CFA 2018 quest bank answers reading 38 answers

?JJ$D&ÿ9(:$;N%ÿJ(G$D?%&%ÿ(Jÿ%ÿ)$&ÿD?%Cÿ>(%'&()O

P(G$ÿ)$&ÿD?%Cÿ')ÿ:(&Cÿ&C$ÿ%C(G&$G=ÿJ(G$D?%&ÿ?)Eÿ&C$ÿ;()QI&$G=ÿJ(G$D?%&L

R(ÿ$JJ$D&ÿ()ÿ&C$ÿ%C(G&$G=ÿJ(G$D?%&ÿ:#&ÿ$%%ÿ)$&ÿD?%Cÿ')ÿ&C$ÿ;()Q&$G=ÿJ(G$D?%&L

R(ÿ$JJ$D&ÿ:$D?#%$ÿ&C'%ÿ&?)%?D&'()ÿE($%ÿ)(&ÿ?JJ$D&ÿ#&#G$ÿD?%CÿJ(B%L

WC$ÿ(>$G?&')QÿD@D;$ÿ'%ÿE?@%ÿ(Jÿ)F$)&(G@ÿ>;#%ÿE?@%ÿ(Jÿ$D$'F?:;$%LÿWC$ÿD?%CÿD()F$G%'()ÿD@D;$ÿ'%ÿ&C$ÿ(>$G?&')QÿD@D;$ÿ=')#%ÿE?@%ÿ(J

>?@?:;$%LÿWC$G$J(G$Aÿ?F$G?Q$ÿE?@%ÿ(Jÿ>?@?:;$%ÿ?G$ÿ&C$ÿ(>$G?&')QÿD@D;$ÿ=')#%ÿ&C$ÿD?%CÿD()F$G%'()ÿD@D;$Lÿ,#)C';%ÿ?F$G?Q$ÿE?@%(Jÿ>?@?:;$%ÿj8.0ÿI8^Kÿkÿ8Klÿ?G$ÿ;$%%ÿ&C?)ÿ]'$GD$N%ÿ?F$G?Q$ÿE?@%ÿ(Jÿ>?@?:;$%ÿj8K0ÿI8^0ÿkÿH0lLmC'DCÿD(=>?)@ÿC?%ÿC'QC$G

?F$G?Q$ÿE?@%ÿ(Jÿ)F$)&(G@ÿ(Gÿ$D$'F?:;$%ÿD?))(&ÿ:$ÿE$&$G=')$EÿJ(=ÿ&C$ÿ')J(G=?&'()ÿ>G(F'E$EL

9$J$G$)D$%

123ÿX7ÿU$%%'()ÿ88ÿYÿ9$?E')QÿH7ÿYÿZ[UÿD

131ÿ317

\$@ÿ<()D$>&%ÿ:@ÿZ[U

=%&%ÿ-1'ÿ+()ÿÿ%ÿQR89ÿ(,,),)(ÿ?)ÿ&+,()3ÿ(ÿ&+,(-4ÿ5+ÿÿ%))+ÿ&)T

#:YX:

: GX:

#:WWX:

;<,1((

*16ÿ011*7:ÿ\+ÿ1)-ÿ/ÿ.(-112ÿ-ÿ+ÿ2,ÿ0ÿ9)ÿ+-ÿ-(ÿ(ÿ-(ÿÿ-//,-61ÿ-7ÿ+17ÿ

12ÿ/-.(ÿ0ÿ/(ÿ(-+(ÿ+-ÿ,/0/ÿ(ÿ0ÿ/(:ÿ\+ÿ-+(ÿ/ÿ+17ÿ-ÿ+ÿ4/9ÿ*+ÿ*1

9(ÿ+ÿ,(1:ÿ\+ÿZ-12ÿ/ÿ+17ÿ-ÿ.71ÿ0(ÿ+ÿ/(7Z-12ÿ0ÿ+ÿ9)ÿÿ+ÿ,(1:ÿ\+a+(aÿ/ÿ)-2ÿ6ÿ7ÿ0(ÿ,(1ÿ(Z()ÿÿ/9(7ÿÿ+ÿ0ÿ(ÿ/8ÿ/+ÿ-ÿ-7.ÿ(ÿ,(

@-)ÿ%ÿLÿ/),-2ÿ/-ÿ6ÿ/),-(7ÿ*+ÿ+(ÿÿÿ7(2ÿ62ÿ(1-.ÿÿ0-/-1ÿ-ÿÿ7(2ÿ():ÿb*9(8/-(ÿ)ÿ6ÿ-3ÿ6/-ÿ)-2ÿ(-ÿ-(ÿ7(25,/0/8ÿ6ÿÿ-11-ÿ-(ÿ),(-ÿÿ-117(:

@-)ÿÿK),-(.ÿ-ÿ/),-2ÿÿ+ÿ9(-11/)2ÿÿ1ÿ6/-ÿ9(-116ÿ/7ÿ-(ÿ/-1/+-..:ÿ@,/0/-1128ÿÿÿÿ+ÿ/-ÿ+-ÿ-/-1ÿ-ÿ7ÿÿ),(9ÿ*+ÿ+ÿ/)2ÿÿ(.ÿ-7ÿ*-3ÿ7(

((1ÿ+(,ÿ2?ÿ@,**-ÿB(DÿB**3.ÿ*ÿ.ÿ+ *+(1ÿ)()*ÿ,(ÿ+(ÿBÿ)(2ÿ003,ÿ,12(/ÿ(1ÿ.*(+(,ÿ312ÿBÿ())*)*(ÿ*(.ÿ0*ÿ2(1.ÿ3,ÿ(ÿ)*2+(B1ÿ,**-ÿ2ÿ0*ÿ+(,?

3+ÿ+&ÿ)/ÿ+&ÿ2ÿ3++'ÿ2/0ÿ&3ÿ)ÿ)/ÿ&+/+'ÿT/+ÿ)/ÿ,ÿ2ÿ&+/+'ÿH)5-ÿ[,0ÿ2+H)5+(&*ÿ)/ÿ+0)0ÿ/Hÿ)0+'ÿ)+ÿ&/)+*ÿ+&ÿ2ÿ1/*-

72+&

01234567ÿ896:;ÿ<ÿÿ=ÿ7)/0ÿ>ÿ=ÿ?@<ÿ)

A2BC42DÿEC4295CB;

F*ÿG&(ÿH*ÿ?@<

cEdÿeÿ^D^`ÿgÿKT'hT^Lÿeÿ&D)T`

@@28ÿ<1ÿ<ÿ@761+ÿ<1ÿ3(ÿ<((7ÿ2*8+ÿ<1ÿ<ÿ8(+ÿ1=(1BÿF9>ÿ@76(Gÿ318ÿÿ<ÿ@(((19

2ÿAÿ6(78ÿ@(ÿA(ÿ=7ÿ?28ÿ3ÿ278ÿ18ÿ2D2+ÿÿ((@=9ÿVÿ2ÿAÿ6(78ÿ@(+ÿ+6ÿÿ166(6(118ÿ@1ÿ6(=8ÿ<ÿ@1(+ÿA:32+ÿÿ@(1ÿ+28ÿ?<ÿ<ÿ1A+ÿ18ÿ2*8+ÿ@(1ÿ166(6(1ÿA(ÿ<ÿA79'A(@

HIJKÿLÿ!!ÿMÿ'18Bÿ$"ÿMÿNOLÿ

P8Q8Sÿ 8IRQK

U+ÿ5@6ÿ3+ÿNOL

012034056789ÿ47ÿ0ÿ73ÿ4 186ÿ1046ÿ7626 197834ÿ6634056ÿ9ÿ374ÿ03ÿ0338061ÿ046ÿ97ÿ03374ÿ6ÿ7061164ÿ47ÿ4 9ÿÿ6483ÿ73ÿ 46ÿ326946349ÿ 035ÿ7ÿ7ÿ4 197834ÿ8471046ÿ7ÿ7ÿ7ÿ4 186ÿ10469069ÿ346694ÿ376ÿ7ÿ37ÿ012034056

!666369

"#$%&'()ÿ+,(-.ÿ/69973ÿ00ÿ1ÿ!60135ÿ23ÿ1ÿ45/ÿ

6$78&$9ÿ:8&$,'87

;6ÿ<73649ÿÿ45/

012034056789ÿ47ÿ0ÿ73ÿ4 186ÿ1046ÿ7626 197834ÿ6634056ÿ9ÿ374ÿ03ÿ0 3380 61ÿ046ÿ97ÿ03374ÿ6ÿ7061164ÿ47ÿ4 9ÿÿ6483ÿ73ÿ 46ÿ326946349ÿ 035ÿ7ÿ7ÿ4