Q1. A money manager works for a full-service brokerage firm. After meeting with a new client and gathering all relevant information, the money manager says that she thinks her firm can perform all the financial services the new client needs. With respect to Standard I(C), Misrepresentation, this:

A)   may not be a violation if the representation was made orally.

B)   may not be a violation if the manager's opinion is based upon the factual information gathered.

C)   is a violation because she cannot make statements like this under any circumstances.

Q2. According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct? The prohibition against plagiarism applies to written materials:

A)   oral communications, and telecommunications.

B)   only.

C)   and oral communications only.

Q3. According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?

A)   Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.

B)   Presenting statistical estimates of forecasts prepared by others with the source identified, but without qualifying statements or caveats that may have been used.

C)   Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.

Q4. Steve Barton, CFA, used to work for Advisors, Inc. After he left Advisors, Barton developed a new screening methodology for determining which stocks to include in a portfolio. Barton is on friendly terms with his former colleagues at Advisors and shares his screening methodology with them. If Advisors uses the screening methodology without notifying Barton, then:

A)   Advisors must assume the responsibility of any client losses.

B)   Barton must assume the responsibility of any client losses.

C)   Advisors has violated Standard I(C), Misrepresentation.

Q5. Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:

A)   a violation of the Standard concerning prohibition against misrepresentation.

B)   a violation of fiduciary duties owed to clients under the Standards.

C)   not in violation of the Code and Standards.

答案和详解如下：

Q1. A money manager works for a full-service brokerage firm. After meeting with a new client and gathering all relevant information, the money manager says that she thinks her firm can perform all the financial services the new client needs. With respect to Standard I(C), Misrepresentation, this:

A)   may not be a violation if the representation was made orally.

B)   may not be a violation if the manager's opinion is based upon the factual information gathered.

C)   is a violation because she cannot make statements like this under any circumstances.

Correct answer is B)

There is no violation if the opinion is based upon the factual information gathered and the firm’s actual capabilities. This is true whether or not the representation was written, oral, or electronic. None of the other choices are correct.

Q2. According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct? The prohibition against plagiarism applies to written materials:

A)   oral communications, and telecommunications.

B)   only.

C)   and oral communications only.

Correct answer is A)

The prohibition against plagiarism applies to all three areas.

Q3. According to CFA Institute Standards of Professional Conduct, which of the following is NOT a form of plagiarism?

A)   Citing specific quotations supposedly attributable to "leading analysts" and "investment experts" without specific reference.

B)   Presenting statistical estimates of forecasts prepared by others with the source identified, but without qualifying statements or caveats that may have been used.

C)   Using factual information published by recognized financial and statistical reporting services or similar sources without an acknowledgment.

Correct answer is C)

Standard I(C) provides that "factual information published by recognized financial and statistical reporting services or similar sources" may be used without an acknowledgment.

Q4. Steve Barton, CFA, used to work for Advisors, Inc. After he left Advisors, Barton developed a new screening methodology for determining which stocks to include in a portfolio. Barton is on friendly terms with his former colleagues at Advisors and shares his screening methodology with them. If Advisors uses the screening methodology without notifying Barton, then:

A)   Advisors must assume the responsibility of any client losses.

B)   Barton must assume the responsibility of any client losses.

C)   Advisors has violated Standard I(C), Misrepresentation.

Correct answer is C)

According to Standard I(C), if an analyst or firm uses the work of others, they must seek authorization from the creators. Such work includes algorithms, such as a stock screening methodology.

Q5. Marc Randall, CFA, is an investment analyst. During a meeting with a potential client, Randall's boss states that, "You can be sure our investments will always outperform Treasury Bonds because of our fine research staff members, like Marc." Randall knows that this statement is:

A)   a violation of the Standard concerning prohibition against misrepresentation.

B)   a violation of fiduciary duties owed to clients under the Standards.

C)   not in violation of the Code and Standards.

Correct answer is A)

Under Standard I(C), members are forbidden from guaranteeing a specific rate of return on volatile investments. Therefore, the statement is in violation of the Standard.