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　　1.Charmaine Townsend, FRM, has been managing a growth portfolio for her clients using a screening process that identifies companies that have high earnings growth rates. Townsend has decided that, because she thinks the economy might turn volatile, she is going to adopt a value strategy using a screening process that identifies companies that have low price-earnings multiples. Townsend will violate the GARP Code of Conduct if she makes this change in her investment process without:
　　A. notifying her supervisor before she makes the change.
　　B. promptly notifying her clients of the change.
　　C. getting written permission from her clients in advance of the change.
　　D. getting prompt written acknowledgment of the change from her clients within a reasonable time after the change was made.
　　2. Reduction of risks not under management’s control:
　　A. may cause managers to overinvest.
　　B. makes stock options more valuable.
　　C. cannot improve management incentives.
　　D. can lead to lower incentive compensation.
　　3.The market portfolio in the Capital Market Theory contains which types of investments?
　　A. All stocks in existence.
　　B. All stocks and bonds in existence.
　　C. All risky and risk-free assets in existence.
　　D. All risky assets in existence.
　　Answer:
　　1.B
　　GARP Members shall make full and fair disclosure of all matters that could reasonably be expected to impair independence and objectivity or interfere with respective duties to their employer, clients, and prospective clients.
　　2.D
　　When the uncertainty about firm performance that is not a result of management decisions and actions is reduced, incentive compensation for management is a less-risky source of compensation for managers, and they will accept a contract with lower expected incentive compensation as a result.
　　3.D
　　The market portfolio contains all risky assets in existence. It does not contain any risk-free assets.