2020年CFA考试《CFA二级》模拟试题

2020年CFA考试《CFA二级》考试共题，分为。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill，in millions, arising from the purchase is closest to:【单选题】

A.€6.25.

B.€21.25.

C.€15.00.

正确答案:A

答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.

2、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】

A.a clawback provision.

B.carried interest.

C.a ratchet clause.

正确答案:A

答案解析:A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund but subsequent exits are less profitable, the GP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders and the management team of the private equity controlled company.

3、DeMolay's caution given in condition ⑴ is best described as:【单选题】

A.Correct.

B.incorrect, because only the dependent variable series needs to be tested for the absence of a unit root.

C.incorrect, because only the independent variable series needs to be tested for the absence of a unit root.

正确答案:A

答案解析:When working with two time series in a regression analysis, both of the series must be tested for the presence of a unit root. If neither series has a unit root, we can safely use linear regression.

4、Compared to Nelson's reported earnings before taxes in 2016, if Basin had been classified as a held for trading security, the earnings before taxes (in € thousands) would have been:【单选题】

A.the same.

B.€2,000 higher.

C.€4,000 lower. 

正确答案:B

答案解析:Unrealized gains and losses are securities are classified as held there was an unrealized gain of id in income statement 

5、In the current interest rate environment, using a required return estimate based on the short-term government bond rate and a historical equity risk premium defined in terms of a short-term government bond rate would be expected to:【单选题】

A.bias long-term required return on equity estimates upwards.

B.bias long-term required return on equity estimates downwards.

C.have no effect on long-term required return on equity estimates.

正确答案:A

答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term interest rate (as a result of the normal upward sloping yield curve), and the current value of the rate being used to represent the risk-free rate. The short-term rate is currently higher than the long-term rate, which will also increase the required return estimate. The short-term interest rate, however, overstates the long-term expected inflation rate. Using the short-term interest rate, estimates of the long-term required return on equity will be biased upwards.

6、Which of Singh’s statements regarding the information ratio is correct?【单选题】

A.Only Statement 1

B.Only Statement 2

C.Both Statement 1 and Statement 2

正确答案:C

答案解析:C is correct. The information ratio for a portfolio of risky assets will generally shrink if cash is added to the portfolio. Because the diversified asset portfolio is an unconstrained portfolio, its information ratio would be unaffected by an increase in the aggressiveness of active weights.

7、The measure of central tendency that Ritter will most likely recommend is the:【单选题】

A.median.

B.harmonic mean.

C.arithmetic mean.

正确答案:B

答案解析:B is correct. The harmonic mean is sometimes used to reduce the impact of large outliers—which are typically the major concern in using the arithmetic mean multiple—but not the impact of small outliers (i.e., those close to zero). The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.

8、Considering Exhibit 1, the 【单选题】

A.3.22.

B.8.06.

C.30.79.

正确答案:C

答案解析:

9、Which of the following statements is correct under the Code and Standards?【单选题】

A.CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their employer.

B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.

C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive business before terminating their relationship with their employer.

正确答案:B

答案解析:The correct answer is B. Under Standard IV(A)–Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not include a complete prohibition against undertaking independent practice.

10、In his response to Yusuf, Cerra’s characterization of the portfolio manager’s investment style, using Exhibit 1, is most likely correct with respect to having a:【单选题】

A.growth bias.

B.contrarian strategy.

C.large-cap orientation.

正确答案:A

答案解析:A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.