Tải bản đầy đủ (.pdf) (17 trang)

CFA 2018 quest bank answers reading 03 II answers

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (698.63 KB, 17 trang )

)2*+57,ÿ
-../ÿ04*7+*1+3ÿ6 ÿ216 233567*3ÿ%67+144ÿ5ÿ615+*742/
.742,1547ÿ6 ÿ%*854*3ÿ9*1:243
01234567ÿ9
ÿ6 ÿ


;234ÿ. &

&
=
ÿÿ

>??ÿ@ÿAÿ@??BCÿDEÿF?Dÿ@ÿGDHDEHÿIJKÿLDEMÿLDN?DÿOPQORS
!"TN?CÿH@@EUÿÿVDEMÿ@@UUW
# $"UECÿDÿUE??CÿEÿÿDÿXYÿUEYÿÿEHEÿÿ@?UÿAÿNEUÿ@ÿD
E?DHÿHEFDFÿEVW
# %"HVDCÿV?DHCÿ@EVDÿDZÿAÿHF?NVÿ@ÿBÿNEHUÿDH
UA?CW

OTN?DD
GDHDEHÿIJKÿLDEMÿLDN?DÿNEAZÿNEDUUÿADÿHEÿNEUÿEÿDE@UD??Yÿ@?DÿEDHCÿF?VÿBAÿAÿÿ
V?DHÿVDEMÿNDEUNDWÿSAÿGDHDEHÿÿÿHHÿÿNEAZÿ?CVDÿEDHCÿEDCÿADÿTN?ÿH@@EUÿ
VDEMÿ@@UUW
[@EU
01234567ÿ\16]/ÿGÿÿ^ÿ[DHCÿ_ÿ^ÿ`aGÿIJK
)23*42+ÿ9*4215*3/
bYÿQUNÿZYÿ`aG

01234567ÿ9&ÿ6 ÿ




ÿÿ'(

cDUYÿLUQYdÿQe>dÿÿNENDECÿDÿENEÿÿfEVÿeHÿLDEWÿ>ÿNDEÿ@ÿAEÿEDEUAdÿAÿUDUÿAÿUVNDYg
UEDUEdÿNN?EdÿDHÿUVNEWÿLUQYÿÿ?HÿZYÿAÿQOaÿ@ÿDÿVDhEÿNEHUÿFHEÿADÿAÿÿDZÿÿ@?ÿDÿ?DB
DCDÿfEVÿeHÿLDEdÿMCÿC@UDÿHDVDCWÿLUQYÿUENEDÿAÿ@EVDÿÿAEÿEDEUAÿENEdÿBAUA
NEhUÿDÿHU?ÿÿNE@DZ?Yÿ@EÿfEVÿeHÿLDEÿHÿÿAÿVNHCÿ?CDWÿ>UUEHCÿÿAÿQe>ÿÿGDHDEH
@ÿRE@D?ÿQHUdÿLUQY
# !"ADÿF?DHÿAÿGDHDEHÿZYÿHVDCÿU@HD?ÿ@EVDW
$"ADÿF?DHÿAÿGDHDEHÿZYÿ?iCÿVDED?ÿNZ?Uÿ@EVDW
# %"ADÿÿF?DHÿDYÿGDHDEHW
OTN?DD
>UUEHCÿÿGDHDEHÿI>KÿLDED?ÿcNZ?Uÿ@EVDdÿDÿDD?YÿVÿÿDUÿEÿUDÿAEÿÿDUÿÿVDED?ÿNZ?U
@EVDWÿSAÿ@EVDÿÿVDED?ÿÿAÿUVNDYgÿ@EÿNE@DZ?YdÿDHÿÿNZ?UÿZUDÿAÿ?DBÿADÿÿY
Zÿ@?HÿDHÿÿÿYÿDÿVDEÿ@ÿNZ?UÿEUEHW
[@EU
01234567ÿ\16]/ÿGÿÿ^ÿ[DHCÿ_ÿ^ÿ`aGÿI>K
)23*42+ÿ9*4215*3/
bYÿQUNÿZYÿ`aG


01234567ÿ9
ÿ6 ÿ



ÿÿ

(ÿ)*+,-.ÿ*ÿ/0,ÿÿ123ÿ4*55*.ÿ-*5ÿ4ÿ4-*4ÿ6-ÿ*ÿ7*,,ÿ4775+ÿ8-9-:ÿ)*+,-ÿ404ÿ*ÿ;0-7ÿ4

<4-ÿÿÿ*ÿ=*-;ÿ>*ÿ>ÿ)?*ÿ4ÿ4-<ÿÿÿ5*;-ÿ6-7ÿ4ÿ6*:ÿ)>ÿ<-4ÿ6ÿ4ÿ*-:ÿ)*+,775*,+ÿ>-ÿ4ÿ6-:ÿ@4ÿ>ÿ<ÿÿ4-*5.ÿ>ÿ;0-7ÿ<4-ÿÿ*ÿ45ÿ-<-ÿ-0-;ÿ>
-;*,ÿ<ÿ*5ÿ4ÿ<-4ÿ<,77:
15-4ÿA7.ÿ*ÿ/0,ÿÿ123ÿ4*55*.ÿ=,5ÿ,9ÿÿ;-*ÿ*ÿ*?ÿ,ÿÿ*ÿ4-+ÿ>,5ÿÿ>ÿ<-*,ÿ<-6,Bÿ>=0-.ÿ>
8,0ÿ>ÿ4-+ÿ>*ÿ;64*ÿ<5ÿ<*,:ÿ)ÿ*05ÿ>ÿ=*>ÿ*,ÿ<-0ÿ6ÿ>ÿ47ÿ*?ÿ45.ÿA7ÿ,,ÿ>
4-+ÿ*5ÿ7,*,+ÿ4-*ÿ*ÿ+>4ÿ,;ÿ<ÿ;ÿ5-0*0:
C>ÿ-;*-5ÿÿA*5*-5ÿDEFÿG*-9ÿG*<,*.ÿ=>4>ÿ6ÿ>ÿ6,,=;ÿ*7ÿ44-;ÿ)*+,-Hÿ*5ÿA7Hÿ454ÿ
1@((I1)J
  E>ÿ)*+,-ÿ*5ÿA7ÿ*-ÿÿ0,*ÿ6ÿA*5*-5ÿDEF:
! " )*+,-ÿÿÿ0,*ÿ6ÿA*5*-5ÿDEF.ÿ8ÿA7ÿÿÿÿ0,*:
 # K>-ÿ)*+,-ÿ-ÿA7ÿÿÿ0,*ÿ6ÿA*5*-5ÿDEF:
I?<,**
)*+,-ÿÿÿ0,*ÿ6ÿA*5*-5ÿDEFÿG*-9ÿG*<,*ÿ8+ÿ4-*;ÿ*ÿ4>7ÿ>*ÿ4*5ÿ>-ÿÿ-*5ÿÿ6*,ÿ6-7*:
A7ÿÿÿÿ0,*ÿ6ÿA*5*-5ÿDEF:ÿ)>ÿA*5*-5ÿ5ÿÿ<->8ÿ-**4ÿ4545ÿ6-ÿ*?ÿ<-<:
(6-4
01234567ÿLM6NOÿAÿÿPÿ(*5;ÿ'QÿPÿ/@AÿDEF
R2ST42UÿVT42M5TSO
W+ÿ14<ÿ8+ÿ/@A

01234567ÿ9$ÿ6 ÿ



ÿÿ%&'

C>4>ÿ6ÿ>ÿ6,,=;ÿÿ*ÿ0,*ÿ6ÿA*5*-5ÿDEF.ÿG*-9ÿG*<,*J
  I;*;;ÿÿ*ÿ8,49ÿ-*5ÿÿ,7ÿ>ÿ664ÿÿ>ÿ<-4ÿ6ÿ*ÿ>,+ÿ-*55ÿ4-+:
 " 7<,7;ÿ*ÿ-*5;ÿ-*;+ÿÿ?<,ÿ566-4ÿÿ7*-9ÿ<=-ÿ*5ÿ6-7*:
! # @0-*;ÿ*ÿ*-;ÿ<-X4ÿÿ-5-ÿÿ4-*ÿ>ÿ<-4ÿ6ÿ*ÿ49:
I?<,**
A*5*-5ÿDEF.ÿG*-9ÿG*<,*.ÿÿÿ55ÿÿ<->8ÿ-**4ÿ>*ÿ*-ÿ5ÿÿ-5-ÿÿ77Yÿ47ÿ*?ÿ-*5;ÿ-*;ÿ>*ÿ*-ÿÿ55ÿÿ5-ÿ<-4ÿ-ÿ*-64*,,+ÿ6,*ÿ-*5;ÿ0,7:ÿ@0-*;ÿ*-;ÿ<-X4ÿ

-5-ÿÿ4-*ÿ>ÿ<-4ÿ6ÿ*ÿ49ÿÿ*ÿ5-4ÿ0,*:
(6-4
01234567ÿLM6NOÿAÿÿPÿ(*5;ÿ'QÿPÿ/@AÿDEF
R2ST42UÿVT42M5TSO
W+ÿ14<ÿ8+ÿ/@A


01234567ÿ9
ÿ6 ÿ



ÿÿ

*+,-.+ÿ/0123ÿ4-5,6ÿ7838ÿÿ4ÿ8ÿ4227+ÿ,5ÿÿ9:;ÿ3--3<
 !=ÿ551-ÿ3,ÿ1ÿ55,-2>ÿ0..ÿ4-ÿ8,?+ÿ-3?.ÿ5,-,2ÿ/0123ÿ4-5,@
" #!=ÿ,,2>ÿ5,>ÿÿ5ÿ>0ÿ4ÿ/0123ÿ4-5,@
" $!32+ÿ5,-,2ÿ/0123ÿ4-5,ÿ72.ÿ8,?ÿ,ÿ50,3ÿÿ8ÿ0-3ÿ4ÿ,ÿ3->ÿ1ÿ4ÿ-ÿÿ,ÿ-,,12ÿ?-@

AB02,,
=22ÿ4ÿ8ÿ,-ÿ-ÿB30ÿ8,ÿ,ÿ551-ÿ3,ÿ1ÿ0..ÿ4-ÿ8,?+ÿ-3?.ÿ5,-,2ÿ/0123ÿ4-5,@ÿ;8ÿ551-ÿ3,ÿ-3?
38ÿ4-5,ÿ,ÿ0,-ÿ4ÿ8-ÿ-+2,-ÿ.ÿ-ÿ1>ÿ,33.@ÿ98-ÿÿ08,12ÿÿ,.ÿ4ÿ246ÿ,.ÿ0,2ÿ2>ÿ,002>ÿ4ÿ8ÿ551-,.ÿ-ÿ3,ÿ8-ÿÿ-,.ÿÿ8ÿ4-5,@ÿ;8ÿ551-ÿ5,>ÿ8,?ÿ3-,ÿ.6ÿ38ÿ,ÿ->+ÿÿ.5,ÿ8ÿ4-5,
,4-ÿ-3?+ÿ@ÿ=ÿ,,2>ÿ5,>ÿÿCDCEFGHIJFKÿ/0123ÿ4-5,@

*4-3
01234567ÿLM6NOÿPÿÿQÿ*,.+ÿ/ÿQÿR:PÿS=T
U2VW42XÿYW42M5WVO
Z>ÿ[30ÿ1>ÿR:P

01234567ÿ9%ÿ6 ÿ




ÿÿ&'&

,-2ÿ\6ÿ[]=6ÿ5,,+ÿ,ÿ0ÿ4.ÿ8,ÿ8,ÿ,ÿ^,12ÿ0ÿÿZ22ÿ[-0-,ÿ355ÿ3_@ÿ\ÿ,2ÿ82.
Z22ÿ355ÿ3_ÿÿ8-ÿ0-,2ÿ,33@ÿ\ÿ0,-30,ÿÿ,ÿ,,2>ÿ34-3ÿ3,22ÿÿ7838ÿZ22`ÿ384ÿ4,3,2
443-ÿ,.?ÿ8,ÿ8ÿ350,>`ÿ3--/a,--ÿ,-+ÿ722ÿ20ÿ127ÿ3ÿ4-3,@ÿZ22ÿ8,ÿÿ.32.ÿ8ÿÿ8
0123@ÿ\ÿ12?ÿ7ÿ4ÿ8ÿ0-ÿ,-+ÿ722ÿ-.3ÿ8ÿ3_`ÿ?,2ÿ+43,2>@ÿ\ÿ5,>
" !22ÿZ22ÿ3_ÿ4-5ÿ8-ÿ0-,2ÿ,33ÿ1ÿ5,>ÿÿ22ÿÿ4-5ÿ8ÿ0ÿ4.@
" #!22ÿZ22ÿ3_ÿ4-5ÿ8ÿ0ÿ4.ÿ1ÿ5,>ÿÿ22ÿÿ4-5ÿ8-ÿ0-,2ÿ,33@
 $!ÿ22ÿZ22ÿ3_ÿ4-5ÿ8-ÿ8ÿ0ÿ4.ÿ-ÿ8-ÿ0-,2ÿ,33@
AB02,,
P22+ÿZ22ÿ3_ÿ4-5ÿ8-ÿ8ÿ0ÿ4.ÿ-ÿ\`ÿ0-,2ÿ,33ÿ72.ÿ1ÿ-,.+ÿÿ5,-,2ÿ0123ÿ4-5,6ÿ
?2,ÿ4ÿP,.,-.ÿS=Tÿb,-,2ÿ90123ÿ4-5,@
*4-3
01234567ÿLM6NOÿPÿÿQÿ*,.+ÿ/ÿQÿR:PÿS=T
U2VW42XÿYW42M5WVO
Z>ÿ[30ÿ1>ÿR:P

01234567ÿ9(ÿ6 ÿ



ÿÿ))'&

P?ÿc,-6ÿ,ÿR?2ÿÿ[]=ÿ3,..,6ÿ8,ÿ.3..ÿÿ-ÿÿ,ÿ2+ÿ0ÿ4ÿ],-53ÿ3_@ÿP3ÿ],-53ÿÿ82>ÿ-,..6
c,-ÿÿ33-.ÿ8ÿ-.-ÿ722ÿ?-7825ÿ8ÿ2a.>ÿ4ÿ],-53ÿ,.ÿ8ÿ0-3ÿ722ÿ-+@ÿc,-ÿ+,+ÿÿ,ÿ-ÿ4ÿ123_



)*+ÿÿ)+)ÿÿ*,,-./0ÿ0ÿ.),0*1ÿ2,,)+3ÿÿ4*+*)+ÿ5678ÿ9*):ÿ9*./*8ÿ;*)ÿ0*ÿ3*3+ÿ
0 120)ÿ)**,<=*+ÿ-*./*ÿ)ÿ>)-*<=*+ÿ-*./*1
3 42=0ÿ)**,<=*+ÿ-*./*ÿ*+ÿ>)-*<=*+ÿ-*./*1
3 52)**,<=*+ÿ-*./*8ÿ=ÿÿ>)-*<=*+ÿ-*./*1
?@./**
;*)ÿÿÿÿA/*ÿ>ÿ4*+*)+ÿ5678ÿ9*):ÿ9*./*1ÿB)**,<=*+ÿ-*./*ÿ,/+8ÿ=ÿÿÿ/-+ÿ8
)**,ÿ0*ÿ*)>,*//Cÿ+)ÿ.),ÿ)ÿA/-1ÿ>)-*<=*+ÿ-*./*ÿ,/+8ÿ=ÿÿÿ/-+ÿ8ÿ.)*+3ÿ>*/
)-)ÿ*=ÿ*ÿ>)-ÿÿ)+)ÿÿ+,ÿ0)ÿÿ)*+1
D>),
6789

ÿEF
GHÿ4ÿ!ÿIÿD*+3ÿ#<ÿIÿJK4ÿ567
L8MN
8OÿPN
8F NMH
QCÿR,.ÿ=CÿJK4

6789

ÿÿ
ÿ

ÿÿ!"#$%

ÿ6S*-8ÿRT28ÿÿ0ÿ,-./*,ÿ>>,)ÿ>)ÿ*ÿ/*)3ÿ=):)*3ÿ>)-1ÿUÿV*ÿÿ.)Aÿ0ÿ,--,*ÿ>ÿ-*)*/
.=/,ÿ>)-*ÿ*+ÿ0)ÿAÿ>)-*ÿ>)-ÿ0ÿ>)-WÿA-ÿ=*:3ÿ*+ÿ,).)*ÿ>*,ÿ+.*)-ÿÿ
*/ÿ*+ÿ)*),0ÿ+.*)-1ÿB0ÿ-ÿ,--ÿ*+ÿV+.)*+ÿ*..)*,0ÿ0*ÿ6S*-ÿ,*ÿÿÿ.)Aÿ+)ÿ)*+3
=Cÿ-./Cÿÿ0
3 12;*//ÿ4)ÿD/1

0 42>)ÿV*//1
3 52/3*/ÿ/1
?@./**
Bÿ,-./CÿV0ÿ4*+*)+ÿ5278ÿ*ÿ>)ÿV*//ÿ.)A+ÿ*ÿ>)-*ÿ=*)))ÿ0*ÿ.)Aÿ,--,*ÿ>ÿ-*)*/ÿ.=/,
>)-*ÿ*+ÿ0)ÿAÿ>)-*ÿ>)-ÿÿ+.*)-ÿÿ*0)ÿV0ÿ*ÿ>)-1
D>),
6789

ÿEF
GHÿ4ÿ!ÿIÿD*+3ÿ#<ÿIÿJK4ÿ527
L8MN
8OÿPN
8F NMH
QCÿR,.ÿ=CÿJK4

6789

ÿ&ÿ
ÿ

ÿÿ!"#'(

2ÿ=):)*3ÿ>)-ÿ0*ÿ*ÿ)*+3ÿ+.*)-ÿ*+ÿ*ÿA-<=*:3ÿ+.*)-1ÿK>ÿ0ÿA-<=*:3ÿ+.*)-
),Aÿ-*)*/ÿ<.=/,ÿ>)-*ÿ0*ÿV/+ÿ=ÿA*/*=/ÿÿ*+A3ÿ0ÿ>)-Wÿ=):)*3ÿ,/1ÿÿ)+)ÿÿ,-./CÿV0
0ÿ4*+*)+8ÿ0ÿ>)-
3 120/+ÿ),)+ÿ0ÿ@,0*3ÿ>ÿ>)-*ÿ=Vÿ0ÿA-<=*:3ÿ+.*)-
*+ÿ0ÿ=):)*3ÿ+.*)-1


0 12(ÿ)*ÿÿ+ÿ,ÿ)-./(0

3 42,1)ÿ//2ÿ(-13ÿ/.)4ÿÿ2/ÿ+/ÿ5,2,ÿ,ÿ+/(ÿÿÿ-ÿ+
(./.1ÿ6-712ÿ+/(.0
89-1..
:/24ÿ(-13ÿ/.)4ÿÿ2;ÿ+/ÿ5,2,ÿ,ÿ+/(ÿ,.ÿ(./.1ÿ6-712ÿ+/(.ÿÿ,ÿ7ÿ.5/0ÿ:2/)4ÿ,
92,.4ÿ+ÿ+/(.ÿ75ÿ,ÿ5ÿ)-./(ÿÿÿ,ÿ7ÿ-ÿ72.ÿ,/ÿ,1)ÿ7ÿÿ92,.4ÿ+
+/(.ÿ75ÿ,ÿ5ÿ)-./(0ÿ*4ÿ.ÿ)-./(ÿÿÿ.ÿ.71ÿ(,)ÿ+/ÿ.))/4ÿ,ÿ-.1
-/71(0
:+/2
56789

ÿ<= >?ÿ@ÿ!ÿAÿ:.)4ÿ#6ÿAÿBC@ÿDEF
G7HI97JÿKI97=
IH?
L3ÿM2-ÿ73ÿBC@

56789

ÿÿ ÿ

ÿÿ!"#$!

N,2,ÿÿ+ÿ,ÿ+1154ÿ2ÿ,ÿ114.1ÿÿ+ÿ(./.1ÿ-712ÿ+/(.O
3 %2P/.)4ÿÿ+/(.ÿ3/ÿ/Qÿ,ÿ+/(Rÿ./3Qÿ1)ÿ3ÿ*/ÿ)/0
0 12P/.)4ÿ(().13ÿ.+/ÿ.)4ÿ,ÿ+/(Rÿ..1ÿ,./,1)/Rÿ(40
0 42P/.)4ÿ7.)ÿÿ3/ÿ..132.1ÿ/*5ÿ+ÿ,ÿ+/(Rÿ+/ÿ-/-20
89-1..
S(7/ÿ(.3ÿÿ/.)ÿÿ(./.1ÿ-712ÿ+/(.Tÿ,/+/Qÿ,ÿ+/(.ÿ2*3)ÿ73ÿ,ÿ+/(Rÿ./3ÿ(.3ÿÿ7
)ÿ73ÿ.ÿ((7/ÿ+/ÿ/.)4ÿ-/-0
:+/2
56789


×