2020年CFA考试《CFA一级》章节练习题精选

2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Ethical and Professional Standards5道练习题，附答案解析，供您备考练习。

1、Francesca Ndenda, CFA, and Grace Rutabingwa work in the same department for New AgeManagers, with Rutabingwa reporting to Ndenda. Ndenda learns that Rutabingwa received a Noticeof Enquiry from the Professional Conduct Program at CFA Institute regarding a potential cheatingviolation when she sat for the CFA exam in June. As Rutabingwa's supervisor, Ndenda is afraid thatRutabingwa's behavior will be seen as a violation of the Code and Standards. Does Ndenda mostlikely have cause for concern?【单选题】

A.No, not until Rutabingwa is found guilty of cheating

B.Yes

C.No, because her responsibilities do not apply

正确答案:C

答案解析:A supervisor's responsibilities relate to detecting and preventing violations by anyone subject to theirsupervision or authority regarding activities they supervise. Ndenda had no way of detecting and/orpreventing Rutabingwa from cheating during the CFA exam, if in fact that is what she did, because itwas an event she did not attend.
CFA Level I
"Guidance for Standards I-VII," CFA Institute
Standard IV(C)

2、Dilshan Kumar, CFA, is a world-renowned mining analyst based in London. Recently, he received an invitation from Cerberus Mining, a London Stock Exchange listed company with headquarters in Johannesburg, South Africa. Cerberus asked Kumar to join a group of prominent analysts from around the world on a tour of its mines in South Africa, some of which are in remote locations, not easily accessible. The invitation also includes an arranged wildlife safari to Krueger National Park for the analysts. Kumar accepts the invitation, planning to visit other mining companies he covers in Namibia and Botswana after the safari. To prevent violating any CFA Institute Standards of Professional Conduct, it is most appropriate for Kumar to only accept which type of paid travel arrangements from Cerberus?【单选题】

A.Ground transportation to Krueger National Park

B.Economy class round trip ticket from London to Johannesburg

C.Flights on a private airplane to the remote mining sites in South Africa

正确答案:C

答案解析:“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level I, Vol. 1, Reading 2, Standard I (B) Independence and Objectivity
Study Session 1–2–c
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
C is correct because Standard I (B) Independence and Objectivity requires members and candidates to use reasonable care and judgment to maintain their independence and objectivity in their professional activities. Best practice dictates that Kumar only accept transportation to the remote mining sites in that it is unlikely he would be able to source commercial flights to the locations and ground transport may not be viable. Because Kumar would normally visit mining sites around the world as part of his job and because he is combining this trip with trip to other mine sites in different countries, it would be inappropriate for Cerberus to pay for the analyst’s travel expenses from London. Although Kumar could go on safari with the group of analysts, he should pay his own way so as to restrict any influence such a gift could possibly have when making his investment recommendations on Cerberus.

3、Miranda Grafton, CFA, purchased a large block of stock at varying prices during the trading session. The stock realized a significant gain in value before the close of the trading day, so Grafton reviewed her purchase prices to determine what prices should be assigned to each specific account. According to the Standards of Practice Handbook, Grafton's least appropriate action is to allocate the execution prices:【单选题】

A.across the participating client accounts pro rata on the basis of account size.

B.across the participating client accounts at the same execution price.

C.on a first-in, first-out basis with consideration of bundling orders for efficiency.

正确答案:A

答案解析:According to Standard III (B) best practices include allocating pro rata on the basis of order size, not account size. All clients participating in the block trade should receive the same execution price and be charged the same commission. 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard III(B)

4、Preeta Singh, a CFA Candidate, is an asset manager employed by a fund management company managing very large segregated pension funds. In her spare time outside of working hours, Singh likes to provide management-consulting services to small companies to help grow their businesses, focusing on strategic planning. Singh is paid for the consulting services and has also provided her employer information about these outside activities. Does Singh most likely violate the CFA Code of Ethics with regard to Duties to Employers?【单选题】

A.No.

B.Yes, with regard to loyalty.

C.Yes, with regard to additional compensation arrangements.

正确答案:A

答案解析:“Guidance for Standards I-VII,” CFA Institute
2011 Modular Level I, Vol. 1, pp. 90-91, 99
Study Session 1–2–b
Distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
A is correct because Singh does not violate any Standard relating to Duties to Employers. She conducts unrelated non-competitive services to clients outside of business hours and thus does not deprive her employer of the advantage of her skills and abilities, nor is there any indication she divulges confidential information or otherwise causes harm to her employer. She has informed her employers about her outside activities.

5、Amanda Covington, CFA, works for McJan Investment Management. McJan employees must receive prior clearance of their personal investments in accordance with McJan’s compliance procedures. To obtain prior clearance, McJan employees must provide a written request identifying the security, the quantity of the security to be purchased, and the name of the broker through which the transaction will be made. Precleared transactions are approved only for that trading day. As indicated below, Covington received prior clearance.

Two days after she received prior clearance, the price of Stock B decreased, so Covington decided to purchase 250 shares of Stock B only. In her decision to purchase 250 shares of Stock B only, did Covington violate any CFA Institute Standards of Professional Conduct?【单选题】

A.Yes, relating to diligence and reasonable basis

B.No

C.Yes, relating to her employer's complicance procedures

正确答案:C

答案解析:Prior-clearance processes guard against potential and actual conflicts of interest; members are required to abide by their employe's compliance procedures. (See Standard VI(B)). 2014 CFA Level I "Guidance for Standards I-VII," CFA Institute Standard V(A), Standard VI(B)