CFA Level 1 －模考试题(3)（PM）－Q16-20

government, committee, 考试题, style

Question 16

A government committee has concluded that investment company fees should be disclosed to clients each quarter and has proposed new legislation to require this. Currently, the legal requirement is to report such data annually. In compliance with current legal requirements, Dolphin Investments discloses its fees annually. Eugene Shin, CFA, Dolphin's compliance officer, learns of the proposed changes but does not convert Dolphin's reporting to a

quarterly basis. Shin's decision not to act:

A) is not a violation of the Code and Standards.

B) constitutes professional misconduct as defined in the Code and Standards.

C) is a violation of his duty to employer as defined in the Code and Standards.

D) is a violation of his responsibilities as a supervisor as defined in the Code and Standards.

Question 17

A bank trust department has three portfolio managers (Diane Cole, Tomas Bermudez, and Anthony Ring), who have been awarded the right to use the CFA designation, and one other employee (Diane Takao) who has registered for the Level 3 CFA exam. The bank wants to include information about these individuals in a brochure. According to CFA Institute Standards of Professional Conduct, which of the following is the most appropriate use the designation in the brochure?

A) Anthony Ring is a Chartered Financial Analyst who has had 10 years of experience as a portfolio manager.

B) Diane Takao passed Level 2 of the CFA examination and is currently enrolled to take Level 3.

C) Tomas Bermudez is a CFA-type portfolio manager, who specializes in growth stocks.

D) Diane Cole is one of three CFAs in our trust department.

Question 18

Midland Investment Banking issues a prospectus for its open-end Midland Gold Fund. In the prospectus, the investment policy is disclosed as, "We will maintain an investment posture of 50% or more in gold stocks and/or bullion, depending upon market conditions." This policy is maintained until the price of gold falls by 20%, leaving the fund 40% invested in gold stocks and bullion. Management decides that since the allocation was affected by market conditions, no action to either change the investment policy or to rebalance the portfolio is required. This decision is:

A) under the circumstances, not in violation of the Code and Standards.

B) in violation of the Standard concerning disclosure of investment processes.

C) in violation of the Standard concerning fiduciary duties to clients.

D) in violation of the Standard concerning prohibition against misrepresentation.

Question 19

Given a population of 200, 100, and 300, the coefficient of variation is closest to:

A) 30%.

B) 60%.

C) 40%.

D) 100%.

Question 20

The value in 7 years of $500 invested today at an interest rate of 6% compounded monthly is closest to: