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Cfa Exam

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2008 CFA Level 1 - Mock Exam 1 (AM)模考试题 Q1-5 Question 1 Accepting an incentive offered by a client to a portfolio manager, such as a free vacation or a cash bonus, to reward good performance in a future period is: A) a violation of the Standards. B) not a violation of the Standards as long as client confidentiality is maintained. C) a violation of the Standards unless the manager gets written consent from her employer. D) not a violation of the Standards as long as the manager informs her employer that she intends to accept the incentive. Question 2 Charmaine Townsend, CFA, has been managing a growth portfolio for her clients using a screening process that identifies companies that have high earnings growth rates. Townsend has decided that, because of a volatile economy, she is going to adopt a value strategy using a screening process that identifies companies that have low price-earnings multiples. Townsend will violate the Code and Standards if she makes this change in her investment process without: A) notifying her supervisor before she makes the change. B) getting written permission from her clients in advance of the change. C) promptly notifying her clients of the change. D) getting prompt written acknowledgment of the change from her clients within a reasonable time after the change was made. Question 3 Phoenix Investments has been in business for three years and is striving to be GIPS compliant. It has met all the requirements to achieve GIPS compliance and has begun the process of independent verification. Phoenix can claim: A) compliance once the verification is complete. B) compliance immediately. C) compliance only after the business has a five-year compliant history. D) partial compliance immediately, and full compliance when verification is complete and the firm has...

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