CFA考试之后，这7本书值得一读 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式 CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向