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CFA PRACTICE QUESTION BANK
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www.soleadea.orgMOCK EXAM 1
LEVEL I CFA®
There is always one correct answer for each question. You may score 1 point for every correct answer.
If your answer is incorrect or you omit a question, you receive 0 points.
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1. George, a CFA candidate, works in the City. At a firm luncheon he meets Raoul, one of his colleagues
from his previous work and a CFA charterholder. Raoul asks George whether he heard that Cloud
Airlines are about to declare its insolvency next week. According to the Code and Standards, George:
a. must wait till the next week before he uses the information.
b. must not use the information as he has no reasonable basis to use it.
c. is permitted to use the information but only for the benefit of his clients and not his own.
2. JJ & Brothers is a family business run by brothers holding the CFA designation. Erik, one of the broth-
ers working on a high managerial position, tells Samantha Fey, the employee of JJ & Brothers and a
CFA candidate, to carry out one of some major transactions “the old way”. If Samantha does as she is
told, she will disregard the current change in law that has just been introduced. When she said that to
Erik, he replied that she will most certainly “find the way”, and besides it’s been just a couple of days
since the new regulation is in force and not everybody knows it should apply. She decides to consult
Johannes, the senior brother, about the matter. Johannes tells Samantha, to her greatest disappoint-
ment, that “Erik is the one to decide about all this”. What should Samantha do in this situation?
a. Samantha should dissociate from the activity and even consider handing in her resignation in
order to comply with Standard I (A).
b. Samantha should carry out the transaction the way her employer wants her to, but she should
keep it secret so as not to violate Standard I (A).
c. Samantha should act the way her employer wants her to because if she does not she will violate
Standard IV (A) by not being loyal to her supervisor.
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