道德规范与职业行为准则(二)及答案解析.doc

1、道德规范与职业行为准则(二)及答案解析(总分：40.00，做题时间：90 分钟)一、B单项选择题/B(总题数：40，分数：40.00)1.Fern Baldwin, CFA, as a representative for Fernholz Investment Management, is compensated by a base salary plus a percentage of fees generated. In addition, she receives a quarterly performance bonus on a particular clients fee if

2、the clients account increases in value by more than 2 points over a benchmark index. Baldwin had a meeting with a prospect in which she described the firms investment approach but did not disclose her base salary, percentage fee, or bonus. Baldwin has : A. violated the Standards by not disclosing he

3、r salary, fee percentage, and performance bonus. B. violated the Standards by not disclosing her performance bonus. C. not violated the Standards because employment compensation arrangements are confidential and should not be disclosed to clients.（分数：1.00）A.B.C.D.2.A client calls his money manager a

4、nd asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of: A. Standard (C) , Suitability. B. Sta

5、ndard B. , Communication with Clients and Prospective Clients. C. none of the Standards listed here.（分数：1.00）A.B.C.D.3.An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the clients analyst, he can have free use of a limous

6、ine several times a year. The analyst needs to: A. inform his supervisor in writing of the offer if the analyst intends to accept the offer. B. explicitly refuse such an offer. C. do nothing since the offer is not linked to the performance of the clients portfolio.（分数：1.00）A.B.C.D.4.With respect to

7、reporting investment results, Global Investment Performance Standards (GIPS) require a minimum of: A. three years of historical performance. B. ten years of historical performance. C. five years of historical performance.（分数：1.00）A.B.C.D.5.Which of the following was NOT a motivation for creating the

8、 Global Investment Performance Standards (GIPS) ? A. Increase the role of government agencies in the investment industry. B. Achieve greater uniformity and comparability among presentations of performance. C. Improve the service offered to investment management clients.（分数：1.00）A.B.C.D.6.Jan Hirsh,

9、CFA, is employed as manager of a college endowment fund. The colleges board of directors has recently voted to consider divesting from companies located in a country that has a poor civil rights record. Hirsh has personal investments in several firms in the country. Hirsh needs to : A. disclose her

10、ownership in the stocks to her supervisor only. B. disclose her ownership in the stocks to the board of directors only. C. do nothing since the board has not made a decision yet.（分数：1.00）A.B.C.D.7.Which of the following does NOT violate Standard ( D), Misconduct? Roland Lawson, a CFA charterholder a

11、nd a financial analyst: A. is arrested for participating in a nonviolent protest. B. committed perjury in connection with a lawsuit against his firm. C. drinks excessively during business meetings with clients and returns to work under the influence of alcohol.（分数：1.00）A.B.C.D.8.Which one of the fol

12、lowing constitutes the illegal use of material nonpublic information? A. Trading based on your analytical review of the firms future prospects. B. Trading immediately after attending the firms annual shareholders meeting. C. Trading on information your sister, the firms attorney, told you over dinne

13、r.（分数：1.00）A.B.C.D.9.Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccios airfare, meals, and accommodations associated with

14、 his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he may: A. attend, but he must disclose the arrangement to his employer as a

15、gift. B. simply attend. Since the conference is directly related to his professional responsibilities, no further notification or permission is required. C. attend, but he must disclose the arrangement as additional compensation to his employer in writing.（分数：1.00）A.B.C.D.10.In 1995, the CFA Institu

16、te sponsored and funded the Global Investment Performance Standards (GIPS) in response to : A. an increase in insider trading. B. new regulation passed by the SEC. C. a need to address issues, such as portability of investment results.（分数：1.00）A.B.C.D.11.Which of the following is a component of the

17、Code of Ethics? CFA Institute members shall: A. use particular care in determining applicable fiduciary duty. B. not knowingly participate or assist in any violation of laws, rules, or regulations. C. use reasonable care and exercise independent professional judgment.（分数：1.00）A.B.C.D.12.A money mana

18、ger, who is a member of CFA Institute, suggests during phone calls to his clients that, “I hope you will relay to your friends the great returns I earned for you this past year. “ The manager had generated above average returns in the past year. Is this a violation of Standard (D) , Performance Pres

19、entation? A. Yes, because the Standard forbids members asking their clients to say anything about how well the member has done. B. No, because the request was made orally and not in writing. C. Yes, because the intended message fails the test of completeness as required under the standard.（分数：1.00）A

20、.B.C.D.13.When GIPS and local laws conflict, in order to be in compliance with GIPS, the investment firm must : A. follow GIPS and need not reference the local law. B. follow local law, and no additional disclosure is required. C. follow local law but disclose the conflict with GIPS.（分数：1.00）A.B.C.D

21、.14.Roger Halpert, CFA, prepares a company research report in which he recommends a strong “buy“. He has been careful to ensure that his report complies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statement

22、s about how Halpert can communicate the report is most correct? A. Halpert can make his report in person, by telephone, or by computer on the Internet. B. Halpert can transmit his report by computer on the Internet. C. Halpert can make his report by telephone.（分数：1.00）A.B.C.D.15.An analyst likes to

23、trade options in her own account. She does not deem any of her client accounts suitable for option trading. When she finds a favorable options position, in accordance to Standard (B) , Priority of Transactions, she should : A. first tell her clients about it before acting herself. B. act on it immed

24、iately on behalf of her clients then act on her behalf. C. act on it on her own behalf as she sees fit.（分数：1.00）A.B.C.D.16.Which of the following is NOT part of the CFA Institute Code of Ethics? A. Integrity. B. Independent judgment. C. Contractual provisions.（分数：1.00）A.B.C.D.17.While it would be cu

25、stomary to report both five - year and ten - year performance data, Seminole Equity Partners has been in existence for only eight years. Because of this, Kurt Dambach does not report ten - year data but reports for both five years and since the inception of the fund. This he notes in a footnote at t

26、he bottom of the information sheet. This action is: A. in accordance with the Code and Standards since he has indicated the basis in a footnote. B. a violation of the Standard concerning prohibition against misrepresentation. C. a violation of the Standard concerning performance presentation.（分数：1.0

27、0）A.B.C.D.18.Advisors, Inc. , is in the process of adopting the Global Investment Performance Standards (GIPS). The managers of the firm are combining the results of fee - paying discretionary portfolios into composites for reporting purposes. For purpose of comparison, each fee - paying discretiona

28、ry portfolio must be included in at least: A. two composites. B. one composite. C. three composites.（分数：1.00）A.B.C.D.19.The El Rey Investment Company, located in Barcelona, Spain, is in the process of adopting the Global Investment Performance Standards (GIPS) for the current fiscal year. One of the

29、 GIPS standards is in direct conflict with Spanish investment reporting regulations. In order to be in full compliance with GIPS, El Rey must: A. comply with the GIPS standard and make full disclosure of the conflict. B. comply with the local regulation and make full disclosure of the conflict. C. c

30、omply with both the GIPS standard and the local regulation for comparison purposes.（分数：1.00）A.B.C.D.20.John Hill, CFA, has been working for Advisors, Inc. , for eight years. Hill is about to start his own money management business and has given his two - week notice of his resignation from Advisors.

31、 A few days before his resignation takes effect, on his lunch hour, he takes out a loan from a bank on behalf of his new business and uses the money to buy some office equipment for his new business. Since he engaged in these transactions while still an employee of Advisors, Hill violated Standard (

32、A), Loyalty to Employer, by: A. engaging in a financial transaction, like taking out a loan, only. B. none of these actions. C. purchasing office equipment, only.（分数：1.00）A.B.C.D.21.Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bell

33、ow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Pro

34、fessional Conduct, did Bellow violate his duty to Progressive Trust? A. No, because Bellow provided no ongoing investment advice. B. No, because Bellow provided investment advice to his friends. C. Yes, because he undertook an independent practice that could result in compensation or other benefit t

35、o him.（分数：1.00）A.B.C.D.22.In order to comply with the CFA Institute Standards, an analyst should: A. use only his own research in making investment recommendations, because anything else would violate Standard (B), Independence and Objectivity. B. use only his companys research when making investmen

36、t recommendations and use outside research for reports and analysis on stocks. C. use outside research only after verifying its accuracy.（分数：1.00）A.B.C.D.23.The Global Investment Performance Standards (GIPS) were designed to be applied with the goal of full disclosure and fair representation of inve

37、stment performance in all instances EXCEPT: A. when applicable local laws or regulations conflict with the GIPS, in which case, firms must comply with local laws and fully disclose the conflict. B. when a firm or composite has been in existence for less than five years, in which case, less stringent

38、 standards apply. C. in the case of private equity and real estate investments, which do not fall within the scope of the GIPS.（分数：1.00）A.B.C.D.24.Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been offered compensation in addition to what her firm pays her. The offer

39、 is from one of her clients and the additional compensation will be based on her yearly performance in excess of the market index. Babcock should : A. turn down the offer because it represents a clear conflict between this client and Babcocks other clients. B. make written disclosure to all parties

40、involved before she accepts this offer. C. make written disclosure to her other clients before she accepts this offer.（分数：1.00）A.B.C.D.25.In accordance with Standard (A) Loyalty, Prudence and Care, which of the following statements is least accurate? Members and Candidates should: A. submit to clien

41、ts, at least quarterly, itemized statements detailing all of the periods transactions. B. make investment decisions in the context of the total portfolio. C. vote all proxies on behalf of clients in a responsible manner.（分数：1.00）A.B.C.D.26.Michael Malone, CFA, is an investment analyst for a large br

42、okerage firm in New York who covers the airlines industry. Alter hours in his personal time, Malone maintains an online blog on which he expresses his personal opinions about various investment opportunities, including, but not limited to, the airlines industry. On his blog, he posts a very negative

43、 investment opinion about WestAir stock. Malone knows that WestAirs stock will be downgraded to a “sell“ by his firm next week. Malone has: A. violated Standard (B) Priority of Transactions by releasing material information to the public before releasing to the firms clients. B. violated Standard (A

44、) Material Nonpublic Information by releasing material that could negatively impact the price of the security. C. violated Standard (A) Loyalty by divulging confidential information that is the intellectual property of his employer.（分数：1.00）A.B.C.D.27.CFA Institute does not impose fines. All of the

45、other choices are possible sanctions. CFA Institute may suspend a candidate from further participation in the CFA program. With respect to filing complaints concerning the professional conduct of a CFA Institute member, which of the following is TRUE? A. Anyone can write the Standards and Policy Com

46、mittee staff with a complaint concerning the conduct of any member. B. Anyone can write the Professional Conduct Program staff with a complaint concerning the conduct of any member. C. Only other members can write the Professional Conduct Program staff with a complaint concerning the conduct of anot

47、her member.（分数：1.00）A.B.C.D.28.To comply with Standard (B) , Additional Compensation Arrangements, members should do all of the following EXCEPT: A. immediately make a written report to their employer specifying any compensation benefits they receive. B. immediately make a written report of any serv

48、ices they expect to receive. C. reject any outside compensation immediately because it is not appropriate to accept outside compensation in a business setting.（分数：1.00）A.B.C.D.29.Assume that on January 1,2005, a firm with no Global Investment Performance Standards (GIPS) compliant history since its

49、inception four years ago wishes to claim compliance with GIPS. Which of the following accurately reflects the appropriate action for the firm to take? A. Comply with GIPS for the year beginning January 1,2002, and report its performance prior to this date with a disclosure of why the earlier years are not GIPS compliant. B. Comply with GIPS for the year beginning January 1,2002