CFA Level 1 － 模考试题(3)（PM）－Q6-10 might

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Question 6  

The eight major sections of the Global Investment Performance Standards (GIPS) least likely include: 

A) input data requirements.

B) required disclosures.

C) calculation methods.

D) verification procedures.

 

Question 7 

Which of the following statements about Standard IV(C), Responsibilities of Supervisors, is least accurate? 

A) If the supervisor makes a reasonable effort to detect violations and fails, she is in compliance with Standard IV(C).

B) If a subordinate violates a securities law, her supervisor is in violation of Standard IV(C).

C) If no effort is made to detect violations, the supervisor is in violation of Standard IV(C) even if no violations by her subordinates have occurred.

D) Even if the supervisor delegates supervisory responsibility, she is still responsible for making a reasonable effort to detect and prevent violations.

 

Question 8 

The following scenarios refer to two analysts who are employed at Global Securities, a large brokerage firm.

  ♣ Paula Linstrom, CFA, is instructed by her supervisor to write a research report on Delta Enterprises. Delta's stock is widely held by institutional and individual investors. Although Linstrom does not own any of Delta's stocks, she believes that one of her friends may own 10 shares of Delta. The stock currently sells for $25 per share. Linstrom does not believe that informing her employer about her friend's possible ownership of Delta shares is necessary. 

  ♣ Hershel Wadel, a member of CFA Institute, is asked by his supervisor to write a research report on Gamma Company. Wadel's wife inherited 500 shares of Gamma Company from her father when he died five years ago. Gamma stock currently sells for $35 per share. Wadel does not believe that informing his employer about his wife's ownership of Gamma shares is necessary. 

According to CFA Institute Standards of Professional Conduct, which the following statements about Linstrom and Wadel's conduct is most accurate?

A) Both Linstrom and Wadel violated the Standards.

B) Neither Linstrom nor Wadel violated the standards

C) Linstrom violated the Standards, but Wadel did not.

D) Wadel violated the Standards, but Linstrom did not.

 

Question 9 

The CFA Institute Code of Ethics least likely requires a Member or Candidate to: 

A) Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession.

B) Strive to maintain and improve the competence of others in the profession.

C) Understand and comply with all applicable laws, rules, and regulations.

D) Use reasonable care and exercise independent professional judgment.

 

Question 10 

Which of the following statements is most likely a requirement to claim compliance with the Global Investment Performance Standards (GIPS)? 

A) After five years of historical data has been achieved, the firm must add one additional year of performance each year up to a minimum of ten years.

B) Portfolios must be valued as of the calendar month end or the last business day of the month.

C) Carve-out returns cannot be included in single asset class composite returns unless the carve-outs are managed separately.

D) Firms must calculate composite returns by asset-weighting the individual portfolio returns at least monthly.

 

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答案和详解如下：

Answer 6  

The correct answer was D) verification procedures. 

The eight major sections of GIPS are: 0) Fundamentals of compliance; 1) Input data; 2) Calculation methodology; 3) Composite construction; 4) Disclosures; 5) Presentation and reporting; 6) Real estate; and 7) Private equity. 

This question tested from Session 1, Reading 4, LOS d

 

Answer 7 

The correct answer was B)

If the supervisor makes a reasonable effort to detect violations, she is in compliance with the Code and Standards. Making such an effort is required by the Standard. 

This question tested from Session 1, Reading 2-IV, LOS C.

 

Answer 8 

The correct answer was D) Wadel violated the Standards, but Linstrom did not. 

The possibility that Linstrom’s friend may own a few shares of Delta's stock, worth a low dollar amount, does not create a conflict of interest such potential ownership could not reasonably be expected to interfere with her duty to employer or ability to make unbiased and objective recommendations. On the other hand, Wadel has a beneficial interest in his wife's ownership of Gamma shares. Standard VI(A) requires that Wadel disclose this information so that his employer can make the proper determination. 

This question tested from Session 1, Reading 2-VI, LOS A.

 

Answer 9 

The correct answer was C)

Understanding and complying with all applicable laws, rules, and regulations is required by Standard I(A) – Knowledge of the Law. The other choices are included in the Code of Ethics. 

This question tested from Session 1, Reading 1, LOS b, (Part 1)

 

Answer 10 

The correct answer was A) After five years of historical data has been achieved, the firm must add one additional year of performance each year up to a minimum of ten years. 

The statement, “After five years of historical data has been achieved, the firm must add one additional year of performance each year up to a minimum of ten years,” is a requirement, not a recommendation, for claiming GIPS compliance. The other choices are all currently recommendations, but will become requirements for periods beginning January 1, 2010. 

This question tested from Session 1, Reading 4, LOS b

 

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