MOCK_EXAM1(AM).docVIP

CFA Level 1 MOCK EXAM 1 Morning Session Time Limit: 3 Hours 1. Tenence recently passed the CFA examination. When he seek for potential employers, he writes in the cover letter: I have passed all three levels of the CFA Program and may be eligible for the CFA charter after I get the required work experience. According to AIMR Standards of Professional Conduct, Terence: A. violated Standard IV (B.3) Fair Dealing. B. violated Standard II (B) Professional Misconduct. C. violated Standard II (A) Use of Professional Designation. D. acted in a proper manner. 2. Amy, a CFA candidate, recently joined AF Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that AF Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? Amy must deliver a copy of the Code and Standards to Tammy. Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards. Statement A and B. None of the above. 3. The following are not the AIMR members with supervisory responsibility EXCEPT: A. not expected to prevent violations of laws, rules and regulations by non-AIMR member employees. B. in compliance with AIMR Standards after warning an offending employee to stop violating the applicable statutes, regulations, and provisions of the AIMR Code and Standards. C. expected to evaluate personally the conduct of their employees concerning applicable statutes, regulations, and provisions of the AIMR Code and Standards on a continuing basis regardless of how many employees they supervise. D. expected to establish and implement written compliance procedures about applicable statutes, regulations, and provisions of the AIMR Code and Standards. 4. According to Standard II (B) Duty to Employer, which of the followings is TRUE? A. Members are prohibited from undertaking independent practice in competition with their employ