2019 CFA level 3 qbank r 1 2 CFA ins code of ethics and standards of prof conduct standards I–VII 1 questions

Question #4 of 181 According to CFA Institute Standards of Professional Conduct, which of the following statements about the prohibition against plagiarism is most correct?. Question #23

Trang 1

Question #1 of 181

Sandra Bulow, CFA, is responsible for updating her employing rm's website to include changes

in analysis techniques and trading procedures She is often very delinquent in making these

changes, despite working extensive hours She is aware clients are using the website to make

investment decisions, and has received complaints from the sales department as the

information on the website if often di erent from what is presented in sales meetings Bulow is

most likely:

A) in violation of Standard I(C) "Misrepresentation."

B) in violation of Standard III(B) "Fair Dealing."

C) not in violation of any Standard.

Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto He

places trades for the fund with River City Brokerage River City presents Calaveccio with a bottle

of inexpensive wine at Christmas each year Calaveccio does not disclose this fact in the

prospectus of the small cap venture fund This action is:

A) in violation of the Standard concerning disclosure of con icts to clients and prospects.

B) in violation of the Standard concerning disclosure of additional compensation

arrangements

C) not in violation of the Code and Standards.

Betsy Fox is an investment advisor who has a client, Don Gordon, who is an employment

lawyer At lunch, Fox noticed Gordon and the Chief Financial O cer of Blue Star Company at

the next table She overhears them talking and ascertains that Blue Star is about to announce

higher than expected earnings Before the earnings release, Gordon contacts Fox and asks her

to purchase 3,000 shares for his portfolio Fox:

www.ombookcentre.in

Trang 2

A) can only purchase shares for her personal account after informing all of her clients

about the potential of the increase in earnings

B) must refuse to purchase shares for Gordon.

C) can purchase shares for Gordon, but cannot ever purchase shares for her personal

account

According to CFA Institute Standards of Professional Conduct, which of the following

statements about the prohibition against plagiarism is most correct? The prohibition against

plagiarism applies to written materials:

A) and oral communications only.

B) Consulting with colleagues about opinions you reach in your research.

C) Maintaining a list of colleagues who have violated the CFA Institute standards.

The CFA Institute Code of Ethics speci es that CFA Institute Members and Candidates must do

all of the following EXCEPT:

www.ombookcentre.in

Trang 3

A) use reasonable care and exercise independent professional judgment when engaging

Which of the following is a component of the Code of Ethics?

A) Members shall not knowingly participate or assist in any violation of such laws, rules, or

regulations

B) Members shall not engage in any professional conduct involving dishonesty, fraud,

deceit, or misrepresentation or commit any act that re ects adversely on their honesty,

C) Members shall use reasonable care and exercise independent professional judgment.

Susan Nielsen, CFA, is an equity research analyst on a fact- nding property tour with 6 other

analysts to learn about Just Kittens, Inc Just Kittens sells tungsten ball-bearings and has 16

warehouses, and 20 manufacturing, research, and wholesale sales outlets scattered over 8

countries – mostly emerging markets Because of the remote location of some of the facilities,

commercial travel is e ectively unavailable Just Kittens charters a jet and various busses to

take the research analysts to the properties If Nielsen accepts these accommodations, she is

most likely:

A) not in violation of Standard I(B) "Independence and Objectivity" because commercial

travel is e ectively unavailable

B) in violation of Standard I(B) "Independence and Objectivity."

C) not in violation of Standard I(B) "Independence and Objectivity" because best practices

dictate that better access to company executives is likely to lead to more accurate and

www.ombookcentre.in

Trang 4

The Securities and Exchange Board of India (SEBI) has just enacted a new stock-trading rule

SEBI will give brokers a 10-day grace period, during which violators of the rule will be

immediately noti ed and given a chance to remedy their situation to comply with the new rule

If a CFA Institute member located in India or doing business in India unknowingly violates the

rule and then remedies the situation within the 10-day grace period, has the member violated

Standard I(A)?

A) No, because the member remedied the situation.

B) Yes, because the member did not maintain knowledge and know of the rule.

C) No, because the member unknowingly broke the rule.

All of the following are violations of Standard II(B) Market Manipulation EXCEPT:

A) exploiting di erences in market ine ciencies.

B) securing a controlling interest in an equity security in order to in uence the price of a

related derivative instrument

C) disseminating misleading information about the development of new products and

technologies

Trang 5

The following information involves two research analysts at a brokerage rm.

Erik Bagenot, CFA, is preparing a research report on Global Enterprises, Inc In preparingthe report, he uses materials from many sources For example, he uses factual

information published by Standard & Poor's Corporation without acknowledging thesource He also uses excerpts from a research report prepared by another analyst

Bagenot makes only a slight change in wording for these excerpts, but acknowledges thesource

Sally Wain, who is currently enrolled in the CFA program, is preparing a research report

on Manson Telecommunications She attends a conference in which several investmentexperts provide their views about the future prospects of this company Wain citesseveral quotations from these investment experts in her report without speci creference

According to CFA Institute Standards of Professional Conduct involving prohibition against

plagiarism, which of the following statements is CORRECT?

A) Bagenot violated the Standards, but Wain did not.

B) Both Bagenot and Wain violated the Standards.

C) Wain violated the Standards, but Bagenot did not.

CFA Institute members are required to do all of the following, EXCEPT:

A) disclose, in writing, all observed violations of security laws and regulations to the proper

regulatory authorities

B) inform their employer, clients, and potential clients of bene ts received for

recommending products or services

C) receive permission from both their employer and outside clients to engage in

investment consulting outside the rm

www.ombookcentre.in

Trang 6

According to the Code of Ethics, a member re ects credit on the profession when a member:

A) places the clients rst.

B) consults with other members on a regular basis.

C) practices in a professional and ethical manner.

According to the Code of Ethics, when practicing in a professional and ethical manner the goal

is to:

A) increase membership in CFA Institute.

B) resolve con icts between clients and employers.

C) re ect credit on members and the profession.

Michael Malone, CFA, is an investment analyst for a large brokerage rm in New York who

covers the airlines industry After hours in his personal time, Malone maintains an online blog

on which he expresses his personal opinions about various investment opportunities, including,

but not limited to, the airlines industry On his blog, he posts a very negative investment

opinion about WestAir stock Malone knows that WestAir's stock will be downgraded to a "sell"

by his rm next week Malone has most likely violated:

A) Standard VI(B) Priority of Transactions.

B) violated Standard II(A) Material Nonpublic Information.

C) violated Standard IV(A) Loyalty.

www.ombookcentre.in

Trang 7

An analyst is told by his supervisor that when he feels he should write a buy recommendation

he is free to do so, and when he feels he should write a sell recommendation he should check

with the supervisor rst This practice is most likely:

A) consistent with the Code of Ethics and Standards of Professional Conduct.

B) in violation of Standard I(B) Independence and Objectivity.

C) in violation of Standard V(B), Communications with Clients and Prospective Clients.

Jennifer Gates is an individual portfolio manager who only uses mutual funds for her clients;

she has therefore never created a portfolio of stocks She enters an Internet chat room on

investments and starts answering questions about investments She states in the chat room

that she has a CFA designation One woman in particular is interested and questions her about

the viability of creating her own stock portfolio Gates feels that this would be a mistake

because she only has $150,000 to invest, and states, "I have experience creating stock

portfolios, and it does not make sense to do so with only $150,000." The woman she has

chatted with sends her an e-mail and eventually becomes a client of hers Gates has:

A) not violated the Standards.

B) violated the Standards by misrepresenting her experience.

C) violated the Standards by soliciting business over the Internet.

A government committee has concluded that investment company fees should be disclosed to

clients each quarter and has proposed new legislation to require this Currently, the legal

requirement is to report such data annually In compliance with current legal requirements,

Dolphin Investments discloses its fees annually Eugene Shin, CFA, Dolphin's compliance o cer,

learns of the proposed changes but does not convert Dolphin's reporting to a quarterly basis

Shin's decision not to act:

A) is not a violation of the Code and Standards.

B) is a violation of his duty to employer as de ned in the Code and Standards.

www.ombookcentre.in

Trang 8

C) constitutes professional misconduct as de ned in the Code and Standards.

Which of the following statements about the responsibilities of CFA charterholders is CORRECT?

CFA charterholders:

A) are only obligated to comply with securities laws in the U.S.

B) must comply with the laws and rules governing their profession and must not engage in

any individual behavior that re ects adversely on the entire profession

C) need not comply with the laws and rules governing their profession or must not engage

in any individual behavior that re ects adversely on the entire profession

Andrea Waters is an investment analyst who has accumulated and analyzed several pieces of

nonpublic information through her contacts with drug rms Although no one piece of the

information she collected is "material," Waters correctly concluded that the earnings of one of

the drug companies would be unexpectedly high in the coming year According to CFA Institute

Standards of Professional Conduct, Waters:

A) can use the information to make investment recommendations and decisions.

B) may use the information, but only after approval from a compliance o cer or

supervisor

C) cannot legally invest or make recommendations based on this information.

www.ombookcentre.in

Trang 9

Mark Williamson is "bearish" on ABC Manufacturing Company Williamson is so convinced that

ABC is overpriced, two weeks ago, he shorted 100,000 shares Today, Williamson is "sur ng"

several popular investment bulletin boards on the internet and posting false derogatory

comments about company management According to Standard II(B), Market Manipulation,

Williamson has engaged in:

A) both transaction-based manipulation and information-based manipulation.

B) transaction-based manipulation, but not information-based manipulation.

C) information-based manipulation, but not transaction-based manipulation.

Steve Reese, CFA, an equity analyst for Bison Investments, has just completed his extensive

research on the long-term prospects of ThetaCorp, a small technology rm that creates medical

software for hospitals and other medical clinics Reese has determined that the economic

outlook for ThetaCorp warrants issuing a buy recommendation and has re ected this long-term

view in his report which is being reviewed by Bison's compliance department The head of

Bison's investment banking department, Mark Hazel, CFA, learned of the report and called

Reese to suggest that he increase his recommendation to a strong-buy in an e ort to support

Bison's bid to be retained as the lead underwriter for an upcoming bond issue by ThetaCorp

Hazel explained that the level of risk that Reese has assigned to ThetaCorp is too high and that

with a slight downward adjustment, a strong-buy recommendation would be justi ed Reese

agreed to the adjustment and updated his report which he then resubmitted to the compliance

department which gave its o cial approval for distribution According to CFA Institute

Standards of Professional Conduct, which of the following is CORRECT? Reese has:

A) not violated the Standards since he has reasonable basis to support a strong-buy

recommendation

B) violated the Standards by failing to deal fairly with all of Bison Investments’ clients.

C) violated the Standards by failing to maintain his independence and objectivity.

Lin Liu, a Level III candidate, sat for the CFA examination in June in Hong Kong Liu was very

nervous before and during the exam because she did not study the material as well as she had

www.ombookcentre.in

Trang 10

planned She feels particularly weak in the use of complex derivatives to modify portfolio risk

and return and hopes the exam will not have many questions on that topic

Liu arrived at the exam center very early and planned to do some last minute studying in the

exam room She had a large backpack with her that contained all of her study notes When she

arrived at the exam center, the proctor who was checking candidates in at the door told Liu that

she could not bring her backpack or study notes into the exam room but would need to leave

them somewhere outside the exam center Liu left the exam room and continued to study until

the very last minute She didn't know where to leave her backpack She remembered that there

was a small closet in the Ladies Lavatory, which was just outside the exam room She decided

to leave her backpack and notes hidden there

Liu showed her current passport and approved calculator to the proctor and was sent to her

assigned seat She was seated at the end of a row with another candidate to her right Wang

Chou, lead proctor, read the opening statement to candidates as the exam booklets were

distributed Wang cautioned candidates not to open the exam booklet until he instructed them

to do so

When Masako Yamasaki, the section proctor, distributed the exam booklets, Liu quickly opened

hers and began to read the rst question Yamasaki rushed over and told Liu to close her exam

booklet until Wang instructed candidates to open the booklets Liu closed her book and waited

patiently for Wang to make his announcement When instructed to open her booklet, Liu

quickly began taking the exam Liu's actions at the start of the exam cause Yamasaki to pay

close attention to her during the exam

About 50 percent of the morning session consisted of questions about derivatives Liu became

increasingly nervous about her ability to answer these questions correctly She remembered

that she had left her notes in the Ladies Lavatory and decided she had nothing to lose by going

to the lavatory and looking at her notes She raised her hand and received permission from

Yamasaki to go to the lavatory She retrieved her notes from the closet where she had hidden

them when Yamasaki entered the lavatory and found her with her notes Yamasaki informed

Liu that she would con scate the notes and inform the CFA Institute of Liu's actions in a proctor

report Liu then gathered her belongings and left the exam center

Are CFA candidates subject to the same disciplinary action for violations of the CFA Institute

Code of Ethics and Standards of Professional Conduct (Code and Standards) for their actions

during the CFA examination as other members of the CFA Institute?

www.ombookcentre.in

Trang 11

A) Yes, CFA candidates are subject to the same disciplinary action for violations of the CFA

Institute Code and Standards for their actions during the CFA examination

B) No, CFA candidates are not subject to the same disciplinary action for violations of the

CFA Institute Code and Standards during the exam since they are not members of the

C) No, CFA candidates are not subject to the same disciplinary action for violations of the

CFA Institute Code and Standards during the exam but other sanctions may still be

Several weeks after the exam, Liu received a letter from the Professional Conduct sta of the

CFA Institute's Professional Conduct Program concerning Liu's use of notes during the exam

When a proctor (complaining party) informs the CFA Institute Professional Conduct Program of

a potential violation of the Code and Standards during the examination, the CFA Institute's

Rules of Procedure permit the Professional Conduct sta to do all of the following EXCEPT:

A) disclose the name, address and phone number of the proctor (complaining party) to the

candidate regardless of the complaining party's wishes

B) designate another person to act on his or her behalf.

C) provide the candidate with a notice of inquiry explaining the nature of the investigation.

After conducting an investigation into Liu's actions, including reviewing proctor reports,

speaking with proctors, and reviewing Liu's notes, the Professional Conduct sta noti ed Liu

they were proposing the following sanction: voiding of exam results and a permanent

expulsion from participation in the CFA program Liu is devastated and determines to appeal

the proposed sanction

Which of the following best describes the option open to Liu to appeal the Professional

Conduct sta proposed sanction?

A) Liu may admit wrongdoing and enter into a stipulation agreement with the Designated

O cer for a lesser sanction

www.ombookcentre.in

Trang 12

B) Liu may reject the proposed sanction.

C) Liu may request a panel review.

Liu rejected the charges and a panel was convened to review the proposed sanction The panel

was convened by telephone and panel members heard testimony from Liu and Yamasaki Liu

admitted that she had reviewed her notes, recognized her error and expressed remorse and a

commitment to avoid violations of the Code and Standards in the future

A panel review has the authority to issue all of the following decisions with respect to sanctions

EXCEPT:

A) refer the matter back for further review.

B) impose a lesser sanction.

C) reverse the sanction.

Throughout the investigation and appeal processes, Liu was concerned that her friends and

colleagues would learn that she was under investigation and might be expelled from the CFA

Program

Which of the following circumstances would permit the CFA Institute Professional Conduct

Program to disclose information about a professional conduct investigation to external parties?

A) Criminal activity is uncovered.

B) A complaining party wants to know what the Professional Conduct Program is doing to

investigate his complaint

C) The Professional Conduct sta receives a call from a journalist about a case under

investigation

www.ombookcentre.in

Trang 13

After she received the Notice of Inquiry from the Professional Conduct sta , Liu had fully

cooperated with the investigation into her actions during the CFA Exam If a member or

candidate receives a Notice of Inquiry about an alleged violation of the CFA Institute Code and

Standards and fails to cooperate fully with the investigation, which of the following sanctions

are the Professional Conduct sta likely to impose?

A) Suspension or prohibited from further participation in the CFA Program.

B) 1-year Timed Suspension.

C) Private Censure.

Greg Allen is a security analyst and visits David Dawson, the Chief Financial O cer of Edmonds

Company Dawson reveals a great deal of nonmaterial nancial data to Allen, data that Dawson

routinely reveals to all security analysts who visit him From this data and other industry

information, Allen conjectures that Edmonds is likely to make a tender o er for another

company in the industry, a fact that if true would be considered material to the value of the

company Allen:

A) can publish his conclusion in a research report.

B) should send a copy of the report to Dawson for veri cation before disseminating the

report to clients

C) must not disseminate the information or use it for trading purposes until the tender

o er is announced

An analyst preparing a report needs to cite which of the following?

A) A recent quote from the Federal Reserve Chairman.

B) The individual who developed a chart from the same rm.

C) Estimates of betas provided by Standard & Poor's.

www.ombookcentre.in

Trang 14

Marc Randall, CFA, is an investment analyst During a meeting with a potential client, Randall's

boss states that, "You can be sure our investments will always outperform Treasury Bonds

because of our ne research sta members, like Marc." Randall knows that this statement is:

A) a violation of the Standard concerning prohibition against misrepresentation.

B) not in violation of the Code and Standards.

C) a violation of duciary duties owed to clients under the Standards.

If an analyst suspects a client or a colleague of planning or engaging in ongoing illegal activities,

which of the statements about the actions that the analyst should take is most correct?

According to the CFA Institute Standards of Professional Conduct, the analyst should:

A) consult counsel to determine the legality of the activity and disassociate from any illegal

or unethical activity if the member has reasonable grounds to believe that the activity is

B) disassociate from any illegal or unethical activity if the member has reasonable grounds

to believe that the activity is illegal or unethical

C) consult counsel to determine the legality of the activity.

A CFO who is a CFA Institute member is careful to make his press releases— some of them

containing material and previously undisclosed information—clear and understandable to his

readers While writing a new release, he often has his current intern proofread rough drafts He

also sends electronic copies to his brother, an English teacher, to get suggestions concerning

style and grammar With respect to Standard II(A), Material Nonpublic Information, the CFO is:

A) only in violation by e-mailing the pre-release version to his brother but not the intern,

because the intern is in essence an employee of the rm

www.ombookcentre.in

Trang 15

B) not in violation of the Standard.

C) violating the standard by either showing the pre-release version to his intern or sending

it to his brother

A CFA charterholder who comes to work intoxicated is:

A) not in violation of the standards.

B) in violation of Standard I(D) concerning professional misconduct.

C) in violation of Standard IV(A) concerning duties to employer.

Which of the following is a CORRECT statement of a member's duty under the Code and

Standards?

A) A member who trades securities in a foreign securities market where no applicable

local laws or stock exchange rules regulate the use of material nonpublic information

B) A member is required to comply only with applicable local laws, rules, regulations, or

customs even though the CFA Institute Code and Standards may impose a higher

C) In the absence of speci c applicable law or other regulatory requirements, the Code

and Standards govern the member's actions

A CFA charterholder gathers the closing prices of a security from a widely read publication The

charterholder uses the data as part of a report she is preparing and fails to report the data

source in the report This is:

A) a violation of Standard I(C).

www.ombookcentre.in

Trang 16

B) not a violation of Standard I(C) if the data can be gathered from several public sources.

C) not a violation of Standard I(C) if the data cannot be gathered from several public

sources

Steve Waters, a Level I CFA candidate, has decided to enter into a long position of Farmco stock

Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of

Farmco and the price will surge Waters engages in a series of block trades in order to

accomplish the purchase According to Standard II(B), Market Manipulation, Waters has

engaged in:

A) both transaction-based manipulation and information-based manipulation.

B) transaction-based manipulation, but not information-based manipulation.

C) neither transaction-based manipulation nor information-based manipulation.

Mary White, CFA, sits on the board of directors of XYZ Manufacturing, Inc She discovers that

management has knowingly participated in an activity she knows is illegal According to the CFA

Institute Standards of Professional Conduct, White is least likely to be required to:

A) seek legal advice to determine what actions should be taken.

B) report the violation to the CFA Institute Professional Conduct Program.

C) disassociate herself from the activity.

In accordance with Standard III (A) Loyalty, Prudence and Care, which of the following

statements is least accurate? Members and Candidates should:

A) utilize client brokerage to the sole bene t of the client.

www.ombookcentre.in

Trang 17

B) submit to clients, at least quarterly, itemized statements detailing all of the period’s

transactions

C) vote all proxies on behalf of clients in a responsible manner.

CFA Institute believes:

A) that a minimum level of professional responsibility and conduct dictates that members

be aware of and comply with laws, rules, and regulations governing their conduct

B) that rms should comply with all domestic laws and regulations and that these laws

also govern behavior in foreign markets, regardless of foreign laws and requirements

C) that a maximum level of professional responsibility and conduct dictates that members

be aware of and comply with laws, rules, and regulations governing their conduct

Greg Allen is a security analyst and visits David Dawson, the Chief Financial O cer of Edmonds

Company Dawson reveals a great deal of nonmaterial nancial data to Allen, data that Dawson

routinely reveals to all security analysts who visit him From this data and other industry

information, Allen conjectures that Edmonds is likely to make a tender o er for another

company in the industry, a fact that if true would be considered material to the value of the

company Allen:

A) should send a copy of the report to Dawson for veri cation before disseminating the

report to clients

B) can publish his conclusion in a research report.

C) must not disseminate the information or use it for trading purposes until the tender

o er is announced

www.ombookcentre.in

Trang 18

Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public

o ering (IPO) of NewCo Because this is Bellow's rst involvement in an IPO, he reports to an

experienced supervisor While reviewing past nancial statements provided by NewCo, Bellow

suspects that NewCo deliberately overstated its earnings for the past several quarters Bellow

seeks the advice of his rm's highly competent general counsel and follows the advice given

without deviation Based on the general counsel's advice, Bellow consults his immediate

supervisor about the suspected overstatement of earnings After reviewing the situation,

Bellow's supervisor explains why NewCo's calculations of its earnings are correct Bellow

realizes that his inexperience and exuberance initially led him to an incorrect conclusion about

NewCo's earnings

Which of the following statements about Bellow's actions involving Standard I(A), Knowledge of

the law, and Standard I(C), Misrepresentation, is CORRECT? Bellow:

A) violated Standard I(A) but did not violate Standard I(C).

B) did not violate either Standard I(A) or Standard I(C).

C) violated both Standard I(A) and Standard I(C).

Timothy Hooper, CFA, is a security analyst at an investment rm In his spare time, Hooper

serves as a volunteer for City Pride, which collects clothes for the homeless Hooper has

occasionally given some of the clothes to his friends or sold the clothes instead of returning all

of the clothing to City Pride City Pride discovers what he has been doing and dismisses him

Later, City Pride learns that other volunteer organizations have dismissed Hooper for similar

actions Has Hooper violated Standard I(D) on professional misconduct in the CFA Institute

Standards of Professional Conduct?

A) No, because Hooper's conduct is unrelated to his professional activities as a security

analyst

B) Yes.

C) No, because Hooper volunteers his services to City Pride.

Mary Montpier, CFA, is an equity analyst located in the Malaysia o ce of World Class Advisers

The rm provides investment advice and nancial-planning services globally to institutional and

www.ombookcentre.in

Trang 19

retail clients The Malaysia o ce was opened last year to provide additional international

investment opportunities for U.S clients Montpier covers small-cap stocks in the region

Montpier's supervisor, Rick Reynolds, CFA, works in New York

Jim Taylor is an analyst in New York who works at World Class Broker-Dealer, a sister company

of World Class Advisers Taylor covers health-care and biotech stocks for the rm Taylor

recently completed Level I of the CFA examination and is registered for the Level II examination

next year Taylor works for John James, CFA

Through her interaction with other analysts in Malaysia, Montpier learns that the use of

material, nonpublic information is common practice in analyst research reports and

recommendations, and is not prohibited by law in Malaysia Montpier has acquired material,

nonpublic information on the research pipeline of Circuit Secrets, a Malaysian semiconductor

company The nonpublic information makes the company seem like a ne investment After

extensive research through traditional means, Circuit Secrets appeared to be fully valued

relative to its growth potential – until Montpier found the nonpublic information

In preparation for a client meeting, James asks Taylor to prepare a research report on attractive

companies in the health-care industry Since Taylor is busy preparing for company conference

calls, James tells him to "throw something together." To meet James' request, Taylor obtains

reports on Immune Health Care and Remedy Corp., two companies that he likes, but has not

researched in depth Taylor takes the original reports, which were prepared by a small

brokerage rm in the Netherlands, adds some general industry information, incorporates

World Class's proprietary earnings-growth model, and submits "strong buy" recommendations

to James for the stocks Although written procedures require James to review all analyst reports

prior to release, time constraints consistently prevent him from reviewing the reports prior to

distribution

Montpier is proud of her CFA charter In fact, she often boasts that she is one of the elite

members of the CFA Institute that passed all three exams consecutively without failing Taylor

is also proud of the CFA program He told his friends and family the CFA designation is globally

recognized in the eld of investment management and research Furthermore, Taylor states

that he believes the program will enhance his portfolio management skills and further his

career development

In her free time, Montpier has begun consultation for members of a local investment club The

club is in the process of developing an appropriate compensation package for her services,

which to date have included nancial-planning activities and investment research Montpier

informs the investment club that she has a full-time job at World Class Advisers, which o ers

www.ombookcentre.in

Trang 20

similar services The investment club gave Montpier written permission to consult for them

despite her full-time work

To gain insight on biotech stocks, Taylor registers for an upcoming asthma study conducted by

Breakthrough Corp., through which he and others will be the subject of testing for the e cacy

of several new drugs On his application, longtime asthma su erer Taylor indicates that he has

the appropriate medical condition for the study and signs a con dentiality agreement During

the study, a researcher shows Taylor a spreadsheet detailing the progress of Breakthrough's

research pipeline Two of the new drugs on which Breakthrough is awaiting regulatory approval

have serious negative side e ects in patient testing This information con rms suspicions

Taylor had developed after extensive research and conversations with company executives

regarding nonmaterial, nonpublic information, though he was not certain about the names of

the drugs until he saw the spreadsheet At the conclusion of the study, Taylor releases a report

detailing the drugs' side e ects and recommends that clients "sell" Breakthrough Corp

Over the next two weeks, Breakthrough releases information that the drugs in question have

been held up by a regulatory agency pending additional investigation The stock plunges more

than 30 percent on the news

Which of the following is a violation of the Code and Standards?

A) Taylor sends out a resume referring to himself as a Level II CFA candidate and indicating

his intention to take the Level II test in June

B) James has dinner with Taylor and promises to provide Taylor with three weeks o in

May to study for the CFA exam and o er some test-taking tips

C) Reynolds approves Montpier’s report on Circuit Secrets immediately, but tells his

traders to wait a week before buying the stock themselves

Which of the following statements about Montpier's analysis of Circuit Secrets is CORRECT?

A) Montpier’s best course of action is to initiate coverage of Circuit Secrets as a “hold,” and

attempt to get the company to disclose the nonpublic information

www.ombookcentre.in

Trang 21

B) If Montpier prepares a research report for all World Class clients recommending Circuit

Secrets as a Buy, but does not reveal the nonpublic information, she has still violated

C) Montpier could satisfy the requirements of Standard II(A): Material Nonpublic

Information by producing a research report on Circuit Secrets for Malaysian clients, but

With regard to Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA

Program:

A) Montpier is not in compliance, and Taylor is in compliance.

B) Montpier is in compliance, and Taylor is in compliance.

C) neither Montpier nor Taylor is in compliance.

Which of the following actions could Taylor take to ensure he is not in violation of Standard I(C):

Misrepresentation?

A) Just use excerpts from the original reports, rather than copying the whole reports.

B) Base his report on information from Value Line and Standard & Poor’s reports rather

than research from rival analysts

C) Initiate coverage of Immune Health Care and Remedy Corp as holds, not strong buys,

until he has time to do further research

Which of the following statements regarding Standard IV(A): Loyalty to Employer is CORRECT?

A) By accepting compensation for his role in the medical study, Taylor is violating the

Standard

www.ombookcentre.in

Trang 22

B) Despite getting written permission from her client to consult, Montpier is not in

compliance with the Standard

C) Neither Taylor nor Montpier is in violation of the Standard.

Taylor's actions regarding Breakthrough Corp.:

A) did not violate Standard I(D): Misconduct because he did not misappropriate the

information

B) violate Standard II(A): Material Nonpublic Information because the information was not

in the public domain

C) do not violate Standard II(A): Material Nonpublic Information because he was only

con rming what he already suspected

Which of the following does NOT violate Standard I(D), Misconduct? Roland Lawson, a nancial

analyst:

A) is arrested for participating in a nonviolent protest.

B) drinks excessively during business meetings with clients and returns to work under the

in uence of alcohol

C) committed perjury in connection with a lawsuit against his rm.

The rst component of the Code of Ethics does NOT explicitly say that a CFA Institute member

will act with which of the following?

A) Integrity.

B) Competence.

www.ombookcentre.in

Trang 23

C) Solemnity.

Mega Securities, a multinational investment advisor based in the United States, employs the

following analysts who practice in multiple jurisdictions

Melissa Black, CFA, resides in Country N, which has no securities laws or regulations, butdoes business in Country L, which has securities laws and regulations that are less strictthan the Code and Standards

Tom White, a CFA Institute member, resides in Country L, but does business in Country S,which has securities laws and regulations that are stricter than the Code and Standards

According to the CFA Institute Code and Standards, which of the following statements about

Black and White is CORRECT?

Black must adhere to the

White must adhere to the

C) law of

Country L law of Country S

A copyrighted technique for measuring the downside risk of an investment has just been

revealed to the public If an analyst adopts the technique, he must cite the use of the technique

in all research reports in which the technique is used EXCEPT:

A) Neither of these answers provide grounds for an exception.

www.ombookcentre.in

Trang 24

B) if the analyst uses reasonable care and veri es that the technique provides superior

results

C) if the analyst does not modify the technique at all.

Regarding non-public information, which one of the following statements is NOT correct?

A) An analyst may use some types of non-public information.

B) Disclosing material non-public information would have an impact on the price of a

security or be of interest to a reasonable investor

C) A member can be summarily suspended for having received material non-public

information

CFA Institute members should encourage their employers to do all of the following EXCEPT:

A) make clear that dishonest personal behavior re ects poorly on the profession.

B) conduct background checks on potential employees to ensure that they are of good

character and eligible to work in the investment industry

C) require employees to write personal ethics statements.

A stockbroker who is a member of CFA Institute has a part-time housekeeper who also works

for the CEO of Festival, Inc One day the housekeeper mentions to the broker that she saw the

CEO of Festival having a conversation at his home with John Tater, who is a nationally known

corporate lawyer and consultant The stockbroker is restricted from trading on this

information:

A) for both of the reasons listed here.

www.ombookcentre.in

Trang 25

B) if the housekeeper says the meeting concerned a tender o er and the broker knows

that it is non-public information

C) only if the broker knows that the meeting is non-public information.

According to the CFA Institute Standards of Professional Conduct, Standard I(A), Knowledge of

the Law, members shall not knowingly participate or assist in any violations of laws, rules, or

regulations An analyst:

A) is held responsible for participating in illegal acts when the law is evident to anyone

knowing the law and is held responsible for violations by others when the analyst is

B) is held responsible for participating in illegal acts when the law is evident to anyone

knowing the law and can participate in a violation by having knowledge of the violation

C) must report all legal violations to the proper regulatory commission and is held

responsible for participating in illegal acts when the law is evident to anyone knowing

h l

Which of the following statements about the CFA Institute Code and Standards is most

accurate? The Code and Standards:

A) do not require that members report legal violations to the appropriate governmental or

Trang 26

According to CFA Institute Standards of Professional Conduct, which of the following is least

likely a form of misrepresentation?

A) Presenting statistical estimates of forecasts prepared by others with the source

identi ed, but without qualifying statements or caveats that may have been used

B) Attibuting speci c quotations to "leading analysts" and "investment experts" without

speci c reference

C) Using factual information published by recognized nancial and statistical reporting

services or similar sources without acknowledgment

Which of the following is a component of the Code of Ethics? CFA Institute members shall:

A) disclose to their employer all matters that reasonably could be expected to interfere

with their duty to their employer or ability to make unbiased and objective

If a CFA Institute member knows that a fellow member has violated the Code and Standards,

according to Standard I(A) the member is::

A) required to dissociate from the activity and strongly encouraged to report it

B) required to report the activity.

C) strongly encouraged to dissociate from the activity

NQX Partners is a Los Angeles-based investment rm specializing in the equities of natural

resources companies, both as an underwriter of secondary issues and as a market-maker

www.ombookcentre.in

Trang 27

Paula Braman, CFA, an analyst at NQX, is putting together a research report on Melbourne

Gold, an Australian rm She is in possession of a report distributed by a little-known Brisbane

brokerage rm, Ipswich, which has several CFA charter holders on the sta Braman also uses

market data available from the nancial press and recognized statistical sources In her report,

she uses several unaltered paragraphs and data tables from the Ipswich report as well as

nancial data from the other sources For neither of these does she provide acknowledgement

of the original source

Braman attended a lunch-time presentation put on by Melbourne Gold (MG) for

representatives of NQX and other rms During the meeting, Braman agrees to accept a trip to

Australia to visit MG's operations as well as spend several days touring Australia at MG's

expense Braman had a few drinks at the lunch-time presentation On the way back to the

o ce, she was arrested for driving while intoxicated (DWI), and this is her second o ense

Braman recently hired a personal assistant who will be partly paid by her and partly paid by

NQX The assistant had passed the level one CFA exam prior to being hired Knowing that

Braman had the CFA designation, during the application process the assistant mentioned

having passed the exam both on his resume and in the interview

For the past 10 years, Braman has served as a proctor for the CFA exam Braman tells her

assistant that she normally receives the examinations on the Thursday before the exam Given

the low pass rate at Level II, Braman asks her assistant if she would like an advance copy of the

next exam Braman's assistant declines the o er However, Braman's assistant has been very

vocal about expressing opinions about the low pass rate The assistant claims, "CFA Institute is

simply trying to increase its cash ow by continuing to fail candidates."

Initially, Braman only had the assistant type up routine forms, stu envelopes, screen calls, and

schedule meetings The assistant did nothing related to analysis or decision making Braman

has been pleased with the work of the assistant and often tells associates that she "has a level

one CFA as an assistant." Recently, Braman has allowed the assistant to write portions of

preliminary reports, which Braman reviews before incorporating them into the nal reports

With respect to the use of information in the report on MG, Braman was:

A) in violation of the Standards in the use of all the sources of data.

B) not in violation of the Standards.

www.ombookcentre.in

Trang 28

C) in violation of the Standards in the use of the Ipswich report but not the data from the

other sources

With respect to Braman's drinking and being arrested for a DWI, Braman was:

A) not in violation of the Standards.

B) in violation of the Standards with respect to both the drinking and the DWI arrest.

C) in violation of the Standards with respect to the DWI arrest but not the drinking itself.

If Braman accepts the trip to Australia as o ered by MG, based on the given information, she is:

A) not in violation of the Standards and the value of the trip is not important.

B) in violation of the Standards.

C) not in violation of the Standards if the trip’s value is not in excess of $1,000.

There was a misuse of the CFA designation by:

A) both Braman nor the assistant.

B) neither Braman nor the assistant.

C) Braman but not the assistant.

With respect to Standard VII(A), Conduct as Members and Candidates in the CFA Program:

www.ombookcentre.in

Trang 29

A) Neither Braman nor her assistant are in violation of the standard.

B) Braman is in violation of the standard but her assistant is not in violation.

C) Both Braman and her assistant are in violation of the standard.

Braman tells her assistant that she is writing a more favorable report on MG than is warranted

to secure a big bond underwriting deal with MG in the near future She is doing this at the

order of the senior management of NQX Braman gives the assistant her report on MG to type

up for dissemination The assistant types the report and helps in its dissemination With

respect to this:

A) both the assistant and Braman are in violation of the Code and Standards.

B) neither the assistant nor Braman are in violation of the Code and Standards.

C) Braman is in violation of the Code and Standards, but the assistant is not.

Which of the following is NOT an act explicitly referred to in the Code of Ethics?

A) Using reasonable care when making investment recommendations.

B) Improve professional competence.

C) Giving free introductory seminars on investing to the public.

A CFA charterholder is caught shoplifting and is sentenced to nine months in prison Is this a

violation of Standard I(D) Misconduct?

A) No, because the crime does not relate to the investment profession.

B) Yes, because the crime involved stealing.

www.ombookcentre.in

Trang 30

C) Yes, because the prison sentence is more than six months.

The rst component of the Code of Ethics does NOT explicitly say that a CFA Institute member

will act in a certain manner with respect to which of the following groups?

A) CFA Institute members and candidates in the CFA Program.

B) Prospective clients.

C) Colleagues.

Tyler Hanson, CFA was recently hired as a portfolio manager at Newton Management Inc

Hanson is concerned about several ethically questionable situations that have presented

themselves over the past few weeks, and has approached the rm's compliance o cer for

counsel as to the best course of action to take in light of each situation The compliance o cer

has o ered several suggestions to assist Hanson in evaluating the situations that he detailed in

their meeting Which of the compliance o cer's following suggestions should Hanson NOT use

in interpreting the Code and Standards to determine appropriate action?

A) Assess whether the chosen action would provide an immediate positive economic

bene t to the rm and if not, choose a di erent course of action

B) Assess whether the general public would perceive the rm more favorably if the

situation were to be objectively reported in the media and if not, choose a di erent

f i

C) Determine whether a fully informed client would likely view the chosen action favorably

and if not, choose a di erent course of action

A member who suspects that a colleague is violating the law should most appropriately:

www.ombookcentre.in

Trang 31

A) report the illegal activity to CFA Institute Professional Conduct Program for action.

B) report the illegal activity to the appropriate regulatory agency.

C) consult with the company counsel to determine if in fact a law is being violated.

Francisco Perez, CFA, CPA, is a portfolio manager for an investment advisory rm Due to the

prominence of his position, he is often invited to attend free marketing and educational events

hosted by rms which seek to inform the investment community about their investment

processes One such rm, Unlimited Horizons, has invited Perez to attend free educational

events which qualify for Continuing Education credits which could help Perez maintain his CPA

designation Perez should most likely:

A) accept the invitation as no cash compensation is involved and the primary intent is to

educate and inform the investment community

B) decline to attend the event as it could result in a violation of Standard I(A) "Knowledge

of the Law."

C) decline to attend the event as it could result in a violation of Standard I(B)

"Independence and Objectivity."

Randy Wesson is a research analyst for a large brokerage company following the chemical

industry Wesson receives a phone call from his nephew who works part-time in an airport

hospitality center for an airline while going to business school Many meetings take place at the

center on any given day The nephew tells Wesson that while bringing some faxes into a

conference room, he overheard executives of Hunt Chemical talking about the likely divestiture

of one of their subsidiaries His nephew wants to know whether that will be good for Hunt

Wesson should:

A) not use the information.

B) write a research report describing that he learned about the likely divestiture from his

nephew who works at the hospitality center

www.ombookcentre.in

Trang 32

C) write a research report describing the possibility of a divestiture, but not mention how

he learned about it

The CFA Institute Code of Ethics least likely requires a Member or Candidate to:

A) Understand and comply with all applicable laws, rules, and regulations.

B) Strive to maintain and improve the competence of others in the profession.

C) Practice and encourage others to practice in a professional and ethical manner that will

re ect credit on members and their profession

Shortly after becoming employed by Valco & Co., an investment banking rm, Stan McDowell,

CFA, learns that most of Valco's initial public o erings (IPO) are really e ected in order to pro t

management via price manipulation of the shares McDowell observes an illegal act, sanctioned

by senior management, in progress and refuses to sign o on his responsibility Instead,

McDowell takes the documentation to his supervisor and tells him he should sign it in his place

This action is:

A) a suitable reaction, and he is in compliance with the Code and Standards.

B) a violation of the Code and Standards since he is required not to knowingly participate

or assist in such an act

C) an overreaction Senior management's sanctioning of the act absolves McDowell from

his ordinary responsibility as a CFA Institute member

www.ombookcentre.in

Trang 33

Deloris Johnson, CFA, observed that her supervisor has violated a federal securities regulation.

Johnson discussed the matter with her company's compliance department but they have taken

no action According to the CFA Institute Code and Standards of Professional Conduct, Johnson

is required to:

A) dissociate from the supervisor’s activity

B) report the violation to securities regulators.

C) confront the supervisor and attempt to stop the violation.

Which of the following is a CORRECT statement of a member's duty under the Code and

Standards?

A) A member who trades securities in a country with less strict laws, rules, regulations, or

customs may follow those laws if he discloses this information to his client

B) In the absence of speci c applicable law or other regulatory requirements, the Code

and Standards govern the member's actions

C) A member is required to comply only with applicable local laws, rules, regulations, or

customs even though the CFA Institute code and Standards may impose a higher

A brokerage rm has a trading department and an investment-banking department Often the

investment-banking department receives material non-public information that would be

valuable in advising the rm's brokerage clients In order to comply with the Standards, the

rm:

A) should restrict employee trading in securities for which the rm is in possession of

material non-public information

B) should record the exchange of information between the investment-banking

department and the brokerage department

C) must divest one of the departments.

www.ombookcentre.in

Trang 34

Which one of the following constitutes the illegal use of material nonpublic information?

A) Trading based on your analytical review of the rm's future prospects.

B) Trading immediately after attending the rm's annual shareholders’ meeting.

C) Trading on information your sister, the rm's attorney, told you over dinner.

Janet Green, CFA, provides investment advice and other services to clients in several countries

She resides in Country A whose securities laws and regulations are less strict than the Code and

Standards She also conducts business with clients in Country B, which has no securities laws or

regulations, and in Country C, which has securities laws and regulations that are stricter than

the Code and Standards Which of the following statements is CORRECT? According to CFA

Institute Standards of Professional Conduct, Green must adhere to the Code and Standards in:

A) Country A but the law in Country B and Country C.

B) Country A, Country B, and Country C.

C) Country A and Country B but the law in Country C.

Chuck Thomas is the trustee of a trust of which Jill Wyatt is the main bene ciary Wyatt's

husband is the president of a company In emptying the recycling bin at home, Wyatt nds

some papers that lead her to believe that her husband's company will make a tender o er to

acquire another rm Wyatt takes the information to Thomas, who uses it to purchase shares of

the company for the trust, but does not further disclose the information Thomas has:

A) violated the Standards concerning material nonpublic information.

B) not violated any Standards.

C) violated the Standards concerning loyalty, prudence, and care.

www.ombookcentre.in

Trang 35

Maria Valdes, CFA, is an analyst for Venture Investments in the country of Newamerica, which

has laws prohibiting the acceptance of any gift from a vendor if the gift exceeds US $250

Valdes has evidence that her Venture Investments colleague, Ernesto Martinez, CFA, has been

receiving gifts from vendors in excess of US $250

Valdes is obligated to:

A) disassociate herself from the activity, and urge Venture to persuade Martinez to cease

the activity

B) disassociate herself from the activity, urge Venture to persuade Martinez to cease the

activity, and inform CFA Institute and regulatory authorities of the violation

C) disassociate herself from the activity, urge Venture to persuade Martinez to cease the

activity, and inform CFA Institute of the violation

Which of the following is a component of the Code of Ethics?

A) Transactions for clients and employers have priority over transactions in which a

member or candidate is the bene cial owner

B) Members and candidates must not engage in conduct that compromises the integrity of

the CFA designation or the security of the CFA examinations

C) Practice and encourage others to practice in a professional and ethical manner that will

re ect credit on members and their profession

In August 2005, the following events occurred related to Aggregate Opportunities, Inc.:

Aug 8: The Wall Street Journal reported that Aggregate Opportunities had in ated its

2004 earnings due to questionable accounting practices The story was based oninterviews with unnamed sources within Aggregate and its auditor, Millennium Partners

On that day the stock fell 42 percent to $12.50 from $21.55

www.ombookcentre.in

Trang 36

Aug 10: At 9 a.m., Aggregate revealed in a conference call to analysts a restatement ofearnings for the previous three scal years that almost completely erased the reportednet income for scal years 2002, 2003, and 2004 Aggregate's chief nancial o cerpersonally selected the small group of analysts participating in this call Company o cerssaid the restatement resulted from questionable accounting practices for o -balancesheet limited partnerships At 1 p.m., the company issued a news release containing theinformation provided in the conference call By the end of the trading day the stock hadfallen 74 percent to $3.25.

Aug 11: At 10 a.m., Aggregate's Chief Financial O cer Buster Lockhart, CFA, publiclyannounced his resignation, and the Securities and Exchange Commission said it waspursuing an investigation

During July and August of 2005, the following actions were taken:

July 20: Michael Cho, CFA, a highly respected analyst with 25 years of experience coveringAggregate's industry, had spent several days reading Aggregate's 10-K and 10-Q

documents and other analysis published by some of his competitors at major brokeragehouses Based on his reading and conversations with Aggregate management concerningnonmaterial, nonpublic information, Cho concluded that Aggregate had in ated itsearnings On July 20, Cho issued a detailed research report to his clients and concludedthat Aggregate should be sold He subsequently participated in the Aug 10 conferencecall, although it only con rmed what he had already detailed in his July research report

Aug 2: Equity analyst Harold Black, a CFA charterholder, received from his brotherinformation that Aggregate might restate its earnings Black's brother is a senior partner

at Millennium Partners Based on this information, Black immediately issued a newresearch report that advised his clients to sell Aggregate, but did not liquidate hispersonal holdings in the company

Aug 4: Bob Watkins, a CFA Level II candidate and portfolio manager, was gol ng at hisclub Approaching the third tee, he heard the chief executive o cer and chief nancial

o cer of Aggregate discussing company nances Concealing himself behind a tree,Watkins overheard them discussing the upcoming Wall Street Journal article and theearnings restatement Based on this conversation, he immediately sold all Aggregateholdings in his clients' portfolios Later that day, Watkins told his friend Juan Martinez,CFA, what he learned about Aggregate and how he learned it Martinez, a subscriber toCho's research, then read Cho's report on Aggregate Immediately after nishing Cho'sreport, Martinez sold the fund's entire stake in Aggregate Watkins and Martinez werenot participants in the Aug 10 conference call

www.ombookcentre.in

Trang 37

Aug 8: Barb Henderson, a CFA charterholder, read the Wall Street Journal article in themorning and immediately issued a sell recommendation for Aggregate On Aug 10, sheparticipated in the conference call and heard the details of the earnings restatement.

Aug 10: Lisa Sanders, CFA, participated in the Aggregate conference call At 10 a.m., shechanged her recommendation on Aggregate from hold to sell and informed all of herclients At 1 p.m., Sanders sold Aggregate from her personal account

In issuing a sell recommendation for Aggregate, Henderson:

A) violated none of the Standards.

B) violated Standard V(B): Communication with Clients and Prospective Clients because

she failed to distinguish between fact and opinion

C) violated Standard V(A): Diligence and Reasonable Basis because she lacked su cient

reason to justify the downgrade

In selling his clients' holdings in Aggregate, Watkins:

A) violated Standard II(A): Material Nonpublic Information by taking investment action.

B) did not violate Standard II(A): Material Nonpublic Information because there was no

breach of duty

C) did not violate Standard II(A): Material Nonpublic Information because the information

did not involve a tender o er

In advising his clients to sell Aggregate, Black:

A) violated Standard V(A): Diligence and Reasonable Basis because he did not have

su cient information to spur investment action

www.ombookcentre.in

Trang 38

B) did not violate Standard I(B): Independence and Objectivity, but his supervisor violated

Standard IV(C): Responsibilities of Supervisors

C) violated Standard III(B): Fair Dealing because he did not take his own advice and sell the

stock

After changing her recommendation on Aggregate, Sanders:

A) violated Standard II(A): Material Nonpublic Information by taking investment action

based on information not accessible to the public

B) did not violate Standard II(A): Material Nonpublic Information because the information

was disclosed to a select group of analysts

C) violated Standard VI(B): Priority of Transactions by trading Aggregate from her own

account

In selling his fund's stake in Aggregate, Martinez:

A) violated Standard III(A): Loyalty, Prudence, and Care by using information obtained from

Which statement about violations of the Code and Standards is CORRECT?

A) Cho did not violate the insider-trading standard and Black did not violate the

duciary-duties Standard

www.ombookcentre.in

Trang 39

B) Henderson violated the reasonable-basis standard, but Sanders did not violate the

Standard regarding use of material nonpublic information

C) Martinez did not violate the Standard regarding use of material nonpublic information

and did not violate the duciary-duties standard

Trude Front, CFA, is a portfolio manager While in the normal course of her duties, she happens

to overhear material non-public information concerning the stock of VTT Bowser She

purchases several exchange traded funds which contain VTT Bowser, while shorting similar

exchange traded funds which do not contain VTT Bowser This is most likely:

A) a violation of Standard II(A) "Material Non-Public Information."

B) not a violation of Standard II(A) "Material Non-Public Information."

C) only a violation of Standard II(A) "Material Non-Public Information" because Front is

simultaneously shorting the funds which do not contain VTT Bowser

Which of the following is least likely a component of the Code of Ethics? In dealing with the

public, clients, prospects, employers, employees, and fellow members, CFA Institute members

shall act with:

Tiêu đề	CFA Institute Code of Ethics and Standards of Professional Conduct
Tác giả	Sandra Bulow, CFA, Tony Calaveccio, CFA, Betsy Fox
Trường học	CFA Institute
Chuyên ngành	Finance
Thể loại	question bank
Năm xuất bản	2019
Thành phố	Toronto

Định dạng
Số trang	79
Dung lượng	1,14 MB