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Free CFA-Level-I Exam Braindumps (page: 48)

Page 48 of 991
PDF with 3963 Questions

Under the Performance Presentation Standards, selected firm composites can be designated as being in compliance, only if ________ of the firm's composites are in compliance.

  1. all
  2. many
  3. some
  4. one

Answer(s): A

Explanation:

Compliance cannot be met on a per product or per composite basis, but can only be met on a firmwide basis.
Composites may not be presented as being in compliance unless all of the firm's qualifying portfolios have been accounted for in at least one composite defined according to similar strategy or investment objective.



Performance Presentation Standards require the disclosure of whether composite returns on international investments are ________ of foreign withholding taxes.

  1. net
  2. gross
  3. none of these answers
  4. net or gross

Answer(s): D

Explanation:

The performance presentation must disclose whether composites and benchmarks are presented gross or net of withholding taxes on dividends, interest and capital gains; if net, the assumed tax rate for both the composite and the benchmark.



According to the AIMR-PPS, ________ accounting must be used for fixed-income and all other securities that accrue income.

  1. time-weighted
  2. LIFO
  3. accrual
  4. fixed income

Answer(s): C

Explanation:

Accrual accounting must be used for fixed-income and all other securities that accrue income. Accrued income must be included in the market value calculation of the denominator and the numerator. This is a requirement for calculation of returns.



Standard III includes which of the following?

  1. Performance Presentation
  2. All of these answers
  3. None of these answers
  4. Reasonable Basis and Representations
  5. Disclosure of Additional Compensation Arrangements
  6. Use of Professional Designation

Answer(s): E

Explanation:

Standard III deals with Obligation to Inform Employer of Code and Standards, Duty to Employer, Disclosure of Conflicts to Employer, Disclosure of Additional Compensation Arrangements and Responsibilities of Supervisors.



Page 48 of 991



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