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发表于 2011-8-6 16:34
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Question 16
Windsong Management has hired John Simmons, who received his CFA charter in 2005, and Lucy Wainwright, who passed the Level 2 exam and has registered to take the Level 3 Exam. These two individuals form Windsong’s Great Lakes Group. Which of the following business cards is consistent with the Standards of Professional Conduct?
A) Windsong Management
Great Lakes Group
John Simmons, CFA
Lucy Wainwright, Level 2 CFA
B) Windsong Management
Great Lakes Group
John Simmons, CFA
Lucy Wainwright
C) Windsong Management
Great Lakes Group
John Simmons, Chartered Financial Analyst, 2005
Lucy Wainwright, Level 3 CFA Candidate
D) Windsong Management
Great Lakes Group
John Simmons, Chartered Financial Analyst
Lucy Wainwright, CFA Candidate
The correct answer was C)
Windsong Management
Great Lakes Group
John Simmons, Chartered Financial Analyst, 2005
Lucy Wainwright, Level 3 CFA Candidate
No designation exists for someone who has passed Level 1, Level 2, or Level 3 of the exam, except to indicate that a candidate is registered for the next exam and at which level. The CFA mark must be the same font and size as the member's name with no extra emphasis such as boldface.
This question tested from Session 1, Reading 2-VII, LOS B.
Question 17
When calculating firm assets for the purposes of a GIPS-compliant performance presentation, Acme Investment Management should include:
A) all fee-paying discretionary accounts only.
B) all fee-paying, discretionary and non-discretionary accounts only.
C) all fee-paying and non-fee-paying discretionary and non-discretionary accounts.
D) all fee-paying and non-fee-paying discretionary accounts only.
The correct answer was C) all fee-paying and non-fee-paying discretionary and non-discretionary accounts.
For the purposes of calculating firm assets, the firm should include all fee-paying and non-fee-paying discretionary and non-discretionary accounts.
This question tested from Session 1, Reading 4, LOS a, (Part 1)
Question 18
With regard to verification of compliance with the Global Investment Performance Standards (GIPS):
A) verification must be applied on a firm-wide basis.
B) a verification report must be provided to all clients and potential clients.
C) verification is required.
D) verification must be performed by a public accounting firm.
The correct answer was A) verification must be applied on a firm-wide basis.
Verification must be applied on a firm-wide basis; there is no such thing as verification of results for a single composite or portion of the firm’s performance. Verification is voluntary and a verification report must be provided upon request. Verification must be performed by an independent third party.
This question tested from Session 1, Reading 3, LOS c
Question 19
The median of a distribution is least likely equal to the:
A) second quartile.
B) third quintile.
C) fifth decile.
D) 50th percentile.
The correct answer was B) third quintile.
The median is the midpoint of a distribution such that 50% of the observations are greater than the median and 50% are less than the median. This is equivalent to the second quartile (4 groups), the fifth decile (10 groups), and the 50th percentile (100 groups). If a distribution is divided into quintiles (5 groups), 60% of the observations are less than the third quintile.
This question tested from Session 2, Reading 7, LOS e
Question 20
Which of the following statements about money-weighted and time-weighted returns is least accurate?
A) The money-weighted return applies the concept of internal rate of return to investment portfolios.
B) If a client adds funds to an investment prior to an unfavorable market, the time-weighted return will be depressed.
C) The time-weighted return measures the compound rate of growth of $1 over a stated time period.
D) If the investment period is greater than one year, an analyst must use the geometric mean to calculate the annual time-weighted return.
The correct answer was B) If a client adds funds to an investment prior to an unfavorable market, the time-weighted return will be depressed.
The time-weighted method is preferred because it is not affected by the timing of cash flows. The other statements are true.
This question tested from Session 2, Reading 6, LOS c, (Part 2) |
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