[单项选择]As CFA members, when they dealing with the investment service for his or her clients and employer, which of the following statements is most accurate according to the Standards of Professional Conduct relating to loyalty, prudence and care（）
A. CFA members must place their clients' and employers' interests before their own clients' interests.
B. CFA members must place their employers' interests before their own interests.
C. CFA members must place their clients' interests before their employers' or their own interests.

[单项选择]When Peter Jiang, CFA, joined Brown Investing, Brown began using a quantitative stock selection model that Peter had developed on his own personal time prior to his employment with Brown. One year later when Peter left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Peter violate any CFA Institute Standards of professional Conduct（）
A. No.
B. Yes, because he failed to act in Brown’s best interest.
C. Yes, because he misappropriated property that now belonged to Brown.

[单项选择]An analyst does research about alternative investments. With respect to alternative investments, a long time horizon and intense investor participation are most likely to be required for successful investing in both :
A. hedge funds and exchange traded funds.
B. venture capital and distressed securities.
C. commodities and commodity derivatives.

[填空题]All the members of the club were present when the Chairman (elect) ______ last week.

[单项选择]When dealing with a ______ task. Alice always asks for help from people around her.
A. difficult B. wonderful C. funny D. simple

[多项选择] Investing
Your company wants to make some investments. You have been asked to submit ideas on how to invest. Discuss, and decide together:
·Which guidelines of investment you should follow
·What field you can invest in

[单项选择]An analyst does research about real estate investment and gathered the following annual information about a real estate investment:

Rental income net of vacancy and collection losses	$750000
Depreciation	$130000
Net operating income	$475000

If the property above is valued at $3925000 based on the income approach, the capitalization rate is closest to:（）
A. 8.8%
B. 12.1%
C. 15.8%

[简答题]If a foreign investor wants to make direct investments in China, how would you advise him

[单项选择]A well-diversified investor holds an equal investment in cash of the equity shares of Meyer, Inc., Johnson, Inc., and Fairfax Enterprises. The three companies operate in the same industry and will benefit equally from a favorable decision in a pending court case. The investor concludes that the current stock prices for Meyer and Johnson each reflect a 50 percent probability that the decision will be favorable to the industry, while the current stock price for Fairfax reflects a 70 percent probability that the decision will be favorable. The most. appropriate strategy for the investor is to:
A. sell Fairfax shares and use the proceeds to purchase additional shares in Meyer and Johnson.
B. sell both Meyer and Johnson shares and use the proceeds to purchase additional shares in Fairfax.
C. reallocate the investment in the industry to 15 percent in Meyer, 15 percent in Johnson, and 70 percent in Fairfax.

[填空题]When you’re dealing with AIDS, you (play) ______ with fire.

[填空题]When it is______, Members of the Chinese American family offer moral support and also practical help to each other.

[单项选择]

Wesley Whitcomb, CFA, participated as a CFA examination grader in 2012. Prior to participating in grading CFA examinations, Whitcomb was required to sign a CFA Institute Grader Agreement drafted by CFA Institute stating that graders are not to reveal or discuss the exam materials with anyone except CFA Institute staff and other graders. Several weeks after the conclusion of the CFA exam grading, Whitcomb returns to his office and is having dinner with several colleagues some of who are the Level Ⅲ candidates in the CFA Program. One of the candidates mentions that he is very disappointed about his examination this time and afraid of failing for the exam because he unintentionally made a calculation mistake when answering the first essay question of investment policy statement. Whitcomb responds by telling the candidate that he was a grader for the 2012 examination and that it would be unfortunate if the candidate did give wrong answer to that question because most candidates scored
A. A
B. B
C. C

[单项选择]Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamp’s corporate headquarters and meeting with all company officers. Prior to the completion of the report, Nancy was reassigned to another project. Nell utilized his and Nancy’s research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to independence and objectivity.

[多项选择]获得CFA证书需要通过三级考试，其中，CFA一级要求( )。
A. 掌握财务分析
B. 掌握宏观/微观经济学
C. 掌握数理统计的基本理论
D. 运用所学到的金融理论，比较并推荐最合理的投资工具

[多项选择]获得CFA证书需要通过三级考试，其中，CFA一级要求掌握( )。
A. 财务分析
B. 宏渺微观经济学
C. 数理统计的基本理论
D. 运用所学到的金融理论，比较并推荐最合理的投资工具

[填空题]
Most laws dealing with the protection of inventions do not actually define the

limited period time, generally 20 years. By granting an exclusive right, patents provide incentives to individuals, offering them recognition for their creativity and