CFA 2018 quest bank answers reading 40 answers

1ÿ7ÿ2ÿ1137ÿÿ533ÿ 123ÿÿÿ 0123ÿ567ÿ89 8 !"#$%&'(ÿ*+,ÿ-././- 67&87ÿ'9ÿ%7#ÿ9'::';&(#(%$ÿ=?'"%ÿ=(ÿ'@=5IH@ LMÿN7,ÿ5MÿEFA 01234567ÿ9 ÿ6ÿ ÿÿ$%&$$ ()ÿ+2ÿ*ÿ3ÿ7.4ÿ5Mÿ)-.ÿ+++ÿ+ÿ*.3Mÿ,+7ÿÿAB%ÿ2 C2DE42FÿGE42;5ED= H7ÿI2.ÿ-7ÿAB% 01234567ÿ9 ÿ6ÿ ÿÿ J7)ÿ&(2ÿÿKLMNÿ,2&-,ÿ(ÿ(ÿ'*,ÿ/&ÿ(ÿ&)(5(ÿ  .&1ÿ(ÿ&08  */ÿ(ÿ&08 ! "&(/&ÿ(ÿ&08 OP.+(( J7)ÿ&(2ÿ&(/&ÿ(ÿ&0ÿÿ*ÿ&(2ÿ2'.(78ÿ%*/)ÿ(ÿ&0ÿÿ2*())ÿ*ÿ,&-ÿ/ÿ2'3ÿ7.2(++7ÿ4* (ÿ,&1(1ÿ2&(28ÿQ&1)ÿ(ÿ&0ÿ&/&ÿÿ(0)ÿ.ÿ2*ÿ(ÿ&)*)ÿ2&7ÿ.&2,&8 9/&2 01234567ÿ:;6ÿ9(,)ÿ?@ÿ>ÿAB%ÿ) C2DE42FÿGE42;5ED= H7ÿI2.ÿ-7ÿAB% 01234567ÿ9 #ÿ6ÿ ÿÿ$ Rÿ.&/+ÿ'(()&ÿÿ(ÿ2'.&ÿ',+ÿÿ'(ÿ*ÿ//2ÿÿ(ÿ.&/+6ÿ1(+ÿ/&'ÿ-*ÿ(ÿSTÿ2&(ÿÿ&ÿ&( (,ÿ(ÿTÿ,.&2(ÿÿ*ÿ&ÿ&+(1ÿÿ*ÿ78ÿU*ÿ'(()&ÿÿVWMNÿYZZ[\YNL]^ÿ,2&-,ÿ(ÿ)())ÿ  &0ÿ*/)8  &ÿ)8 ! "2(&ÿ((+78 OP.+(( %2(&ÿ((+7ÿ1+1ÿ',+)ÿ*ÿ//2ÿ/ÿ2*()ÿÿ'+.+ÿ.ÿ(ÿ*ÿ('ÿ'8ÿ%&ÿ)ÿP('ÿ* //2ÿ/ÿ2*()ÿÿ(ÿ)+ÿ.8ÿ90ÿ*/)ÿ&/&ÿÿ'(())ÿ(ÿ&0ÿ-7ÿ',/7)ÿ*ÿ,&-ÿ/ÿ2'8 9/&2 01234567ÿ:;6ÿ9(,)ÿ?@ÿ>ÿAB%ÿ) C2DE42FÿGE42;5ED= H7ÿI2.ÿ-7ÿAB% 01234567ÿ9 ÿ6ÿ ÿÿ %ÿ&'()ÿ*ÿ+ÿ,-ÿ.//0.ÿ1,(ÿÿ   .2ÿ+ÿ,-ÿ*/(3ÿ&4ÿ/ÿ,0/2/5  ! 6./ÿ+ÿ,-ÿ*/(3ÿ&4ÿ/ÿ,0/2/5 " # 3*4ÿ+ÿ,-ÿ*/(3ÿ&4ÿ/ÿ,0/2/5 7816// 9+ÿ,-ÿ.//0.ÿ1,(ÿ+63ÿ3*4ÿ/ÿ,0/2/:ÿ,-ÿ6,/(;ÿ3*4ÿ+ÿ,-ÿÿ*/(;ÿ/3ÿ.,ÿ,ÿ/33, +ÿ,-5ÿ9+ÿ0/6ÿÿÿÿ..2ÿ,ÿ6./ÿ,-5 6?@ÿAÿ$ÿBÿ5IH@ L4ÿM(1ÿ&4ÿEFA 01234567ÿ9 ÿ6ÿ ÿÿ$ N/,ÿ*ÿ/ÿ,-ÿ.//0.ÿ*,/.O,-ÿPQRSTÿPVWQPXÿ(63 "  /-0ÿ(,,()ÿ/(ÿ/0/ÿ.164ÿO+ÿ8(3ÿ+,ÿ,-ÿ&305  ! /&6+0ÿ,-ÿ0),/(ÿ16(ÿ/3ÿ1,(5  # ,0ÿ+ÿ,0/2/:ÿ,-ÿ81,5 7816// M,,()ÿ/(ÿ/0/ÿ3)3/6ÿ/,ÿÿ1(*(/664ÿ1/,ÿ*ÿ/ÿ,-ÿ.//0.ÿ*,/.O,-5ÿN/,ÿ*ÿ/ÿ,-ÿ.//0. *,/.O,-ÿ(63ÿ/&6+0ÿ,-ÿ0),/(ÿ16(;ÿ3,.0ÿ,-ÿ6,/(;ÿ3*40ÿ/3ÿ./,0ÿ,-;ÿ.//00ÿ, 0/0ÿ,-;ÿ.,0ÿ81,ÿÿ,-;ÿ1,*,.0ÿ,/0(ÿ,-ÿ//64;ÿ/3ÿ( (/0ÿ,-ÿ6)6ÿ+,0+ÿ+ ,0/2/5 6?@ÿAÿ$ÿBÿ5IH@ L4ÿM(1ÿ&4ÿEFA