[单项选择]A money manager and member of CFA Institute is meeting with a prospect. She gives the client a list of stocks and says, "These are the winners I picked this past year for my clients. Their double-digit returns indicate the type of returns I can earn for you." The list includes stocks the manager had picked for her clients, and each stock has listed with it an accurately measured return that exceeds 10 percent. Is this a violation of Standard Ⅲ (D), Performance Presentation（　）
A. Yes, because the manager cannot reveal historical returns of recent stock picks.
B. No, because the manager had the historical information in writing.
C. Yes, unless the positions listed constitute a complete presentation (i. e. there were no stocks omitted that did not perform in the double digits).

[单项选择]A CFA Institute member puts the following statement on her resume: "I passed each level of the CFA exam on the first try." Is this a violation of Standard Ⅶ (B)（）
A. No, because it is a statement of fact. 
B. Yes, because she incorrectly refers to the CFA exam. 
C. Yes, because saying she passed exams on the first try is not appropriate.

[单项选择]A financial analyst and CFA Institute member sends a preliminary research report on a company to his supervisor. The supervisor approves the report, but then the analyst receives news that causes him to revise downward the earnings estimate of the company. The analyst resubmits the report to the supervisor with the new earnings estimate. The analyst soon finds out that the supervisor plans to release the first version of the report with the first earnings estimate without a reasonable and adequate basis. In response to this the analyst must:（）
A. only insist that the first report be followed up by a revision.
B. only take the issue up with regulatory authorities. 
C. insist that the supervisor change the earnings forecast or remove his (the analyst’s) name from the report.

[单项选择]An analyst who is an CFA Institute member receives an invitation from a business associate’s firm to spend the weekend in a high-quality resort, in order to abide by the Standards, the analyst should (may):（）
A. write a memo to his supervisor notifying the supervisor of the trip.
B. do all of the actions listed here.
C. accept if it is a client whose portfolio he manages.

[单项选择]If a CFA Institute member knows that a fellow employee has violated a law, according to Standard Ⅰ (A) the member must NOT do which of the following（）
A. Report the employee violating the law to the appropriate supervisor in the firm.
B. Report the employee violating the law to the SEC.
C. Disassociate from the employee violating the law.

[单项选择]A stockbroker who is a CFA Institute member is called on the telephone by the CEO of a large company. The CEO asks to buy shares of the CEO’s company for the accounts of the CEO’s children. In the course of the conversation, the CEO says this will really pay off when the upcoming takeover goes through. The stockbroker checks her sources and finds no information about the takeover. In this ease the broker should:（）
A. only execute the order in compliance with Standard Ⅲ (A), Loyalty, Prudence, and Care. Since the client is buying the stock for the children, there is not a problem.
B. execute the order for all clients as required by Standard Ⅲ (B), Fair Dealing.
C. do none of the actions listed here.

[单项选择]When a CFA Institute member suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the member should take is most correct According to the CFA Institute Standards of Professional Conduct, the CFA Institute member should:（）
A. consult counsel to determine the legality of the activity.
B. consult counsel to determine the legality of the activity and disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical.
C. ignore the suspected illegal activity unless the suspected party is a CFA Institute member.

[单项选择]A CFO who is a CFA Institute member is careful to make his press releases-some of them containing material and previously undisclosed information——clear and understandable to his readers. While writing a new release, he often has his current intern proofread rough drafts. He also sends electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard Ⅱ (A), Material Nonpublic Information, the CFO is: A. not in violation of the Standard. B. violating the standard by either showing the pre-release version to his intern or sending it to his brother. C. only in violation by showing the pre-release version to the intern but not to a relative such as his brother.

[单项选择]Bob Smith, CFA, is an outside board member of Atlantic Technologies, but is not paid by the firm for his services. An employee at Atlantic informs Smith that Atlantic has improperly timed the booking of contracts to achieve the desired quarterly financial results. The misleading financial statements would turn losses into profits. Smith confers with the firm’s legal counsel who indicates that this conduct is, in fact, illegal. Smith urges Sharon White, Atlantic’s chief operating executive, to change the financial statements, but she refuses to do so. According to CFA Institute Standards of Professional Conduct, which of the following statements best describes what Smith should do in this situation （）
A. Smith should immediately make CFA Institute aware of the situation at Atlantic.
B. Smith should wait until the next board meeting, which is scheduled in two weeks, to make other board members aware of the situation.
C. Smith should promptly disassociate himself from Atlantic’s actions by resigning as a director or by reporting the activities to the appropriate authorities.

[单项选择]A CFA Institute member is a U. S. citizen living and working in a foreign country. That country has no laws against insider trading. Based on this information, the CFA Institute member may:（）
A. not trade using insider information based upon the CFA Institute Standards.
B. not trade using insider information based upon the rules of the SEC.
C. trade using insider information as long as it is not with a client with laws against insider trading.

[简答题]money

[填空题]Businesses are structured in different ways to meet different needs.
The simplest form of business is called an (26) proprietorship. The proprietor owns all the property of the business and is (27) for everything. This means the proprietor (28) all the profits, but must also pay any (29) . The law recognizes no difference between the owner and the business.
Another kind of business is the partnership. Two or more people go into business together. An (30) is usually needed to decide how much of the partnership each person controls.
There are limited (31) partnerships. These have full partners and limited partners. Limited partners may not share as much in the profits. But they also do not have as many duties.
The most (32) kind of business organization is the corporation. Corporations are designed to have an unlimited (33) .
Corporations can sell stock to raise money.