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、DeMolays statement that the coefficients depicted in Exhibit 1 are consistent with a random walk is most likely:【单选题】

A.Correct.

B.incorrect, because bo should be close to one.

C.incorrect, because b1 should be close to zero.

正确答案:A

答案解析:When modeled using a first-order autoregressive (AR(1)) model, as in the formula given in Exhibit 

2、If Skylark implements Lee’s proposal to issue $1 billion of debt and use the proceeds to repurchase common shares, its weighted average cost of capital following the buyback will most likely:【单选题】

A.increase to 8.50%.

B.increase to 8.70%.

C.decrease to 8.50%.

正确答案:C

答案解析:C is correct. The WACC is the weight of debt times the after-tax cost of debt plus the weight of equity times the cost of equity. Skylark currently has a market value of $8 billion of equity and $2 billion of debt, for an 80/20 ratio. Using Exhibit 1, we find that this capital structure has a 5.5% pretax and 3.52% [5.5 × (1 – 0.36)] after-tax cost of debt and a 10.0% cost of equity. Thus the WACC equals (0.2 × 3.52) + (0.8 × 10.0) = 0.70 + 8.0 = 8.7%. After the buyback, Skylark’s capital structure will be 70/30, which results in a 6.0% pretax cost of debt (3.84% after tax) and a 10.5% cost of equity. Thus, the new WACC will be (0.3 × 3.84) + (0.7 × 10.5) = 1.15 + 7.35 = 8.5%, which is a decrease.

3、Are Excerpts 2 and 3 of Crawfood’s compliance procedures consistent with the CFA Institute Standards of Professional Conduct?【单选题】

A.Yes.

B.No, because Excerpt 2 applies only to officers and their direct reports.

C.No, because Excerpt 3 does not require employees to achieve public dissemination.

正确答案:B

答案解析:B is correct. Excerpt 2 is inconsistent with CFA Standards because it addresses only officers and only their direct reports, that is, employees whom they directly supervise. Standard IV (C) states that “any investment professionals who have employees subject to their control or influence” exercise supervisory responsibility. According to The Standards of Practice Handbook, “members and candidates who supervise large numbers of employees cannot personally evaluate the conduct of their employees on a continuing basis. Although these members . . . may delegate supervisory duties, such delegation does not relieve them of their supervisory responsibility.” Excerpt 3 is consistent with CFA Standards. It is based on a quote from the Standards of Practice Handbook stating that “if a member or candidate determines that information is material, the member . . . should make reasonable efforts to achieve public dissemination.” Members are not required to achieve public dissemination and those bound by a duty of loyalty or a duty to preserve confidentiality would refrain from doing so because it would breach their duty.

4、Based on Exhibit 4 and Intern 1’s analysis, Xavier Corporation’s sustainable dividend payout ratio is closest to:【单选题】

A.43.4%.

B.44.6%.

C.56.6%.

正确答案:C

答案解析:C is correct because it is based on the sustainable growth rate and the required rate of return:

5、The change in which of the following items is most likely an indication that CCCL might be recognizing revenue early?【单选题】

A.Day's sales in receivables.

B.Unearned revenue.

C.Deferred tax assets.

正确答案:B

答案解析:The decrease in unearned revenue could be an indication of early revenue recognition as amounts previously deferred are brought into income and not replaced with new deferred revenues on the balance sheet. An increase in day's sales in receivables could be an indicator of early revenue recognition, but for CCCL the ratio did not change significantly (18.1 days in 2012 to 18.3 days in 2013 using year-end receivables). Deferred tax assets can arise from differences in revenue recognition for taxes and financial statement purposes (they would rise with increases in unearned revenue) but there is no indication that revenue is the reason for the increase in deferred tax assets (in fact unearned revenue decreased). The deferred tax assets most likely arise from the loss carry forwards generated from earlier losses.

6、Based on Exhibit 7, the fixed rate on a new 2 × 5 FRA is closest to:【单选题】

A.0.61%.

B.1.02%.

C.1.71%.

正确答案:B

答案解析:B is correct. The fixed rate on the 2 × 5 FRA is calculated as

7、Under which translation method will YDYL's debt-to-assets ratio most likely be higher?【单选题】

A.The temporal method.

B.The current rate method.

C.There will be no difference. 

正确答案:B

答案解析:Non-monetary assets are translated at the historical exchange rate under temporal method. Because the CNY has weakened since the acquisition, the translated non-monetary assets are higher under the temporal method, resulting in a higher translated total assets, then a lower debt-to-assets ratio.

8、Under Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:【单选题】

A.R13.29.

B.R15.57.

C.R16.31.

正确答案:C

答案解析:C is correct. As the multistage residual income model results in an intrinsic value of R16.31.

9、Zhang’s observation about Lane Foods’ high P/E is best described as:【单选题】

A.correct.

B.incorrect with respect to the growth rate.

C.incorrect with respect to the risk.

正确答案:C

答案解析:C is correct. The observation about Lane’s P/E is incorrect with respect to risk. Companies with higher-than-average risk (operating or financial) have lower P/Es, not higher ones. She is correct with respect to the growth rate. Companies with higher-than-average growth rates have higher P/Es.

10、If GD were to enter into an offsetting contract to hedge its exposure to TRTRS under the CDS described in Exhibit 1, this would most likely result in:【单选题】

A.a loss on the CDS position.

B.a gain on the CDS position.

C.no gain or loss on the CDS position.

正确答案:B

答案解析:As the credit spread for TRTRS has widened and GD has purchased protection, GD will gain by selling protection at a higher premium.