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、Does Craw violate any CFA Institute Standards?【单选题】
A.No.
B.Yes, because he passes material nonpublic information to Voser.
C.Yes, because he does not make reasonable efforts to prevent violations of
正确答案:C
答案解析:C is correct. Craw did not adequately fulfill his responsibilities as a supervisor. While he may have delegated supervisory duties to Voser’s immediate supervisor, such delegation does not relieve him of his supervisory responsibility. As stated in the Standards of Practice Handbook, members and candidates with supervisory responsibility also must understand what constitutes an adequate compliance system for their firms and make reasonable efforts to see that appropriate compliance procedures are established, documented, communicated to covered personnel, and followed. “Adequate” procedures are those designed to meet industry standards, regulatory requirements, the requirements of the Code and Standards, and the circumstances of the firm. Once compliance?
2、Wei Liu makes two statements about active portfolio management:【单选题】
A.Only Statement 1 is correct.
B.Only Statement 2 is correct.
C.Both statements are correct.
正确答案:B
答案解析:B is correct. Although the first part of Statement 1 is correct (active return, or value added, equals the difference between the managed portfolio return and the benchmark return), active return is not the same as alpha. In other words, R. Statement 2 correctly defines active weights.
3、Using the data in Exhibit 2, which of the following statements is most accurate?【单选题】
A.The number of days JJK can withstand a stress-level-volume of cash outflows decreased by
B.The liquidity coverage ratio decreased in each of the two years.
C.The trend in net stable funding ratio indicates an increase from 2015 to 2017 in highly liquid
正确答案:C
答案解析:
4、In the presentation, Lok is asked why the research team chose to use a reduced-form credit model instead of a structural model. Which statement is he likely to make in reply?【单选题】
A.Structural models are outdated having been developed in the 1970s; reduced-form models are
B.Structural models are overly complex because they require use of option pricing models,
C.Structural models require “inside” information known to company management, whereas
正确答案:C
答案解析:C is correct. Structural models require information best known to the managers of the company.
5、The forward rate for a one-year loan beginning in two years is closest to:【单选题】
A.6.0%.
B.7.0%.
C.8.0%.
正确答案:C
答案解析:C is correct. From the forward rate model,
6、Assuming the forecast for interest rates is proven accurate, which bond in Exhibit 2 will likely experience the smallest price increase?【单选题】
A.Bond 1
B.Bond 3
C.Bond 4
正确答案:C
答案解析:C is correct. The consensus economic forecast is for interest rates to decrease. In an environment of decreasing interest rates, all bond prices should rise ignoring any price impact resulting from any embedded options. When interest rates fall, the value of the embedded call option in Bond 4 (callable) increases, causing an opposing effect on price. The put option of putable bonds, by contrast, increases in value when interest rates rise rather than decline.
7、Using Maturin's assumptions, the company's weighted average cost of capital under his proposed financing plan would be closest to:【单选题】
A.9.8%
B.10.3%
C.11.3%`
正确答案:C
答案解析:Explain the Modigliani-Miller propositions concerning capital structure, including the impact of leverage, taxes, financial distress, agency costs, and asymmetric information on a company's cost of equity, cost of capital and optimal capital structure.
8、Billingsley's activities in the wheat market would most likely classified him as a(n): 【单选题】
A.Hedger.
B.Speculator.
C.Arbitrageur.
正确答案:B
答案解析:A speculator's goal is to take distinct market positions, deliberately taking on risk by betting on rising or falling prices. Billingsley took a long position in wheat futures, expecting to profit from an increase in the price of wheat. Billingsley may achieve the expected gains if the price of wheat increases, but he is also exposed to significant losses if the price of wheat falls. Therefore, Billingsley is a speculator.
9、The value of Bond #9 is equal to the value of Bond #10:【单选题】
A.plus the value of a put option on Whorton’s common stock.
B.plus the value of a call option on Whorton’s common stock.
C.minus the value of a call option on Whorton’s common stock.
正确答案:B
答案解析:B is correct. A convertible bond includes a conversion option, which is a call option on the issuer’s common stock. This conversion option gives the bondholders the right to convert their debt into equity. Thus, the value of Bond #9, the convertible bond, is equal to the value of Bond #10, the underlying option-free bond (straight bond), plus the value of a call option on Whorton’s common stock.
10、Assume that a company is based in a country that has no taxes on dividends or capital gains. The company is considering either paying a special dividend or repurchasing its own shares. Shareholders of the company would have:【单选题】
A.greater wealth if the company paid a special cash dividend.
B.greater wealth if the company repurchased its shares.
C.the same wealth under either a cash dividend or share repurchase program.
正确答案:C
答案解析:C is correct. When there are no taxes, there are no tax differences between dividends and