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Free CFA-Level-I Exam Braindumps (page: 96)

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Standard II (B) - Professional Misconduct, states which of the following is a violation?

  1. Adding inappropriate expenses to expense reports over an extended period, although never criminally convicted.
  2. Using material prepared by another, in the same form as the original, without acknowledging and identifying the author, publisher or source of such material.
  3. All of these answers.
  4. Intoxication at work, which reflects poorly on the profession, raises questions about competence and affects investment decisions.

Answer(s): D

Explanation:

Standard II (B) addresses personal integrity and prohibits individual behavior that reflects adversely on the entire profession. Intoxicated behavior falls under Standard II (B) because it reflects poorly on the member, his employer and the investment industry. Plagiarizing of material falls under Standard II (C) - Prohibition against Plagiarism.



Which of the following is/are required by AIMR-PPS with regards to creation and maintenance of composites?

  1. Performance must be measured at least quarterly.
    II. Combining of assets-only returns with assets-plus-cash returns is prohibited.
    III. Convertible and hybrid securities cannot be mixed with money-market securities in performance calculations.
  2. I and III only
  3. I, II and III
  4. I only
  5. I and II only

Answer(s): D

Explanation:

Section A - "Creation and Maintenance of Composites" - of the PPS requires that convertible and hybrid securities be treated consistently across all composites.



Standard III includes which of the following?

  1. None of these answers
  2. Professional Misconduct
  3. Duty to Employer
  4. Prohibition against Plagiarism
  5. All of these answers
  6. Use of Professional Designation

Answer(s): C

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.



A(n) ________ is someone who has knowledge of pending or actual investment recommendations or action.

  1. covered person
  2. none of these answers
  3. AIMR member
  4. insider

Answer(s): A

Explanation:

Access or covered persons have knowledge of pending or actual investment recommendations or action. The firm's definition of access (covered) person should be broad enough to cover all people with that knowledge.






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