CFA考试一级章节练习题精选0330-23（附详解）
1、Millicent Plain has just finished taking Level II of the CFA examination. Upon leaving the examination site, she meets with four Level III candidates who also just sat for their exams. Curious about their examination experience, Plain asks the candidates how difficult the Level III exam was and how they did on it. The candidates say the essay portion of the examination was
much harder than they had expected and they were not able to complete all questions as a result. The candidates go on to tell Plain about broad topic areas that were tested and complain about specific formulas they had memorized what did not appear on the exam. The Level III candidates least likely violated the CFA Institute Standards of Professional Conduct by discussing:【单选题】
A.specific formulas.
B.broad topic areas.
C.the examination essays.
正确答案:C
答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard VII (A) Confidential Program Information
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
C is correct becau discussing the level of difficulty of the essay portion of the examination did not violate Standard VII (A) Conduct as Members and Candidates in the CFA Program. Standard VII (A) and the Candidate Pledge were violated by candidates revealing broad topical areas and formulas tested or
not tested on the exam.
1、Lee Chu, a CFA candidate, develops a new quantitative curity lection model exclusively through back-testing on the Chine equity market. Chu is asked to review marketing materials that include an overview of the conceptual framework for his model, provide back-tested performance results, and list the top holdings. Chu directs the marketing group to remove the description of his model becau of concerns that competitors may attempt to replicate his investment philosophy. He
also instructs the marketing group to remove the list of the top holdings becau it shows that the top holding reprents 30% of the back-tested model. Which of the following actions is least likely to result in a violation of the Code and Standards? Chu's:【单选题】
A.failure to disclo that the top holding reprents such a large allocation in the model
B.failure to adequately describe the investment process to prospective clients关于爱国的歌曲
C.u of back-tested results in communication with prospective clients
正确答案:C
答案解析:The u of back-tested results is not prohibited, provided it is appropriately disclod.
2014 CFA Level I白浪绿洲湿地公园
"Guidance for Standards I-VII," CFA Institute
Standard V(B)三国之空城计
1、Tom Stafford, CFA, is a part of team within Appleton Investment Management(AIM) responsible f
or managing a pool of asts for Open Air Bank.AIM isrecognized as a specialist in identifying investment opportunities in small-capitalizationstocks.The firm's asts have grown rapidly in recent years, and to enhanceliquidity, nior management recently made the decision to lift the maximumpermissible market-cap ceiling from $ 500 million to $ 2 billion.At thesame time, management changed the group responsible for lecting stocks to beadded to the firm's "approved" list from individual portfolio managers to a committeeconsisting of the firm's chief investment officer and four nior portfoliomanagers.Has Stafford violated the Professional Conduct Standards祝福祖国的歌曲
relating tocommunication with clients and prospective clients if he doesn't notify his clientsabout the changes in the:【单选题】A.
B.
C.
正确答案:C
乙炔分子式答案解析：所列两项都属于重大的投资流程的改变，根据与客户及潜在客户沟通的专业行为标准，需要告知客户这两项变化。
1、Beth Kozniak, a CFA candidate, is an independent licend real estate broker and a well-known property investor. She is currently brokering the sale of a commercial property on behalf of a client in financial distress. If the client’s building is not sold within 30 days, he will lo the building to the bank. A year earlier, another client of Kozniak’s had expresd interest in purchasing this same property. However, she is unable to conta ct this client, nor has she discovered any other potential buyers. Given her distresd client’s limited time frame, Kozniak purchas the property her lf and foregoes any sales commission. Six months later, she lls the property for a nice profit to the client who had earlier expresd interest in the property. Does Kozniak most likely violate the CFA Institute Standards of Professional Conduct?【单选题】
A.No
B.Yes, she did not disclo her potential conflicts of interest to either client.
蝙蝠组词有哪些C.Yes, she profited on the real estate to the detriment of her financially stresd client.
正确答案:A
答案解析:“Guidance for Standards I–VII,” CFA Institute
2012 Modular Level I, Vol. 1, pp. 63–64, 123–125Study Session 1-2-aDistinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct becau Kozniak does not appear to have violated any CFA Institute Standards of Professional Conduct. Becau she is known in the market for investing and brokering property and both parties have worked with Kozniak in the past, both parties would know of her interests. In addition, in both cas she acts for her own account as a primary investor, not as a broker. She buys the property for her own portfolio and then lls the property from her own portfolio. Therefore, Kozniak did not violate Standard VI (A) Disclosure of Conflicts. When she purchad the property for her portfolio, she saved her client from losing the building to the bank and did not charge a sales commission. Becau the sale of the property to her other client did not take place until six months after her purcha and she was unable to contact the client who had earlier expresd interest prior to her purcha, she cannot be accud of violating any loyalty, prudence, or care to either client (Standard III (A) Loyalty, Prudence, and Care).
1、For periods beginning on or after 1 January 2011, the Global Investment PerformanceStandards (GAPS?) require that total firm asts be defined as the aggregatefair value of all:【单选题】研学旅游
A.discretionary asts in fee-paying portfolios managed by the firm.
B.discretionary and non-discretionary asts in fee-paying portfolios managedby the firm.
怎么折包装盒C.discretionary and non-discretionary asts in fee-paying and non-fee-payingportfolios managed by the firm.
正确答案:C
答案解析：公司总资产包括公司管理的其自由决断和非自由决断资产，这些自由决断和非自由决断资产包含在真实付费和非真实付费的组合中。
