Schweser Printable Answers - Practice Exams Vol. 2 - Exam 1 AM
Test ID#: 2750464
Question 1 - #51305
Your answer: D was correct!
Standard VII(A) Conduct as Members and Candidates in the CFA Program. The Standard does not prohibit
expressing opinions about the program or the CFA Institute. Thus, Smith is not in violation. Jones and Burkett
would violate the Standard if they compromised the integrity of the exam process during the call by sharing the
content of the exam. Burkett would then have an unfair advantage.
This question tested from Session 1, Reading 2, LOS a, b, c
Question 2 - #51308
Your answer: A was correct!
GIPS. Evaluating the suitability of an investment for a particular client is a concept addressed by the CFA
Institute’s Standards of Practice, but is not one of the concerns addressed by GIPS.
This question tested from Session 1, Reading 3, LOS a, (Part 1)
Question 3 - #51311
Your answer: D was correct!
Standard II(B). According to the Standard, members are prohibited from intentionally misleading market
participants through the artificial manipulation of prices or trading data. Wilson's actions with regard to BNR stock
are not intended to mislead market participants but are related to a legitimate trading strategy and thus do not
violate the Standards. Even though taking the short position moved the price of BNR stock, it was not intended to
manipulate the price. Wilson waited passively for the stock to fall even further before reversing the position which
suggests he was not trying to distort the market pricing mechanism. Wilson did, however, deceive market
participants through his message board post related to HTC stock. His quick reversal of the short HTC position
suggests Wilson was trying to make a quick profit by misleading other investors. Thus, Wilson violated Standard II
(B).
This question tested from Session 1, Reading 2, LOS a, b, c

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