CFA® Program Level I practice questions: the prompt for ChatGPT, Claude and Gemini

You are writing exam-style multiple-choice practice questions for me. I am preparing for CFA Program Level I, set by CFA Institute. Write questions that match the real exam's content, difficulty and style, drawn from the current official syllabus.

Write 20 questions. Each must be a standalone multiple-choice question that can be answered from its own stem and options, with exactly the right answer(s) marked and nothing ambiguous.

Set each question's `topic` to one of these names, copied exactly (same words, same capitalization; these are the only topic names the import accepts):
- Ethical and Professional Standards (subtopics: Ethics and Trust in the Investment Profession; Code of Ethics and Standards of Professional Conduct; Guidance for Standard I: Professionalism; Guidance for Standard II: Integrity of Capital Markets; Guidance for Standard III: Duties to Clients; Guidance for Standard IV: Duties to Employers; Guidance for Standard V: Investment Analysis, Recommendations, and Actions; Guidance for Standard VI: Conflicts of Interest; Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate; Application of the Code and Standards: Level I)
- Quantitative Methods (subtopics: Returns of Financial Assets and Instruments; Types of Financial Returns; Benchmarking Returns; The Time Value of Money in Finance; Statistical Characteristics of Asset Returns; Statistical Distributions for Financial Asset Prices and Returns; Estimation and Hypothesis Testing; The Return and Risk of a Financial Portfolio; Simulation of Financial Asset Prices and Returns; Applications of Simple Linear Regression in Finance; Introduction to Financial Data Science)
- Economics (subtopics: The Firm and Market Structures; Understanding Business Cycles; Fiscal Policy; Monetary Policy; Introduction to Geopolitics; International Trade; Capital Flows and the FX Market; Exchange Rate Calculations)
- Financial Statement Analysis (subtopics: Introduction to Financial Statement Analysis; Analyzing Income Statements; Analyzing Balance Sheets; Analyzing Statements of Cash Flows I; Analyzing Statements of Cash Flows II; Analysis of Inventories; Analysis of Long-Term Assets; Topics in Long-Term Liabilities and Equity; Analysis of Income Taxes; Financial Reporting Quality; Financial Analysis Techniques; Introduction to Financial Statement Modeling)
- Corporate Finance (subtopics: Organizational Forms, Corporate Issuer Features, and Ownership; Investors and Other Stakeholders; Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits; Working Capital and Liquidity; Capital Investments and Capital Allocation; Capital Structure; Business Models)
- Equities (subtopics: Equity Instrument Features; Equity Jurisdictions, Classes, and the Voting Process; Equity Issuance and Trading; Sources of Equity Returns; Introduction to Equity Valuation; Discounted Cash Flow (DCF) and Growth Models; Relative Value Equity Valuation Approaches; Financial Statement Forecasting in Equity Valuation; Industry and Competitive Analysis; Company Analysis: Past, Present, and Future; Equity Analyst Research Reports; The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models)
- Fixed Income (subtopics: Fixed-Income Instrument Features; Fixed-Income Cash Flows and Types; Fixed-Income Issuance and Trading; Fixed-Income Markets for Corporate Issuers; Fixed-Income Markets for Government Issuers; Fixed-Income Bond Valuation: Prices and Yields; Yield and Yield Spread Measures for Fixed-Rate Bonds; Yield and Yield Spread Measures for Floating-Rate Instruments; The Term Structure of Interest Rates: Spot, Par, and Forward Curves; Interest Rate Risk and Return; Yield-Based Bond Duration Measures and Properties; Yield-Based Bond Convexity and Portfolio Properties; Curve-Based and Empirical Fixed-Income Risk Measures; Credit Risk; Credit Analysis for Government Issuers; Credit Analysis for Corporate Issuers; Fixed-Income Securitization; Asset-Backed Security (ABS) Instrument and Market Features; Mortgage-Backed Security (MBS) Instrument and Market Features)
- Derivatives and Risk Management (subtopics: Derivative Instrument and Derivative Market Features; Forward Commitment and Contingent Claim Features and Instruments; Derivative Benefits, Risks, and Issuer and Investor Uses; Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives; Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities; Pricing and Valuation of Futures Contracts; Pricing and Valuation of Interest Rate and Other Swaps; Pricing and Valuation of Options; Option Replication Using Put–Call Parity; Valuing a Derivative Using a One-Period Binomial Model)
- Alternative Investments (subtopics: Alternative Investment Features, Methods, and Structures; Alternative Investment Performance and Returns; Investments in Private Capital: Equity and Debt; Real Estate and Infrastructure; Natural Resources; Hedge Funds; Introduction to Digital Assets)
- Portfolio Construction (subtopics: Portfolio Risk and Return: Part I; Portfolio Risk and Return: Part II; Portfolio Management: An Overview; Basics of Portfolio Planning and Construction; The Behavioral Biases of Individuals; Introduction to Risk Management)
Where subtopics are listed, set `subtopic` to one of them; otherwise choose a short, specific `subtopic` of your own or leave it out.

Spread the questions across the topics in the real exam's proportions, about:
- Ethical and Professional Standards: 2 (10–15% of the real exam)
- Quantitative Methods: 2 (11–14% of the real exam)
- Economics: 2 (6–9% of the real exam)
- Financial Statement Analysis: 2 (11–14% of the real exam)
- Corporate Finance: 2 (6–9% of the real exam)
- Equities: 2 (11–14% of the real exam)
- Fixed Income: 2 (11–14% of the real exam)
- Derivatives and Risk Management: 2 (6–9% of the real exam)
- Alternative Investments: 2 (6–9% of the real exam)
- Portfolio Construction: 2 (8–12% of the real exam)

Give each question exactly 3 options. Options are plain text without letter prefixes (DoMcq labels them A, B, C… by position); make them similar in length and form so the right one does not stand out.
Every question has exactly one correct option; `answer` is a single letter.
Never use these as an option: "all of the above", "none of the above", "A and B only", "B and C only", "A and C only", "cannot determine", "cannot calculate", "not enough information to determine". Avoid "both A and B" style options too.

Write stems the way the real exam does, for example: "most likely"; "least likely"; "closest to"; "best described"; "most appropriate"; "most accurate"; "least appropriate"; "least accurate".
Keep each stem self-contained (any scenario the question needs is in the stem), concrete and free of trick wording. Do not refer to other questions, images, tables or exhibits.

Mix the difficulty: about 6 easy, 10 medium and 4 hard, and set each question's `difficulty` to "easy", "medium" or "hard" accordingly.

In `explanation`, say in two to four sentences why the correct answer is correct, in a way that teaches the underlying point, not just restates the option.

In `source`, give a short reference I can check in my own study materials (a syllabus topic, a chapter or section name, a learning objective, or a standard's clause), at most 200 characters; never invent a page number or a quotation.

Leave out `rationales` and `id`.

Before you answer, check your own work: no two questions ask the same thing; no question gives away another's answer; the correct option sits in a different position from one question to the next (never always the same letter); every `answer` letter exists for that question; the correct option is correct according to the current official material, not folklore; facts are accurate. Fix anything you find.

Output the whole set as one JSON object in the `domcq/1` format (schema: https://domcq.com/schema/v1; this is the import format of https://domcq.com):

```json
{
  "format": "domcq/1",
  "exam": "cfa-l1",
  "set": "CFA Program Level I practice – [a short name for this set]",
  "questions": [
    {
      "stem": "[the question, 10–2000 characters]",
      "options": [
        "[option 1]",
        "[option 2]",
        "[option 3]"
      ],
      "answer": "B",
      "explanation": "[why the correct answer is correct, 1–3000 characters]",
      "topic": "Ethical and Professional Standards",
      "subtopic": "[optional, more specific]",
      "difficulty": "medium",
      "source": "[a reference I can check]"
    }
  ]
}
```

Rules the import enforces: `format` is exactly "domcq/1"; `set` is 1–120 characters; `questions` holds all 20; each question has exactly the fields shown (no others); `stem` is 10–2000 characters and each option 1–500; `options` are all different; `answer` uses capital letters A–F naming options by position, in ascending order, never every option; `explanation` (1–3000 characters) and `topic` are required; `subtopic` (up to 120 characters), `difficulty` ("easy", "medium" or "hard") and `source` (up to 200 characters) are optional. Use plain double quotes in JSON strings (escape any inside text as \"), no trailing commas, no comments.

Reply with the JSON object inside a single ```json code fence and nothing else: no introduction, no commentary, no notes after it. If the set is long, keep going until every question is written and the JSON is complete and closed.