," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 9     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： CFA备考经验丨CFA二级固定收益复习策略 金融类专业好还是金融CFA好 CPA考试难一点还是ACCA考试难一点    

通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： CFA成绩判定标准是什么？ CFA二级考试复习要注意什么？ CFA如何报名？（内含详细报名流程）  

Question： The Global Investment Performance Standards least likely require: A. nondiscretionary portfolios to be included in composites. B. non-fee-paying portfolios to be excluded in the returns of appropriate composites. C. composites to be defined according to similar investment objectives and/or strategies. Answer = A Composites (Standard IV – Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites. CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

standard-setting bodies, such as US Financial Accounting Standards Board, would have no authority.    CFA Level I  "Financial Reporting Standards," Elaine Henry, Jan Hendrik van Greuning, and Thomas R. Robinson  Section 3      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 如何才能取得CFA证书？ CFA如何报名？（内含详细报名流程） 如何才能取得CFA证书？  

Question： Claire Jones, CFA, is an analyst following natural gas companies in the United States. At an industry energy conference, the chief financial officer of Alpine Energy states that the company is interested in making strategic acquisitions. At a separate event, Alpine's head of exploration commented that he is bullish on natural gas production prospects within northeastern Pennsylvania. Jones is aware that Alpine currently has very little exposure to this region. She also knows another company in her universe, Pure Energy, Inc. is based in northeastern Pennsylvania and controls significant assets in the area. Pure Energy is highly leveraged, and Jones believes it will need to raise additional capital or partner with another firm to move to the production phase with their assets. Jones attempts to contact Alpine's chief executive officer with an unrelated question and is told he is unavailable because he is on a business trip to northeastern Pennsylvania. Jones updates her research on Pure Energy and then recommends the stock to Lisa Wong, CFA, a portfolio manager, who purchases significant positions in client accounts. The following week, Pure Energy announces it has entered into an agreement to be purchased by Alpine for a significant premium. Has either Jones or Wong most likely violated standards with regard to the integrity of capital markets? A. Yes, Jones' recommendation is based on insider information B. No C. Yes, both Jones and Wong have acted on insider information Answer = B Jones has used the mosaic theory to combine nonmaterial, nonpublic information with material public Information CFA Level I "Guidance for Standards I-VII," CFA Institute Standard II(A) Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

Question： An expansionary fiscal policy is most likely associated with:  A. an increase in capital gains tax rates.  B. crowding out of private investments.  C. an increase in government spending on social insurance and benefits.    Answer = B  Expansionary policy increases government borrowing, which may divert private sector investment from taking place (resulting in an effect known as crowding out). A rise in capital gain tax rates is a form of contractionary fiscal policy. Rises in government spending on social insurance and benefits is a form of automatic stabilizer and not due to discretionary fiscal expansion. CFA Level I “Monetary and Fiscal Policy,” Andrew Clare and Stephen Thomas Sections 3.1.1, 3.1.2, 3.1.309     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 为了CFA二级10A，那些年我走过的弯路和捷径 CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？  

【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 金融类专业好还是金融CFA好 为了CFA二级10A，那些年我走过的弯路和捷径 CFA二级考试复习要注意什么？    

in the absence of a third party. C. firm's processes and procedures are designed to calculate results in compliance with GIPS standards. Answer = B CFA Level I "Introduction to the Global Investment Performance Standards (GIPS)," CFA Institute, 2011     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 金融类专业好还是金融CFA好 为了CFA二级10A，那些年我走过的弯路和捷径 CFA二级考试复习要注意什么？

of higher inventory and lower cost of goods sold (CGS) decreases inventory turnover (CGS/Inventory) CFA Level I “Inventories,” Michael A. Broihahn Sections 3.2, 3.3, 3.5, 3.7     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 如何预习和学习 CFA？ FRM和CFA有什么不同，哪个容易找工作？ 为了CFA二级10A，那些年我走过的弯路和捷径    

CFA Level I "Guidance for Standards I-VII," CFA Institute Standard IV(C)   CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【特惠班】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： 金融类专业好还是金融CFA好 CPA考试难一点还是ACCA考试难一点 CFA成绩判定标准是什么？