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NEW QUESTION: 1
For each of the following statements, select Yes if the statement is true. Otherwise, select No.
NOTE: Each correct selection is worth one point.

Answer:
Explanation:


NEW QUESTION: 2
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question in this section. You will NOT be able to return to it. As a result, these questions will not appear in the review screen.
A database has two tables as shown in the following database diagram:

You need to list all provinces that have at least two large cities. A large city is defined as having a population of at least one million residents. The query must return the following columns:
tblProvince.ProvinceId

tblProvince.ProvinceName

a derived column named LargeCityCount that presents the total count of large cities for the province

Solution: You run the following Transact-SQL statement:

Does the solution meet the goal?
A. Yes
B. No
Answer: A
Explanation:
Explanation/Reference:
Explanation:
The requirement to list all provinces that have at least two large cities is meet by the WHERE CitySummary.LargeCityCount >=2 clause.
CROSS APPLY willwork fine here.
Note:
The APPLY operator allows you to invoke a table-valued function for each row returned by an outer table expression of a query. The table-valued function acts as the right input and the outer table expression acts as the left input. The right input is evaluated for each row from the left input and the rows produced are combined for the final output. The list of columns produced by the APPLY operator is the set of columns in the left input followed by the list of columns returned by the right input.
There are two forms of APPLY: CROSS APPLY and OUTER APPLY. CROSS APPLY returns only rows from the outer table that produce a result set from the table-valued function. OUTER APPLY returns both rows that produce a result set, and rows that do not, with NULL values in the columns produced by the table-valued function.
References: https://technet.microsoft.com/en-us/library/ms175156(v=sql.105).aspx

NEW QUESTION: 3
Shirley Riley, CFA, has just been promoted, from vice president of trading to chief investment officer (CIO) at Crane & Associates, LLC (CA), a large investment management firm. Riley has been with CA for eight years, but she has much to learn as she assumes her new duties as CIO. Riley has decided to hire Denny Simpson, CFA, as the new compliance officer for CA, Riley and Simpson have been reviewing procedures and policies throughout the firm and have discovered several potential issues.
Communications with Clients
Portfolio managers are encouraged to communicate with clients on a regular basis. At a minimum, managers are expected to contact clients on a quarterly basis to review portfolio performance. Each client must have an investment policy statement (IPS) created when their account is opened, specifying the objectives and constraints for their portfolio. IPSs are reviewed at client request at any time. Any time market conditions dictate a change in the investment style or strategy of a client portfolio, the client is notified immediately by phone or email.
Employee Incentive Program
CA offers several incentive programs to employees. One of the most popular of these programs is the CA IPO program. Whenever CA is involved in an initial public offering (IPO), portfolio managers are allowed to participate. The structure is simple-for every 100 shares purchased on behalf of a client, the manager is awarded five shares for his own account. The manager is thus rewarded for getting an IPO sold and at the same time is able to share in the results of the IPO. Any¬time shares are remaining 72 hours before the IPO goes public, other employees are allowed to participate on a first-come, first-serve basis. Employees seem to appreciate this opportunity, but CA does not have exact numbers on employee participation in the program.
Private Equity Fund
CA has a private equity fund that is internally managed. This fund is made available only to clients with more than $5 million in assets managed by CA, a policy that is fully disclosed in CA's marketing materials.
Roughly one-third of the fund's assets are invested in companies that are either very small capitalization or thinly traded (or both). The pricing of these securities for monthly account statements is often difficult. CA support staff get information from different sources-sometimes using third party services, sometimes using CA valuation models. In some instances, a manager of the private equity fund will enter an order during the last trading hour of the month to purchase 100 shares of one of these small securities at a modest premium to the last trade price. If the trade gets executed, that price can then be used on the account statements. The small size of these trades does not significantly affect the fund's overall position in any particular company holding, which is typically several thousand shares.
Soft Dollar Usage
Several different managers at CA use independent research in developing investment ideas. One of the more popular research services among CA managers is "Beneath the Numbers (BTN)," which focuses on potential accounting abuses at prominent companies. This service often provides early warnings of problems with a stock, allowing CA managers the opportunity to sell their clients' positions before a negative surprise lowers the price. Stocks covered by BTN are typically widely held in CA client accounts.
Managers at CA have been so happy with BTN that they have also subscribed to a new research product provided by the same authors-"Beneath the Radar (BTR)." BTR recommends small capitalization securities that are not large enough to attract much attention from large institutional investors. The results of BTR's recommendations are mixed thus far, but CA managers are willing to be patient.
As they discuss these issues, Riley informs Simpson that she is determined to bring CA into full compliance with the CFA Institute's "Asset Manager Code of Professional Conduct." The following questions should be answered with the Asset Manager Code as a guide.
In discussing the pricing of thinly traded securities in the private equity fund, Riley suggested that CA should choose one pricing method and apply it consistently, thus avoiding the need to disclose specific pricing methods to clients. Simpson responded that using third party sources or internal valuation models was acceptable, so long as the pricing sources are fully disclosed to clients. Indicate whether Riley's comment or Simpson's response are correct or incorrect.
A. Riley is correct, while Simpson is not correct.
B. Both Riley's comment and Simpson's response are correct.
C. Riley's comment is not correct; however Simpson's response is correct.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
Riley was incorrect. The pricing methodology should be disclosed to clients, whether one or multiple sources are used. Simpson was correct. Multiple sources are acceptable, so long as full disclosure is made. (Study Session 2, LOS 6.b)