1 . Michelieu tells a prospective client,”I may not have a long-term track record yett but I'm sure that you'll be very pleased wich my recommendations and service. In the three years that I've been in the business, my equity-oriented clients have averaged a total return of more than 26 percent a year." The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu's advice) and realized a huge gain. This large return caused the average of all of Michelieu'S Clients to exceed 26 percent a year. Without this one investment, the average gain would have been 8 percent a year. Has Michelieu violaced the Standards?
　　A  No.
　　B  Yes, because the statement misrepresents Michelieu'S track record.
　　C  Yes, because the standards prohibit members from guaranteeing future results.
　　2 . An investment banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm's brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?
　　A   Permanently prohibit both "buy" and "sell" recommendations of the stocks of clients of the investment banking department.
　　B   Establish physical and informational barriers within the firm to prevent the exchange of information between the investment banking and brokerage operations.
　　C   Monitor the exchange of information between the investment banking department and the brokerage operation.
　　3 . Stewart has been hired by Goodner Industries, Inc., to manage its pension fund. Stewart's duty of loyalty, prudence, and care is owed to:
　　A   the management of Goodner.
　　B   the participants and beneficiaries of Goodner's pension plan.
　　C   the shareholders of Goodner.
　　4 . Which of the following statements is a stated purpose of disclosure in Standard VI(C)-Referral Fees?
　　A   Disclosure will allow the client to request discounted service fees.
　　B  Disclosure will help the client *uate any possible partiality shown in the recommendation of services.
　　C   Disclosure means advising a prospective client about the referral arrangement once a formal client relationship has been established.
　　5 . Rose, a portfolio manager for a local investment advisory firm, is planning to sell a portion of his personal investment portfolio to cover the costs of his child's academic tuition. Rose wants to sell a portion of his holdings in Household Products, but his firm recently upgraded the stock to "strong buy." Which of the following describes Rose's options under the Code and Standards?
　　A  Based on his firm’s "buy" recommendation, Rose cannot sell the shares because he would be improperly prospering from the inflated recommendation.
　　B  Rose is free to sell his personal holdings once his firm is properly informed of his intentions.
　　C  Rose can sell his personal holdings but only when a client of the firm places an order to buy shares of Household.
　　
　　　　
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