Wilfred Clark, CFA, accumulated several items of nonpublic information through contacts with  computer companies. Although none of the information is"material"individually, Clark concluded  y combining the nonpublic information, that one of the companies will have unexpectedly high  earnings in the coming year. According to the Standards of Practice Handbook, Clark:   A. may not use the nonpublic information   B. may use the nonpublic information at any time to make investment recommendations and  decisions   C. must make reasonable efforts to achieve immediate public dissemination of the nonpublic  information   D. may use the nonpublic information only after gaining approval from a supervisory analyst  attesting to the information' s nonmateriality.   【答案】   B Clark may use the nonpublic information because none of the information is material.    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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

An analyst constructed the following hypothesis test: The null hypothesis means that:   A. the dependent variable is sensitive to changes in the independent variable.   B. the independent variable is sensitive to changes in the dependent variable.   C. changes in the dependent variable do not explain changes in the independent variable.   D. changes in the independent variable do not explain changes in the dependent variable.   【答案】 D the null hypothesis in this case is that the parameter of interest (slope)is equal to zero. Acceptance of the null hypothesis means that the statistical analysis indicates that changes in the independent variable do not explain changes in the dependent variable.  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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

One day before submitting his resignation of employment, Tony Spain, CFA, contacted his two largest clients to tell them of his intention to join a new firm. Spain was careful not to ask the clients to join him with his new employer, but told the clients he would be giving his resignation and starting his new position the following day. According to the Standards of practice Handbook, Spain; A. had a fiduciary duty to advise his clients of his impending departure. B. breached his duty of loyalty to his employer by telling the clients of his impending departure C. breached his duty of loyalty to the clients by failing to advise the clients of his departure sooner so the clients could assess the effect on their portfolios. D had a duty to disclose his impending departure to all clients because the change is a matter that could be expected to impair his ability to provide investment advice or take investment action.   【答案】 B Departing employees have a duty to act in the best interest of their employer until their resignations become effective. Spain was not acting in the best interest of his employer by telling clients of his impending departure.    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书籍丨CFA考试之后，这7本书值得一读 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式 CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向  

A CFA Institute member resides in Country A, where securities laws are more strict than CFA Institute Standards of Professional Conduct, and does all of his business in Country B, where securities laws are less strict than CFA Institute Standards. The laws of Country a state that  professional conduct is governed by the laws of the locality in which business is conducted.  According to the Standards of Practice Handbook, the member has a duty to adhere to:   A. the laws of country A   B. the laws of Country B   C. a basic standard of competence and diligence   D. CFA Institute Standards of professional conduct   【答案】 D When the applicable law states that the law of the locality where the business is conducted governs and that law is less strict than the Code and Standards the member must adhere to the Code and Standards.    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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles) applies unless otherwise noted  Deltax Corp, a highly profitable company, purchased a new asset on 1 January 2002 for $1,000,000.  The following information applies to the asset; ·For financial statements purposes, straight-line depreciation over 10 years with no salvage value. ·For tax purposes, three-year MACRS depreciation class with first year MACRS factor = 0.333 ·Tax rate=40%   The effect of the asset purchase on Deltax's deferred tax liability for 2002 is closest to a:   A $233,000 decrease   B $93, 200 decrease   C $93, 200 increase   D $233, 000 increase   【答案】 C   The timing difference results in an increase in deferred tax liability: ($333,000-$100,000)x0.40=$93,200   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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted  An analyst gathered the following information about a company for a fiscal year;   If the company is not subject to income taxes, the net cash flow from operations for the fiscal year is  closest to;   A $20,000   B $30,000   C $50,000   D $75,000   【答案】 B   Cash flow from operations, prepared using the direct method, is $30,000; $150,000-$60,000-$40,000-$20,000=$30,000    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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles)applies unless otherwise noted. After selling $20,000 of accounts receivable with full recourse, a company's balance sheet is as follows; None of the receivables has been collected After adjusting relevant account for the effects of the  off-balance-sheet financing. The company’s total debt-to-equity ratios is closest to:   A 1.20   B 1.25   C 1.75   D 2.00   【答案】 C   The appropriate adjustment is to increase both accounts receivable and current liabilities by the  amount of the receivables sold that have not yet been collected. Total debt-to-equity ratio;  $140,000/80,000=1.75.    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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

Assume U, S, GAAP (generally accepted accounting principles) applies unless otherwise noted  An analyst gathered the following information about a ccompany whose fiscal year ends on 31  December;   ·Net income for the year was $10.5 million   ·Preferred stock dividends of $2 million were paid for the year.   ·Common stock dividends of $3.5 million were paid for the year.   ·20 million shares of common stock were outstanding on 1 January 2002.   ·The company issued 6 million new shares of common stock on 1 April 2002.   ·The capital structure does not include any potentially dilutive convertible securities, options  warrants, or other contingent securities.   The company' s basic earnings per share for 2002 was closest to;   A $035   B $0.37   C $0.43   D $046  【答案】 A Basic earnings per share is equal to income available to common stockholders divided by the  weighted average number of common shares outstanding:  ($10,500,000-$2,000,000)/24,500,000 shares=$0.35   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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向

全国翻译专业资格考试，日语一级口译考试，对应的是一级笔译考试。报考这项考试的考生请注意他与笔译考试内容的不同，并不仅仅是考察口语部分。考试的内容有几个方面，下面就来学习一下。 全国翻译专业资格(水平)考试日语一级口译(交替传译)考试设“口译(交替传译)实务”一个科目。 1、检验应试者的口译实践能力是否达到高级翻译水平。 2、检验应试者的听力、理解、记忆、信息处理及语言表达等能力。 基本要求 1、知识面宽广，熟悉中国和日本的文化背景，中日语一级口译考试，对应的是一级日文语言功底扎实。 2、能够承担重要场合、具有实质性内容的口译工作。 3、熟练运用口译技巧，准确、完整地译出原话内容，无错译、漏译。 4、发音正确、吐字清晰

What are the mean and standard deviation of a standard normal distribution   【答案】 B The standard normal distribution(unit normal distribution) has a mean of zero and a standard deviation of one.    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书籍丨CFA考试之后，这7本书值得一读  零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考方式  CFA、CPA、FRM、ACCA 各自的优劣势及持证人从业一级方向