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

Free Test Prep CFA® LEVEL 1 Dumps Questions (page: 79)

Standard III (A) is ________.

  1. Duty to Employer
  2. Disclosure of Conflicts to Employer
  3. Obligation to Inform Employer of Code and Standards
  4. Disclosure of Additional Compensation Arrangements
  5. None of these answers
  6. Responsibilities of Supervisors

Answer(s): C

Explanation:

Standard III (A) deals with the Obligation to Inform Employer of Code and Standards. Standard III (B) deals with the Duty to Employer. Standard III (C) deals with Disclosure of Conflicts to Employer. Standard III (D) deals with Disclosure of Additional Compensation Arrangements. Standard III (E) deals with Responsibilities of Supervisors.



Performance (relating to Performance Presentation Standards) is the record of the ________.

  1. person
  2. investment manager
  3. individual
  4. child
  5. firm

Answer(s): E

Explanation:

To be in compliance with the PPS, a firm's presentation of performance must comply on a firmwide basis and must consist of 10 years of performance (or records since the date of inception if the firm is younger than 10 years).



Which of the following can be found in Standard IV?

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

Answer(s): C

Explanation:

Standard IV states: "Members shall maintain appropriate records to support the reasonableness of recommendations or actions."



Carve-outs may not be combined with ________ portfolios.

  1. new
  2. exchanged
  3. stand-alone
  4. composite
  5. benchmark

Answer(s): C

Explanation:

Stand-alone composites from subsectors or carve-outs of larger international portfolios can be created only if the subsectors are actually being managed as separate entities with their own cash allocations and currency management - for example, a series of currency funds.



Liliana works for Bear Funds, a brokerage firm. Bear has a policy of not allowing its employees to trade in securities in which it has large holdings. A list of such securities is circulated on a daily basis to the employees. Liliana knows of this restriction. However, a few days ago, she happened to purchase a few shares of a firm that are on Bear's restricted list. The total value of the purchase was less than $500. Liliana should

  1. none of these answers.
  2. report the transaction to the compliance department and see how best to unwind the transaction.
  3. inform her immediate supervisor about it and accept any sanctions.
  4. not do anything, because the activity is of negligible size.

Answer(s): B

Explanation:

Standard III (C) - Disclosure of Conflicts to Employer.



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