Which of the following statements about the internal rate of return (IRR) for a project with the following cash flow pattern is TRUE Year 0: -$ 2000 Year 1: $ 10000 Year 2: -$ 10000（）
A. It has a single IRR of approximately 38 percent.
B. It has a single IRR of approximately 260 percent.
C. It has two IRRs of approximately 38 and 260 percent.
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ZhongYi Xie, CFA, a portfolio manager for PIA Investments, plans to manage the portfolios of several family members in exchange for a percentage of each portfolio’ s profits. As his family members have requested that ZhongYi Xie provide the services outside his employment with PIA, he notifies his employer in writing of his prospective outside employment. Two weeks later, ZhongYi Xie has received no response from his employer and begins managing the family members’ portfolios. By managing these portfolios, did ZhongYi Xie violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, because he failed to obtain written consent from his employer.
C. Yes, because he failed to disclose the outside employment to his existing clients.
The symmetry principle refers to the idea that if an economy is organized under a fair set of rules:（）
A. the greatest good is achieved for the greatest number of people.
B. the wealth that individuals accumulate will become equal over time.
C. individuals receive goods and services equal in value to their economic contribution.
Based on CFA Institute Standards of Professional Conduct, which of the following statements is a violation of Standard Ⅰ (C), Misrepresentation（）
A young trainee bond trader tells a prospective client that she can assist the client in all the client’s investment needs: equity, fixed income, and derivatives and based on her years of experience as an analyst in the business that an investment looks like it has lots of potential.
B. A trust officer recommends lengthening the average maturity of a bond portfolio because she believes long-term interest rates will decline over the next few months.
C. An investment manager recommends to a prospective client an investment in GNMA bonds because they are guaranteed by the federal government.
Which of the following is least likely a disadvantage of a callable bond to an investor The:（）
A. investor is exposed to reinvestment rate risk.
B. cash flow pattern of a callable bond is not known with certainty.
C. issue often offers a higher coupon rate than a comparable option-free bond.
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