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、【单选题】

A.Knowledge of the Law

B.

C.Conflicts of Interest 

正确答案:C

答案解析:Sobhani has not violated Standard VI(A)-Disclosure of Conflicts because disclosure of his relationship with Wilder is not required because it would not impair Sobhani's independence and objectivity nor interfere with his respective duties to clients.

2、Which one of the three advantages recalled by Aims most likely represents a good reason to consider using a P/B ratio?【单选题】

A.Advantage 1.

B.Advantage 2.

C.Advantage 3.

正确答案:A

答案解析:Book values are more likely to be positive than EPS. Thus, the P/B ratio suffers less often from the problem where P/E ratios are not meaningful because of a negative EPS. The other two advantages given are actually disadvantages associated with using P/B ratios.

3、The carried interest Yushan received in 2016 is closest to:【单选题】

A.￡53.0 million.

B.￡27.4 million.

C.￡12.5 million.

正确答案:B

答案解析:B is correct. The solution table was constructed using the information provided in Exhibit 1. The carried interest is shown in column 7 and is calculated as 20% times the increase in net asset value (NAV) before distributions: 0.2 × (￡545.1 – ￡408.3) = ￡27.4 million. Note that for carried interest to apply, NAV before distribution must exceed committed capital.

4、The compensation expense for 2011 arising from the executive stock options granted in 2011 is closest to:【单选题】

A.$43,800.

B.$54,750.

C.$76,625.

正确答案:B

答案解析:Compensation expense arising from executive stock options is based on the estimated fair value of the options on the grant date and amortized on a straight-line basis over the service period. The service period is the period between the grant date and the vesting period.

5、Which of Ho’s statements regarding free cash flow is (are) correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Neither Statement 1 nor Statement 2

正确答案:C

答案解析:C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

6、Saminder's note regarding assets under management is best described as:【单选题】

A.accurate.

B.inaccurate, as the assets do require capital funding.

C.inaccurate, as assets should be considered in the risk analysis.

正确答案:C

答案解析:Although client assets are client-owned and separate from the bank, and they do not require capital funding, the fees generated may be material to the earnings of the bank. Hence a significant decrease should impact the stability of the bank.

7、After estimating a project’s NPV, the analyst is advised that the fixed capital outlay will be revised upward by $100,000. The fixed capital outlay is depreciated straight-line over an eight-year life. The tax rate is 40 percent and the required rate of return is 10 percent. No changes in cash operating revenues, cash operating expenses, or salvage value are expected. What is the effect on the project?【单选题】

A.$100,000 decrease.

B.$73,325 decrease.

C.$59,988 decrease.

正确答案:B

答案解析:

8、The amount of Atlantic Preserve’s 2013 periodic pension cost reported in the income statement (in $ thousands) is closest to:【单选题】

A.1,995.

B.976.

C.2,267.

正确答案:C

答案解析:C is correct. Under US GAAP, the periodic pension cost is calculated as follows:

9、Is Quek’s response to Yusuf most likely correct?【单选题】

A.Yes.

B.No, she is incorrect regarding the number of factors.

C.No, she is incorrect regarding the identity of the factors.

正确答案:B

答案解析:B is correct. Quek is incorrect in stating that APT specifies the number of factors in a multifactor model but is correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.

10、Eagen is most likely to take advantage of his prediction for TRTRS by:【单选题】

A.purchasing CDS protection and selling the underlying stock.

B.selling CDS protection and buying the underlying stock.

C.buying CDS protection and buying the underlying stock.

正确答案:C

答案解析:Typically, an LBO will result in an increase in the probability of default due to the large increase in debt levels. An investor would, therefore, seek to buy protection, as the premium would rise along with the probability of default. Due to the takeover premium that would result from the LBO, Eagen would also benefit by going long TRTRS stock.