[单项选择]Walter Fritz, CFA, is a director of research with Hilton Brokerage and supervises all the industrial analysts at Hilton. The industrial analysts at Hilton are organized into teams according to research universe, and team leaders are responsible for the teams' training and investment decision. According to the Standards of Professional Conduct relating to responsibility of supervisor, Fritz is least likely required to:（）
A. delegate supervisory responsibility to the team leaders for any illegal or unethical actions.
B. instruct team leaders about methods to prevent and detect violations of laws, regulations, firm policies and the Code of Ethics and Standards of Professional Conduct.
C. make reasonable efforts to ensure that the procedures are monitored and enforced once compliance procedures are established.

[单项选择]The director of the research institute came in person to ______ that everything was all right.
A. make out
B. make sure
C. make clear
D. make up

[单项选择]Benjamin Franklin, CFA, does research about consumer surplus and producer surplus. The deadweight loss from a perfectly competitive market is most likely:（）
A. greater than the deadweight loss of a monopoly market.
B. less than the deadweight loss of a monopoly market.
C. equal to the deadweight loss of a monopoly market.

[单项选择]Jack George, CFA, does research about financial leverage and gathers the following information about a company (in millions):

	2011	2010
Interest expense	$15	$15
Net profit margin	12.0%	9.0%
Total asset turnover	2.0	2.2

If return on equity decreased over the same time period, the company's financial leverage most likely:（）
A. decreased.
B. remained the same.
C. increased.

[单项选择]Helen Hawke, CFA, does research about foreign exchange market. Hawke gathers the following information about currency spot rates:

	Spot Rate
CAD/USD	0.9811
EUR/USD	1.2388

Note: CAD/USD exchange rate quote convention is CAD per USD.
CAD=Canadian dollar, USD=U. S. dollar, EUR=euro.
The cross-rate EUR/CAD is closest to:（）
A. 0.7920
B. 1.2154
C. 1.2627

[单项选择]Andre Shrub, CFA, does research about the production function approach to analyzing the sources of economic growth. Total factor productivity best reflects the portion of economic growth related to:（）
A. technology.
B. labor.
C. capital.

[单项选择]Brendan Witt, CFA, does research about the Fisher effect. Which of the following statements is most accurate about the Fisher effect in the long term（）
A. Changes in the nominal interest rate are the result of changes in the real interest rate only.
B. Changes in the nominal interest rate are the result of changes in the expected rate of inflation only.
C. Changes in the nominal interest rate are the result of changes in both the real interest rate and the expected rate of inflation.

[单项选择]Babu Dhaliwal, CFA, does research about foreign exchange market. The euro per Argentine peso (EUR/ARS) spot rate is 0.1789 and the forward rate is at a discount of 0.27%. The forward rate is closest to:（）
A. 0.1741
B. 0.1784
C. 0.1794

[单项选择]Michael Papis, CFA, does research about fiscal policy. According to the tools of fiscal policy, adjustments to direct taxes are most likely:（）
A. less difficult to implement quickly than adjustments to indirect taxes.
B. equally difficult to implement quickly compared with adjustments to indirect taxes.
C. more difficult to implement quickly than adjustments to indirect taxes.

[单项选择]Kristen Chandler, CFA, has been doing research about different types of goods. Which of the following goods has a positively sloped demand curve as a result of the negative income effect overweighting the positive substitution effect（）
A. Veblen.
B. Giffen.
C. Inferior.

[单项选择]Etienne Gagne, CFA, is an independent research analyst covering some unknown small companies and its shares are traded over-the-counter. Gagne is hired to write research report about these small companies who pay him for her service. Gagne issues research reports on these small companies to retail and institutional clients who also pay him for his research report. Gagne doesn' t disclose these small companies' payment to her research clients. Has Gagne most likely violated the Standards of Professional Conduct（）
A. No.
B. Yes, relating to refeITal fees.
C. Yes, relating to conflicts of interests.

[单项选择]Cindy Grant, CFA, a research analyst for a Canadian brokerage firm, has specialized in the Canadian mining industry for the past 10 years. Grant developed an analytical model for equity valuation of companies in mining sector while at Jefferson Investments Company (JLC). Grant leaves JLC and sets up a competing new firm. Grant takes her analytical model and other supporting documentation with her to her new firm because she believes she created this analytical model by herself. Has Grant least likely violated the Standards of Professional Conduct（）
A. Yes, relating to record retention.
B. Yes, relating to loyalty to employer.
C. Yes, relating to diligence and reasonable basis.

[单项选择]Jenny Hein, CFA, is a research analyst covering a mining industry. Hein has prepared a research report on one mining company based on research from a variety of sources and other analysts. Hein combines these materials to form her own opinion and completes the report without acknowledge her sources in her report. Then Hein distributes the report to her clients. Has Jenny most likely violated the Standards of Professional Conduct（）
A. No.
B. Yes, by failing to cite the work of others in her report.
C. Yes, by failing to have reasonable basis for her opinion.

[单项选择]

Wesley Whitcomb, CFA, participated as a CFA examination grader in 2012. Prior to participating in grading CFA examinations, Whitcomb was required to sign a CFA Institute Grader Agreement drafted by CFA Institute stating that graders are not to reveal or discuss the exam materials with anyone except CFA Institute staff and other graders. Several weeks after the conclusion of the CFA exam grading, Whitcomb returns to his office and is having dinner with several colleagues some of who are the Level Ⅲ candidates in the CFA Program. One of the candidates mentions that he is very disappointed about his examination this time and afraid of failing for the exam because he unintentionally made a calculation mistake when answering the first essay question of investment policy statement. Whitcomb responds by telling the candidate that he was a grader for the 2012 examination and that it would be unfortunate if the candidate did give wrong answer to that question because most candidates scored
A. A
B. B
C. C

[简答题]　Market Research

[单项选择]Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamp’s corporate headquarters and meeting with all company officers. Prior to the completion of the report, Nancy was reassigned to another project. Nell utilized his and Nancy’s research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to independence and objectivity.

[多项选择]获得CFA证书需要通过三级考试，其中，CFA一级要求( )。
A. 掌握财务分析
B. 掌握宏观/微观经济学
C. 掌握数理统计的基本理论
D. 运用所学到的金融理论，比较并推荐最合理的投资工具

[多项选择]获得CFA证书需要通过三级考试，其中，CFA一级要求掌握( )。
A. 财务分析
B. 宏渺微观经济学
C. 数理统计的基本理论
D. 运用所学到的金融理论，比较并推荐最合理的投资工具