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.
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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.
WEB, an investment-banking firm, is the principal underwriter for MTEX’s upcoming debenture issue. Wendy Berry, CFA, an analyst with WEB, has found out from an employee in MTEX’s programming department that a serious glitch was recently discovered in the software program of their major new product line. In fact, the glitch is so bad that most of their orders have been canceled. Berry checked the debenture’s prospectus and found no mention of this development. The red herring prospectus has already been distributed. Berry’s best course of action is to:（）
A. inform her immediate supervisor at WEB of her discovery.
B. keep quiet since this is material non-public inside information.
C. notify potential investors of the omission on a fair and equitable basis.
Which of the following statements involving a plain vanilla interest rate swap is least accurate In a plain interest rate swap, the:（）
A. parties generally agree to swap the notional principal.
B. parties involved in the swap agreement are called counterparties.
C. counterparty that wants variable-rate interest agrees to pay fixed-rate interest and is called the pay-fixed side of the swap.
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