华金教育 | 2024-03-28 | 1029
1、The belief that one’s ethical standards are above average is most likely a reflection of which of the following behavioral biases?
A．Overconfidence
B．Short-term focus
C．Situational influence
【答案】A
2、A research analyst is facing amoral dilemma and decides to use an ethical decision-making framework. After looking at the facts at hand and identifying the situational influences, he still cannot make a decision on the best course of action. His least appropriate next step is to:
A．determine what additional information is needed.
B．decide, act, monitor, and reflect.
C．ask someone else to give guidance.
【答案】B
3、Who most likely determines whether a violation of the CFA Institute Code and Standards or testing policies has occurred and what sanction should be imposed? The:
A．Professional Conduct Staff and the Disciplinary Review Committee 。
B．Professional Conduct Staff
C．Disciplinary Review Committee
答案】A
4、Which of the following groups is most likely responsible for maintaining oversight and responsibility for the Professional Conduct Program (PCP)?
A．CFA Institute Board of Governors
B．Disciplinary Review Committee
C．Professional Conduct Division
【答案】A
5、 Which of the following is not a component of the CFA Institute Code of Ethics?
A．Promote financial integrity and seek to prevent and punish abuses in the financial markets.
B．Place the integrity of the investment profession and the interests of clients above their own personal interests.
C．Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.
【答案】A
6、Tibor Figeczky, CFA, is an equity trader at Global Investment Bank (GB). Figeczky traded the bank’s investment portfolio profitably for the past three years and earned significant bonuses for his efforts.
Subsequently, internal auditors of GB formally accused Figeczky of exceeding his trading authority and engaging in unauthorized trades. According to the CFA Institute Code of Ethics and Standards of
Professional Conduct, Figeczky should most likely:
A．disclose the complaint to CFA Institute.
B．refuse further bonuses until the issue is resolved.
C．request atemporary suspension of his CFA Institute membership.
【答案】A
7、What is the theory that best describes the process by which financial analysts combine material public information and nonmaterial nonpublic information as a basis for investment recommendations even if those conclusions would have been material inside information had they been communicated directly to the analyst by the company?
A．Mosaic theory
B．Economic theory
C．Probability theory
【答案】A
8、Kazuya Kato, CFA, is awidely followed economist at a global investment bank. When Kato opines on economic trends, markets react by moving stock valuations considerably. When Kato receives
information of a temporary oversupply of rare earth metals, he issues a forecast that price trends for rare earth metals will be down significantly on a long-term basis. Kato also secretly sells his report to a widely followed Internet site. Prior to issuing this forecast, Kato emailed all portfolio managers athis bank with a copy of his report indicating that his opinion would be reversed shortly so there will be trading
opportunities. Kato least likely violated which of the following CFA Institute Code of Ethics and Standards of Professional Conduct?
A．Market Manipulation.
B．Priority of Transactions.
C．Additional Compensation Arrangements.
【答案】B
9、When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model he had developed in a file athis home and presented it to his new employer, who immediately began using the model.
According to the Standards of Practice Handbook, did Piedmont most likely violate any CFA Institute Standards of Professional Conduct?
A．No.
B．Yes, because he misappropriated property now belonging to Branch.
C．Yes, because he failed to inform his new employer the model was the same one used by his previous employer.
【答案】A
10、 Beth Kozniak, a CFA candidate, is an independent licensed 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 lose the building to the bank. A year earlier, another client of Kozniak’s had expressed interest in purchasing this same property. However, she is unable to contact this client, and she has not discovered any other potential buyers. Given her distressed client’s limited time frame, Kozniak purchases the property herself and foregoes any sales commission.
Six months later, she sells the property for a nice profit to the client who had earlier expressed interest in the property. Does Kozniak most likely violate the CFA Institute Standards of Professional Conduct?
A．No
B．Yes, she did not disclose her potential conflicts of interest to either client.
C．Yes, she profited on the real estate to the detriment of her financially stressed client.
