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Ethics - 18 Questions - 27
minutes
Ethics
- 18 Questions - 27 minutes
EEtthhiiccss--
1188uueessttiioonnss--2277mmiinnuutteess
Question1 -
23379
Based on
AIMRs Standards of Professional Conduct which of
the
following statements are a
violation of
Standard
IV B6
Prohibition
against
Misrepresentation
A young trainee bond
trader tells a prospective client
that she can assist the client
in
all
the
clients
investment
needs
equity
fixed
income
and derivatives and
based
A
on
her
years
of
experience
as
an
analyst
in
the
business
that an investment
looks
likeit
has lots of potential
B
Allof these
An investment
manager recommends to a prospective
client an investment in
C
mortgage IO strips because they are
guaranteed by an
agency of the federal
government
A broker says
XYZ stock is 100 guaranteed to double in
value over the next six
D
months
Question2 - 28161
According to AIMRs
Standards of Professional Conduct Standard I B
Fundamental
Responsibilities members shall not
knowingly participate or assist
in
legal and ethical
violations An analyst
must report all legal
violations to the proper
regulatory
commission and is held
A
responsible for
participating in illegal acts when the
law is evident to anyone
knowing the law
is held responsible for
violations by others when the
analyst
is unaware of the facts
B
giving rise to the violation
is held
responsible for participating in illegal acts
when the law is evident to anyone
C
knowing the law and can participate in
a violation by
having knowledge of the
violation and
taking no action to stop it or
disassociate from it
is held responsible for
participating in illegal acts
when the
law is evident to anyone
D
knowing the law and is held responsible
for violations
by others when the
analyst is
unaware of the facts giving rise to the
violation
Question3 - 28162
Which of the following is a
violation based on AIMRs Standards of
Professional Conduct
A
portfolio
manager
accepts
free
trades
from
XYZ
for
her
personal account for
A
directing the portfolios trades to XYZ
She does not
inform her manager since
there is no
cashinvolved
After
informing
his
manager
a
portfolio
manager
accepts
money for giving a
broker
B
information relating toa clients
financial standing
A portfolio manager is offered a free
vacation to
increase performance At the
end
C
of
the
year
performance
is
up
and
the
manager
accepts
the
vacation after informing
his manager of the fact
A
portfolio
manager
is
unexpectedly
offered
a
vacation
at year-end from a
client
D
who was pleased
with their portfolios performance The
manager accepts the
vacation after informing
her manager of the fact
Question4 - 28165
Based on AIMRs Standards of
Professional Conduct which of the
following statements are a
violation of Standard
IV B6
Prohibition against
Misrepresentation
A young
trainee bond
trader tells a prospective
client
that she can assist the client
in
all
the
clients
investment
needs
equity
fixed
income
and derivatives and
based
A
on
her
years
of
experience
as
an
analyst
in
the
business
that an investment
looks
likeit
has lots of potential
An investment manager recommends to a
prospective
client an investment in
B mortgage IO
strips because they are guaranteed by an
agency of the federal
government
A broker says XYZ stock is
100 guaranteed to double in
value over
the next six
C
months
D
Allof these
Question5 - 28167
NOT
NOT
Which
one
of
the
following
is
NNOOTT
consistent
with
AIMRs
Performance
Presentation
Standards
A
Cash and cash equivalents must be
included in composite
returns
All actual fee paying discretionary
portfolios should
be included in at
least one
B
composite
Investment
performance
is
the
record
of
the
manager
not
the firm all changes in
C
personnel
should be accounted for by adjusting the
composites performance
history
Presentation of performance
may be either gross or net
of
investment management
D
fees as long as the method and the fee
schedule are
disclosed
Question6 -
28168
Under the
Employee Retirement Income
Security Act
ERISA
a person
is
a fiduciary if he or
she
has discretionary authority in the
administration of
the pension plan
renders
A
investment
advice for a fee with respect to a pension
plans assets exercises any
discretionary authority
with the management of the
pension plan
or its assets
B
has an
executive position in the firm sponsoring
the
pension plan
has an
executive position in the firm sponsoring the
pension plan has discretionary
C
authority in the
administration of the pension plan
exercises any discretionary
authority with the
management of the
pension plan or
D
its assets
Question7 - 29219
There are four
components of the AIMRCode of Ethics All of the
following are part of the
EXCEPT
EXCEPT
Code of Ethics EEXXCCEEPPTT
Practiceand
encourage
others
to
practicein
a
professional and ethical manner that
A
will reflect credit on
members and their profession
Strive to maintain and
improve the competence of
regulatory
bodies such as the
B
Securities and Exchange
Commission
SEC
C
Strive to
maintain and improve the competence of others
in the profession
D
Use
reasonable care and exercise independent
professional judgment
Question8 - 29220
AIMRbelieves
that a imum
level of professional responsibility and
conduct dictates that
A
members be
aware of and comply with laws rules and
regulations governing their
conduct
companies should set
standards based on the ethics of
upper
management and
B
the board of directors
that firms
should comply with all domestic laws and
regulations and that these laws
C
also govern behavior in foreign markets
regardless of
foreign laws and
requirements
that
a
minimum
level
of
professional
responsibility
and
conduct dictates that
D
members be aware of and comply with
laws rules and
regulations governing
their
conduct
Question9 -
29221
TRUE
TRUE
Which of the following statements about
the AIMRCode and Standards
is TTRRUUEE
The Code
and
Standards
require that members report legal
violations to the
appropriate
governmental or
A
regulatory organization
do not require that members
report legal violations to
the
appropriate governmental
B
or
regulatory organization
expect
members
to
resign
from
their
jobs
to
disassociate
themselves from
clients
C
engaging in illegal activities
D expect
members to persuade the perpetrator to cease
illegal activities
Question10- 29222
EXCEPT
EXCEPT
Allof the
following are appropriate uses of the CFA
designation
EEXXCCEEPPTT
A
Jeremy Salyers CFA
B
Joanne Silbourne is a CFAcharterholder
I
as
a
CFA
charterholder
expect
to
outperform
the
market
because
CFA
C
charterholders
have
on
average
outperformed
the
SP
in
95
percent of the last 50
years
I
have
earned
the
CFA
designation
by
passing
three
exams
having sufficient work
D
experience and becoming a
member of AIMR
Question11- 29223
NOT
NOT
Which
of
the
following
would
NNOOTT
violate
AIMR
畳
s
rules
regarding
personal integrity and
behavior
A driving under the
influence DUI conviction that
results
in the loss of ones
A
drivers license for six months
B
Stealing a car and going to prison for
18 months
A
misdemeanor
conviction
that
results
from
lying
about
your
income on your tax
C
return
D
Cheating on an MBA
preliminary exam and being expelled
from the University
Question12- 29224
When must an
analyst give credit to the firm
抯
own research
staff
for research analysis
A
When sending printed materials
toclients
B
When discussing
research with a client
C
In a
professional witness situation
D
In
inter-office communications
Question13- 29225
NOT
NOT
An
AIMR
member
is
NNOOTT
required
to
notify
her
supervisor
in
writing
of the AIMR Code and
Standards under
which of the following circumstances
The
employer
has
indicated
a
willingness
to
adopt
AIMRs
Code
and Standards
A
and the
supervisor is an AIMR member
The employer has a high
ethical standard much of which
is
reflected in writing in
B
the firms Mission Statement
C
The supervisor
is an AIMR member
The
employer
has
publicly
acknowledged
in
writing
that
they have adopted the
D
AIMR Code and Standards
Question14- 29226
When
an
AIMRmember
who
is
presently
employed
by
a
firm
undertakes
any
independent
EXCEPT
EXCEPT
practice he must do all of
the following EEXXCCEEPPTT
A
secure written permission
from the employer
remand a percentage
to be determined by the
employee
and employer
of the
B
income earned back to the employer
C
secure written permission from the
outside firm
disclosethe identity of their employer
to clients and
prospective clients and
the fact
D
that
they
are
performing
independently
of
the
employer
Question15-
29227
FALSE
FALSE
Which of the following statements
regarding employeeemployer
relationships is FFAALLSSEE
A
A
written
contract
may
or
may
not
exist
between
employer
and
employee
The
employer has the power to control and direct the
details of how work is to be
B
performed
There
must
be
monetary
compensation
for
an
employeremployee
relationship to
C
exist
D
An employee is someone in
the service of another
Question16- 29228
Withrespect toStandard III
E
compliance supervisors and
Responsibilities of Supervisors
EXCEPT
EXCEPT
compliance
officers should do all of the following
EEXXCCEEPPTT
A
disseminate the compliance procedures
incorporate
a
professional
conduct
evaluation
into
the
employees performance
B
review
hold hearings with representatives from
the firm to
decide whether violations
have
C
occurred and
the level of severity of the violations
D
review employee actions to ensure
compliance and
identify violators
Question17-
29229
Brett
Germaine
is
an
AIMRmember
who
manages
client
portfolios
He
has
the power to buy
and sellsecurities on
behalf of his clients His mother is a client
and Brett manages her trust
Withrespect tohis mother
抯
account he must
treat
her
account
with
a
bit
more
care
and
concern
giving
her advance notice of
A
information like
recommendation changes
treat her account with less care and
concern than his
other accounts soas to
avoid
B
the appearance
of favoritism and comply with the Code
and Standards
not takehis mothers account because it
is a violation
of the Code and
Standards to
C
manage a family
members account or trust
treat
her
account
like
any
other
firm
account
and
should
not give her account
D
special treatment or
disadvantage
Question18- 29230
In a tough decision to
leave Greenberg and Associates Jillian Cross
CFA decides to seek
employment with a competing
firm She decides that her current
management team is
essential
to
her
ability
to
do
her
job
and
plans
to
convince
the
others
to come with her when
she leaves She
also plans to take her client list with her
because
she has tostart somewhere
in building a
book of business Jillian is
A
out
of compliance only in taking the client list
B
out of compliance only in trying to get
her employees
tocome with her
out of
compliance with Standard III B
Employer
on
both
Duty to
C
counts-
attempting to take her management team with her
and misappropriating the
client list
D
in
compliance
Quantitative Analysis - 18 Questions -
27 minutes
Quantitative Analysis - 18 Questions -
27 minutes
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--1188uueessttiioonnss--
2277mmiinnuutteess
Question19- 18868
There
are 35
observations
arrayed
in a
stem
and leaf display What
is
the
mode and median of
this data
5
6
89
7
A
62 and 65
B
60 and 63
C
65 and 62
D
625 and 625
Question20- 18871
Use
the
following
data
to
evaluate
an
investment
portfolio
that
holds
one
share of each of three
firms
A B and C
that do not pay dividends
Beginning
Ending
Stocks
YearPrice
YearPrice
A
20
B
60
C
110
What is the average rate
return of the portfolio
10
50
100
A
625
B
1225
C
1875
D
4333
Question21- 18872
FALSE
FALSE
Which of the
following statements is FFAALLSSEE
A
The
interquartile
range
contains
half
the
data
points
in
the data set
The interquartile range is
set at half the distance
between the
largest and smallest
B
number in the data set
If the median is on the
left side of the interquartile
range
the data is skewed to the
C
left
Downside outliers are those
observations below the
first quartile
less 15 times the
D
interquartile range
Question22- 18873
Use the
following data tocalculate the standard deviation
about the
expected return
50 chance of a 12 return
30 chance of a
10 return
20
chance of a 15 return
A
25
B
30
C
17
D
33
Question23- 18874
Based on the following data
what is ABC Cos projected growth rate
Bear
Normal
Bull
Bear
Normal
Bull
BBeeaarr
NNoorrmmaall
BBuullll
Probability
30
30
40
ROE
30
10
15
b
30
A
50
B
70
C
75
D
69
Question24- 29390
60
40
Justin
Banks
just
won
the
lottery
and
is
trying
to
decide
between
the
annual cash flow payment
option or the lump sum
option Justin can earn 8 at the bank and the
annual cashflow option
beginningtoday
beginningtoday
is 100000year
bbeeggiinnnniinnggttooddaayy for 15 years What is
the
annual cash flow option worth to
Justin today
A
85594787
B
150000000
C
108000000
D
92442370
Question25- 29391
Given the following sample
data find the standard deviation of the
returns to stockA and stock
B
StockA
StockB
Year
1
16
20
Year
2
24
20
Year
3
10
A
Std Dev A
B
Std Dev A
C
Std Dev A
D
Std Dev A
Question26- 29394
63 Std Dev B
112
57 Std Dev B
102
40 Std Dev B
72
33 Std Dev B
59
12
An
investor
is
considering
two
investments
Stock
A
has
a
mean
annual
return of 16 percent
and
a
standard
deviation
of
14
percent
Stock
B
has
a
mean
annual
return
of 20 percent and a
standard
deviation
of
30
percent
Calculate
the
coefficient
of
variation
CV
of each stock
TRUE
TRUE
Which of the following
statements is TTRRUUEE
A
StockA
CV
mean than stock B
0875
has more dispersion relative to the
B
StockA
CV
mean than stock B
0875
has less dispersion relative to the
C
StockA
CV
114
has
more
dispersion
relative
to
the
mean
than stock
B
D
StockA
CV
114
has
less
dispersion
relative
to
the
mean
than stock B
Question27- 29395
The probability
of a boom economy is 40 percent The probability of
Yacht Co having a 50