A frequency polygon is best suited to summarizing:

C)a distribution of numerical data.

A 5% trimmed mean ignores the:

A)highest and lowest 5% of observations.

B)highest and lowest 2.5% of observations.

Which of the following best describes a frequency distribution? A frequency distribution is a grouping of:

B)data into non-overlapping intervals

A)measures used to describe a population

C)data into groups, the numerical order of which does not matter

Which of the following statements concerning kurtosis is most accurate?

A)A distribution with kurtosis of +2 has fatter tails than a normal distribution.

B)A leptokurtic distribution has excess kurtosis less than zero.

C)A leptokurtic distribution has fatter tails than a normal distribution.

A distribution that has positive excess kurtosis is:

A)more peaked than a normal distribution.

B)less peaked than a normal distribution.

C)more skewed than a normal distribution.

Over the last five years, an investment fund's monthly returns were relatively stable apart from last year, where two extremely high returns were recorded. If the arithmetic mean for the fund's monthly returns over the period is 6.7%, a trimmed or winsorized mean return is most likely to be

C)lower than the arithmetic mean.

A)higher than the arithmetic mean.

B)equal to the arithmetic mean.

Which of the following indicates the frequency of an interval in a frequency distribution histogram?

C)Height of the corresponding bar.

A)Width of the corresponding bar.

B)Horizontal logarithmic scale.

Which of the following statements concerning skewness is least accurate? A distribution with:

A)skew equal to 1 is not symmetrical.

B)negative skewness has a large number of outliers on its left side.

C)positive skewness has a long left tail.

For the investments shown in the table below, which of the following statements is most accurate?

C)The mean is equal to the median.

A)The median is equal to the mode.

B)The mean is equal to the mode.

David Martin, CFA, recently joined Arc Financial as a portfolio manager of an emerging markets mutual fund. Does this statement violate the CFA Institute Standard of Professional Conduct related to performance presentation?

B)Yes, because the Standards prohibit showing past performance at a prior firm.

C)Yes, because Arc must present at least five years of Martin’s performance history.

A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean compared to a normal distribution:

A)has positive excess kurtosis.

C)has negative excess kurtosis.

Which of the following statements about histograms and frequency polygons is least accurate?

B)A histogram and a frequency polygon both plot the absolute frequency on the vertical axis.

A)A frequency polygon is constructed by plotting the midpoint of each interval on the horizontal axis.

C)A histogram connects points with a straight line.

Which of the following is most likely an example of structured data?

C)Daily closing prices for a stock over the past month.

A)Management’s discussion and analysis of a company’s financial condition.

Which of the following statements concerning a distribution with positive skewness and positive excess kurtosis is least accurate?

B)It has a lower percentage of small deviations from the mean than a normal distribution.

A)It has fatter tails than a normal distribution.

C)The mean will be greater than the mode.

Consider the following statements about the geometric and arithmetic means as measures of central tendency. Which statement is least accurate?

B)The geometric mean calculates the rate of return that would have to be earned each year to match the actual, cumulative investment performance.

A)The geometric mean may be used to estimate the average return over a one-period time horizon because it is the average of one-period returns.

C)The difference between the geometric mean and the arithmetic mean increases with an increase in variability between period-to-period observations.

A scatter plot matrix is best suited to visualize:

correlations among multiple variables

the joint variability between two variables

trends in more than one variable over time

In a frequency distribution histogram, the frequency of an interval is given by the:

height of the corresponding bar

height multiplied by the width of the corresponding bar

Which of the following statements regarding frequency distributions is least accurate?

organize data into overlapping groups

summarize data into a relatively small number of intervals

work with all types of measurement scales

Panel data are most accurately described as:

C) a combination of time series and cross-sectional data.

B) a type of cross-sectional data.

A portfolio's monthly returns follow a distribution with a kurtosis measure of 4.2. Relative to a portfolio with normally distributed returns, this portfolio has a:

higher probability of extreme upside returns and lower chance of extreme downside returns

higher probability of extreme upside returns and higher chance of extreme downside returns

lower probability of extreme upside returns and higher chance of extreme downside returns

CFA L1 2022 Question Bank — QA [B] Qns 1-93

Authored by Ash B

Professional Development

12th Grade

CFA L1 2022 Question Bank — QA [B] Qns 1-93

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If Stock X's expected return is 30% and its expected standard deviation is 5%, Stock X's expected coefficient of variation is:

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Assume that the following returns are a sample of annual returns for firms in the clothing industry.

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Annual Returns on ABC Mutual Fund

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Given the following annual returns, what are the geometric and arithmetic mean returns, respectively?

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Trina Romel, mutual fund manager, is taking over a poor-performing fund from a colleague. Romel wants to calculate the return on the portfolio. Over the last five years, the fund's annual percentage returns were: 25, 15, 12, -8, and –14. Determine if the geometric return of the fund will be less than or greater than the arithmetic return and calculate the fund's geometric return:

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Michael Philizaire decides to calculate the geometric average of the appreciation/deprecation of his home over the last five years. The geometric return is closest to:

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In a negatively skewed distribution, what is the order (from lowest value to highest) for the distribution's mode, mean, a

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CFA L1 2022 Question Bank — QA [B] Qns 1-93

If Stock X's expected return is 30% and its expected standard deviation is 5%, Stock X's expected coefficient of variation is:

Assume that the following returns are a sample of annual returns for firms in the clothing industry.

Annual Returns on ABC Mutual Fund

Given the following annual returns, what are the geometric and arithmetic mean returns, respectively?

Michael Philizaire decides to calculate the geometric average of the appreciation/deprecation of his home over the last five years. The geometric return is closest to:

In a negatively skewed distribution, what is the order (from lowest value to highest) for the distribution's mode, mean, a

An analyst is asked to calculate standard deviation using monthly returns over the last five years. These data are best described as:

A frequency polygon is best suited to summarizing:

A 5% trimmed mean ignores the:

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