Tải bản đầy đủ (.pdf) (21 trang)

CFA 2018 quest bank answers reading 38 answers

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (878.93 KB, 21 trang )

1ÿ
7ÿÿ3ÿ113ÿ
123ÿ ÿÿ!!

0123ÿ567ÿ89


9
"#$%&'()ÿ+,-ÿ./0/10

9(:$;ÿ<(=>?)@AÿBC'DCÿ>?@%ÿ)(ÿE'F'E$)E%AÿD?GG'$%ÿ(#&ÿ?ÿHIJ(GIKÿG$F$G%$ÿ%>;'&ÿ(Jÿ'&%ÿD(==()ÿ%C?G$%LÿM(BÿB';;ÿ&C'%ÿ&G?)%?D&'()
?JJ$D&ÿ9(:$;N%ÿJ(G$D?%&%ÿ(Jÿ'&%ÿ)$&ÿD?%Cÿ>(%'&'()O
2 34P(G$ÿ)$&ÿD?%Cÿ')ÿ:(&Cÿ&C$ÿ%C(G&I&$G=ÿJ(G$D?%&ÿ?)Eÿ&C$ÿ;()QI&$G=ÿJ(G$D?%&L
2 54R(ÿ$JJ$D&ÿ()ÿ&C$ÿ%C(G&I&$G=ÿJ(G$D?%&ÿ:#&ÿ;$%%ÿ)$&ÿD?%Cÿ')ÿ&C$ÿ;()Q&$G=ÿJ(G$D?%&L
6 4R(ÿ$JJ$D&ÿ:$D?#%$ÿ&C'%ÿ&G?)%?D&'()ÿE($%ÿ)(&ÿ?JJ$D&ÿJ#&#G$ÿD?%CÿJ;(B%L

ST>;?)?&'()
U&(DVÿ%>;'&%ÿ?)EÿG$F$G%$ÿ%&(DVÿ%>;'&%ÿE(ÿ)(&ÿ?JJ$D&ÿ?ÿJ'G=N%ÿJ#&#G$ÿD?%CÿJ;(B%ÿ#);$%%ÿE'F'E$)Eÿ@'$;E%ÿ?G$ÿ')DG$?%$Eÿ?%ÿ?ÿG$%#;&L
WC$%$ÿ&G?)%?D&'()%ÿDC?)Q$ÿ&C$ÿ)#=:$Gÿ(Jÿ%C?G$%ÿ(#&%&?)E')Qÿ:#&ÿ&C$@ÿE(ÿ)(&ÿG?'%$ÿD?>'&?;ÿJ(Gÿ&C$ÿJ'G=L
9$J$G$)D$%
123ÿX7ÿU$%%'()ÿ88ÿYÿ9$?E')QÿH7ÿYÿZ[UÿE
131ÿ317
\$@ÿ<()D$>&%ÿ:@ÿZ[U

123ÿ9ÿÿ!!

"#$%&'()ÿ+,-ÿ./0//7

]'$GD$ÿP(&(Gÿ<(=>?)@ÿC?%ÿ?)ÿ(>$G?&')QÿD@D;$ÿ(Jÿ8K0ÿE?@%ÿ?)Eÿ?ÿD?%CÿD()F$G%'()ÿD@D;$ÿ(Jÿ8^0ÿE?@%AÿBC';$ÿ,#)C';;ÿP(&(GAÿ+)DL
C?%ÿ?)ÿ(>$G?&')QÿD@D;$ÿ(Jÿ8.0ÿE?@%ÿ?)Eÿ?ÿD?%CÿD()F$G%'()ÿD@D;$ÿ(Jÿ8^KÿE?@%Lÿ_?%$Eÿ()ÿ&C$%$ÿJ'Q#G$%ÿ'&ÿ'%ÿ`abcÿefgheiÿ&C?&2 34?F$G?Q$ÿE?@%ÿ(JÿG$D$'F?:;$%ÿJ(Gÿ,#)C';;ÿ'%ÿ;$%%ÿ&C?)ÿJ(Gÿ]'$GD$L
6 54?F$G?Q$ÿE?@%ÿ(Jÿ>?@?:;$%ÿJ(Gÿ,#)C';;ÿ'%ÿ;$%%ÿ&C?)ÿJ(Gÿ]'$GD$L


2 4?F$G?Q$ÿE?@%ÿ(Jÿ')F$)&(G@ÿJ(Gÿ,#)C';;ÿ'%ÿ;$%%ÿ&C?)ÿJ(Gÿ]'$GD$L
ST>;?)?&'()
WC$ÿ(>$G?&')QÿD@D;$ÿ'%ÿE?@%ÿ(Jÿ')F$)&(G@ÿ>;#%ÿE?@%ÿ(JÿG$D$'F?:;$%LÿWC$ÿD?%CÿD()F$G%'()ÿD@D;$ÿ'%ÿ&C$ÿ(>$G?&')QÿD@D;$ÿ=')#%ÿE?@%ÿ(J
>?@?:;$%LÿWC$G$J(G$Aÿ?F$G?Q$ÿE?@%ÿ(Jÿ>?@?:;$%ÿ?G$ÿ&C$ÿ(>$G?&')QÿD@D;$ÿ=')#%ÿ&C$ÿD?%CÿD()F$G%'()ÿD@D;$Lÿ,#)C';;N%ÿ?F$G?Q$ÿE?@%
(Jÿ>?@?:;$%ÿj8.0ÿIÿ8^Kÿkÿ8Klÿ?G$ÿ;$%%ÿ&C?)ÿ]'$GD$N%ÿ?F$G?Q$ÿE?@%ÿ(Jÿ>?@?:;$%ÿj8K0ÿIÿ8^0ÿkÿH0lLÿmC'DCÿD(=>?)@ÿC?%ÿC'QC$G
?F$G?Q$ÿE?@%ÿ(Jÿ')F$)&(G@ÿ(GÿG$D$'F?:;$%ÿD?))(&ÿ:$ÿE$&$G=')$EÿJG(=ÿ&C$ÿ')J(G=?&'()ÿ>G(F'E$EL
9$J$G$)D$%
123ÿX7ÿU$%%'()ÿ88ÿYÿ9$?E')QÿH7ÿYÿZ[UÿD
131ÿ317
\$@ÿ<()D$>&%ÿ:@ÿZ[U

123ÿ
ÿÿ!!

"#$%&'()ÿ+,-ÿ.8.71.


$%ÿ&'ÿ%(ÿ&&)ÿ*%ÿ(ÿ&+,(-ÿ'.)ÿ&(%ÿÿ/&01-2ÿ)&%3ÿ%ÿ&+,(-4ÿ&(%ÿ))52ÿÿ6789ÿ'&).'
(ÿ(
0 121/'-ÿ,)++:
3 42,11ÿÿ1/'-:
0 52')(3ÿÿ1/'-:
;<,1((
=%ÿ&(%ÿ,(-+ÿ()ÿ+('ÿÿ/&01-2ÿ%ÿ&'ÿÿ0*ÿ(ÿ(ÿ,11ÿÿ1/'-:ÿ>ÿ')(3ÿÿ1/'-ÿ&&)ÿ*%ÿ&(%
?1*ÿ1(3:
@?)&
6789

ÿAB
CDÿEÿÿFÿ@('3ÿG ÿFÿHIEÿ(

J8KL
8MÿNL
8B LKD
O-ÿP&,ÿ.-ÿHIE

6789

ÿÿ
ÿ

ÿÿ !

=%&%ÿ-1'ÿ+()ÿÿ%ÿQR89ÿ(,,),)(ÿ?)ÿ&+,()3ÿ(ÿ&+,(-4ÿ5+ÿÿ%)S)+ÿ&)T
0 12&ÿ.(ÿ-1':
3 42U'ÿ/5(1ÿ-1':
0 52V-ÿ+()0ÿ-1':
;<,1((
=%ÿ5(1(3ÿ%ÿ,)?)+(&ÿ?ÿÿ%)S)+ÿ&)ÿ5+2ÿ(ÿ&+,(-ÿ%1'ÿ&+,()ÿ%+ÿÿ(ÿ.'
/5(1ÿ-1'ÿ.(:
@?)&
6789

ÿAB
CDÿEÿÿFÿ@('3ÿG ÿFÿHIEÿ
J8KL
8MÿNL
8B LKD
O-ÿP&,ÿ.-ÿHIE

6789


ÿ"ÿ
ÿ

ÿÿ !#

>ÿGWS'(-ÿ.(0ÿ&)?&(ÿ?ÿ',ÿ%(ÿ(ÿ%1'3ÿ,)'ÿ-1'ÿ?ÿX:ÿ=%(ÿÿ%ÿ((1ÿ-1'ÿ?ÿ%ÿPÿÿ(ÿ.'S/5(1
.(T
3 12#:YX:
0 42:GX:
0 52#:WWX:
;<,1((


%&ÿ'()*+,-ÿ.-(ÿÿ/,-/-,(ÿ,ÿ&ÿ&-(0ÿ12(ÿ.-(ÿ3ÿ4567ÿ8ÿ3'2ÿ9ÿ(,.ÿÿ&ÿ&-(0ÿ12(:;ÿ<=>ÿ?ÿ@
Aÿ456785B:ÿ?ÿC;@;
D92/
01234567ÿEF6GHÿIÿÿJÿD,(0ÿ5ÿJÿKLIÿ
M2NO42PÿQO42F5ONH
R.ÿS/1ÿ'.ÿKLI

01234567ÿ9
ÿ6 ÿ



ÿÿ

Tÿ923ÿÿ/&0ÿ,30ÿ&2ÿ&2)23ÿ+3ÿ/2ÿ
I/2.ÿÿTÿ5B)(,.ÿU;I;ÿ%2,2.ÿ'--ÿV&ÿ,ÿ(/ÿ.-(ÿ9ÿ5;6@;ÿ

I/2.ÿCÿTÿ5B)(,.ÿ',W2Xÿ,//1,/ÿ--0ÿ,ÿ;67@ÿ9ÿ9,/ÿ+,-;ÿ
I/2.ÿ5ÿTÿ5B)(,.ÿ3ÿ(1ÿV&ÿ,ÿ'(ÿ*+,-ÿ.-(ÿ9ÿ5;67@;ÿ
<,(ÿ-.ÿÿ&ÿ/2Xÿ.-(Yÿ&ÿ923ÿV-(
  1292ÿ&ÿ',W2Xÿ,//1,/;
! " 1292ÿ&ÿU;I;ÿ%2,2.ÿ'--;
! # 1292ÿ&ÿ3ÿ(1;
=Z1-,,
[ÿ/,ÿ/31,2ÿ&ÿ.-(ÿ9ÿ&ÿ/2ÿÿ,.ÿ0-ÿ',;ÿ%&ÿ12922(ÿ',ÿÿ&ÿ'(ÿ*+,-ÿ.-(;

I/2.ÿÿ?ÿ(/ÿÿ5;6@45Bÿ8ÿ56B:ÿ?ÿB;5@ÿ
<=>ÿ?ÿ4B;5ÿ8ÿ;:ÿ4567ÿ8ÿ5B:ÿ?ÿ5;66@
<=>ÿ9ÿI/2.ÿCÿ?ÿ4B;57ÿ8ÿ;67:ÿAÿ4567ÿ8ÿ5B:ÿ?ÿ;C5@
<=>ÿ9ÿI/2.ÿ5ÿ?ÿ5;67@

D92/
01234567ÿEF6GHÿIÿÿJÿD,(0ÿ5ÿJÿKLIÿ
M2NO42PÿQO42F5ONH
R.ÿS/1ÿ'.ÿKLI

01234567ÿ9$ÿ6 ÿ



[&/&ÿ9ÿ&ÿ9--V0ÿ9,/2ÿÿ\]^_ÿabcdaeÿÿ/,ÿ,ÿ923ÿÿ(ÿ&2)23ÿ9,/0f
  L12,0ÿ/,&ÿ9-Vÿ&,ÿ9-/,ÿ,,--.;
! " I&22ÿ/,&ÿ/+2ÿ/./-ÿ&,ÿ&ÿ(2.ÿ,+2,0;
! # D2ÿ9ÿ12/1,-ÿ923ÿ3,20ÿ+3;
=Z1-,,

ÿÿ



'()ÿ*+ÿ,(-.ÿ/-+ÿ01*ÿ+-ÿ01/-ÿ--112ÿ-(ÿ1312ÿÿ4,(/ÿ+(5()ÿ)6-1-/ÿ6*ÿ/-+ÿ01*
-7ÿ/-+ÿ01*ÿ-7ÿ)ÿ0(/-ÿ+ÿ)6-1-/ÿÿ)--.ÿ+(ÿÿ7-12ÿ/-+ÿ,8ÿ0(ÿ4-),1ÿ62ÿ-((-..ÿ+(5
()ÿ6((*.ÿ9(ÿ-ÿ*+ÿ,(-.ÿ/-+ÿ01*ÿ-(ÿ4,/7ÿÿ6ÿ(1-912ÿ1*ÿ-7ÿ,(-.ÿ/-+ÿ01*ÿ-(
(1-912ÿ+.+:
;0(/
01234567ÿ<=6>?ÿ@ÿ%%ÿAÿ;-7.ÿB&ÿAÿCD@ÿ7
E2FG42HÿIG42=5GF?
J2ÿK/,ÿ62ÿCD@

01234567ÿ9
ÿ6 ÿ



ÿÿ

Lÿ--12ÿÿ(9*.ÿ+ÿ*(3.ÿ/-,-1ÿ,(01ÿ9)ÿ,1/2ÿ0ÿ-ÿ,61/12ÿ(-77ÿ0():ÿM+/+ÿ0ÿ+ÿ011*.ÿ/),
0ÿ+ÿ,1/2ÿÿ+ÿ--12ÿNOPQRÿNTUONVÿÿ07ÿ-//,-61W
  9)ÿ)ÿ+-9ÿ-ÿL5%ÿ(-.ÿ0()ÿ@XYÿ(ÿ-ÿZ9-1ÿ(-.ÿ0()ÿ-+(
-./2:
! " 9)ÿÿ[:@:ÿ\56118ÿ/))(/-1ÿ,-,(8ÿ-7ÿ6-3ÿKÿ-(ÿ-//,-61ÿ1
7ÿ62ÿ@(-0(7ÿ]-3:
 # L+(2ÿ0(ÿ1/.ÿ-7ÿ)--..ÿ+(5()ÿ9)ÿ(ÿ*+ÿ+ÿ0()^
(-((ÿ-7ÿ-2ÿ7.ÿ1/7ÿ62ÿ+ÿ(-((:
_4,1--
Lÿ9)ÿ,1/2ÿ0(ÿ+(5()ÿ,(01ÿ+17ÿ+-9ÿ+ÿ011*.ÿ1)ÿ,(,8ÿ-+(8ÿ1)-`((/8
Z-128ÿ-7ÿ+(ÿ):ÿ\+ÿ,(,ÿ/ÿ+17ÿ-ÿ+ÿ.(-1ÿ(-ÿ+ÿ,(01ÿ4ÿ-7ÿ+ÿ.(-1ÿ(-.2ÿ+-
*11ÿ6ÿ011*7:ÿ\+ÿ1)-ÿ/ÿ.(-112ÿ-ÿ+ÿ2,ÿ0ÿ9)ÿ+-ÿ-(ÿ(ÿ-(ÿÿ-//,-61ÿ-7ÿ+17ÿ

12ÿ/-.(ÿ0ÿ/(ÿ(-+(ÿ+-ÿ,/0/ÿ(ÿ0ÿ/(:ÿ\+ÿ-+(ÿ/ÿ+17ÿ-ÿ+ÿ4/9ÿ*+ÿ*11
9(ÿ+ÿ,(01:ÿ\+ÿZ-12ÿ/ÿ+17ÿ-ÿ.71ÿ0(ÿ+ÿ/(7ÿZ-12ÿ0ÿ+ÿ9)ÿÿ+ÿ,(01:ÿ\+
a+(aÿ/ÿ)-2ÿ6ÿ7ÿ0(ÿ,(01ÿ(Z()ÿÿ/9(7ÿÿ+ÿ0(ÿ0(ÿ/8ÿ/+ÿ-ÿ-7.ÿ(ÿ(,(.
(Z():
;0(/
01234567ÿ<=6>?ÿ@ÿ%%ÿAÿ;-7.ÿB&ÿAÿCD@ÿ
E2FG42HÿIG42=5GF?
J2ÿK/,ÿ62ÿCD@

01234567ÿ9$ÿ6 ÿ



ÿÿ%&&

ÿ-ÿ(/ÿ-00ÿ).8ÿ-97ÿb(128ÿ-7ÿ+-ÿ--12ÿ+17ÿ7(-7ÿ+-ÿ0-/-1ÿ(-ÿ)-ÿ11ÿ62ÿ+)19:ÿb
-797ÿ+ÿ/11-.ÿÿ9-1-ÿ0-/-1ÿ(-ÿ/-(0112:ÿ(.ÿ+ÿ7/ÿ+ÿ)-7ÿ+ÿ011*.ÿ-)
@-)ÿ%ÿLÿ/),-2ÿ/-ÿ6ÿ/),-(7ÿ*+ÿ+(ÿÿÿ7(2ÿ62ÿ(1-.ÿÿ0-/-1ÿ(-ÿÿ7(2ÿ():ÿb*9(8
/-(ÿ)ÿ6ÿ-3ÿ6/-ÿ)-2ÿ(-ÿ-(ÿ7(25,/0/8ÿ6ÿÿ-11ÿ(-ÿ-(ÿ),(-ÿÿ-11ÿ7(:
@-)ÿÿK),-(.ÿ-ÿ/),-2ÿÿ+ÿ9(-11ÿ/)2ÿÿ1ÿ6/-ÿ9(-11ÿ6ÿ/7ÿ-(ÿ/-12
/+-..:ÿ@,/0/-1128ÿÿÿÿ+ÿ/-ÿ+-ÿ0-/-1ÿ(-ÿ7ÿÿ),(9ÿ*+ÿ+ÿ/)2ÿÿ(.ÿ-7ÿ*-3ÿ7(.


#$%#&ÿ'(
)#ÿ%'ÿ!ÿ%*ÿ+ÿ%ÿ'%*ÿ,&ÿ-#.&ÿ#/%#*/ÿ0%$%.ÿ#%ÿ%%.&ÿ12334156
7%'ÿ! 7%'ÿ+
0 12$##$ 1##$
3 421##$
$##$
0 521##$

1##$
489.%%
:%$%.ÿ#%ÿ%#ÿ'%/.ÿ,&ÿ;'.<(ÿ5ÿ;%<ÿ'%/ÿ%ÿ%%.&ÿ'ÿÿ;'ÿ=;ÿ;#ÿ0#'%(ÿ)ÿ%%.&
;.*ÿ<%.%ÿ0%$%.ÿ#%ÿ,%*ÿÿ*#&ÿ#'ÿ%*ÿ$'$ÿ$*(ÿ7%'ÿ!ÿÿ$##$(ÿ-=<#>ÿ%'ÿ+
ÿÿ,$%ÿ0%$%.ÿ#%ÿ*ÿÿ'9#<ÿ=;ÿ;ÿ$'&ÿÿ#/ÿ%*ÿ=%?ÿ=;ÿ;ÿ$'&ÿÿÿ%ÿ#$(ÿ7>
0%$%.ÿ#%ÿ;.*ÿ,ÿ#<=*ÿÿ./;ÿ0ÿ;ÿ$##ÿ%/ÿ0ÿ;ÿ,ÿ$&$.(
30#$
6789

ÿ@A
BCÿ7ÿ!!ÿDÿ3%*/ÿE"ÿDÿF27ÿ,
G8HI
8JÿKI
8A IHC
L&ÿ1$9ÿ,&ÿF27

6789

ÿÿ

×