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

Free Test Prep CFA® LEVEL 1 Real Questions (page: 25)

Which of the following AIMR Standards states that the financial analyst shall distinguish between facts and opinions in research reports?

  1. III A
  2. III D
  3. III (B.1)
  4. IV (A.2)

Answer(s): D

Explanation:

Standard IV (A.2) - Research Reports states: "Members shall distinguish between facts and opinions in research reports."



Complete the following: According to The Code of Ethics, members of AIMR shall: "Practice and encourage others to practice in a professional and ethical manner that will ________ members and their profession."

  1. improve the qualifications of
  2. reflect credit on
  3. none of these answers
  4. improve the compensation of
  5. improve the access of

Answer(s): B

Explanation:

According to The Code of Ethics, members of AIMR shall: "Practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their profession."



Standard III (A) - Obligation to Inform Employer of Code & Standards - requires all AIMR members, Charterholders and CFA candidates inform their employers about their personal obligation to abide by the code. Which of the following is/are true in regard to this requirement?

  1. The notification can be in either oral form or in writing, either in print, handwriting or by electronic means like email.
    II. Notification is necessary even if the employer is publicly known to have adopted the Code of Ethics.
    III. For compliance with Standard III (A), notification must be made to the immediate employer and not necessarily senior management.
  2. III only
  3. I, II and III
  4. I and III only
  5. I and II only

Answer(s): A

Explanation:

If the employer has publicly adopted the Code of Ethics, no explicit notification is required. Otherwise, the immediate supervisor must be informed in writing about the obligation to abide by the Code. "In writing" includes any form of communication that can be documented, including email. Refer Standard III (A) - Obligation to Inform Employer of Code & Standards



According to Standard IV (B.4), Priority of Transactions: "Transactions for clients and employers shall have priority over transactions in securities or other investments of which a member is the ________ so that such personal transactions do not operate adversely to their clients' or employer's interests."

  1. material agent
  2. primary decision maker
  3. none of these answers
  4. proxy voter
  5. beneficial owner
  6. principal broker
  7. sole charterholder
  8. registered representative

Answer(s): E

Explanation:

Standard IV (B.4) deals with the Priority of Transactions. Under this standard, transactions for clients and employers shall have priority over transactions in securities or other investments of which a member is the beneficial owner so that such personal transactions do not operate adversely to their clients' or employer's interests. If members make a recommendation regarding the purchase or sale of an investment, they shall give their clients and employer adequate opportunity to act on the recommendation before acting on their own behalf.



Standard III (E) is known as ________.

  1. Prohibition against Use of Material Nonpublic Information
  2. Preservation of Confidentiality
  3. Fair Dealing
  4. Professional Misconduct
  5. Interactions with Clients and Prospects
  6. Investment Process
  7. Duty to Employer
  8. None of these answers

Answer(s): H

Explanation:

Standard III (E) is Responsibilities of Supervisors. Be sure you remember that this standard may often be cited as a violation, along with most other standards (because failure to supervise is often at the root of many of the standard violations).



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