Ethical And Professional Standards - Ethical And Professional Standards Section 1

Avatto>>CFA Level 1>>PRACTICE QUESTIONS>>Ethical And Professional Standards>>Ethical And Professional Standards Section 1

2. A profession can be best described as:

  • Option : B
  • Explanation :

    A profession is a type of job that
    1)requires specialized training and skills,
    2) is based on service to others, and
    3) is practiced by members who share and adhere to a common code of ethics.

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4. Which one of the following statements most likely differentiates clients from customers?

  • Option : C
  • Explanation : Clients differ from customers. A customer is one who engages in a single or a series of transactions to buy a good or service. The relationship is transactional in nature. A client, on the other hand, uses the services of a professional for his knowledge and skills on the subject on an ongoing basis, for a fee.
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