老师，这里假设的Price=par value,那就是说这是平价发现的债券吗

An analyst gathered the following information about a company: What is the firm's reported effective tax rate? A 30%. B 25%. C 5%. 这题什么原理？

老师好，律师说non competence clause 是不合法的，那CFA没有遵守违法的条例，为什么也不行呢？

C为什么错 感觉b和c是一个意思啊

老师 这道原版书后题18题 题意不理解，麻烦老师解答下，谢谢

A bond markets, buy and sell orders are initiated from various locations and then matched through a communications network. The bond market can be best described as an: A organized exchange. B open market operation. C OTC market. 这题真的好无语，a怎么就不对了，答案说债券都是场外？不可能吧，我国有，美国也有场内的债券市场，下单各方也来自各个地点，在互联网上撮合成交。

8.c选项为什么不对，解释，谢谢

老师 想问一下现金流的计算，如果考试中没有具体说明是哪个准则下的，是不是原则上按照US GAAP准则的现金流分类来做题？

老师好，请问这句话怎么理解啊，能翻译并解释一下吗

Karen Dalby, CFA, volunteers on her church’s finance board but receives no cash compensation so she does not report the arrangement to her employer. Board compensation is limited to an annual retreat to Hawaii, but the accommodations are modest. Dalby does not enjoy the retreat and often considers skipping the event entirely. Dalby is most likely: A not in violation of the Code and Standards. B in violation of Standard IV(B) "Additional Compensation Arrangements." C in violation of Standard IV(A) "Loyalty." 住宿条件modest，而且他也不enjoy，而且他也不是经理，管账户那种，怎么就违反了？