CFA Level 1 － Mock Exam 1 模拟真题－Q1-5 face, normal, style, class

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1、Which of the following is a key characteristic of the Global Investment Performance Standards (GIPS)? The GIPS standards:

Select exactly 1 answer(s) from the following:

A. rely on the integrity of input data.

B. address every aspect of performance measurement.

C. consist of required provisions for firms to follow to achieve best practice.

D. must be applied with the goal of achieving excellence in performance presentation.

2、According to the Standards of Practice Handbook, a member who is an investment manager is most likely to breach his duty to clients by:

Select exactly 1 answer(s) from the following:

A. disclosing potential conflicts of interest.

B. habitually voting with management on proxies that relate to non-routine governance issues.

C. disclosing confidential client information to the CFA Institute Professional Conduct Program.

D. using client brokerage to purchase goods or services that are used in the investment decision-making process.

3、Carla Scott, CFA, is a portfolio manager for a company that manages investment accounts for wealthy individuals. Scott has no beneficial interest in any of the fee-paying accounts she manages, including her uncle's account. When shares in initial public offerings (IPOs) become available, Scott first allocates shares to all her other clients for whom the investment is appropriate; only if shares are still available does she purchase shares in her uncle's account, if the issue is appropriate for him. Scott provides each of her clients with full disclosure of her allocation procedures and has received each client's verbal consent to her allocation procedures. According to the Standards of Practice Handbook, does Scott's method of allocating oversubscribed IPOs violate any CFA Institute Standards of Professional Conduct?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, because she has breached her duty to her uncle.

C. Yes, because she has failed to obtain written consent with respect to her allocation procedures.

D. Yes, because her allocation procedures contribute to market manipulation of initial public offerings.             

4、Kim Li, CFA, is a portfolio manager for an investment advisory firm. Li delegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm's compliance procedures. Despite these efforts, Li discovers that an employee reporting to Marshall may have violated the law. According to the Standards of Practice Handbook, Li's initial course of action must be to:

Select exactly 1 answer(s) from the following:

A. suspend the employee.

B. suspend Marshall from her supervisory duties.

C. initiate an investigation to determine the extent of the wrongdoing.

D. demand that the employee involved provide assurances that the activity will not be repeated.

5、Marcus Takeda, CFA, is an analyst at a small investment advisory firm. His firm routinely purchases third-party research that Takeda has found to be sound and reliable. Takeda drafts a research report recommending the purchase of Crozet Corporation common stock to clients for whom the investment is suitable. The report contains financial projections from third-party research providers referenced by Takeda. Takeda writes, "This recommendation is based on expectations for continued strong demand for Crozet's products." Finally, Takeda notes at the end of the report that he owns Crozet Corporation convertible bonds. According to the Standards of Practice Handbook, has Takeda violated the CFA Institute Standard of Professional Conduct relating to:

	reasonable basis?	independence and objectivity?
A.	No	No
B.	No	Yes
C.	Yes	No
D.	Yes	Yes

Select exactly 1 answer(s) from the following:
A. Answer A.
B. Answer B.
C. Answer C.
D. Answer D.

[此贴子已经被作者于2008-11-5 18:42:05编辑过]

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1 Correct answer is A

Global Investment Performance Standards (GIPS) 2008 Modular Level I, Vol. 1, pp. 127-128 Study Session 1-4-a describe the key characteristics of the GIPS standards and the fundamentals of compliance A key characteristic of the Standards is that the Standards rely on the integrity of input data. The accuracy of input data is critical to the accuracy of the performance presentation.

 

2 Correct answer is B

Guidance for Standards I-VII, Standards of Practice Handbook 2008 Modular Level I, Vol. 1, p. 50 Study Session 1-2-a demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specifi c situations presenting multiple issues of questionable professional conduct A fi duciary who votes blindly with management on non-routine governance issues may breach their duty to clients by violating the standard that relates to loyalty, prudence, and care.

 

3 Correct answer is B

Guidance for Standards I-VII, Standards of Practice Handbook 2008 Modular Level I, Vol. 1, pp. 50-55, 94-95, 98, Example 3 Study Session 1-2-a demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specifi c situations presenting multiple issues of questionable professional conduct B is correct because Scott’s method of allocating oversubscribed IPOs discriminates against her uncle, who is a fee-paying client; she violates the Standard related to Fair Dealing. Family accounts that are fee-paying client accounts should be treated like any other fi rm account. They should neither receive special treatment nor be disadvantaged because of an existing family relationship.

 

4 Correct answer is C

Guidance for Standards I-VII, Standards of Practice Handbook 2008 Modular Level I, Vol. 1, pp. 76-79 Study Session 1-2-a demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specifi c situations presenting multiple issues of questionable professional conduct A supervisor may delegate supervisory responsibilities, but such delegation does not relieve them of their supervisory responsibility; Li must immediately begin an investigation of the matter to ascertain the extent of the wrongdoing. Relying on assurances from the employee or simply reporting the misconduct up the chain of command are not enough.

 

5 Correct answer is D

Guidance for Standards I-VII, Standards of Practice Handbook

2008 Modular Level I, Vol. I, pp. 21-23, 29-31, 80-82

Study Session 1-2-b
distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and the Standards
Takeda may rely on and issue reports based on third-party research providers if he has no reason to question the soundness or reliability of their research and he appropriately references his sources. He also appropriately discloses his interest in the company.

thekongss

非常感謝您!

mcdullpong

thanks

miaka227

thx

petitejuju

For the question 5, in this case, the answer should be A instead of D, right?

According to the answer explanation, Takeda hasn't violated the standards neither on reasonable basis nor on independencies and objectivies, so the answer should be two NO: the A.

Please correct me of I'm wrong.

allworld12

d

APRILGAO

Thanks

abcd12

thanks.

miczheng

thx