CFA Level 1 － 模考试题(1)(PM) Q6-10 上班

sunlimei

Question 6

Kevin Blank, CFA, is a representative for Campbell Advisors. In a meeting with a prospective client, the client inquires about investing in bonds denominated in Mexican pesos. Blank assures the client that Campbell can help him with Mexican fixed income investing. In fact, Blank had heard that his colleague, Jon Woller, might have had experience in Mexican bonds. The following day Blank learns that Woller had, in fact, no such experience. Blank does not correct his earlier statement and the prospective client invests with Campbell. Blank has:

A)    only violated the Code and Standards when he learned that his statement was incorrect and did not contact the prospect to explain his error.

B)   violated the Code and Standards, both when he misrepresented the qualifications of his firm and later, when he learned the truth and failed to contact the prospective client and correct his earlier statement.

C)   not violated the Code and Standards because Blank did not intentionally mislead the prospect.

D)   not violated the Code and Standards because Blank's statements were verbal and not in writing.

 

 

 

Question 7

Joey Balder, CFA, was approached by the management of Flagship Investment Managers about becoming Flagship’s Southtown branch supervisor. Balder is reluctant to accept the position because certain compliance procedures have not been adopted in that branch. To comply with the Standards, Balder should most appropriately:

A)    discuss his concerns with management and tell them he will not accept the position unless and until he is given authority over compliance procedures.

B)   accept the position on condition that the procedures be adopted immediately.

C)   accept the position and use his best efforts to get the procedures implemented as soon as possible.

D)   decline in writing to accept the supervisory position until the firm adopts appropriate procedures.

 

 

Question 8

Which of the following is least likely required of members and candidates by the CFA Institute Code of Ethics?

A)    Encourage others to practice in a professional manner.

B)   Disclose to clients and prospects the basic principles of their investment processes.

C)   Strive to improve the competence of other investment professionals.

D)   Place client interests above their own.

 

Question 9

Abner Flome, CFA, is writing a research report on Paulsen Group, an investment advisory firm. Abner’s brother-in-law holds shares of Paulsen and Abner has recently interviewed for a position with Paulsen and expects a second interview. According to the Standards, Abner’s most appropriate action is to disclose:

A)    his brother-in-law’s holding of Paulsen and the job offer to his supervisor and in the research report if he writes it.

B)   his brother-in-law’s holding of Paulsen to his supervisor and in the research report if he writes it.

C)   neither his brother-in-law’s holdings nor the job offer to his supervisor or in the report if he writes it.

D)   the fact that he is being considered for a job at Paulsen to his supervisor and in the research report if he writes it.

 

 

 

Question 10

James Copley, a pension fund manager and a CFA charterholder, has an agreement with a brokerage firm to give him lower transactions costs on his personal brokerage in exchange for directing the pension fund's trades to the brokerage firm. Copley is most likely violating which of the following Standards?

A)    Standard III(A), Loyalty, Prudence, and Care.

B)   Standard III(B), Fair Dealing.

C)   Standard V(A), Diligence and Reasonable Basis.

D)   Standard V(B), Communication with Clients and Prospective Clients.

 

 

[此贴子已经被作者于2008-11-8 10:39:21编辑过]

c8143

难道没人觉得有 2个题目的 答案 很有疑问么？我对第 8题 和 第10 题的 答案 有疑问

头文字L

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Thanks

SSSihan

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xyz332

回复 2# sunlimei

vqincfa

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777888

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)

iamxingxing

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kupang

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lucaschan0208

 thank you so much