[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]Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow’s first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm’s highly competent general counsel and follows the advice given without deviation. Based on the general counsel’s advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellow’s supervisor explains why NewCo’s calculations of its earnings are correct. Bellow realizes that his inexperience and exuberance initially led him to an incorrect conclusion about NewCo’s earnings. Which of the following statements about Bellow’s actions involving Standard Ⅰ (A), Knowledge of the law, and Standard Ⅰ (C) , Misrepresentation, is TRUE
A. violated both Standard Ⅰ (A) and Standard Ⅰ (C).
B. violated Standard Ⅰ (A) but did not violate Standard Ⅰ (C).
C. did not violate either Standard Ⅰ (A) or Standard Ⅰ (C).

[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 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]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 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.

[填空题]Brian Arthur

[单项选择]CFA协会是一家全球性非营利专业机构。CFA协会的前身是（）。
A. AIMR
B. FAF
C. ICFA
D. ACIIA

[单项选择]Why does the man mention his friend Brian
A. To introduce the woman to someone who has researched blushing.
B. To illustrate the benefits of a public-speaking class.
C. To give an example of someone who blushes easily.
D. To explain a way to overcome blushing.

[单项选择]Brian says his success is due to
A. quick service.
B. quality food.
C. cheap prices.

[单项选择]Who does Brian Fry work for now
A. ANK Oil
B. The PTl
C. The Government

[单项选择]CFA协会的前身（）。
A. ASFA
B. AIMR
C. EFFAS
D. FLAAF

[单项选择]According to CFA Institute Standards of Professional Conduct, members should do all of the following to meet the compliance procedures for having a reasonable basis for recommendations, EXCEPT:（）
A. distribute a detailed, written research report to clients with each recommendation.
B. analyze the client’s investment needs.
C. maintain files to support investment recommendations.