[单项选择]An analyst, who is a CFA Institute member, manages a high-grade bond mutual fund. This is his only professional responsibility. When the analyst comes across a speculative stock investment that he feels is a good investment for his personal portfolio, the analyst:（）
A. may invest in the stock because the analyst would not purchase the stock for the bond portfolio he manages.
B. may not invest in the stock because of his position as a portfolio manager.
C. is in violation of Standard Ⅳ (A), Loyalty to Employer, by spending time analyzing stocks when he should only analyze bonds.

[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]A stockbroker who is a member of CFA Institute has a part - time housekeeper who also works for the CEO of Festival, Inc. One day the housekeeper mentions to the broker that she saw the CEO of Festival having a conversation at his home with John Tater, who is a nationally known corporate lawyer and consultant. The stockbroker is restricted from trading on this information:（）
A. if the housekeeper says the meeting concerned a tender offer and the broker knows that it is non - public information.
B. only if the broker knows that the meeting is non -public information.
C. if the broker is friends with the CEO of Festival.

[单项选择]A money manager, who is a member of CFA Institute, suggests during phone calls to his clients that, "I hope you will relay to your friends the great returns I earned for you this past year. " The manager had generated above average returns in the past year. Is this a violation of Standard Ⅲ (D) , Performance Presentation（）
A. Yes, because the Standard forbids members asking their clients to say anything about how well the member has done.
B. No, because the request was made orally and not in writing.
C. Yes, because the intended message fails the test of completeness as required under the standard.

[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]Any new staff member who has not already submitted a recent photo should go ______ to the Personnel Office, where a staff photographer is in attendance.
A. unexpectedly
B. immediately
C. especially
D. recently

[单项选择]Wei Zhang, CFA, manages accounts for high net worth clients including his own family’s account. He has no beneficial ownership in his family’s account. Because Zhang is concerned about the appearance of improper behavior in managing his family’s account, when his firm purchases a block of securities, Zhang allocates to his family’s account only those shares that remain after allocation to his other client accounts. The fee form managing his family’s account is based on his firm’s normal fee structure. According to the Standards of Practice Handbook, Zhang’s best course of action with regard to management of his family’s account would be to:（　）
A. continue to manage his family’s account but treat it like his other client accounts.
B. discontinue management of his family’s account and arrange for the account to be transferred to another firm.
C. discontinue management of his family’s account and arrange for the account to he transferred to another investment manager in his firm.

[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]Level I CFA candidate Adeline Bass is a member of an investment club. At the next meeting, she is to recommend whether or not the club should purchase the stocks of CS Industries and MG Consolidated. The risk-free rate is at 6 percent and the expected return on the market is 15 percent. Prior to the meeting, Bass gathers the following information on the two stocks:
A.

B. CS Industries
C. MG Consolidated
D. Current Market Value
E. $25
F. $50
G. Expected Market Value in One Year
H. $30
I. $55
J. Expected Dividend
K. $1
L. $1
M. Beta
N. 1.2

[单项选择]Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no monetary compensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust（）
A. No, because Bellow provided no ongoing investment advice.
B. No, because Bellow provided investment advice to his friends.
C. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.

[名词解释]WHO

[单项选择]Mr. Gonzales, who has been a ______ member of the country club for over 25 years, has recently been appointed president.
A. first
B. valued
C. strong
D. durable

[单项选择]Juliet Kaufman manages a large portfolio of risky assets for a family of investors. The portfolio consists primarily of stocks but also includes a small allocation of fixed-income investments. Currently, the expected return and standard deviation of the portfolio are 14.0 percent and 12.0 percent, respectively. Kaufman is considering adding one of four stocks to the portfolio. Data on each stock’s expected return, beta, standard deviation and covariance with the existing portfolio are presented below. Which stock should Kaufman add to the portfolio

[单项选择]

The natural environment still manages to fill us with a sense of awe and amazement. Despite the amount of scientific knowledge mankind has gathered, nature still holds great mysteries that we may never be able to unravel. This complexity has continually daunted man.(66)______As a result, we have distanced ourselves from the earth, even though our survival is completely dependent on it. We are now trying to regain our close connection to nature.
(67)______Referred to as "natural architecture", it aims to create a new, more harmonious, relationship between man and nature by exploring what it means to design with nature in mind.
The roots of this movement can be found in earlier artistic shifts like the "land art" movement of the late nineteen sixties. Although this movement was focused on protesting the austerity of the gallery and the commercialization of art, it managed to expand the formal link between art and nature. (68)______
The mo
A. This has helped develop a new appreciation of nature in all forms of art and design.
B. Instead, the structures deliberately expose the natural materials used in the building process.
C. The core concept of the movement is that mankind can live harmoniously with nature, changing and using it for our needs
D. There is an emerging art movement that is exploring mankind’s desire to reconnect to the earth, through the built environment.
E. Because of this, the results often resemble native architecture, reflecting the desire to return to a less technological world.
F. In frustration, we try to control nature by enforcing order.

[单项选择]Kim Lee manages a variety of accounts at Superior Investments. Some are permitted to invest in tax - exempt issues only; others may not invest in a stock unless it pays dividends. Lee is researching a biotech firm specializing in the analysis of "mad cow" disease. While touring company facilities and meeting with management, she learns that they believe they may have found a way to reverse the disease. Moreover, one manager conjectured, "Suppose that we reversed the disease in someone who didn’t even have it We might then be able to boost that individual’s IQ into the stratosphere ! " Lee returns to her office and buys shares for all accounts under her supervision. This action is:（）
A. a violation of the Standard concerning appropriateness and suitability of investment actions.
B. appropriate given the obvious potential of the therapy.
C. only permissible if the account holders are contacted first before the shares are purchased.

[填空题]

A.moves
B.manages
C.changes
D.rises