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、Assuming that Dena Fund and Orient Fund both have the same information ratio, the value of MXM in Exhibit 2 must be closest to:【单选题】

A.10

B.12

C.16

正确答案:B

答案解析:IR(Dena) = IR(Orient)

2、Based on the ratios for operating cash flow before interest and taxes to operating income, Abay should conclude that:【单选题】

A.Bickchip’s earnings are backed by cash flow.

B.Bickchip’s earnings are not backed by cash flow.

C.Abay can draw no conclusion due to the changes in the ratios over time.

正确答案:A

答案解析:A is correct. Operating cash flow before interest and taxes to operating income rises steadily 

3、In regard to the discussion on other approaches between Mendosa and Raman, which of the following statements that they make is most accurate? Statement:【单选题】

A.1

B.3

C.2

正确答案:B

答案解析:Statement 3 by Raman is most accurate. The residual income model, also called the excess earnings method, does not have the same weakness as the FCFE approach, because it is an estimate of the profit of the company after deducting the cost of all capital: debt and equity. Further, it makes no assumptions about future earnings and dividend growth.

4、Assuming the AR(1) model in Exhibit 2 is appropriate, Shears should conclude that the Quarter 1, 2009, change in sales is most likely to:【单选题】

A.fall from Quarter 4, 2008, change in sales.

B.rise from Quarter 4, 2008, change in sales.

C.remain unchanged from Quarter 4, 2008, change in sales.

正确答案:A

答案解析:The mean reverting value equals the intercept divided by 1 minus slope = 20/ (1—0.10)

5、Regarding Question 3, the Pres party dummy variable in the model indicates that the mean monthly value for the excess stock market return is:【单选题】

A.1.43 percent larger during Democratic presidencies than Republican presidencies.

B.3.17 percent larger during Democratic presidencies than Republican presidencies.

C.3.17 percent larger during Republican presidencies than Democratic presidencies.

正确答案:B

答案解析:B is correct. The coefficient for the Pres party dummy variable (3.17) represents the increment in the mean value of the dependent variable related to the Democratic Party holding the presidency. In this case, the excess stock market return is 3.17 percent greater in Democratic presidencies than in Republican presidencies.

6、Based on Exhibit 1, the results of Analysis 1 should show the yield on the 20-year bond decreasing by:【单选题】

A.0.3015%.

B.0.6030%.

C.0.8946%.

正确答案:B

答案解析:B is correct. Because the factors in Exhibit 1 have been standardized to have unit standard deviations, a two standard deviation increase in the steepness factor will lead to the yield on the 20-year bond decreasing by 0.6030%, calculated as follows:

7、Are Aims's two comments about the dividend yield and EBITDA ratios correct?【单选题】

A.Yes.

B.No. The comment about EBITDA ratios is correct, but the comment about dividend yields is incorrect.

C.No. The comment about dividend yields is correct, but the comment about EBITDA ratios is incorrect. 

正确答案:C

答案解析:Comment 1 about EBITDA ratios is incorrect. EBITDA is a pre-interest variable, so it is a flow available to all suppliers of capital, not just common shareholders. The comment about dividend yields is reasonable. 

8、When analyzing the probability of an LBO of Country Industries, does Boswin violate any CFA Institute Standards?【单选题】

A.No.

B.Yes, relating to independence and objectivity.

C.Yes, relating to diligence and reasonable basis.

正确答案:A

答案解析:A is correct. Boswin uses her usual process in researching Country Industries. She is not in possession of material nonpublic information and she maintains her objectivity. Her use of the model provides a reasonable basis for the decision not to pursue additional research or make an investment recommendation regarding Country Industries.

9、If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:【单选题】

A.bankruptcy risk rises with more leverage.

B.managers cannot change the value of the company by using more or less debt.

C.managers cannot increase the value of the company by employing tax saving strategies.

正确答案:B

答案解析:B is correct. Proposition I, or the capital structure irrelevance theorem, states that the 

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.