[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 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]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 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]
Who inherited the money
A. (A) His children.
B. (B) His wife.
C. (C) His dog.
D. (D) His best friend.

[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]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]Bob Hatfield, CFA, has his own money management firm with two clients. The accounts of the two clients are equal in value. Hatfield has been trading on the clients’ behalf with a single brokerage firm for several years. Because of his many years of business, the brokerage firm occasionally gives Hatfield shares in an initial public offering (IPO) to sell to his clients. Hatfield has a policy of allocating the IPO shares equally between the portfolios of the two clients. This policy is :（）
A. congruent with Standard Ⅲ (C), Suitability.
B. a violation of Standard Ⅲ (C), Suitability.
C. a violation of Standard Ⅲ (B) , Fair Dealing.

[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.

[单项选择]Who first used coins as money（　）
A. The Europeans.
B. The Chinese.
C. The American Indians.

[单项选择]Anyone who has owned a car knows that saving money in the short run by skimping on relatively minor repairs and routine maintenance will prove very costly in the long rim. However, this basic truth is often forgotten by those who call for reduced government spending on social programs.
Which of the following is NOT implied by the analogy above as a point of comparison
A. Money that is spent on repairs and maintenance helps to ensure the continued functioning of a car.
B. Owners can take chances on not maintaining or repairing their cars.
C. In order to keep operating, cars will normally need some work.
D. The problems with a car will become worse if they are not attended to.
E. (E) A car will last for only a limited period of time and then must be replaced.

[单项选择]I ignored an old woman who asked me for money in the street yesterday and it’s been on my （） ever since.
A. morality
B. conscience
C. morale
D. rationale

[简答题]A. Those who have large sum of money at home.
B. Those who will be away for a long time.
C. Those who will stay at the bank for a long time.
D. Those who will deposit a large sum of money for a long time.

[单项选择]In the woman’s opinion, who paid the money spent on advertisements（）
A. Advertisers. 
B. Manufacturers. 
C. Customers. 
D. Sellers.

[填空题]Not every one who has money is(generously) ______ with it.

[单项选择]Only those who can ______ to lose their money should make high-risk investments.
A. maintain
B. sustaint
C. endure
D. afford