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、Suppose HiFly acquires Sky Systems for the stated terms. The gain to Sky Systems shareholders resulting from the merger transaction would be closest to:【单选题】

A.$25 million.

B.$160 million.

C.$375 million.

正确答案:A

答案解析:

2、With regards to investments in Sandhirst stock and retail ETF, Dutt most likely violated:【单选题】

A.

B.Standard II(A) - Material and Nonpublic Information 

C.Standard II(A) - Material and Nonpublic Information in 

正确答案:B

答案解析:By transacting in Sandhirst stock, Dutt did not rely on any material nonpublic information and, therefore, is not in violation 

3、Based on Exhibit 3, if Nelson's long-term debt to equity ratio on Dec 31, 2016 was calculated using different methods, which method would result in the lowest result?【单选题】

A.Equity method.

B.Consolidation with full goodwill.

C.Consolidation with partial goodwill.

正确答案:A

答案解析:If the equity method is used, long-term debt to equity = 160/640 = 0.25. If the consolidation method is used, long-term debt to equity = long-term debt/equity = (160+120)/(640+300) = 0.30. Equity includes the €300 non-controlling interest under either consolidation. It does not matter if the full or partial goodwill method is used since there is no goodwill in this case.

4、How many of Yeung's constraints would be accurately regarded as a constraint in an investment policy statement?【单选题】

A.One.

B.Two.

C.Three.

正确答案:B

答案解析:What Yeung has identified as Constraint 1 is properly classified as a return objective and not a constraint. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example of liquidity constraint.

5、Based on Exhibit 1, which fund is expected to produce the greatest consistency of active return?【单选题】

A.Fund X

B.Fund Y

C.Fund Z

正确答案:C

答案解析:C is correct. The IR measures the consistency of active return. The IR is calculated for the 

6、Using the Black model, the call option on the index futures is best valued as:【单选题】

A.

B.

C.

正确答案:B

答案解析:

7、Based on Exhibit 1&2, Golden's free cash flow to the firm (FCFF) (in millions) for 2016 is closest to:【单选题】

A.$565.

B.$575

C.$635.

正确答案:B

答案解析:FCFF = NI + NCC + Int(1 一Tax Rate) 一 AWCInv 一 AFCInv

8、Based upon the information in Exhibit 1, the market value added of the hypothetical firm is closest to:【单选题】

A.R65 million.

B.R113 million.

C.R168 million.

正确答案:C

答案解析:C is correct. Market value added equals the market value of firm minus total accounting book value of total capital.

9、Which of Pereira’s statements regarding the use of quantitative models to assess the likelihood of misreporting is correct?【单选题】

A.Only Statement 4

B.Only Statement 5

C.Both Statement 4 and Statement 5

正确答案:B

答案解析:B is correct. Earnings manipulators have learned to test the detectability of earnings manipulation tactics by using the model to anticipate analysts’ perceptions. They can reduce their likelihood of detection; therefore, Statement 5 is correct. As a result, the predictive power of the Beneish model can decline over time. An additional limitation of using quantitative models is that they cannot determine cause and effect between model variables. Quantitative models establish only associations between variables, and Statement 4 is incorrect.

10、Which feature discussed in the third section of “International Trade” will most likely help Genovia achieve its goal of encouraging foreign businesses to increase trade with domestic businesses?【单选题】

A.Only Feature 1

B.Only Feature 2

C.Both Feature 1 and Feature 2

正确答案:C

答案解析:C is correct. Genovia needs unambiguous laws concerning financial liability and bankruptcy to encourage foreign businesses to enter into contracts, particularly those that are long term and may involve sunk costs. The court decisions help Genovia achieve its goal. Also, clearly defined rules governing contracts, their interpretation, and each party’s legal rights under a contract are necessary. Thus, both features help Genovia achieve its goal.