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Cfa-Practice

In: Business and Management

Submitted By lalallaasmile
Words 4875
Pages 20
Sample Level I Multiple Choice Questions

1. Sammy Sneadle, CFA, is the founder and portfolio manager of the Everglades Fund. In its first year the fund generated a return of 30 percent. Building on the fund’s performance, Sneadle created new marketing materials that showed the fund’s gross 1year return as well as the 3 and 5-year returns which he calculated by using back-tested performance information. As the marketing material is used only for presentations to institutional clients, Sneadle does not mention the inclusion of back-tested data. According to the Standards of Practice Handbook, how did Sneadle violate CFA Institute Standards of Professional Conduct? A. He did not disclose the use of back-tested data. B. He failed to deduct all fees and expenses before calculating the fund’s track record. C. The marketing materials only include the Everglades Fund’s performance and are not a weighted composite of similar portfolios.

2. Roberto Vargas, CFA, is in charge of the compliance program at his investment firm. According to the Standards of Practice Handbook, as a supervisor, Vargas is least likely required to: A. respond promptly to all violations. B. disseminate the contents of the program to all personnel. C. incorporate a professional conduct evaluation as part of an employee’s performance review.

3. Regarding the definition of the firm, the GIPS Standards require all of the following except: A. firms must be defined as an investment firm. B. a firm’s organization alters historical composite results. C. total firm assets must be the aggregate of the market value of all discretionary and nondiscretionary assets under management.

4. Under which measurement scale is data categorized, but not ranked? A. An ordinal scale. B. A nominal scale. C. An interval scale.

5. The joint probability of events A and B is 32 percent with the probability of event A

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