单项选择题

Effective duration is more appropriate than modified duration as a measure of a bond’s price sensitivity to yield changes when:（）

A. the bond contains embedded options.
B. yield curve changes are not parallel.
C. the bond is a floating rate security.

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单项选择题A stockbroker who is a CFA Institute member is called on the telephone by the CEO of a large company. The CEO asks to buy shares of the CEO’s company for the accounts of the CEO’s children. In the course of the conversation, the CEO says this will really pay off when the upcoming takeover goes through. The stockbroker checks her sources and finds no information about the takeover. In this ease the broker should:（）

A. only execute the order in compliance with Standard Ⅲ (A), Loyalty, Prudence, and Care. Since the client is buying the stock for the children, there is not a problem.
B. execute the order for all clients as required by Standard Ⅲ (B), Fair Dealing.
C. do none of the actions listed here.

单项选择题All of the following are required by fiduciaries under Standard Ⅲ (A) , Loyalty, Prudence, and Care, EXCEPT:（）

A. support the sponsor’s management during proxy fights.
B. act solely in the interest of the ultimate beneficiaries.
C. place the client’s interest before the employer’s interest.