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Test Prep CFA-Level-I Exam (page: 26)
Test Prep CFA® Level I Chartered Financial Analyst
Updated on: 09-Feb-2026

Viewing Page 26 of 793
CFA-Level-I PDF 3963 Questions

According to the AIMR-PPS, total firm assets are defined to include

  1. all discretionary and nondiscretionary assets, as well as assets underlying overlay investment strategies.
  2. all discretionary and nondiscretionary assets.
  3. any asset deemed eligible by the firm.
  4. only assets underlying overlay investments strategies.

Answer(s): B

Explanation:

Total firm assets are defined to include all discretionary and nondiscretionary assets. Total firm assets do not refer to assets underlying overlay investment strategies, such as currency overlay, options and futures overlays, securities lending programs and asset allocation overlay strategies, unless the firm actually manages the underlying assets.



Standard V (B) addresses any practice that would lead to misrepresentation of a member's record, whether the practice involves performance ________ or performance ________.

  1. presentation; measurement
  2. none of these answers
  3. presentation; benchmarking
  4. assessment; benchmarking
  5. measurement; assessment
  6. assessment; presentation
  7. benchmarking; measurement

Answer(s): A

Explanation:

Standard V (B) addresses any practice that would lead to misrepresentation of a member's record, whether the practice involves performance presentation or performance measurement.



A(n) ________ is someone who has knowledge of pending or actual investment recommendations or action.

  1. AIMR member
  2. access person
  3. none of these answers
  4. insider

Answer(s): B

Explanation:

Access or covered persons have knowledge of pending or actual investment recommendations or action. The firm's definition of access (covered) person should be broad enough to cover all people with that knowledge.



Although trade-date accounting is recommended, ________ accounting that is disclosed is acceptable for calculating performance.

  1. settlement-date
  2. maintenance
  3. accrual
  4. composite
  5. Performance

Answer(s): A

Explanation:

Trade-date accounting is recommended when calculating performance, although settlement-date accounting is acceptable if disclosed. Because of the volatility and lengthy settlement periods of some markets, trade-date accounting is strongly recommended for calculating the performance of international portfolios.



Mayberry's Mayor, in consultation with the trustees of Mayberry's Village Investment Fund, has decided that the fund needs to become more aggressive in its investment objectives to generate funds for village renovations like a paved road, a new school and an activity center for kids. He discussed these requirements with the plan manager, Otis, and asked him to suggest a suitable risk profile and investment instruments to achieve the objectives within a year. Barney, a businessman from a neighboring town, is trying to decide if he should invest his excess capital in setting up businesses in Mayberry or another town, Februberry. These businesses promise to generate about 35 new jobs at various levels and stimulate consumer spending in the town in which they are set up. Barney wants to be sure that the businesses are set up in areas that have high growth promise. So he calls up Otis to find out about the Mayor's plans for the next two years for Mayberry's development. Otis sets up a meeting with Barney and outlines the proposed renovation projects. Otis does his best to convince Barney that Mayberry is the right place for Barney's businesses.

  1. Barney has violated the Code of Ethics by discussing the plans with Otis.
    II. Otis has violated the Code of Ethics by discussing the plans with Barney.
    III. Neither Barney nor Otis violated any standards.
  2. II only
  3. III only
  4. I and II only
  5. I only

Answer(s): A

Explanation:

Otis has violated Standard IV (B.5) - Preservation of Confidentiality by revealing the Mayor's plans to Barney.
Any information that Otis receives in his capacity as a fund manager is strictly confidential and should not be revealed unless it is in connection with a criminal investigation or an AIMR investigation. Barney has not violated any Standards.



Viewing Page 26 of 793



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