Level 1EXAM 5 Afternoon.docx
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Level 1EXAM 5 Afternoon.docx
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Level1EXAM5Afternoon
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Ethics-18Questions-27minutes
Question:
1-29588
BenitoSalvatore,CFA,islicensedintheestablishedcountryofOldworldbuthasclientsandmakesinvestmentsintheemergingcountyofNewworld.TheregulationsofOldworldprohibitlicensedinvestmentprofessionalsfromtakinggiftsorgratuitiesinanyamountfromvendorsorpersonsconnectedwithpotentialinvestments.ThelawsofNewworldaresilentonthisissue.Unsolicited,SalvatoreisofferedavaseworthUS$75byaNewworldtrustcompanyandabronzestatueworthUS$200byaNewworldcompanythatSalvatoreisconsideringasapotentialinvestment.
Salvatoreis:
A)
notpermittedtoaccepteithergift.
B)
permittedtoacceptthevasebutnotthestatue.
C)
permittedtoacceptthestatuebutnotthevase.
D)
permittedtoacceptbothgifts.
Question:
2-29589
GeorgiaJones,CFA,isananalystforJohnson,Thomas&Co.ShealsoservesasanoutsidedirectorforDeweyManufacturing,Inc.Inthecourseofherduties,shebeginstobelievethatDewey’sincomestatementforthemostrecentperiodmayhavebeenmisstated.GeorgiashoulddoallofthefollowingEXCEPT:
A)
consultwithDeweyManufacturing'slegalcounsel.
B)
consultwithJohnson,Thomas'legalcounsel.
C)
refrainfromvotingtoapproveanyofDewey'sfinancialstatementsthatincludetheelementinquestion.
D)
informtheSecuritiesandExchangeCommission.
Question:
3-29590
BillOwensobtainedhisCFAcharterin1999,andbeganusingthefollowingletterhead:
WilliamJ.Owens,*CFA**
222MainStreetBankBuilding
Anywhere, USA
*member,AssociationforInvestmentManagementandResearch
**receivedCFAcharterSeptember1999
In2001,OwensdidnotrenewhismembershipinAIMR. Accordingly,hemustmodifyhisletterheadbydoingallofthefollowingEXCEPT:
A)
deletingthe"CFA"followinghisname.
B)
deletingthereferencetowhenhereceivedhisCFAcharter.
C)
deletingthereferencetoAIMRmembership.
D)
none;allreferencesto"AIMR"and"CFA"mustbedeleted.
Question:
4-29591
ReginaldBrown,CFA,hasbeenconvictedthreetimesinayearofmisdemeanordrivingwhileintoxicated.Brown’smembershipinAIMR:
A)
becausehisactionsreflectpoorlyonhisprofessionalmaybeterminatedcompetence.
B)
maybeterminatedifheisconvictedofafelonybutnotformisdemeanorconvictions.
C)
maybeterminatedifthemisdemeanorconvictionshadinvolveddishonesty,butnotforantisocialbehavior.
D)
maybeterminatedforprofessionalviolationsbutnotforpersonalones.
Question:
5-29592
IsabellaTravelli,CFA,isaresearchanalystforWorldwideInvestmentsinRome,Italy.TravelliwascontactedbySeasidePartnersofMilan,Italy,aregionalbrokeragefirm,aboutdoingresearchoncompaniesinthebeverageindustryonacontractbasis.
Travellimayonlydothecontractwork:
A)
ifWorldwidehasnoclientsinthesamegeographicareaasSeaside.
B)
ifWorldwidedoesnotfollowthebeverageindustry.
C)
afterreceivingwrittenconsentfrombothWorldwideandSeaside.
D)
ifWorldwidedoesnotfollowthebeverageindustry.
Question:
6-29593
JamesCox,CFA,isemployedinaLondoninvestmentbankingfirm.Firmpolicystatesthatemployeesmustpayfortheirownmealsandentertainmentiftheyareinvitedtodineorgooutsociallywithvendorsorprospectivevendorsofthecompany.ThomasWheelwright,arepresentativeofamajorsecuritiesinformationservice,invitesFoxoutforSaturdaydinnerandtogotothetheater.Wheelwrightinsistsonpayingfortheevening.
IfCoxattendstheeventsandallowsWheelwrighttopayforthedinnerandshowCoxhasviolated:
A)
companypolicybutnottheCodeandStandards.
B)
companypolicybutnottheCodeandStandardsaslongasthefirmreceivesfulldisclosureofCox'spotentialconflictofinterest.
C)
bothcompanypolicyandtheCodeandStandards.
D)
neithercompanypolicynortheCodeandStandardsbecausethesocialengagementwasnotdirectlyrelatedtocompanybusiness.
Question:
7-29594
SandraFellows,CFA,receivedatelephonecallfromoneofherclientsatBostonFinancialofferingherthefreeuseoftheirvacationhomeonCapeCodthefollowingsummer.Theclientstatedthattheofferwasnotdependentuponanylevelofperformance,butwasgiveninappreciationfortheirmanyyearsofworkingtogether.
TobeincompliancewiththeCodeandStandards,Fellows:
A)
mayaccepttheofferifhersupervisorisinformedandgivesconsent.
B)
mayaccepttheofferbecausethebenefitisnotcontingentuponperformance.
C)
mayaccepttheofferbutmustinformBostonFinancialinwritingthattheofferwasmade.
D)
mustdeclinetheoffer.
Question:
8-29595
JoeyBalder,CFA,wasapproachedbythemanagementofFlagshipInvestmentManagersaboutbecomingFlagship’sSouthtownbranchsupervisor.Balderisreluctanttoacceptthepositionbecausecertaincomplianceprocedureshavenotbeenadoptedinthatbranch.
Baldershould:
A)
discusshisconcernswithmanagementandtellthemhewillnotacceptthepositionunlessanduntilheisgivenauthoritytoresolvethem.
B)
acceptthepositiononconditionthattheproceduresareadoptedimmediately.
C)
declineinwritingtoacceptthesupervisorypositionuntilthefirmadoptsappropriateprocedures.
D)
acceptthepositionandusehisbesteffortstogettheproceduresimplementedassoonaspossible.
Question:
9-29596
SusanTateoka,CFA,preparedaresearchreportonNationalAirlines.Inpreparingherreport,TateokareliedheavilyonastatisticalrankingservicethatplacedNationalinthetop10percentofcompaniesexpectedtooutperformthemarketinthecoming12months.Tateokareleasedthereportandthenproceededtoaddthispositiontoallofherportfolios,includingtheportfolioofJimandJuneRose,whoalreadyowned6airlinestocksandwereseverelyoverweightedinthatindustry,withoutspeciallyjustifyingthisposition.
Tateokahas:
A)
violatedtheCodeandStandardsbyrelyingheavilyonastatisticalrankingserviceandalsobyaddingapositiontoaportfoliowithouttakingintoaccountthecontextoftheentireportfolio.
B)
violatedtheCodeandStandardsbyaddingapositiontoaportfoliowithouttakingintoaccountthecontextoftheentireportfolio.
C)
violatedtheCodeandStandardsbyrelyingheavilyonastatisticalrankingservice.
D)
notviolatedtheCodeandStandards.
Question:
10-29597
JoshuaRosenberg,CFA,coversNorthwestImplements,afarmimplementmanufacturer,whosemainfactoryislocatedinasparsely-inhabitedregionsixhoursbyautomobilefromthenearestairport.Northwesthasitsowncorporatejetandalandingstripislocatednearthefacility.WhenRosenbergcontactsNorthwest’smanagementtogatherinformationforareportheispreparingonthecompany,Northwest’schieffinancialofficer,ThomasBlake,invitesRosenbergtovisitNorthwest’sheadquartersandmeetwithmanagement.BlakeofferstosendNorthwest’scorporatejettopickRosenbergupfromanairportnearRosenberg’shomeandtoreturnhimhomethesameevening.Rosenbergestimatesthatitwouldrequirethreedaysforhimtomakethevisitusingcommercialtravel.
IfRosenbergacceptsBlake’sofferandmakesthetriptoNorthwest’sheadquartersonthecorporatejet,Rosenberg:
A)
hasnotviolatedtheCodeandStandardsifhistripwasentirelydevotedtobusinessevenifNorthwestpaysalloftheexpensesofthetrip.
B)
hasnotviolatedtheCodeandStandardsifRosenbergdisclosesthetripandthepaymentofhistravelexpensesinRosenberg'sreport.
C)
hasnotviolatedtheCodeandStandardsaslongashereimbursesNorthwestforthecostofthetrip.
D)
hasviolatedtheCodeandStandardsifheproceedstowritethereport.
Question:
11-29598
AlanCramer,CFA,practicesinacountrythatdoesnotregulatetheinvestmentofcompanyretirementplans.HewasretainedbyBinghamCompaniestomanagetheircorporatepensionplan.Bingham’smanagementhasapproachedCramerandrequestedthatCramerinvesttheentireplaninBinghamstock.
Cramermay:
A)
investaportionoftheretirementplaninBinghamCompanystockiftheinvestmentisprudentandifhekeepstheoverallportfolioproperlydiversified.
B)
investalloftheretirementplanassetsinBinghamCompanystockaccordingtomanagement'srequestonlyifCramercandocumentthattheinvestmentismoreprudentthananyotherinvestmentopportunityhefinds.
C)
immediatelyterminatehisrelationshipwiththeplanbecauseoftheconflictofinterestraisedbythemanagementcontact.
D)
notinvestanyofBinghamCompany'sretirementplaninitsownstockregardlessofthestock'sprospectsandinspiteofmanagement'srequest.
Question:
12-29599
CharmaineTownsend,CFA,hasbeenmanagingagrowthportfolioforherclientsusingascreeningprocessthatidentifiescompaniesthathavehighgrowthrates.Townsendhasdecidedthat,becauseofavolatileeconomy,sheisgoingtoadoptavaluestrategyusingascreeningprocessthatidentifiescompaniesthathavelowprice-earningsmultiples.
TownsendwillviolatetheCodeandStandardsifshemakesthischangeinherinvestmentprocesswithout:
A)
notifyingherclientsbeforeshemakesthechange.
B)
promptlynotifyingherclientsaftershemakesthechange.
C)
gettingwrittenpermissionfromherclientsinadvanceofthechange.
D)
gettingpromptwrittenacknowledgmentofthechangefromherclientswithinareasonabletimeafter
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- Level EXAM Afternoon
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