Tải bản đầy đủ (.pdf) (14 trang)

CFA 2018 quest bank answers reading 23 answers

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (577.6 KB, 14 trang )

1ÿ9
7ÿÿ13ÿ32ÿ
123ÿ ÿÿ


0123ÿ567ÿ89




!"#$%&'ÿ)*+ÿ,-,.,/

;"<!%=">ÿ?%'@'A%@Bÿ#$@$"C"'$#Dÿ@AA&=>%'Eÿ$&ÿ)'$"='@$%&'@BÿFAA&!'$%'EÿG$@'>@=>ÿH)FGIÿJ&Kÿ-Dÿ%'AB!>"ÿ@H'I+
0 12%'A&C"ÿ#$@$"C"'$ÿ@'>ÿL&=M%'EÿA@N%$@Bÿ#!CC@=OK
0 32A@#Pÿ?B&Lÿ#$@$"C"'$ÿ@'>ÿ@!>%$&=Q#ÿ="N&=$K
4 52R@B@'A"ÿ#P""$ÿ@'>ÿ"SNB@'@$&=Oÿ'&$"#K

TSNB@'@$%&'
U%'@'A%@Bÿ#$@$"C"'$#ÿ$P@$ÿ@="ÿ="<!%=">ÿROÿ)FGÿJ&Kÿ-ÿ%'AB!>"ÿ@ÿR@B@'A"ÿ#P""$Dÿ@ÿ#$@$"C"'$ÿ&?ÿA&CN="P"'#%V"ÿ%'A&C"Dÿ@ÿA@#Pÿ?B&L
#$@$"C"'$Dÿ@ÿ#$@$"C"'$ÿ&?ÿAP@'E"#ÿ%'ÿ&L'"=#Qÿ"<!%$ODÿ@'>ÿ"SNB@'@$&=Oÿ'&$"#ÿ$P@$ÿ%'AB!>"ÿ@ÿ#!CC@=Oÿ&?ÿ$P"ÿA&CN@'OQ#ÿ@AA&!'$%'E
N&B%A%"#Kÿ)FGÿJ&Kÿ-ÿ>&"#ÿ'&$ÿ="<!%="ÿ@'ÿ@!>%$&=Q#ÿ="N&=$ÿ&=ÿ@ÿL&=M%'EÿA@N%$@Bÿ#!CC@=OK
;"?"="'A"#
123ÿW7ÿG"##%&'ÿ:ÿXÿ;"@>%'EÿY9ÿXÿZ[Gÿ"
131ÿ\317
]"Oÿ^&'A"N$#ÿROÿZ[G

123ÿ9ÿÿ


!"#$%&'ÿ)*+ÿ,6/789


G%E'%?%A@'$ÿ@AA&!'$%'EÿAP&%A"#ÿ@="ÿC&#$ÿB%M"BOÿ$&ÿR"ÿ>%#AB&#">ÿ%'ÿ$P"ÿC@'@E"C"'$ÿA&CC"'$@=Oÿ!'>"=+
0 12_KGKÿ`FFaÿ&'BOK
4 32R&$Pÿ_KGKÿ`FFaÿ@'>ÿ)U;GK
0 52)U;Gÿ&'BOK
TSNB@'@$%&'
G%E'%?%A@'$ÿ@AA&!'$%'EÿN&B%A%"#ÿ@'>ÿ"#$%C@$"#ÿ$P@$ÿ="<!%="ÿC@'@E"C"'$ÿb!>EC"'$ÿC!#$ÿR"ÿ>%#AB&#">ÿ%'ÿ$P"ÿC@'@E"C"'$
A&CC"'$@=OÿH#&C"$%C"#ÿA@BB">ÿc@'@E"C"'$ÿ*%#A!##%&'ÿ@'>ÿF'@BO#%#Iÿ!'>"=ÿR&$Pÿ)U;Gÿ@'>ÿ_KGKÿ`FFaK
;"?"="'A"#
123ÿW7ÿG"##%&'ÿ:ÿXÿ;"@>%'EÿY9ÿXÿZ[Gÿ%
131ÿ\317
]"Oÿ^&'A"N$#ÿROÿZ[G

123ÿ
ÿÿ


dP%APÿ&?ÿ$P"ÿ?&BB&L%'Eÿ#$@$"C"'$#ÿ@R&!$ÿ?%'@'A%@Bÿ#$@$"C"'$#ÿ@'>ÿ="N&=$%'Eÿ#$@'>@=>#ÿ%#ÿefghiÿ@AA!=@$"j

!"#$%&'ÿ)*+ÿ,-,.9:


0 12&'()ÿ*+*(+ÿ,-ÿ./0ÿÿ,(.*ÿ*+ÿ'(*ÿ*+ÿ*//1ÿ.**).
1+ÿ/*+ÿÿ*.'2
3 4234ÿ56-7ÿ,ÿ,*-*/ÿ*.ÿÿÿ'(7+ÿ-.-ÿ+-ÿ.*8(ÿ14ÿ,/
,(.*2
3 529*-*/ÿ*.ÿ-/+ÿ'*//0ÿ*8ÿ*0ÿ,(.ÿ,ÿ('()ÿ*+*(+ÿ++:ÿ;2
<;'/**
=7ÿ4ÿ7*(0ÿ*+ÿ-.'/;0ÿ,ÿ'5/ÿ(**->ÿ*+ÿ4ÿ.*ÿ*+ÿ*.'ÿ*ÿ,(.ÿ.ÿ.*8ÿ14ÿ'()
ÿ'(,(.*->ÿ,*-*/ÿ*.ÿ-/+ÿ'*//0ÿ*8ÿ*0ÿ,(.ÿ,ÿ('()ÿ*+*(+ÿ++:ÿ;2ÿ&'()ÿ*+*(+
(ÿ4*ÿ4ÿ,(.*ÿÿ?,/ÿÿ*ÿ1+ÿ(*)ÿ,ÿ(>?ÿ-/+)ÿ-(0ÿ**/0>ÿ50ÿ.*8)ÿ,*-*/ÿ*.

-.'*(*5/ÿÿÿ*4(ÿ*+ÿ*((1)ÿ4ÿ(*)ÿ14ÿ14-4ÿ.**).:ÿ.*ÿ-*ÿ5ÿÿ*ÿ(**5/2
&'()ÿ*+*(+ÿ/.ÿ4ÿ(*)ÿ,ÿ*.'ÿ.**).ÿ-*ÿ.*82
&,(-
6789

ÿ@A
BCÿDÿ$ÿEÿ&*+)ÿFGÿEÿHIDÿ*
J8KL
8MÿNL
8A LKC
O0ÿP-'ÿ50ÿHID

6789

ÿÿ
ÿ

ÿÿ! "#$

Qÿ,(.ÿ)*)ÿÿ*ÿ1ÿ0'ÿ,ÿ,*-*/ÿ(**-ÿ4*ÿ4*ÿ*ÿ.*(*/ÿ,,-ÿÿÿ*()2ÿQÿ**/0ÿ4/+ÿRSTUÿWXYZW[ÿ5
'-ÿ,ÿ4ÿ1ÿ(**-ÿ,
0 12.**).ÿ4*ÿÿ;'/*+ÿÿ5ÿ'('2
3 424ÿ(**-ÿÿÿ)7(+ÿ50ÿ;)ÿ()/*2
3 52ÿ*--)ÿ*+*(+ÿ;ÿ4*ÿ*''/ÿÿ4ÿ(**-2
<;'/**
\1ÿ0'ÿ,ÿ(**-ÿ.*0ÿ.()ÿ4*ÿ*(ÿÿ-7(+ÿ50ÿ;)ÿ*--)ÿ*+*(+ÿ(ÿ()/*2ÿQ*/0ÿ4/+
5*ÿ,(.*ÿ,(.ÿ*ÿ,(.:ÿ.**).ÿ*5ÿ4ÿ-.-ÿ5*-ÿ,ÿ-4ÿ(**-ÿÿ(ÿ4*ÿ40ÿ(7ÿ*
5ÿ'('ÿ*+ÿ4*7ÿÿ5ÿ-(*+ÿ'(.*(/0ÿÿ.*'/*ÿ4ÿ,(.:ÿ,*-*/ÿ*.2
&,(-
6789


ÿ@A
BCÿDÿ$ÿEÿ&*+)ÿFGÿEÿHIDÿ4
J8KL
8MÿNL
8A LKC
O0ÿP-'ÿ50ÿHID

6789

ÿ%ÿ
ÿ

34ÿ(.ÿ?-7()-?ÿÿRSTUÿ*--(*/0ÿ+ÿÿ+-(5
3 124ÿ(+-ÿ,ÿ4ÿ'(..ÿÿ*ÿ5+ÿ*ÿÿ*(ÿ.*(02
0 424ÿ'(-ÿ,ÿ+7/')ÿÿ7(*//0ÿ*--'+ÿÿ,ÿ*--)ÿ*+*(+2
3 5214ÿ;'-+ÿ((ÿ*+ÿ(](+ÿ((ÿ*(ÿ]*/2

ÿÿ! " !


)*+,--
./0ÿ1-23ÿ-024ÿÿ-ÿ0,ÿÿ5ÿ-660ÿ-3-23ÿÿ25223ÿÿ-ÿ76/20687
9526
01234567ÿ:;6<=ÿ>ÿ'ÿ?ÿ9-30ÿ&%ÿ?ÿ@A>ÿ6
B2CD42EÿFD42;5DC=
GHÿI6+ÿJHÿ@A>

01234567ÿ9
ÿ6 ÿ



ÿÿ

KL6Lÿ5ÿLÿ5,,10ÿÿMNOPQÿMSTNMUÿ-ÿV-,-/ÿ6L-2-626ÿ-660ÿ524-ÿ4ÿ+ÿÿ232ÿÿ+2/3ÿ5,
524-ÿÿ-ÿ--,HWÿ-66230ÿÿLÿX>YÿI6+-,ÿZ2-412[\
  Z-L5,ÿ2+2-8
! " I2/-48
 # 9,/-68
)*+,--
-,-/ÿ6L-2-626ÿL-ÿ-660ÿ524-ÿ4ÿ+ÿ-66230ÿÿLÿX>YÿI6+-,ÿZ2-412[ÿ-2ÿ2,/-6
-3ÿ5-L5,ÿ2+2-Wÿ1L6Lÿ-2ÿL-63ÿJHÿLÿ6L-2-626ÿ5ÿ4,Wÿ/25-J,HWÿ32-3-J,HWÿ-3
64+-2-J,H8ÿI2/-4ÿ4-HÿJÿ-ÿ32-J,ÿ6L-2-626WÿJÿÿÿÿ5ÿLÿV-,-/ÿ6L-2-626ÿ+653ÿÿL
X>YÿI6+-,ÿZ2-412[8
9526
01234567ÿ:;6<=ÿ>ÿ'ÿ?ÿ9-30ÿ&%ÿ?ÿ@A>ÿ3
B2CD42EÿFD42;5DC=
GHÿI6+ÿJHÿ@A>

01234567ÿ9$ÿ6 ÿ


ÿÿ%&'(

Xÿ--,Hÿ6-ÿ53ÿ-ÿ64+-H]ÿ-660ÿ+,6ÿL-ÿ2V2ÿ056-ÿ^304ÿ2ÿ4-ÿ
  JLÿLÿ5ÿ-3ÿÿLÿ-32]ÿ+8
! " JLÿLÿ5ÿÿLÿ5-6-,ÿ-4ÿ-3ÿ.--04]ÿ6ÿ-3
X-,H8
 # ,HÿLÿ58
)*+,--

I4+-ÿL-ÿ+2+-2ÿ5-6-,ÿ-4ÿ32ÿZ9>ÿ2ÿ_8>8ÿ`XXaÿ4ÿ36,ÿL2ÿ-660ÿ+,6ÿ-3ÿ4-ÿ
Lÿ5ÿ-3ÿ-332ÿLÿ+,6ÿ-3ÿ4-ÿ1L2ÿ056-ÿ^304ÿ1-ÿ2V23ÿÿ.--04]ÿ6
-3ÿX-,H8ÿbLÿ-32]ÿ+ÿ36ÿ1LL2ÿ+,6ÿL-/ÿJÿ-++,3ÿ-++2+2-,HWÿJÿ3ÿÿ6,3ÿL
4-ÿ-3ÿ+,6ÿL4,/8


()*+
01234567ÿ,-6./ÿ0ÿ1ÿ2ÿ(345ÿ&ÿ2ÿ670ÿ
829:42;ÿ<:42-5:9/
=>ÿ?+@ÿA>ÿ670

01234567ÿ9
ÿ6 ÿ


ÿÿ

BC+Cÿ)ÿCÿ)DDE5ÿ3Fÿ3AÿCÿDFÿ)ÿ)3+3Dÿ3Fÿ4*ÿCÿGH0Iÿ34ÿH0Iÿ)*3FE*JÿÿKLMNO
3++*3P
 !QCÿH0Iÿ)*3FE*Jÿ4ÿÿ3DDEÿCÿR3Dÿ)ÿ3ÿÿAÿ34S4ÿ@E3*4T
" #!QCÿH0Iÿ)*3FE*JÿDÿ+Fÿ34ÿU@ÿ3ÿCÿDFÿ*D34ÿ
@*)*F3+T
" $!QCÿE*4ÿV@*A3ADVÿÿ4ÿA>ÿCÿGH0Iÿÿ4)ÿ3ÿ34ÿD3ADT
WU@D33
))*+ÿÿ)3+3Dÿ3FÿDFÿ+D4ÿXYÿQCÿH0Iÿ)*3FE*JÿDÿ+Fÿ34ÿU@ÿ3ÿCÿDFÿ*D34
ÿ@*)*F3+ZÿECDÿCÿGH0Iÿ)*3FE*Jÿÿ*RZÿU@Zÿ53ZÿDZÿ34ÿ+F@*CRÿ+FTÿXYÿGH0I
4)ÿ3ÿ3ÿ3ÿ3ÿ)*ÿ+F+ÿA)ZÿEC*ÿH0Iÿ4)ÿÿ3ÿ3ÿ**+ÿ)*FÿEC+Cÿ3ÿ)*ÿ+F+ÿA)ÿ
U@+4TÿX&YÿQCÿE*4ÿV@*A3ADVÿÿ4ÿA>ÿCÿGH0Iÿÿ4)ÿ3ÿ34ÿD3ADTÿXYÿQCÿGH0Iÿ)*3FE*Jÿ4ÿÿ3DDE
CÿR3Dÿ)ÿFÿ3ÿÿAÿ34S4ÿ@E3*4T
()*+

01234567ÿ,-6./ÿ0ÿ1ÿ2ÿ(345ÿ&ÿ2ÿ670ÿ)
829:42;ÿ<:42-5:9/
=>ÿ?+@ÿA>ÿ670

01234567ÿ9%ÿ6 ÿ


ÿÿ&'

[*)3Dÿ*53\3ÿ)ÿ3++3ÿ34ÿ34*ÿC3ÿ3ADCÿ)3+3Dÿ*@*5ÿ343*4ÿ3*ÿ+3DD4
 !0343*4ÿ5ÿA4T
" #!*33Dÿ*53\3ÿ)ÿ+*ÿ+FFT
" $!(5D3*>ÿ3C*T
WU@D33
0343*4]5ÿA4ÿ3*ÿ@*)3Dÿ*53\3ÿ)ÿ3++3ÿ34ÿ34*ÿC3ÿ3ADCÿ)3+3Dÿ*@*5ÿ343*4T
(5D3*>ÿ3C*ÿ3*ÿ5R*Fÿ35+ÿC3ÿC3RÿCÿD53Dÿ3C*>ÿÿ)*+ÿ+F@D3+ÿECÿ)3+3Dÿ*@*5
343*4Tÿ(5D3*>ÿ3C*Zÿ+Cÿ3ÿCÿ0+*ÿ34ÿWU+C35ÿ?FFÿX0W?YÿÿCÿ^T0Tÿ34ÿCÿG3+3D
0*R+ÿHC*>ÿXG0HYÿÿCÿ^4ÿ=54FZÿ3*ÿ3ADC4ÿA>ÿ33Dÿ5R*FTÿ_ÿ33Dÿ3C*ÿAD5ÿÿC
*33Dÿ7*53\3ÿ)ÿ0+*ÿ?FFÿX70?7YT
()*+
01234567ÿ,-6./ÿ0ÿ1ÿ2ÿ(345ÿ&ÿ2ÿ670ÿA


*2+,42-ÿ.,42/5,+0
12ÿ345ÿ62ÿ789

01234567ÿ9
ÿ6
ÿ



ÿÿ

:;4;ÿ<ÿ;ÿ<==>?ÿÿ@ABCDÿ@FGA@Hÿÿ<ÿ;ÿ?IJ=ÿIKILÿ<Iÿ<J4J=ÿJLÿMIÿNO9P
!"Qÿ<<?ÿ<ÿ4LÿJ?JÿR5ÿ=ÿJÿJMJIMÿ5ILÿIÿIKIÿS
#"9JLÿ;=Mÿ6ÿ5I5JIMÿMIÿJÿ??ÿ44IÿJL5S
$ %"9JLÿ;=Mÿ6ÿ5I5JIMÿJÿ=JÿKJII=2S
TR5=JJ
NO9ÿIKIÿI5I?ÿJÿ=JÿJJ==2SÿU;ÿ;Iÿ>ÿ4;4ÿJIÿIKILÿ4=MMÿÿV9ÿQSÿ&S
O<I4
01234567ÿW/6X0ÿ9ÿYÿZÿOJM?ÿ)ÿZÿ789ÿ
*2+,42-ÿ.,42/5,+0
12ÿ345ÿ62ÿ789

01234567ÿ9

ÿ6
ÿ


ÿÿ&'

V44IM?ÿÿ;ÿV9[ÿ445J=ÿ<IJL>I\]ÿ4;JIJ4I4ÿ;Jÿ;J4ÿI=^J4ÿJMÿ$ !"L=ÿJMÿ^I<J6=2S
#"4L5JIJ6=2ÿJMÿ;I?;S
%"JIJ4ÿJMÿMIJMJ6=2S
TR5=JJ
U;ÿ<Iÿ4;JIJ4I4ÿ;Jÿ;J4ÿI=^J4ÿJMÿMIJMJ6=2S
O<I4

01234567ÿW/6X0ÿ9ÿYÿZÿOJM?ÿ)ÿZÿ789ÿM
*2+,42-ÿ.,42/5,+0
12ÿ345ÿ62ÿ789

01234567ÿ9
(ÿ6
ÿ


ÿÿ&')

:;4;ÿM4I5ÿ<ÿ;ÿ6_4^ÿ<ÿ<J4J=ÿJLÿÿ`aCDÿJ44IJPÿU;ÿ6_4^ÿ<ÿ<J4J=ÿJLÿ
!"ÿ5I^Mÿ4IÿJJ=2ÿ>;ÿ6_4^ÿMJJÿJ6ÿJÿ<ILbÿ<J4J=ÿ5I54S
#"ÿ5I^MÿJÿ>MÿIJ?ÿ<ÿIÿ>;ÿ<ILJÿJ6ÿJÿ<ILbÿ<J4J=ÿ5I54S


0 12ÿ&'()ÿ*+*ÿ)*ÿ+,-'ÿ./ÿ01ÿ0'+,ÿ,2ÿ,ÿ0'+3ÿ0,*,1
&'0'+,*ÿ,)ÿ*/,4ÿÿ0,*,1ÿ&5
67&1,,
8/ÿ29*(ÿ0ÿ0,*,1ÿ,+ÿÿÿ&'()ÿ*+*ÿ)*ÿ+,-'ÿ./ÿ01ÿ0'+,ÿ,2ÿ,ÿ0'+3ÿ0,*,1
&'0'+,*ÿ,)ÿ*/,4ÿÿ0,*,1ÿ&5ÿ:4ÿÿ&'&*ÿÿ/ÿ'&21;ÿ0ÿ,,1;5ÿ<,*,1ÿ,+ÿ0,11
)'ÿ/ÿ&'(.ÿ0ÿ/ÿ<:=>ÿÿ/ÿ?=@ÿÿ/ÿ:=>5ÿ8/ÿ=6Aÿ)ÿÿÿ/ÿ29*(ÿ0ÿ0,*,1ÿ,+@ÿÿÿ,
'41,';ÿ,/';5
B0'*
3456789
ÿCD9EFÿ=ÿGÿHÿB,)4ÿI!ÿHÿJK=ÿ,
L5MN75OÿPN75D8NMF
Q;ÿA*&ÿ2;ÿJK=

3456789

ÿ
ÿ9ÿ

ÿÿ !

A/,',*'*ÿ0ÿ,ÿ*/'ÿ0,*,1ÿ'&'4ÿ0',+.'-ÿ,'ÿRSTUÿ)*'2)ÿ,
" #2+,',1;@ÿ*+&'/(@ÿ,)ÿ,44'4,5
" $2**;@ÿ+,',1;@ÿ,)ÿ',&,'*;5
0 12',&,'*;@ÿ**;@ÿ,)ÿ*+&'/(5
67&1,,
8/ÿ/'ÿ*/,',*'*ÿ0ÿ,ÿ*/'ÿ0,*,1ÿ'&'4ÿ0',+.'-ÿ,'ÿ',&,'*;@ÿ*+&'/(@ÿ,)ÿ**;5
V,',1;ÿ,)ÿ,44'4,ÿ,'ÿ.ÿ0ÿ/ÿ0,'ÿ0'ÿ&'&,'4ÿ0,*,1ÿ,+ÿ1)ÿÿ',,1ÿ:**4ÿ=,),')
W5ÿ5
B0'*
3456789
ÿCD9EFÿ=ÿGÿHÿB,)4ÿI!ÿHÿJK=ÿ4
L5MN75OÿPN75D8NMF
Q;ÿA*&ÿ2;ÿJK=

3456789
ÿ
%ÿ9ÿ

ÿÿ 

?)'ÿ./*/ÿ0',+.'-ÿ0'ÿ0,*,1ÿ'&'4ÿ;+ÿ,'ÿ/ÿ0,*,1ÿ,+ÿ1+ÿ'1,)ÿÿ&'0'+,*ÿ)0)ÿ,
'(@ÿ7&@ÿ4,@ÿ1@ÿ,)ÿ*+&'/(ÿ*+X
" #2:=>ÿ0',+.'-5
" $2>/ÿ:=>ÿ,)ÿ<:=>ÿ0',+.'-5
0 12<:=>ÿ0',+.'-5

67&1,,
8/ÿ<:=>ÿ0',+.'-ÿ1ÿ'(@ÿ7&@ÿ4,@ÿ1@ÿ,)ÿ*+&'/(ÿ*+ÿ,ÿ1+ÿ'1,)ÿÿ&'0'+,*5
ÿ/ÿ:=>ÿ0',+.'-@ÿ1+ÿ'1,)ÿÿ&'0'+,*ÿ,'ÿ*+ÿ,)ÿ7&5


*+,-
01234567ÿ./601ÿ2ÿ'ÿ3ÿ*456ÿ7ÿ3ÿ892ÿ+
:2;<42=ÿ><42/5<;1
?@ÿA-BÿC@ÿ892

01234567ÿ9
ÿ6

×