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120道2010年CFA考试前必做练习题(附答案)

www.lsjiamei.com发布时间:2010-08-21 22:23文章来源:博彩公司投稿给我们

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    最新网上正规赌博平台:120道2010年CFA考试前必做练习题(附答案),以后不要帮东北的了,让他们去北边吧既然无法证明结婚肯定算未婚这个社会怎么了,变态人渣这么多多!,发言稿自己是先是不是应该过一下。不是自己写的。去查幕后老板吧,他们又不敢以为是什么特色服务呢。

    1. To fulfill their obligation regarding informing their employer of their obligation to comply
    with the Code and Standards, members:
    a. Must inform their immediate supervisor, in writing, of their obligation to comply with
    the Code and Standards.
    b. Need not inform their employer of their obligation to comply with the Code and
    Standards if the employer has publicly adopted AIMR’s Code and Standards as part
    of its firm’s policies.
    c. Can notify their employer of their obligation to comply with the Code and Standards
    via e-mail.
    d. All of the above.
    2. Anderb, a portfolio manager for XYZ Investment Management Company-a registered
    investment organization that advises investment companies and private accountswas
    promoted to that position three years ago. Bates, her supervisor, is responsible for
    reviewing Anderb’s portfolio account transactions, and her required monthly reports of
    personal stock transactions. Anderb has been using Jonelli’s, a broker, almost

    exclusively for portfolio account brokerage transactions. For securities in which Jonelli’s
    firm makes a market, Jonelli has been giving Amderb lower prices for personal
    purchases and higher prices for personal sales than Jonelli gives Anderb’s portfolio
    accounts and other investors. Anderb has been filing monthly reports with Bates only in
    those months in which she has no personal transactions, which is about every fourth
    month. Which of the following applies/apply?
    I. Anderb violated the Code and Standards in that she failed to disclose to her
    employer her personal transactions.
    II. Anderb violated the Code and Standards by breaching her fiduciary duty to her
    clients.
    III. Bates violated the Code and Standards by failing to enforce reasonable
    procedures for supervising and monitoring Anderb in Anderb’s trading for her own
    account.
    a. I only.
    b. I and II only.
    c. II and III only.
    d. I, II, and III.
     


    3. Saunders, a mining analyst for Hokassen Investments, has completed his analysis of
    Okun Drilling & Mining for a wealthy client of Hokassen. He has concluded that, based
    on core samples and geological surveys of land owned or leased by Okun, the
    company has in excess of 1 million of gold available to mine. Saunders drafts a
    research report stating the following: “Based on the fact that the company has 1 million
    ounces of gold to be mined, I recommend purchasing Okun stock for your portfolio.” If
    Saunders presents his report to the wealthy client, he will have:
    a. Violated the AIMR Standards of Professional Conduct because he did not distinguish
    between fact and opinion.
    b. Violated the AIMR Standards of Professional Conduct because he did not indicate
    the basic characteristics of the investment.
    c. Violated the AIMR Standards of Professional Conduct because he made conclusions
    based only on his own research.  
    d. Complied with the AIMR Standards of Professional Conduct.
    4. All the following statements about the payment of brokerage commissions (soft dollars)
    are true EXCEPT:
    a. brokerage commissions should be directed in the best interests of the client.
    b. brokerage commissions may be directed to pay for securities research used in
    managing the client’s portfolio.
    c. brokerage commissions paid should be commensurate with the value of the
    brokerage and research services received.
    d. brokerage commissions may be directed to pay for the investment manager’s
    operating expenses.
    5. John Vickery, a trustee for the pension plan of Richardson Industries, has just received
    a commission schedule from XYZ Brokerage, a firm with which he is not now trading.
    The fee schedule is lower than the schedule of ABC Brokerage, which is the firm
    Vickery now uses for most transactions. ABC also provides research data and
    performance measurement for the pension plan, services that XYZ cannot handle.  
    Vickery is concerned that he may be violating his fiduciary duty of loyalty by not using
    the lowest cost brokerage firm. Based on AIMR Standards of Professional Conduct,
    which of the following statements is true?
    a. Vickery will violate his fiduciary duty unless he immediately begins trading through
    XYZ.
    b. Vickery will not violate his fiduciary duty unless he personally profits from his
    relationship with ABC.
    c. The “safe harbor” concept allows fiduciaries to pay higher commissions even though
    the services are not fully commensurate with the cost.
    d. Vickery can continue to trade through ABC if he determines, in good faith, that the
    value of the services is commensurate with the cost.
    6. Tony Clinton, a portfolio manager with Northwest Bank, has just been given investment
    authority for a newly-acquired pension account, Client objectives have not yet been
    established. On the day Clinton was given the account, $2 million of the account’s bond
     

    holdings, representing 4 percent of the portfolio, matured. Based on AIMR Standards of
    Professional Conduct, which of the following is Clinton’s best course of action on that
    day?
    a. Contact the client’s former investment advisor to find out the appropriate investment
    action based on previously-used guidelines.
    b. Invest the proceeds in line with the bank’s current asset allocation strategy.
    c. Invest the proceeds in cash equivalents until Clinton can arrange a meeting with the
    client to establish fund objectives.
    d. Make no decision until the client’s objectives are established.
    7. Jim Orlando, CFA, is a research analyst with a brokerage firm. He decided to change
    his recommendation on the common stock of Alpha Company from a “buy” to a “sell.”
    He faxed this change in investment advice to all his current customers. The next day, a
    new customer called to buy 500 shares of Alpha Company. According to AIMR
     
    Standards of Professional Conduct, Orlando:
    a. may accept the order because he has complied with the standard on fair dealing with
    customers.
    b. should advise the customer of the change in recommendation before accepting the
    order.
    c. should delay executing the order until five days have elapsed after the
    communication of the change in recommendation.
    d. may accept the order when the customer specifies in writing that he was notified of
    the change in the recommendation.

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