美国特许金融分析师CFA模拟题

@[e-mail]©2001SCHWESERSTUDYPROGRAM2001WINDSORSAMPLEEXAM-1LEVEL1SAMPLEEXAMSTUDYSEMINARFORFINANCIALANALYSTSandSCHWESERSTUDYPROGRAMMAY2001180MINUTESEachquestionisworth1.5pointsAdditionalSampleExamsareavailableforpurchaseat©2001SCHWESERSTUDYPROGRAM2001WINDSORSAMPLEEXAM-2Thefollowing18questionsrelatetoEthics.1.WhichofthefollowingshouldananalystdotocomplywithStandardI(A),FundamentalResponsibilities,MaintainingKnowledgeofandcomplyingwiththeLaw?A.learnthelawsandrulesgoverningher/hisconduct.B.seektheadviceofcounselwhenindoubtconcerningtherequirementsofthelaw.C.establishandimplementinternalcomplianceproceduresdesignedtopreventlegalviolationsandfollowthem.D.alloftheabove.2.JanetOlson,CFA,isananalystatQuantechAssociates.OlsonattendedaconferenceatwhichBrianWrightpresentedseveralproprietarycomputerizedspreadsheetsthathehaddevelopedtovaluehigh-techstocks.Whileattheconference,OlsoncopiedthespreadsheetswithoutWright'sknowledge.Later,OlsonmadeseveralminorchangestoWrightsinitialmodel.Aftertestingtherevisedmodel,Olsonwasimpressedwiththeresults.Asinputsforthemodel,sheusedfactualmaterialssuppliedbyMoody'sInvestorsService,arecognizedfinancialandstatisticalreportingservice.OlsonwrotearesearchreportdescribingtherevisedmodelanditsresultsanddistributedthereporttoQuantech'sclients.AccordingtotheAIMRStandardsofProfessionalConduct,whichofthefollowingactionsisOlsonrequiredtotake?Olsonis:A.requiredtoseektheauthorizationfromWrighttocopythespreadsheets,acknowledgeWrightfordevelopingtheinitialmodelbutisnotrequiredtoacknowledgeMoody'sInvestorsServiceasthesourceofthedata.B.requiredtoseekauthorizationfromWrighttocopythespreadsheetsandacknowledgeWrightfordevelopingtheinitialmodelandMoody'sInvestorsServiceasthesourceofthedata.C.requiredtoacknowledgeMoody'sInvestorsServiceasthesourceofthedatabutisnotrequiredtoseektheauthorizationfromWrighttocopythespreadsheetsortoacknowledgeWrightfordevelopingtheinitialmodel.D.notrequiredtoseekauthorizationfromWrighttocopythespreadsheetsortoacknowledgeeitherWrightfordevelopingtheinitialmodelorMoody'sInvestor'sServiceasthesourceofthedata.3.Whileonabusinesstrip,JohnHayes,CFA,foundanotebookthathadapparentlybeenleftinthewaitingareaofanairport.Hayesopenedthenotebookandreadthetitle:Confidential:2001LevelIICFAExamination.BeforereturningthenotebooktoAIMR,hemadeacopyandgaveittoLindaSacket,oneofhisfirm'sanalysts,whowasacandidateforLevelIIoftheCFAexamination.HayesreasonedthatAIMRwouldnotusethesequestionsandthatSacketwouldbenefitfromreviewingthesequestions.SacketreadthequestionsandguidelineanswersbeforetakingtheLevelIIexamination.AccordingtotheAIMRStandardsofProfessionalConductinvolvingprofessionalmisconduct:A.HayesviolatedtheStandards,butSacketdidnot.B.SacketviolatedtheStandards,butHayesdidnot.C.neitherHayesnorSacketviolatedtheStandards.D.bothHayesandSacketviolatedtheStandards.©2001SCHWESERSTUDYPROGRAM2001WINDSORSAMPLEEXAM-34.AltaCockermanagesseveralpensionaccountsanddirectsmostofhertradesthroughtheBBBBrokerageHouse.AltadoesthisbecauseshefeelsshegetsgoodexecutionsandBBBprovidesherwithexcellentresearchreportsusedinthemanagementofalltheseaccounts.AltahasjustbeenapproachedbyRegional,asmalldiscountbrokeragehouse,thattheywillexecutehertradesathalfthecostofBBB.Regionaldoesnothavearesearchdepartment.IfAltadoesnotswitchherbusinesstoRegionalhassheviolatedtheloyaltyclauseinherfiduciaryduties?A.Yes,becauseStandardIV(B.1),FiduciaryDuties,saysshemustminimizeexpenses.B.No,becauseshealreadyhadanestablishedrelationshipwithBBBbeforeRegional’soffer.C.Yes,becauseoftheprudentexpertclause.D.No,ifshecandetermine,ingoodfaith,thatthehighercommissionsarecommensuratewiththevalueoftheresearchservicesshereceives.5.JillcalledJackandtellshimthatherresearchshowsthatHillCompanyisoverpricedandwillcometumblingdownanytimenow.AfterJillhangsup,Jackgetsallthefirm'sportfoliomanagerstogetherthroughaconferencecallandannouncesthathisresearchindicatesHillisastrongsell.A.JackhasjustplagiarizedJill'sresearchsincehedidnotcreditherasthesource.B.JackdidnotcommitplagiarismbecauseJill'scommentswereverbal.C.SinceJilltoldJacktheinformationisnowpublic,Jackcandowhathewantswithit.D.Thistypeofinformationtransferhappensallthetimeandisnotconsideredplagiarism.6.Star,aportfoliomanagerforalargeTexasinvestmentfirm,hasbeenofferedcompensationinadditiontowhathisfirmpayshim.Theofferisfromoneofhisclientsandtheadditionalcompensationwillbebasedonhisyearlyperformanceinexcessofthemarketindex.Starshould:A.turndowntheofferbecauseitrepresentsaclearconflictbetweenthisclientandStar’sotherclients.B.obtainwrittenpermissionfromhisemployerbeforehecanacceptthisoffer.C.obtainwrittenpermissionfromAIMRbeforehecanacceptthisoffer.D.obtainwrittenpermissionfromhisemployerandotherclientsbeforehecanacceptthisoffer.7.D.A.Bulls,CFA,supervisesagroupofresearchanalysts,noneofwhomareCFAsorCFAcandidates.Hehasattemptedonseveraloccasionstogethisfirmtoadoptac