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CFA Level 1 - Mock Exam 1 模拟真题-Q16-20

16Jimmy Lee, CFA, is an investment banker in a country with strict confidentiality laws. He is working on an acquisition for Panda Mining Co. (PMC). While performing due diligence, Lee notices that PMC has a number of questionable offshore partnerships. He investigates the legality of the partnerships and finds evidence of illegal activity. According to the Standards of Professional Conduct, Lee's best course of action would be to:

Select exactly 1 answer(s) from the following:

A. tip the media.

B. alert CFA Institute.

C. consult outside counsel.

D. notify regulatory authorities.

 

17Rene Whatcom, CFA, is an independent contractor who writes research reports for several investment publications. Whatcom refuses to sign contracts with exclusivity clauses. Whatcom sometimes revises work he submits to one publication and sends slightly altered versions of the report to additional publications. Does Whatcom violate any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to loyalty.

C. Yes, with respect to disclosure of conflicts.

D. Yes, with respect to additional compensation.

 

18Angus Draper, CFA, is a senior portfolio manager and member of the investment committee at Tillahook Investments. Draper serves as a board member for several non-profit organizations. These commitments require eight workdays per month of Draper's time. Because he does not receive any form of compensation for these activities, Draper does not tell anyone at work about his board activities. Does Draper violate any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to conflict of interest.

C. Yes, with respect to additional compensation.

D. Yes, with respect to responsibilities of supervisors.

19The yield to maturity on otherwise identical option-free bonds issued by the U.S. Treasury and General Motors is 6% and 8%, respectively. If annual inflation is expected to remain steady at 2.5% over the life of the bonds, the most likely explanation for the difference in yields is:

Select exactly 1 answer(s) from the following:

A. liquidity.

B. maturity.

C. default risk.

D. business risk.

 

20Rachel Kelly, age 24, is planning for retirement. Kelly's annual consumption expenditures are currently $30,000. She assumes her consumption expenditures will increase with the rate of inflation, which she expects to average 3% until she retires at age 68. Given a life expectancy of 83 years and constant expenditures in retirement, the amount Kelly must accumulate by her retirement date, assuming an 8% rate of return on her retirement account, is closest to:

Select exactly 1 answer(s) from the following:

A. $320,000.

B. $423,000.

C. $1,176,000.

D. $1,552,000.

 

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