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、The appropriate factor used to describe the type of models mentioned in Statement 3 is:【单选题】

A.inflation.

B.price level changes.

C.risk premium adjustments.

正确答案:B

答案解析:C is correct. Risk premiums are more closely associated with the portfolio-balance approach. The portfolio balance approach addresses the impact of a country’s net foreign asset/liability position. Under the portfolio balance approach, investors are assumed to hold a diversified portfolio of assets including foreign and domestic bonds. Investors will hold a country’s bonds as long as they are compensated appropriately. Compensation may come in the form of higher interest rates and/or higher risk premiums.

2、Which of Multifam Equity Partners’ properties listed in Exhibit 2 most likely has the highest assumed growth rate?【单选题】

A.Multifam I

B.Multifam II

C.Multifam III

正确答案:C

答案解析:C is correct. Multifam III has the highest assumed growth rate. According to the discounted cash flow method approach to valuation, the relationship between the discount rate and the cap rate is

3、Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?【单选题】

A.Equities.

B.Short-dated, default-free government bonds.

C.Long-dated, default-free government bonds.

正确答案:B

答案解析:B is correct. The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.

4、Which of the following is an example of a conflict of interest that an effective corporate governance system would mitigate or eliminate?【单选题】

A.A majority of the board is independent of management.

B.Directors identify with the managers’ interests rather than those of the shareholders.

C.Directors have board experience with companies regarded as having sound governance practices.

正确答案:B

答案解析:B is correct. Members of the board of directors serve as agents for the owners, the 

5、In order to perform the nonstationarity test, Busse should transform the Regression 1 equation by:【单选题】

A.subtracting the independent variable from both sides of the equation.

正确答案:A

答案解析:C is correct. To conduct the Dickey–Fuller test, one must subtract the independent variable, x – 1) but not a change in the independent variable.

6、The most appropriate classification of the Dodd-Frank Act, referred to in Statement 1, is a(n):【单选题】

A.statute.

B.judicial law.

C.administrative law.

正确答案:A

答案解析:A is correct. The Dodd-Frank Act, enacted by the US Congress and signed into law, is an example of a statute (a law enacted by a legislative body).

7、The director of research’s best response to Lee’s question about the optimal capital structure is:【单选题】

A.lowest cost of equity.

B.highest earnings per share.

C.lowest weighted average cost of capital.

正确答案:C

答案解析:C is correct. The capital structure that maximizes the company’s stock value is also the capital structure that minimizes its WACC.

8、The tools to be used by regulators to intervene in financial markets are:【单选题】

A.blackout periods.

B.capital requirements.

C.insider trading restrictions.

正确答案:A

答案解析:A is correct. Blackout periods are established by companies in response to concerns about insider trading. Thus, blackout periods are not a tool used by government to intervene in the financial services sector. Capital requirements are utilized by government regulators to reduce systemic risk and financial contagion. Insider trading restrictions are used by regulators concerned about insiders using their greater knowledge to the disadvantage of others; insider trading restrictions respond to informational frictions.

9、Sishek's short-term risk management recommendation is best described as an example of:【单选题】

A.risk budgeting.

B.a stop loss limit.

C.a position limit.

正确答案:B

答案解析:Liquidating a position when losses exceed a certain amount is an example of a stop loss limit.

10、All other things being equal, the payment of an internally financed cash dividend is most likely to result in:【单选题】

A.a lower current ratio.

B.a higher current ratio.

C.the same current ratio.

正确答案:A

答案解析:A is correct. By reducing corporate cash, a cash dividend reduces the current ratio,