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- 2013-8-23
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These questions are short, but tricky. Good luck!
If a CFA Institute member believes that the activity of his or her co-workers is unethical or in violation of the Code and Standards, the member should:
I. Confront the person engaging in the unethical conduct.
II. Attempt to stop the behavior by bringing it to the attention of their employer.
III. Dissociate from behavior by resigning, if necessary.
A. II only.
B. I, II and III.
C. I and II.
D. I only.
Which of the following is LEAST LIKELY to be an example of misrepresentation:
A. Plagiarizing the work of another analyst in writing a research report.
B. Claiming to have earned an academic degree or professional designation that has not yet been awarded.
C. Omitting relevant facts from a research report.
D. Guaranteeing a specific rate of return on the equity securities of a public company.
Which of the following statements regarding research reports is/are CORRECT according to the Standards of Practice Handbook?
I. Members should outline known limitations of their analysis.
II. Reports should be supported by background and supporting information, and this information should be available to interested parties.
III. Members must include all relevant factors in research reports.
A. I and II.
B. I, II, and III.
C. I and III.
D. II and III.
Gaines, a financial analyst for Skinner Investment Counseling, is told by the investor relations representative for Firebird Avionics, a major aircraft parts manufacturer, that the firm is in the final stages of building a new fuel efficient jet engine. This information is divulged by Firebird at the most recent quarterly conference call for analysts. Gaines uses this information along with other information he obtained from the company and distributed to the public in a research report that includes a “buy” recommendation for Firebird stock.
Which of the following statements is CORRECT:
A. Gaines violated the Code and Standards because he has a material misrepresentation in his report.
B. Gaines violated the Code and Standards because he used material nonpublic information.
C. Gaines’ actions did not violate the Code and Standards.
D. Gaines violated the Code and Standards because he failed to separate opinion from fact.
As part of his responsibilities as a research analyst, Gonzalez, along with several other analysts, takes a tour of the corporate headquarters and meets with management of a large electronics company in Asia. The company pays for the travel and accommodations of all the analysts participating in the 2-day tour and hosts a dinner, a golf tournament, and a sightseeing excursion for them as part of the trip. Under these circumstances, Gonzalez:
A. May attend the dinner and participate in the golf-tournament and sight-seeing excursion because Gonzalez considers these modest “perks” acceptable in the normal course of business.
B. May accept the reimbursement for the travel and accommodations because the firm paid for all the analysts and did not show favoritism to Gonzalez.
C. May attend the dinner and participate in the golf tournament and sight-seeing but not accept reimbursement for travel and accommodations.
D. Should not accept reimbursement for his travel and accommodation expenses and should not attend the dinner or participate in the golf tournament as doing so may impinge on Gonzalez’s independence and objectivity.
Which of the following is LEAST LIKELY to be considered a “material” piece of information regarding a company:
A. Changes in company management.
B. A government report of economic trends affecting a company.
C. Loss of a customer representing a significant portion of a company’s gross sales.
D. A former CFO of the company predicting long-term decline in the company’s stock.
Sheramy, a portfolio manager for Woodbridge Investment handles the account of Zamborino, a client of the firm. Zamborino offers to pay Sheramy a $100,000 bonus over and above her compensation from Woodbridge Investments if Sheramy achieves an 18 percent annual return for Zamborino’s account. Sheramy:
A. Can accept this offer as long as she discloses the arrangement to her employer.
B. Can accept this offer and disclose the bonus to her employer only if she actually achieves the performance target and receives the gift.
C. Cannot accept this offer because it is outside of her primary employment relationship with Woodbridge Investments.
D. Cannot accept this offer because it will interfere with her independence and ability to be objective regarding investment decisions and recommendations. |
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发表于 2013-3-30 20:45
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