Phases Of the Business Cycle：peak,is declining.

Deflation, Hyperinflation, and Disinflation：An extremely fast increase in aggregate price:level,year.,investmentthe rate of price increases accelerates.

Deficits and the National Debt：Budget;Government revenue includes tax revenues net of transfer payments;An increase in a budget surplus would be associated with contractionary fiscal policy:uses.

What are the responsibilities of the members in reference to the CFA Institute?：Once accepted as a member:每年交述職報告和年費(fèi)but must not over promise the competency and future investment results.Case

Why members and candidates must develop and maintain appropriate records?：actions,Cannot usehistoricalrecommendations or research reports created at the previous firm because the supporting documentation is unavailable. （不能使用以前的推薦或者研究報告,因為沒有支持?jǐn)?shù)據(jù)）For future use,CFA

How to identifying the actual investment client and voting proxy policies?：管理個人資產(chǎn)→資產(chǎn)所有人就是客戶”管理信托資產(chǎn)→信托的最終受益人才是客戶。要求公司的養(yǎng)老金管理人使用萬科的養(yǎng)老金收購本公司股票，以資本增值為目的的買入行為是合理的。養(yǎng)老金管理人認(rèn)為萬科未被低估,

What are the ethics and trust in the investment profession？：Global investment performance standards（GIPS）= 比例低，也并非所有的不道德都是違法君子有所不為的決策是更好的決策更符合stakeholder利益的決策

What’s the responsibility of supervisors?：does not relieve them of their supervisory responsibility. （可以轉(zhuǎn)委托他人監(jiān)管，但必須指示明確且對轉(zhuǎn)委托負(fù)責(zé)）,應(yīng)拒絕承擔(dān)監(jiān)管者責(zé)任）,

What's the meaning of “Additional compensation”?：their employer’s interest （該準(zhǔn)則約束的是,如果收取相關(guān)好處：會影響雇主利益的情況）unless they obtain written consent from all parties involve.，CFA

What's the meaning of independence and objectivity in professionalism?：or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity.（那些被合理認(rèn)為將會影響?yīng)毩⒖陀^的威逼利誘都要不為所動）,但在他人眼中會影響?yīng)毩⑿砸膊恍校┛赡艿脑捠孪扰督o雇主告訴雇主是為了引起雇主的同意

What laws,rules, and regulations should be known by members and candidates?：rules，必須遵守直接相關(guān)的法律），but this may be advisable in some circumstances and required by law in others. （沒有要求一定要將違法行為報告政府）也會被認(rèn)為是參與違法行為）

How to understand the Code of ethics and trust in the investment profession?：I,Professionalism:II:IIIIVVVIVIIResponsibilities as a CFA member or candidate