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  

Question： An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:  A. shakeout stage.  B. mature stage.  C. embryonic stage.    Answer = C  An embryonic industry is one that is just beginning to develop and is characterized by slow growth, high prices, volumes not yet sufficient to achieve meaningful economies of scale, developing distribution channels, and low brand loyalty because there is low customer awareness of the industry’s product.   CFA Level I “Introduction to Industry and Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly Section 5.1.5.1 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？ 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： 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？  

Question： Which of the following is least likely a part of the execution step of the portfolio management process?  A. Portfolio construction  B. Security analysis  C. Performance measurement    Answer = C  Performance measurement is a part of the feedback step of the portfolio management process. The execution step includes asset allocation, security analysis, and portfolio construction.  CFA Level I  "Portfolio Management: An Overview," Robert M. Conroy and Alistair Byrne  Section 4    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一级企业理财的学习策略 要进投行？是不是必须要考一级CFA！？  

, not bondholders. The other  two rights are embedded options granted to bondholders.  CFA Level 1  "Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox  Section 5.1   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一级权益复习策略 CFA考试难吗？适合哪些人考？ CPA证书和CFA证书哪个比较难考？哪个比较一级实用？

,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 2.2     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： FRM和CFA有什么不同，哪个容易找工作？ CFA一级大三可以考吗？一级的含金量有多高? CFA二级比一级难一级大三可以考吗？一级的含金量有多高? CFA二级比一级在哪里？

Question： The option-free bonds issued by ALS Corp. are currently priced at 108.50. Based on a portfolio  manager's valuation model, a 1bp increase in interest rates will result in the bond price falling to  108.40, whereas a 1bp decrease in interest rates will result in the bond price rising to 108.59. The  price value of a basis point (PVBP) for the bonds is closest to: A. 0.190.  B. 0.095.  C. 0.088.    Answer = B  The bond's PVBP is computed using  so,  CFA Level 1  "Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith  Section 3.5    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一级权益复习策略 CFA考试难吗？适合哪些人考？ 这可能是目前zui快通过CFA、FRM双证一级的捷径了  

Question： A technical analyst observes a head and shoulders pattern in a stock she has been following. She notes the following information:  Based on this information, her estimate of the price target is closest to:  A. $59.50.  B. $48.00.  C. $44.50.  Answer = B  Price target = Neckline − (Head − Neckline). In this example, Price target = $65.75 − ($83.50 − $65.75) = $65.75 – $17.75 = $48.00.  CFA Level I  "Technical Analysis," Barry M. Sine and Robert A. Strong  Section 3.3.1.3      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： CFA和FRM的区别 这可能是目前zui快通过CFA、FRM双证的捷径了

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？

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一级权益复习策略 CFA考试难吗？适合哪些人考？ 通过CFA一级需要一级权益复习策略 CFA考试难吗？适合哪些人考？ 通过CFA一级花费多长时间？