An investor does research about invest...

单项选择题An investor does research about investment return and gathers the following nformation about a portfolio:

Year Return

2009 11%

2010 7%

2011 3%
If the investor contributed new funds to the portfolio at the beginning of each year, the time-weighted rate of return is m.ost likely:

A. less than the money-weighted rate of return.
B. the same as the money-weighted rate of return.
C. greater than the money-weighted rate of return.

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1.单项选择题An analyst does research about kurtosis. Compared to a normal distribution, a distribution with excess kurtosis of zero is best described as:

A. less peaked.
B. equally peaked.
C. greater peaked.

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2.单项选择题Which of the following is most likely a recommended procedure for compliance with the Standards of Professional Conduct relating to loyalty, prudence, and care Members should:

A. make their clients aware of all forms of manager compensation.
B. seek best execution for their clients in any circumstance.
C. diversify investments to reduce the risk of loss in any circumstance.

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3.单项选择题 Bruce Smith, CFA, covers East European equities for Marlborough Investments, an investment management firm with a strong presence in emerging markets. For the purpose of compliance with the Global Investments Performance Standards (), Marlborough Investments' total assets include:（）

A. only fee-paying discretionary assets.
B. both fee-paying discretionary assets and non-fee-paying discretionary assets.
C. all fee-paying and non-fee-paying, discretionary and nondiscretionary assets.

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4.单项选择题Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees Pension Plan in Thompson Investments. He recently completed thorough research about a chemical company and decided that the company's stock is significantly overvalued. Wayne places a large sell order for the company's thinly traded stock. Thompson Investments' trading desk takes a whole week to process the order, pulling the stock price to a 26-week low and the trading volume to four times the historic average. Has Wayne most likely violated the Standards of Professional Conduct

A. No.
B. Yes, because he distorted the price-setting mechanism of financial instruments.
C. Yes, because heartificially affected the trading volume significantly.

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5.单项选择题With respect to the Standards of Professional Conduct relating to conflicts of interests, CFA members are required to fully disclose to clients, prospective clients, and employers:

A. only all actual conflicts of interests.
B. only all potential conflicts of interests.
C. both all actual and potential conflicts of interests.

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6.单项选择题 Carol Corky, CFA, is a senior portfolio manager for Universal Management. Universal Management manages five funds, each with a large-capitalization investment strategy. When choosing portfolios under its large-capitalization investment strategy for the purpose of achieving compliance with the Global Investments Performance Standards (), which of the following is most accurate Universal Management is most likely required to include:（）

A. all discretionary portfolios currently managed under the large-capitalization investment strategy.
B. all discretionary portfolios currently and historically managed under the large-capitalization investment strategy.
C. all discretionary and non-discretionary portfolios currently and historically managed under the large-capitalization investment strategy.

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7.单项选择题 Which of the following is NOT a recommendation procedure without applying Global Investments Performance Standards () for compliance with the Standards of Professional Conduct relating to performance presentation（）

A. Provide performance information in a consistent and standard format for all audiences.
B. Clearly indicate when the performance record is that of a prior entity.
C. Include terminated accounts as part of performance history with a clear indication of the time when the accounts were terminated.

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8.单项选择题James Handley is a Level Ⅱ candidate in the CFA Program. After taking the exam in June this year, Handleyimmediately enters into an Internet forum for CFA candidates and writes a post expressing his opinion that the CFA examination policies are unfair and CFA Institute doesn't deal fairly with every candidate. Has Handley most likely violated the Standards of Professional Conduct

A. No.
B. Yes, by providing confidential program information to the public.
C. Yes, by compromising the reputation of CFA Institute and CFA program.

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9.单项选择题 With respect to the Global Investments Performance Standards (), which of the following statements is least accurate Verification:（）

A. ensure the accuracy of composite presentations.
B. improve the consistency and quality of the firm's compliance presentations.
C. provide improved internal processes and procedures as well as marketing advantages to the firm.

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10.单项选择题Wu Yang, CFA, manages individual portfolios for Far East Trust Company. Hu Haiyun, a client, proposes to Wu Yang, "Any year my portfolio achieves at least a 20 percent return before taxes, you and your family can fly to Sanya in Hainan Province in China at my expense and use my condominium during the Spring Festival in February. " While Wu Yang does not inform his employer of the arrangement, he watches Hu Haiyun's portfolio performance intensively throughout the year and makes sure her account gets top priority for any partially executed block trade order. Hu Haiyun's portfolio return exceeds the 20 percent target for the year, and Wu Yang vacations in Sanya during the following February as Hu Haiyun's guest. According to the Standards of Professional Conduct, Wu Yang has least likely violated the CFA Institute Standards relating to:

A. fair dealing.
B. disclosure of conflicts.
C. priority of transactions.

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