Unit 17 Money Management Business

In addition, dividend policy must be viewed as an integral part of the firm’s financing decision. The dividendpayout ratio determines the amount of earnings that can be retained in the firm. Retaining a greater amount of current earnings in the firm means that fewer dollars will be available for current dividend payments. The value of the dividends paid to stockholders must therefore be balanced against the opportunity cost of retained earnings lost as a means of equity financing.
equity: n. The difference between the market value of a property and the claims held against it. 公平，公正；衡 平法；普通股；抵押资产的净值
barometer: n. An instrument that measures atmospheric pressure. [气象] 气压计；睛雨表；显示变化的事物
Unit8 Introduction to Financial Management
作者：南开大学 商学院 李桂华
Glossary
volatility: n. The property of changing readily from a solid or liquid to a vapor. [化学] 挥发性；易变；活泼

A joint limited venture is a partnership established for a specific project or for a limited time. （合资公司经常是在有限时间内为某个特殊项 目而成立的。）

1. Advantages of Partnerships（合营企 业的优点）
(1) Ease of Starting and Closing（ 成立和解散个体企业很简单）

Creating a sole proprietorship requires a licence, the cost of these permits is usually under $100. No lawyer need be hired to create the enterprise, and the owner can take care of the required paperwork.

(1) Ease of Organization（易于组织） Starting a partnership in the United States requires little more than drawing up articles of partnership. No legal charters have to be granted, but the name of the business should be registered with state. （在美国创立合营企业仅仅需要起草条款，注 册公司名称。）


It would be hard to raise the several million dollars needed to develop a new product, expand a new plant, or hire salespeople nationwide. （个体企业很难筹集足够企业发展的资金，如 开发新产品，扩张新企业或雇用销售人员等） (3) Limited Management and Employee Skills（有限的管理水平和员工技能）

.
11
One-size-fits-all strategy
▪ same products ▪ same production methods ▪ same corporate policies ▪ same advertising
.
12
Gillette: the US razor maker
▪ dominate the worldwide markets: 70% ▪ “We’ll only be in markets where we can be
.
35
• Condit‘s career has spanned more than 35years of service to Boeing. In 1997，he was elected chairman．He is the seventh chairman since the company was founded in 1916．
▪ Globalisation increases competition among companies.
▪ Competition will increase employment everywhere.
.
24
Disadvantages:
▪ Globalisation could lead to big employment problems in the West.
Percy Barnevik, Swedish business leader
• What does Barnevik mean by it?
He means that company X responds to local needs with local solutions, but nevertheless has a general global strategy and a global communication system which keeps everyone pulling in the same direction.

信贷可获量
Since a sole proprietorship may end with the death of the proprietor, if the business activities are to continue, a new business must be established by the survivors. In a sole proprietorship, it is difficult to measure financial performance and profitability because the business and household finances are often mixed. It may lead to loss of equity that is not recognized until the business is in serious financial difficulty.
Sole Proprietorship A business owned by one person is called a sole proprietorship or a single proprietorship. The sole proprietorship is a popular and frequent used form of business organization. The sole proprietorship is prevalent in the retail industry, handcrafts, agriculture, forestry, fishery, and other service and family workshops.

2021/10/101源自2021/10/102
Unit Overview
By studying this unit, you are expected to: • learn the common types of company structure; • describe a company’s structure; • know how to write an e-mail to introduce a new
the organization’s employees. It is
responsible for the attraction, selection,
training, assessment, and rewarding of
employees; it oversees organizational
首席执行官 首席财务官 销售总监 人事经理 公关经理 总会计师
2021/10/10
13
Unit 2 Company Structure
Setting Starting Point Text Understanding the Text
Activity 1 Dealing with Language Activity 2 Focusing On Grammar
5.sToyptheaot fthbeuysicnaenssre—atchtetopcahrtaicnuglaersfiineltdhewhbiucshintheessbeunsivnireosnsmsepnetcqiauliizceksly.in.
6. Development strategy—how a company is going to position itself in the market

=I spend 2 hours in doing my homework every day.我每天花
两个小时写作业。
take(v.)花费
常用于句型： It takes sb.time to so sth.某人花费了时间做某事 e.g.It takes me an hour to go to work.我去上班要花一个小时。
To talk about your opinions about money management.
Lead-in
Kitty loves her grandmother very much.It will be her grandmother's birthday in
three months.She wants to buy a present for her with her own pocket money.
4.manage mange(v.) 管理，设法做 manager (n.)负责管理的人 management (n.)管理
mange to do sth.设法做某事
e.g.I managed to finish the project on time.我设法按时完成了项
目。
He has a good sense of money management.他的理财意识很
e.g.The old man walks/goes across the street slowly.
=the old man crosses the street slowly.这个老年人漫漫地过马路。
3.cost,pay,spend和take的用法
cost(v.) 花费，主语通常是物 sth.cost sb.money某物花了某人多少钱

Chapter 1: Entrepreneurship
Copyright 2002 Prentice Hall Publishing Company
9
Small Business by Industry
Financial 8.0%
Construction 11.8%
Manufacturing 5.8%
Chapter 1: Entrepreneurship
Copyright 2002 Prentice Hall Publishing Company
14
Nine Deadly Mistakes of Entrepreneurship
1. Management incompetence 2. Lack of experience 3. Poor financial control 4. Failure to develop a strategic plan 5. Uncontrolled growth
2
4
6
8
10
# of Years in Business
The Small Business Failure Record
24% of new businesses fail after two years.
51% fail within four years. 63% fail within six years.
The Foundations of Entrepreneurship
Chapter 1: Entrepreneurship
Copyright 2002 Prentice Hall Publishing Company
1
The World of the Entrepreneur

10, 11, 16, 18
Final Exam
80%
Requirements
• Preview • Group report
Homework
Final Grade
2020/5/18
Performance
20% Class Attendance Involvement
• No absence
• In-class discussion • Report / Presentation
general partner / limited partner
-Partner who actively manages a business and has unlimited liability for its debts -Partner who does not share in a business’ management and is liable for its debts only to the limit of his or her investment
• Partnership
– Business co-owned by two or more persons
• Corporation
– Business that is legally considered an entity separate from its owners and is liable for its own debts; owners’ liability extends to the limits of their investments.
1
Advantages Disadvantages
Improved access to resources

鲍小勇
22
必修
投资银行理论与实务
TheoryandPracticesof InvestmentBank
孙浩
23
必修
外汇业务与管理（I）
FOREXOperation& Management（I）
廖尧麟
24
必修
财务管理（I）
FinancialManagement（I）
严 俊
25
限选
市场营销（II）
Marketing（Ⅱ）
阮建军
9
必修
经济法
EconomicLaws
王新周
10
必修
国际贸易（I）
International Trade（Ⅰ）
傅江景
11
必修
管理学（II）
Management（Ⅱ）
何苏华
12
必修
国际贸易实务（I）
Practices ofInternationalTrade（Ⅰ）
李军
13
必修
市场营销（II）
Marketing（Ⅱ）
Practices ofInternationalTrade（II）
郭影帆
31
任选
金融研究专题讲座
Special Topics on Finance Studies
尹祖宁
32
任选
国际经济与贸易前沿专题
SpecialTopicsonInternationalEconomy&Trade
罗良忠
33
任选
WTO（金融）专题
陆明祥
《会计学专业》课程英文名称
课程
类别
序号
课程性质
课程名称
课程英文名称

C. She goes shopping for food.
Unit 4 Time Management
Lead-in
2
Vocabulary
Listen to the conversation again, paying attention to the words listed below, and choose the explanation for each word.
The best kept secret about time management is that there really is no such a thing as good time management. We only get so many hours in the day and there is no way we can change it no matter how hard we try.
批注本地保存成功开通会员云端永久保存去开通
（基础篇Ⅰ） 第五版
主 编 王洗薇 王君华 林永成
Unit 4 Time Management
Time management is the process of deciding what needs to be done and developing a plan and/or timeframe for getting it done. Time management is about establishing routines, setting goals, and understanding priorities. Time management is a skill that results in the most effective use of a person’s time. It means consistently making the right decisions as to the best way to use your time at any given moment.

unit-3-商务英语综合教程2Unit 3: Business English Integrated Course 21. Vocabulary1.1. Definitions1.1.1. Management: The process of planning, organizing, controlling, and directing resources to achieve specific goals.1.1.2. Entrepreneur: A person who starts and runs a business, taking on financial risks in the hope of making a profit.1.1.3. Business plan: A written document that describes a business, its objectives, strategies, market, and financial forecasts.1.1.4. Marketing: The process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products and services.1.1.5. Market research: The process of gathering and analyzing information about a market, including its size, growth potential, competition, and customer preferences.1.1.6. Sales: The act of selling a product or service, including activities such as prospecting, presenting, and closing sales.1.1.7. Advertising: The use of various media to promote a product or service, including print, broadcast, and online media.1.1.8. Public relations: The practice of managing the communication between an organization and its stakeholders, including customers, employees, investors, and the media.1.2. Examples1.2.1. The management team is responsible for setting goals, making plans, and ensuring that resources are used effectively.1.2.2. The entrepreneur invested all his savings in his new business, hoping to make a profit.1.2.3. The business plan outlines the company's objectives, strategies, and financial forecasts.1.2.4. The marketing department is responsible for identifying customer needs, creating products, and promoting them through advertising and other means.1.2.5. The market research team gathers information about competitors, customer preferences, and market trends to help the company make informed decisions.1.2.6. The sales team is responsible for finding potential customers, presenting the company's products, and closing sales.1.2.7. The advertising campaign used various media, including television, radio, and billboards, to promote the new product.1.2.8. The public relations department manages the company's communication with stakeholders, responding to inquiries from customers, investors, and the media.2. Expressions2.1. Definitions2.1.1. To break even: To earn enough money to cover all costs, without making a profit or a loss.2.1.2. To launch a product: To introduce a new product to the market.2.1.3. To conduct a survey: To gather information by asking questions to a group of people.2.1.4. To target a market: To aim marketing efforts at a specific group of customers who are likely to be interested in a product or service.2.1.5. To negotiate a deal: To discuss terms and conditions with another party in order to reach an agreement.2.1.6. To close a sale: To complete a transaction by selling a product or service to a customer.2.1.7. To handle complaints: To address customer concerns and resolve issues that arise.2.1.8. To issue a press release: To distribute a statement to the media, announcing news or events related to a company.2.2. Examples2.2.1. The company needs to sell 100,000 units of the new product in order to break even.2.2.2. The company will launch the new product next month, with a major advertising campaign.2.2.3. The company conducted a survey to find out what customers thought of the newproduct.2.2.4. The company has targeted the young adult market with its new line of clothing.2.2.5. The company is negotiating a deal with a major supplier to reduce costs.2.2.6. The salesperson was able to close the sale by offering a special discount.2.2.7. The customer service department handled the complaint by offering a refund and an apology.2.2.8. The company issued a press release announcing its new CEO and its plans for expansion.。

Chapter 6The Foreign Exchange MarketExercisesⅠ. Answer the following questions in English.1. How many common methods to express a foreign exchange rate?Answer:There are two common methods to express a foreign exchange rate.2. What is usefulness of settling account?Answer:Business people will pay and recieive different currencies.Therefore, they must convert the currencies that they received into the currencies thatthey could buy commodities.3. How does stop order work?Answer: Stop orders can be used to enter the market on momentuma or to limit the potential loss of a position.4. What do you think about single currency system? Is it possible to establishsingle currency system in the world now?Answer：I think a single currency system，it means no foreign exchange market，no foreign exchange rates，no foreign exchange．It is no possible to establish single currency system in the world now. Because in our world of mainly national currencies，the foreign exchange market plays the indispensable role of providing the essential machinery for making payments across borders，transferring funds and purchasing powerfrom one currency to another，and determining that singularly important price，the exchange rate．5. What is limit order?Answer: A limit is an order to buy or sell a currency at a specified price or better.6. How to make money for many traders through foreign exchange market?Answer：(一)You should have trading currencies with a strategy.(1) Currency Trading is Only For Part of Your Investment Money(2)You Must Limit Your Losses in Currency Trading(3)Know the Trends of the Foreign Currency Market Before Trading（二）Decide What Type of Currency Trader You Will be.(1)Trade currendes in multiple lots(2)Lose the urge to trade currencies every day(3)Stick to your trading planⅡ.Fill in the each blank with an appropriate word or expression.l. The currency trader should also decide the time __frame__ that he will be using to trade in order to determine which trend will be the most important. 2. The bid is the price at which dealers are willing to __buy__ dollars (basecurrency) in terms of yen (quote currency) and users of our trading platform can __sell__ dollars in terms of yen.3. The order remains active until the end of the trading day (5:00 PM EST),unless it is __executed__ or canceled by the trader.4. A GTC order remains active until it is canceled by the currency trader or untilthe order is executed. It is the __trade’s__ responsibility to __cancel__ aGTC order.5. The Foreign Exchange Market is where the majority of buying and selling ofworld __currencies__ takes place.6. When placing a limit order, the trader also specifies the__duration__ for whichthe order is to remain active while it is not executed.Ⅲ.Translate the following sentences into English.1.外汇交易市场，也称为“Forex”或“FX”市场，是世界上最大的金融市场，平均每天超过1兆美元的资金在当中周转——相当于美国所有证券市场交易额总和的30倍。

Intelligent Learning Business English
智学商务英语
Unit 1
Management
Unit 1
Management
Learning Objectives
After completing this unit, you should be able to: ·learn useful phrases about management; ·know the definition and the functions of management; ·know how to be a good manager.
inaccordancewith按照 oardofdirectors董事会 managingdirector常务董事 chiefexecutiveofficer(CEO)首席执行官 chiefoperatingofficer(COO)首席运营官 chiefinformationofficer(CIO)首席信息 官chieffinancialofficer(CFO)首席财务官 generalmanager总经理 branchmanager分公司经理
departmentmanager部门经理 first-linemanager生产组基层管理人员
Part Ⅱ
Subtopic 1 —What is management? 听力原文
As an intern of a management consulting agency, Anna is confused and she is asking her manager, Bill, for help. Listen to the dialogue and decide whether the statements 1~5 are true(T) or false(F), and then answer the questions 6~10.

知识改变格局 格局决定命运！ 1 单元要点复习 Ⅰ.单词拼写 1．They found the body buried beneath (在……之下) a pile of leaves. 2．Snow indicates (表明；显示) the coming of winter. 3．He had intended to return today，but he postponed (推迟；延期) the trip due to the unpleasant weather. 4．This book explores the musical (音乐的) interest and needs of children in their daily lives. 5．All our dreams can come true, if we have the courage to pursue (追求) them. 6．It is lucky we booked a room, or we would have nowhere (无处) to stay now. 7．If necessary, don't hesitate (犹豫；迟疑) to give me a call. 8．Indeed (确实), the survival of society itself relies on people seeing beauty in difference and depth. 9．The workers worked long hours for two weeks before everything returned to normal (常态)． 10．Maintaining (保持；维持) the right diet is the key to reducing stress. Ⅱ.单句语法填空 1．On the bus, I spotted a man stealing (steal) a wallet from a lady's shoulder bag. 2．Tom dropped his head and didn't dare to_say (say) a word，as if not knowing the answer. 3．It takes a lot of patience (patient) and hard work to be a good teacher. 4．Whatever he does, once he sets up a goal, he will start pursuing it without hesitation (hesitate)． 5．We were never allowed to touch these tubes without the teacher's permission (permit)． 6．Those who were willing to_shoulder (shoulder) social responsibility are especially respected and welcomed. 知识改变格局 格局决定命运！ 2

10. The system administrator should manage them from the
server.
Section B Phrases
Translate the following phrases into Chinese.
1. business executive
2. track record 3. downstream organization 4. contingency plan 5. go bankrupt
Group Work
How much do you know about the six famous CEOs mentioned in Task One? Work in groups and try to find more information about them. Please give a brief introduction to one of them for about one minute. You may introduce some of the following aspects: • 1) nationality • 2) date of birth • 3) family background • 4) education background • 5) work experience • 6) achievements
Additional Reading
11 Characteristics of Management Excellence in Action
1. Management Excellence starts with values. The people in the firm display a fierce commitment to shared values and the exhibition of those values in every day activities large and small. From talent selection and development to programs, policies and key decisions, the values are always on display. The values are self-policing, and those who ultimately do not share the values are voted off the island. 2. Learning and continuous improvement drive the daily work. Learning and refining processes and approaches is what people do every day. And innovation is not a program, but an outgrowth of the most powerful behavior in the firm: learning via experim

道德规范与职业行为准则(二)(总分40,考试时间90分钟)单项选择题1. Fern Baldwin, CFA, as a representative for Fernholz Investment Management, is compensated by a base salary plus a percentage of fees generated. In addition, she receives a quarterly performance bonus on a particular client's fee if the client's account increases in value by more than 2 points over a benchmark index. Baldwin had a meeting with a prospect in which she described the firm's investment approach but did not disclose her base salary, percentage fee, or bonus. Baldwin has :A. violated the Standards by not disclosing her salary, fee percentage, and performance bonus. B. violated the Standards by not disclosing her performance bonus. C. not violated the Standards because **pensation arrangements are confidential and should not be disclosed to clients.2. A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of:A. Standard Ⅲ(C) , Suitability. B. Standard ⅤB. , Communication with Clients and Prospective Clients. C. none of the Standards listed here.3. An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client's analyst, he can have free use of a limousine several times a year. The analyst needs to:A. inform his supervisor in writing of the offer if the analyst intends to accept the offer. B. explicitly refuse such an offer. C. do nothing since the offer is not linked to the performance of the client's portfolio.4. With respect to reporting investment results, Global Investment Performance Standards (GIPS) require a minimum of:A. three years of historical performance. B. ten years of historical performance. C. five years of historical performance.5. Which of the following was NOT a motivation for creating the Global Investment Performance Standards (GIPS) ?A. Increase the role of government agencies in the investment industry. B. Achieve greater uniformity **parability among presentations of performance. C. Improve the service offered to investment management clients.6. Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college's board of directors has recently voted to consider divesting **panies located in a country that has a poorcivil rights record. Hirsh has personal investments in several firms in the country. Hirsh needs to :A. disclose her ownership in the stocks to her supervisor only. B. disclose her ownership in the stocks to the board of directors only. C. do nothing since the board has not made a decision yet.7. Which of the following does NOT violate Standard Ⅰ ( D), Misconduct? Roland Lawson, a CFA charterholder and a financial analyst:A. is arrested for participating in a nonviolent protest. B. committed perjury in connection with a lawsuit against his firm. C. drinks excessively during business meetings with clients and returns to work under the influence of alcohol.8. Which one of the following constitutes the illegal use of material nonpublic information?A. Trading based on your analytical review of the firm's future prospects. B. Trading immediately after attending the firm's annual shareholders' meeting. C. Trading on information your sister, the firm's attorney, told you over dinner.9. Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with Worldwide Brokerage. Worldwide is holding a conference in Amsterdam and has offered to pay for Calaveccio's airfare, meals, and accommodations associated with his attendance of the conference. The conference concerns European small cap securities and the EASDAQ. He decides that he will accept their offer and attend the conference. In order to comply with the Code and Standards, he may:A. attend, but he must disclose the arrangement to his employer as a gift. B. simply attend. Since the conference is directly related to his professional responsibilities, no further notification or permission is required. C. attend, but he must disclose the arrangement as **pensation to his employer in writing.10. In 1995, the CFA Institute sponsored and funded the Global Investment Performance Standards (GIPS) in response to :A. an increase in insider trading. B. new regulation passed by the SEC. C. a need to address issues, such as portability of investment results.11. Which of the following is a component of the Code of Ethics? CFA Institute members shall:A. use particular care in determining applicable fiduciary duty. B. not knowingly participate or assist in any violation of laws, rules, or regulations. C. use reasonable care and exercise independent professional judgment.12. A money manager, who is a member of CFA Institute, suggests during phone calls to his clients that, "I hope you will relay to your friends the great returns I earned for you this past year. " The manager had generated above average returns in the past year. Is this a violation of Standard Ⅲ(D) , Performance Presentation?A. Yes, because the Standard forbids members asking their clients to say anything about how well the member has done. B. No, because the request was made orally and not in writing. C. Yes, because the intended message fails the test of completeness as required under the standard.13. When GIPS and local laws conflict, in order to be in compliance with GIPS, the investmentfirm must :A. follow GIPS and need not reference the local law. B. follow local law, and no additional disclosure is required. C. follow local law but disclose the conflict with GIPS.14. Roger Halpert, CFA, prepares a company research report in which he recommends a strong "buy". He has been careful to ensure that his **plies with the CFA Institute Standard on research reports. According to CFA Institute Standards of Professional Conduct, which of the following statements about how Halpert **municate the report is most correct?A. Halpert can make his report in person, by telephone, or by computer on the Internet. B. Halpert can transmit his report by computer on the Internet. C. Halpert can make his report by telephone.15. An analyst likes to trade options in her own account. She does not deem any of her client accounts suitable for option trading. When she finds a favorable options position, in accordance to Standard Ⅵ (B) , Priority of Transactions, she should :A. first tell her clients about it before acting herself. B. act on it immediately on behalf of her clients then act on her behalf. C. act on it on her own behalf as she sees fit.16. Which of the following is NOT part of the CFA Institute Code of Ethics?A. Integrity. B. Independent judgment. C. Contractual provisions.17. While it would be customary to report both five - year and ten - year performance data, Seminole Equity Partners has been in existence for only eight years. Because of this, Kurt Dambach does not report ten - year data but reports for both five years and since the inception of the fund. This he notes in a footnote at the bottom of the information sheet. This action is:A. in accordance with the Code and Standards since he has indicated the basis in a footnote. B. a violation of the Standard concerning prohibition against misrepresentation. C. a violation of the Standard concerning performance presentation.18. Advisors, Inc. , is in the process of adopting the Global Investment Performance Standards (GIPS). The managers of the firm **bining the results of fee - paying discretionary portfolios **posites for reporting purposes. For purpose of comparison, each fee - paying discretionary portfolio must be included in at least:A. **posites. B. **posite. C. **posites.19. The El Rey Investment Company, located in Barcelona, Spain, is in the process of adopting the Global Investment Performance Standards (GIPS) for the current fiscal year. One of the GIPS standards is in direct conflict with Spanish investment reporting regulations. In order to be in **pliance with GIPS, El Rey must:A. comply with the GIPS standard and make full disclosure of the conflict. B. comply with the local regulation and make full disclosure of the conflict. C. comply with both the GIPS standard and the local regulation **parison purposes.20. John Hill, CFA, has been working for Advisors, Inc. , for eight years. Hill is about to start his own money management business and has given his two - week notice of his resignation from Advisors. A few days before his resignation takes effect, on his lunch hour, he takes out a loan from a bank on behalf of his new business and uses the money to buy some office equipment for his new business. Since he engaged in these transactions while still an employee of Advisors, Hillviolated Standard Ⅳ(A), Loyalty to Employer, by:A. engaging in a financial transaction, like taking out a loan, only. B. none of these actions. C. purchasing office equipment, only.21. Brian Bellow, a CFA Institute member, is a portfolio manager for Progressive Trust Company. Several friends asked Bellow to review their investment portfolios. On his own time, Bellow examined their portfolios and made several recommendations. He received no **pensation from his friends for his investment advice and provided no future investment counsel to them. According to CFA Institute Standards of Professional Conduct, did Bellow violate his duty to Progressive Trust?A. No, because Bellow provided no ongoing investment advice. B. No, because Bellow provided investment advice to his friends. C. Yes, because he undertook an independent practice that could result in compensation or other benefit to him.22. In order to comply with the CFA Institute Standards, an analyst should:A. use only his own research in making investment recommendations, because anything else would violate Standard Ⅰ(B), Independence and Objectivity. B. use only **pany's research when making investment recommendations and use outside research for reports and analysis on stocks. C. use outside research only after verifying its accuracy.23. The Global Investment Performance Standards (GIPS) were designed to be applied with the goal of full disclosure and fair representation of investment performance in all instances EXCEPT:A. when applicable local laws or regulations conflict with the GIPS, in which case, firms **ply with local laws and fully disclose the conflict. B. when a firm or composite has been in existence for less than five years, in which case, less stringent standards apply. C. in the case of private equity and real estate investments, which do not fall within the scope of the GIPS.24. Chris Babcock, CFA, a portfolio manager for a large Texas investment firm, has been **pensation in addition to what her firm pays her. The offer is from one of her clients and the **pensation will be based on her yearly performance in excess of the market index. Babcock should :A. turn down the offer because it represents a clear conflict between this client and Babcock's other clients. B. make written disclosure to all parties involved before she accepts this offer. C. make written disclosure to her other clients before she accepts this offer.25. In accordance with Standard Ⅲ(A) Loyalty, Prudence and Care, which of the following statements is least accurate? Members and Candidates should:A. submit to clients, at least quarterly, itemized statements detailing all of the period's transactions. B. make investment decisions in the context of the total portfolio. C. vote all proxies on behalf of clients in a responsible manner.26. Michael Malone, CFA, is an investment analyst for a large brokerage firm in New York who covers the airlines industry. Alter 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 firm next week. Malone has:A. violated Standard Ⅵ(B) Priority of Transactions by releasing materialinformation to the public before releasing to the firm's clients. B. violated Standard Ⅱ(A) Material Nonpublic Information by releasing material that could negatively impact the price of the security. C. violated Standard Ⅳ(A) Loyalty by divulging confidential information that is the intellectual property of his employer.27. CFA Institute does not impose fines. All of the other choices are possible sanctions. CFA Institute may suspend a candidate from further participation in the CFA program. With respect to **plaints concerning the professional conduct of a CFA Institute member, which of the following is TRUE?A. Anyone can write the Standards and Policy Committee staff with a complaint concerning the conduct of any member. B. Anyone can write the Professional Conduct Program staff with a complaint concerning the conduct of any member. C. Only other members can write the Professional Conduct Program staff with a complaint concerning the conduct of another member.28. To comply with Standard Ⅳ(B) , Additional Compensation Arrangements, members should do all of the following EXCEPT:A. immediately make a written report to their employer specifying **pensation benefits they receive. B. immediately make a written report of any services they expect to receive. C. reject any **pensation immediately because it is not appropriate to accept **pensation in a business setting.29. Assume that on January 1,2005, a firm with no Global Investment Performance Standards (GIPS) compliant history since its inception four years ago wishes to **pliance with GIPS. Which of the following accurately reflects the appropriate action for the firm to take?A. Comply with GIPS for the year beginning January 1,2002, and report its performance prior to this date with a disclosure of why the earlier years are not **pliant. B. Comply with GIPS for the year beginning January 1,2002, and report only performance results since this date. C. Comply with GIPS for all four periods since the firm's inception.30. Which of the following is a CORRECT statement of a member's duty under the Code and Standards?A. 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 degree of responsibility or a higher duty on the member. B. 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 may take investment action based on this information. C. In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.31. When an analyst makes an investment recommendation, which of the following statements must be disclosed to clients?A. The firm is a market maker in the stock of the **pany. B. An employee of the firm holds a directorship with the **pany. C. All of these statements must be disclosed to clients.32. In order to comply with Standard Ⅲ (A), Loyalty, Prudence, and Care, an analyst needs to:A. comply with applicable fiduciary duty. B. perform all of the actions listed here. C. liquidate hisholdings of all stocks that his client owns.33. Standard Ⅵ (C) , Referral Fees, is applicable to :A. only cash consideration received for the recommendation of products or services. B. only cash consideration paid for the recommendation of products or services. C. all consideration received or paid for the recommendation of products or services.34. Kenneth, CFA, is a portfolio manager at A & B limited, if he suspects a colleague at **pany of engaging in ongoing illegal activities, as according to the CFA Institute Standards of Professional Conduct, he is required to take all of the following actions EXCEPT:A. determine whether the conduct is, in fact, illegal. B. disassociate himself from any illegal activity. C. report the illegal violations to the appropriate governmental or regulatory organizations.35. Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow's first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm's **petent 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 TRUE? Bellow:A. violated both Standard Ⅰ(A) and Standard Ⅰ(C).B. violated Standard ⅠA. but did not violate Standard Ⅰ(C).C. did not violate either Standard Ⅰ (A) or Standard ⅠC..36. According to the Code of Ethics, a member reflects credit on the profession when a member:A. consults with other members on a regular basis. B. practices in a professional and ethical manner. C. places the clients first.37. Within the Global Investment Performance Standards (GIPS) are supplemental provisions which must be applied to which of the following asset classes?A. Emerging markets and private equity. B. Private equity and real estate. C. Hedge funds and derivatives.38. Which of the following is NOT a form of plagiarism?A. Citing quotations said to be attributable to "leading analysts" or "investment experts" without specific reference. B. Presenting statistical forecasts by others with the sources identified but without the qualifying statements that may have been used by the originator. C. Using factual information published by a recognized financial statistics reporting service without acknowledgment.39. In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GILES). Medusco was formedon January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim **pliance?A. Present GIPS - compliant performance results for the 5 - year period from January 1, 1998, through December 31, 2002, and report five additional years of non - GIPS - compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS - compliant. B. **ply with GIPS for periods after January 1 , 2000, and report non - GIPS - compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS -compliant. C. Present GIPS- compliant performance results for the 5 -year period from January 1, 1998, through December 31, 2002.40. Which of the following is least accurate regarding reasons for imposing a summary suspension upon covered persons?A. Failure to return the annual professional conduct statement. B. Misdemeanor charge for the possession of illegal narcotic substances. C. Disbarment under securities laws.。

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• Of course they know that shareholders, employees, and executives are important constituencies who have to support a decision, or at least acquiesce in it, if the choice is to be effective. (line 4, paragraph 8) • They certainly know that if the choice is to be made effective, the support from shareholders, employees, and executives in decision-making is important. Or at least they won’t opposery Truman: Harry S. Truman (1884 – 1972) was the 33rd President of the United States (1945–1953). Under Truman, the U.S. successfully concluded World War II. In the meanwhile, tensions with the Soviet Union increased under his watch, paving the way for the Cold War.
1. paraphrase Even the most brilliant executive ... prejudices. (line 2, paragraph 10) 2. paraphrase Of course they know that shareholders, employees, and executives are important constituencies who have to support a decision, or at least acquiesce in it, if the choice is to be effective. (line 4, paragraph 8) 3. paraphrase All male descendants ... at the company. (line 8, paragraph 9) 4. paraphrase Hence, after asking what needs to be done, the effective executive sets priorities and sticks to them. (line 7, paragraph 5) 5. paraphrase If they are among those people--- a sizable minority...two tasks. (line 4, paragraph 5)