sell” indicates that the trader is unwilling to sell below $85. Thus, the trader faces a maximum loss of $15 ($100 – $85).   CFA Level I “Market Organization and Structure,” Larry Harris Section 6.2   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： CFA如何报名？（内含详细报名流程） 如何才能取得CFA证书？ CFA一级大三可以考吗？一级的含金量有一级大三可以考吗？一级多高?  

Question： Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notices there are  substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?  A. Complete a thorough and diligent analysis of the company and then sell the stock.  B. Sell the stock immediately because she has a reasonable basis for taking this investment action.  C. Take no investment action.  Answer = C  The information concerning the qualified opinion is material. It is also nonpublic because it has not been released and is not available online, so the mosaic theory would not hold up in this case. As a result, she would be in violation of Standard II(A)–Material Nonpublic Information if she took investment action based on this information. She should also make reasonable efforts to achieve public dissemination of the information. CFA Level I "Guidance for Standards I–VII" 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】 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： 要进投行？是不是必须要考CFA！？ CFA一级权益复习一级策略  

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： CFA一级大三可以考吗？一级的含金量有多高? CFA二级比一级难在哪里？ CFA二级怎么学效率高，听听满分考一级大三可以考吗？一级的含金量有多高? CFA二级比一级生怎么说？  

Question： The total output in units and average selling prices in a hypothetical economy producing only two  products, X and Y, is provided:  If the implicit price deflator for GDP in Year 1 was 100, for Year 2, it is closest to:  A. 113.4.  B. 106.2.  C. 106.8.  Answer = A  CFA Level I "Aggregate Output, Prices, and Economic Growth," Paul R. Kutasovic and Richard G. Fritz Section 2.1.2     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： CFA考试介绍及难度 95后，结婚，生孩子，考CFA，这就是我的经历  

for Standards I–VII" Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program, Standard I(D)–Professionalism, Standard IV(A)–Duty to Employers   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考试经验丨金融小硕6个月攻下CFA二级考经攻略分享 CFA考点解读丨CFA重难点分享——财务报告与分析 【CFA备考】CFA一级考试备考一级技巧

Question： According to the CFA Institute Code of Ethics and Standards of Professional Conduct, trading on material nonpublic information is least likely to be prevented by establishing: A. personal trading limitations. B. selective disclosure. C. firewalls. Answer = B Selective disclosure occurs when companies discriminate in making material nonpublic information public. Corporations that disclose information on a limited basis create the potential for insider-trading violations. See Standard II(A). CFA Level I "Guidance for Standards I-VII," CFA Institute Standard II(A)     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、CPA、FRM、ACCA 各自的优劣势及持证人从业方向 只考CFA一级有用吗？ 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考一级有用吗？ 零基础、跨专业CFA一级方式

Question： Credit spreads are most likely to narrow during:  A. economic contractions.  B. economic expansions.  C. a period of flight to quality.    Answer = B  Credit spreads narrow during economic expansions and widen during economic contractions. During  an economic expansion, corporate revenues and cash flows rise, making it easier for corporations to  service their debt, and investors purchase corporates instead of Treasuries, thus causing spreads to  narrow.  CFA Level I  "Fundamentals of Credit Analysis," Christopher L. Gootkind  Section 6    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： 要进投行？是不是必须要考CFA！？ CFA一级权益复习策略 CPA证书和CFA证书哪个比较难考？哪个比较一级实用？  

 Witschi Sections 4.1, 4.29     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： CFA考试介绍及难度 CFA协会女子奖学金申请了吗？CFA小仙女们福利！

Question： In setting the confidence interval for the population mean of a normal or approximately normal distribution, and given that the sample size is small, Student's t-distribution is the most appropriate approach when the variance is:  A. unknown.  B. large.  C. known.  Answer = A  When the sample size is small (and the population is normally or approximately normally distributed), the Student's t-distribution is preferred if the variance is unknown.  CFA Level I  "Sampling and Estimation," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.  Runkle  Section 4.2      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： 这可能是目前zui快通过CFA、FRM双证的捷径了 通过CFA一级需要一级花费多长时间？

Question： The minimum rate of return an investor must receive in order to accept an investment is best described as the: A. internal rate of return. B. required rate of return. C. expected return. Answer = B The required rate of return is the minimum rate of return an investor must receive in order to accept an investment. CFA Level I "The Time Value of Money," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 2     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【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、CPA、FRM、ACCA 各自的优劣势及持证人从业方向 只考CFA一级有用吗？ 零基础、跨专业CFA一级10A心得，一千个考友就有一千种备考一级有用吗？ 零基础、跨专业CFA一级方式