CFA Level 1 －模考试题(1)(AM) Q6-10

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Question 6

Which of the following statements about the CFA Institute Code and Standards is most accurate? The Code and Standards:

A) prohibit members from accepting gifts that create a conflict with their employer's interest.

B) do not require that members report legal violations to the appropriate governmental or regulatory organization.

C) require members to resign from their jobs to disassociate themselves from clients engaging in illegal activities.

D) require members to persuade the perpetrator to cease illegal activities.

Question 7

In a tough decision to leave Greenberg and Associates, Jillian Cross, CFA, decides to seek employment with a competing firm. She decides that her current management team is essential to her ability to do her job and attempts to convince the others to come with her. She also takes her client list with her because she has to start somewhere in building a book of business. With respect to the Code and Standards, Cross is:

A) out of compliance only in taking the client list.

B) out of compliance on both counts-attempting to take her management team with her and misappropriating the client list.

C) out of compliance only in trying to get her employees to come with her.

D) in compliance.

Question 8

Heidi Krueger, CFA, has discretionary authority over the accounts of Johnson, for whom she manages a portfolio of energy stocks, and Osaki, for whom she manages a diversified portfolio of domestic and international stocks. Krueger always seeks the best price and execution and has disclosed to all of her clients the process she follows to make use of soft dollars and apply them for the benefit of her clients.

Last year, Krueger applied soft dollars generated from the Johnson and Osaki accounts to purchase a report on the economic impact of world events, to purchase an analysis of the domestic steel industry, and to purchase a new conference table for her office.

Krueger was in compliance with the Code and Standards:

A) only if she had not used soft dollars to pay for the conference table and had not used soft dollars from the trading of Johnson's account to pay for the report on the domestic steel industry.

B) because she disclosed her use of soft dollars and applied them for the direct and indirect benefit of her clients.

C) only if she provided a summary of her soft dollar spending to her clients with their annual account statements.

D) only if she had not used soft dollars to pay for the conference table.

Question 9

Victor Baltz, CFA, manages the investment account of Martha Stallings, a widow who lives off her investment accounts and is relatively risk averse. One of the securities in her account has a beta of 1.5 and he has also sold call options in her account. With respect to these actions, Baltz has:

A) violated the Standards by selling the options but not by purchasing the high-beta stock.

B) not necessarily violated the Standards because it is the risk of the entire portfolio that is relevant in judging suitability.

C) violated the Standards by purchasing the high-beta stock but not by selling the call options.

D) violated the Standards, both by buying the high-beta stock and by selling the calls.

Question 10

Eagle Investments has been in business since 1992. Its founder and current president, Joe Reed, has worked to incorporate the GIPS standards into the company so that it can claim compliance. As a result, he has prepared GIPS-compliant historical data from January 1, 2001 to the present. However, Reed also wants potential clients to be able to access the complete performance history of the firm so he also includes the firm’s non-GIPS-compliant history from 1992 to 2000 in the performance records. Eagle is:

A) not GIPS-compliant because the performance for 2000 also needs to be GIPS-compliant if included.

B) GIPS-compliant as long as the firm clearly distinguishes the noncompliant periods.

C) not GIPS-compliant because the firm would only be allowed to include five years of noncompliant performance.

D) not GIPS-compliant because non-compliant performance is not allowed to be presented in the historical performance record.

[此贴子已经被作者于2008-11-7 18:11:41编辑过]