Missed Mock
Questions
And Answers
2024
According to the recommended procedures for
complying with the Standard on suitability, which of the
following statements regarding an investment policy
statement (IPS) is least accurate?
A)An IPS should describe the roles and responsibilities of
both the adviser and the client.
B)A member or candidate is not responsible for financial
information withheld by the client.
C)A client's IPS must be updated at least quarterly to
reflect any changes in their investment profile. -
ANSWER-C)
Standard 3(C) says that the IPS must be updated at least
annually, it can be updated more frequently if there are
significant changes in the investment strategy or client
characteristics
According to the Code and Standards, members and
candidates who are involved in distributing an initial
public offering (IPO) of equity shares and wish to
participate in the IPO:
A)may participate unless the IPO is oversubscribed.
B)may not participate because this creates a conflict of
interest.
C)must obtain pre-clearance from a supervisor before
participating. - ANSWER-A)
recommends pre-clearance but does not require, but
does say that oversubscribed should go to customers
To comply with the Code and Standards, analysts who
send research recommendations to clients must:
A)keep records of all the data and analysis that went into
creating the report.
B)send recommendations only to those clients for whom
the investments are suitable.
C)not send recommendations without including the
underlying analysis and basic investment characteristics.
- ANSWER-A)
Greg Hoffman, CFA, has been offered a cash payment by
Hill Manufacturing, Inc. to write a research report on
their company. According to the Code and Standards,
Hoffman:
A)must disclose the nature of the compensation from Hill
in his research report.
B)may not accept compensation from Hill to produce
research on the company.
C)may produce the research report but may not make a
recommendation on Hill's securities. - ANSWER-A)
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