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1, Yao Tsang, CFA, has a large percentage of his net worth invested in the Australian mining company Outback Mines, which he has held for many years. Tsang is in the process of moving to a new employer where he will be responsible for initiating research on U.S. domestic mining companies. Shortly after his move, Tsang is asked to complete a research report on Outback Mines. In order to meet the CFA Institute Standards of Professional Conduct concerning his stock holding, which of the following is the most appropriate action for Tsang to take?
A. Disclose his stock holding to his employer and to clients.
B. Sell his stock holdings to eliminate any potential conflict of interest.
C. Refuse to write the report and ask his employer to assign another analyst to complete the analysis.
Correct answer: A
CFA Institute Standards of Professional Conduct
2010 Modular Level I, Vol. 1, pp. 89-91
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct. Even though the best practice is to avoid conflicts, when conflicts cannot be reasonably avoided, full disclosure should be made as required by Standard VI (A). As the stock in question has been held for many years, it may not be practical to sell it due to things like tax consequences. Since the analyst has been hired to initiate coverage of mining companies, it is unlikely that another analyst at that firm would be as competent in completing a research report on mining companies.
2, Stian Klun, CFA, is preparing a brochure to advertise his firm. The brochure includes the following disclosures:
"I am a CFA, which means that I am a member of the CFA Institute, which I believe constitutes the most elite group of professionals within the investment management business. In order to become a CFA charterholder I had to complete a comprehensive program of study in the investment management field."
Klun is least likely to have violated the CFA Institute Standards of Professional Conduct related to referencing the:
A. CFA Institute.
B. CFA Program.
C. CFA Designation.

Correct answer: B
CFA Institute Standards of Professional Conduct
2010 Modular Level I, Vol. 1, pp. 103-105, 107
Study Session 1-2-b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
B is correct as the CFA program has been properly referenced while the CFA Institute and CFA Designation have been improperly referenced, in violation of Standard VII (B). CFA should be an adjective rather than a noun.
3, Use the following values from a sample's t-distribution to establish a 95% confidence interval for the sample mean given a sample size of 10, a sample mean of 6.25, and a sample standard deviation of 12. Assume that the population from which the sample is drawn is normally distributed and the population variance is not known.
Degrees of freedom p = 0.10 p = 0.05 p = 0.025 p = 0.01
9 1.383 1.833 2.262 2.821
10 1.372 1.812 2.228 2.764
11 1.363 1.796 2.201 2.718
The 95% confidence interval is closest to:
A. a lower bound of –2.33 and an upper bound of 14.83.
B. a lower bound of –2.20 and an upper bound of 14.70.
C. a lower bound of –0.71 and an upper bound of 13.20.
Correct answer: A
“Sampling and Estimation,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E.
Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 489-493
Study Session 3-10-j
Calculate and interpret a confidence interval for a population mean, given a normal distribution with (1) a known population variance, (2) an unknown population variance, or (3) an unknown variance and a large sample size.
With a sample size of 10, there are 9 degrees of freedom. The confidence interval concept is based on a two-tailed approach. For a 95% confidence interval, 2.5% of the distribution will be in each tail. Thus, the correct t-statistic to use is 2.262. The confidence interval is calculated as:
X±t0.025 s/
Where is the sample mean, s is the sample standard deviation, and n is the sample size. In this case we have:
6.25 ± 2.262 x 12/
6.25 ± 2.262 x 3.79
6.25 ± 8.58 = -2.33 and 14.83
4, A consumer purchases an automobile using a loan. The amount borrowed is 30,000 and the terms of the loan call for the loan to be repaid over 5 years using equal monthly payments with an annual nominal interest rate of 8% and monthly compounding. The monthly payment (in

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11, When analyzing a company that prepares its financial statements according to U.S. GAAP, calculating the price/tangible book value ratio instead of the price/book value ratio is most appropriate if it:
A. grows primarily through acquisitions.
B. develops its patents and processes internally.
C. invests a substantial amount in new capital assets.
Correct answer: A
“Financial Statement Analysis: Applications,” Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, R. Elaine Henry, CFA, and Michael A. Broihahn, CFA
2010 Modular Level I, Vol. 3, pp. 630-631
“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA2010 Modular Level I, Vol. 5, pp. 207-212
Study Sessions 10-42-e; 14-59-b
Determine and justify appropriate analyst adjustments to a company’s financial statements to facilitate comparison with another company.
Calculate and interpret P/E, P/BV, P/S and P/CF.
A company that grows primarily through acquisition will have more goodwill and other intangible assets on its balance sheet than a company with fewer acquisitions or that has grown internally. To provide for comparisons with companies that do not follow such a growth strategy, an analyst would remove all intangibles and focus on tangible book value.
12, Which is most likely considered a secondary source of liquidity?
A. Trade credit
B. Liquidating long-term assets
C. Centralized cash management system
Correct answer: B
“Working Capital Management,” Edgar A. Norton, Jr., CFA, Kenneth L. Parkinson, and Pamela P. Peterson, CFA
2010 Modular Level I, Vol. 4, pp. 93-94
Study Session 11-46-aDescribe primary and secondary sources of liquidity and factors that influence a company’s liquidity position.
Liquidating long-term assets is a secondary source of liquidity.
13, An investment banker agreeing to sell an issue on a best-efforts basis is most likely to:
A. Act as a broker and sell the issue at a stipulated price.
B. Earn a higher commission on the issue than if it were underwritten.
C. Buy the issue from the firm and accept the risk of selling at to the public.
Correct answer: A
“Organization and Functioning of Securities Markets,” Frank K. Reilly, CFA, and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 10-11
Study Session 13-52-bDistinguish between primary and secondary capital markets and explain how secondary markets support primary markets.
An investment banker agreeing to sell an issue on a best-efforts basis does not buy the issue from the company. The stock is owned by the company and the investment banker acts as a broker to sell whatever it can at a stipulated price.

14, Which of the following is the most appropriate discount rate when deriving the value of a firm using operating free cash flows?
A. Firm’s cost of equity capital
B. Investors’ required rate of return
C. Firm’s weighted average cost of capital
Correct answer: C
“An Introduction to Security Valuation,” Frank K. Reilly, CFA, and Keith C. Brown, CFA
2010 Modular Level I, Vol. 5, pp. 138-139, 146-147
Study Session 14-56-gDescribe a process for developing estimated inputs to be used in the dividend discount model (DDM), including the required rate of return and expected growth rate of dividends.
When deriving the value of the total firm, we discount the operating free cash flow prior to the payment of interest to the debtholders but after deducting funds needed to maintain the firm’s asset base (capital expenditures). Therefore, the firm’s weighted average cost of capital is the most appropriate discount rate.

15, If the volatility of returns on an underlying security increases, then:
A. both call and put option prices increase.
B. both call and put option prices decrease.
C. call prices increase and put prices decrease.
Correct answer: A
“Option Markets and Contracts,” Don M. Chance
2010 Modular Level I, Vol. 6, p. 118
Study Session 17-70-nIndicate the directional effect of an interest rate change or volatility change on an option’s price.
A is correct because volatility has an extremely strong effect on option prices. Higher volatility increases call and put option prices because it increases possible upside values (helps calls) and increases the downside values (helps puts) of the underlying.
16, An office building with net operating income of $75,000 recently sold for $937,500. Financial data a comparable building being sold is presented in the table below.
Annual income or expense
Gross potential rental income $300,000
Estimated vacancy and collection losses 4%
Insurance and taxes $27,000
Utilities $14,000
Repairs and maintenance $21,000
Depreciation $15,000
Interest rate on proposed financing 7%
The estimated value for the building being sold using the income approach is closest to:
A. $2,825,000
B. $2,975,000
C. $3,228,500
Correct answer: A
“Alternative Investments,” Bruno Solnik and Dennis McLeavey2010 Modular Level I, Vol. 6, pp. 205-207
Study Session 18-73-fCalculate the net operating income (NOI) from a real estate investment, the value of a property using the sales comparison and income approaches, and the after-tax cash flows, net present value, and yield of a real estate investment.
A is correct because to arrive at the estimated value of the property, subtract operating expenses from gross income (300,000 – (4% × 300,000 or 12,000) – 27,000 – 14,000 – 21,000 = 226,000). Then divide the net operating income by the cap rate, which is derived from the recent transaction (226,000 / (75,000 / 937,500) = 226,000 / 0.08 = 2,825,000). Note that neither depreciation nor financing costs are deducted as operating expenses.
17, A 10-year bond is issued on January 1,2010. Its contract requires that its coupon rate change over time as shown in the following exhibit:
Coupon Payment Date Range Coupon Rate
01/01/2010-12/31/2011 2.0%
01/01/2012-12/31/2013 5.0%
01/01/2014-12/31/2015 7.5%
01/01/2016-12/31/2019 9.0%
This security is best described as an example of a:
A. step-up note.
B. floating-rate bond.
C. deferred coupon bond.
Correct answer: A
“Features of Debt Securities,” Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, p. 238Study Session 15-60-bDescribe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.
A is correct because a step-up note has contractually mandated changes in its coupon rate.

18, Which of these is the best example of an embedded option granted to bondholders?
A. A prepayment option
B. A floor on a floating rate security
C. An accelerated sinking fund provision
Correct answer: B
“Features of Debt Securities,” Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, p. 247Study Session 15-60-eIdentify the common options embedded in a bond issue, explain the importance of embedded options, and state whether such options benefit the issuer or the bondholder.
B is correct because the floor protects the bondholder if rates fall very low.
19, A bond is selling for 98.2. It is estimated that the price will fall to 96.6 if yields rise 30 bps and that the price will rise to 100.1 if yields fall 30 bps. Based on these estimates, the duration of the bond is closest to:
A. 1.78
B. 5.94
C. 11.88
Correct answer: B
“Risks Associated With Investing in Bonds,” Frank J. Fabozzi, CFA2010 Modular Level I, Vol. 5, pp. 269-271Study Session 15-61-fCompute and interpret the duration and dollar duration of a bond.
B is correct because the duration equals
= = 5.94

20, Compared to an investor with a short investment horizon, an investor with a long investment horizon will most likely require:
A. less liquidity and have risk tolerance.
B. more liquidity and have lower risk tolerance.
C. less liquidity and can tolerate higher levels of risk.
Correct answer: C
“Investment Analysis and Portfolio Management, Eighth Edition,” Frank Reilly and Keith C. Brown2010 Modular Level I, Vol. 4, p. 223Study Session 12-49-d
Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique needs and preferences.
C is correct because investors with long investment horizons generally require less liquidity and can tolerate greater portfolio risk: less liquidity because the funds are not usually needed for many years; greater risk tolerance because any shortfall or losses can be overcome by returns earned in subsequent y