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  1. Home
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  3. CFA® LEVEL 1

Test Prep CFA® Level I Chartered Financial Analyst CFA® LEVEL 1 Exam Questions in PDF

Free Test Prep CFA® LEVEL 1 Dumps Questions (page: 21)

CFA® LEVEL 1 PDF — 3960 Questions

Which of the following rules apply for calculations under the Performance Presentation Standards?

  1. Accrual accounting must be used for fixed-income securities.
  2. All of these answers.
  3. Total return, including realized and unrealized gains and losses, must be used.
  4. Time-weighted rate of return must be used.

Answer(s): B

Explanation:

All of these answers are general rules applying to calculation of returns under the PPS.



According to the AIMR-PPS when presenting the performance record of composites containing portfolios that use leverage, which of the following statements are true?

  1. If the use of leverage is discretionary, the performance presented must include the effects of the leverage.
  2. If the use of leverage is discretionary, performance on a restated, all-cash basis must be provided.
  3. All of these statements are true.
  4. If the use of leverage is nondiscretionary, performance must be presented on an all-cash basis.

Answer(s): C

Explanation:

For composites containing portfolios that use leverage, all of the statements are true. This is a requirement for presentation of results.



Which of the following AIMR standards states that a member shall not knowingly participate, or assist, in any violation of applicable laws, regulations, or the Code and Standards?

  1. III
  2. VI
  3. V
  4. I

Answer(s): D

Explanation:

Standard I: Fundamental Responsibilities states: "Members shall: A. Maintain knowledge of and comply with all applicable laws, rules and regulations of any government, governmental agency, regulatory organization, licensing agency, or professional association governing the members' professional activities, and B. Not knowingly participate or assist in any violation of such laws, rules, or regulations."



Which of the following is/are true about the definition of "total firm assets" where PPS are concerned?

  1. Total assets include non-discretionary as well as discretionary assets.
    II. Unless the firm actually manages the assets underlying investment strategies, they are not included in the definition of total assets.
    III. Assets assigned to subadvisors which are not directly under the firm's management should not be included as part of "total assets."
  2. I, II and III
  3. I and III only
  4. II and III only
  5. I and II only

Answer(s): A



Which of the following can be found in Standard I?

  1. Members shall maintain knowledge of and comply with all applicable laws.
  2. Members shall not undertake any independent practice in competition with employer without written consent.
  3. Members shall maintain appropriate records to support the reasonableness of recommendations.
  4. Members shall not participate in plagiarism.
  5. Members shall make reasonable efforts to achieve public dissemination of material nonpublic information disclosed in breach of a duty.

Answer(s): A

Explanation:

Standard I states that members shall: "A. Maintain knowledge of and comply with all applicable laws of any governing agency or professional association governing the member's professional activities, and B. Not knowingly participate or assist in any violation of laws, rules or regulations."



Viewing page 21 of 793

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