CFA 억지로 공부하기 (유사모의문제 풀어보자 (7/1)

CFA Mock Exam Questions

Welcome to our CFA mock exam questions. Below are sample questions for Level 1, Level 2, and Level 3 CFA exams, along with detailed explanations in both English and Korean. Use these questions to test your knowledge and practice for the upcoming exams!

Level 1: Mock Exam Questions

Question 1 (Ethics and Professional Standards)
An investor sends a report to clients stating, "Over the past year, our fund has achieved a 15% return. We expect this performance to continue in the future."
Which standard is most likely to have been violated by this investor?

• A. Standard I(C) Misrepresentation
• B. Standard III(B) Fair Dealing
• C. Standard V(A) Client First

Answer: A

Explanation: The statement regarding future performance is misleading because it implies that past performance guarantees future results, which is prohibited by the CFA Institute's ethics standards. This is a violation of **Misrepresentation (Standard I(C))**. While Fair Dealing and Client First standards are important, this specific case involves misleading statements about future returns.

한글 해설: 정답: A
해설: "지난 1년간 15% 수익률을 달성했다"고 언급하면서, 앞으로도 동일한 성과가 계속될 것이라고 표현하는 것은 잘못된 진술입니다. 이는 미래 수익을 보장하거나 과대하게 암시하는 것으로, **잘못된 진술(Misrepresentation)**에 해당합니다. 다른 선택지인 공정한 거래(Fair Dealing)나 고객 우선의무(Client First)와는 다르게, 이 문제는 잘못된 진술을 다루고 있습니다.

Question 2 (Quantitative Methods)
An investor buys 100 shares at $34.50 per share, and sells them at $30.50 per share at the end of the quarter. Additionally, the investor receives a dividend of $51.55 per share at quarter end. What is the holding period return (HPR) for this investor?

• A. −13.0%
• B. −11.6%
• C. −10.1%

Answer: C

Explanation: The total investment is $34.50 × 100 = $3,450. The sale proceeds are $30.50 × 100 = $3,050, and the dividend income is $51.55 per share. Therefore, the holding period return is calculated as:

HPR = (3,050 - 3,450 + 51.55) / 3,450 ≈ -10.1%

This indicates a loss, considering both the capital loss and dividend income.

한글 해설: 정답: C
해설: 총 투자액은 34.50 × 100 = 3,450달러입니다. 매도 금액은 30.50 × 100 = 3,050달러이고, 배당금은 주당 51.55달러입니다. 따라서 보유기간 수익률(Holding Period Return)은 다음과 같이 계산됩니다:

HPR = (3,050 - 3,450 + 51.55) / 3,450 ≈ -10.1%

이 수치는 자본 손실과 배당 수익을 합산한 결과입니다.

Level 2: Mock Exam Questions

Question 1 (Equity Investments)
Which of the following is a correct statement regarding the price-to-earnings (P/E) ratio?

• A. A high P/E ratio typically indicates that a stock is undervalued.
• B. A low P/E ratio typically indicates that a stock is overvalued.
• C. The P/E ratio is useful in comparing companies within the same industry.

Answer: C

Explanation: The P/E ratio measures how much investors are willing to pay for each dollar of earnings. A **high P/E ratio** does not necessarily indicate that a stock is undervalued, and a **low P/E ratio** does not necessarily indicate overvaluation. The ratio is most useful when comparing companies within the same industry, as it reflects the market’s perception of the company's earnings potential relative to its peers.

한글 해설: 정답: C
해설: P/E 비율은 투자자들이 회사의 이익에 대해 얼마를 지불할 의향이 있는지를 나타내는 지표입니다. **높은 P/E 비율**이 반드시 주식이 저평가되었다는 의미는 아니며, **낮은 P/E 비율**이 고평가되었음을 의미하지 않습니다. P/E 비율은 **동일 산업 내 기업 간 비교**에 가장 유용하게 사용됩니다.

Level 3: Mock Exam Questions

Question 1 (Portfolio Management)
A portfolio manager is analyzing a portfolio consisting of 70% stocks and 30% bonds. If the expected return on stocks is 10% and the expected return on bonds is 5%, what is the expected return on the portfolio?

• A. 7.0%
• B. 8.0%
• C. 9.0%

Answer: B

Explanation: The expected return on the portfolio is the weighted average of the expected returns of the individual assets:

Expected Portfolio Return = (0.70 × 10%) + (0.30 × 5%) = 8%

Thus, the expected return is 8%.

한글 해설: 정답: B
해설: 포트폴리오의 기대수익률은 각 자산의 기대수익률에 비중을 곱해 계산합니다.

Expected Portfolio Return = (0.70 × 10%) + (0.30 × 5%) = 8%

따라서 포트폴리오의 기대수익률은 8%입니다.