CFA一级考试历年真题精选及答案0519-4

1、CFA一级考试历年真题精选及答案0519-41. Whichofthefollowingstatementsismostaccurate?Aprofession'scodeofethics:A. includesstandardsofconductorspecificbenchmarksforbehavior.B. ensuresthatallmembersofaprofessionwillactethicallyatalltimes.publiclycommunicatesthesharedprinciplesandexpectedbehaviorsofaprofession'

2、;smembers.2. Whichofthefollowingstatementsismostaccurate?A. Largefinancialrewards,suchasbonuses,arethemostpowerfulsituationalinfluences.B. Whendecisionsmakingfocusesonshort-termfactors,thelikelihoodofethicalconductincreases.C. Situationalinfluencescanmotivateindividualstoactintheirshort-termself-int

3、erestswithoutrecognizingthelong-termrisksorconsequencesforthemselvesandothers.3. Whichofthefollowingstatementsismostaccurate?Investmentprofessionalshaveaspecialresponsibilitytoactethicallybecause:A. theindustryisheavilyregulated.B. theyareentrustedtoprotectclients'assets.C. theprofessionrequires

4、compliancewithitscodeofethics.4. Whichofthefollowingstatementsismostaccurate?A. Alllegalbehaviorisethicalbehavior.B. Someethicalbehaviormaybeillegal.C. Legalstandardsrepresentthehigheststandard.5. Whichofthefollowingstatementsismostaccurate?A. Increasedregulationsarethemostusefulmeanstoreduceunethic

5、albehaviorbymarketparticipants.B. Regulatorsquicklydesignandimplementlawsandregulationstoaddresspracticesthatadverselyaffectthefairnessandefficiencyofmarkets.C. Newlawsdesignedtoreduceoreliminateconductthatadverselyaffectsthemarketscancreateopportunitiesfordifferent,butsimilarlyproblematic,conduct.答

6、案I.Solution:C.Aprofessioncocteofethicspubliclycommunicatesthesharedprinciplesandexpectedbehaviorsofaprofession'smembers.Theexistenceofacodeofethicsdoesnotensurethatallmemberswillbehaveinamannerconsistentwiththecodeandactethicallyatalltimes.Aprofessionwilloftenestablishadisciplinaryprocesstoaddre

7、ssallegedviolationsofthecodeofethics.Aprofessionmayadoptstandardsofconducttoenhanceandclarifythecodeofethics.2.Solution:C.Situationalinfluencescanmotivateindividualstoactintheirshort-termself-interestswithoutrecognizingthelong-termrisksorconsequencesforthemselvesandothers.Largefinancialrewardsarepow

8、erfulsituationalinfluences,butinsomesituations,othersituationalinfluences,suchasloyaltytocolleagues,maybeevenmorepowerful.3.Solution:B.assetsInvestmentprofessionalshaveaspecialresponsibilitybecauseclientsentrustthemtoprotecttheclients4.Solution:B.Someethicalbehaviormaybeillegal.Civildisobedienceisanexampleofwhatmaybeillegalbehaviorthatsomeconsidertobeethical.Legalandethicalbehavioroftencoincidebutnotalways.Standardsofconductbasedonethicalprinciplesmayrepresentahigherstandardofbehaviorthanthebehaviorrequiredbylaw.5.Solution:C.