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、Bronson provides investment advice to the board of trustees of a private university endowment fund. The trustees have provided Bronson with the fund’s financial information, including planned expenditures. Bronson receives a phone call on Friday afternoon from Murdock, a prominent alumnus, requesting that Bronson fax him comprehensive financial information about the fund. According to Murdock, he has a potential contributor but needs the information that day to close the deal and cannot contact any of the trustees. Based on the CFA Institute Standards, Bronson should:【单选题】

A.Send Murdock the information because disclosure would benefit the client.

B.Not send Murdock the information to preserve confidentiality.

C.Send Murdock the information, provided Bronson promptly notifies the trustees.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard III(A)–Loyalty, Prudence, and Care and Standard III(E)–Preservation of Confidentiality. In this case, the member manages funds of a private endowment. Clients, who are, in this case, the trustees of the fund, must place some trust in members and candidates. Bronson cannot disclose confidential financial information to anyone without the permission of the fund, regardless of whether the disclosure may benefit the fund. Therefore, answer A is incorrect. Answer C is incorrect because Bronson must notify the fund and obtain the 

2、Using the information provided in Exhibit 1，the breakeven price of Apple shares for a bear spread strategy using puts is closest to:【单选题】

A.$96.44.

B.$98.56.

C.$97.18.

正确答案:C

答案解析:C is correct The breakeven price is X

3、Is evermore correct about the effect of a decrease in estimated level of yield volatility on the computed OAS?【单选题】

A.Yes.

B.No, OAS depends only on credit and liquidity risk and hence would be unchanged.

C.No, the computed OAS would increase.

正确答案:A

答案解析:The computed value of a putable bond decreases with a decrease in the assumed level of volatility and therefore the OAS needed to force the model price to be equal to market price will be lower.

4、Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:【单选题】

A.3.80%.

B.4.17%.

C.4.23%.

正确答案:B

答案解析:

5、The Z-spread of Bond A is 1.05% and the Z-spread of Bond B is 1.53%. All else equal, which statement best describes the relationship between the two bonds?【单选题】

A.Bond B is safer and will sell at a lower price.

B.Bond B is riskier and will sell at a lower price.

C.Bond A is riskier and will sell at a higher price.

正确答案:B

答案解析:B is correct. The higher Z-spread for Bond B implies it is riskier than Bond A. The higher discount rate will make the price of Bond B lower than Bond A.

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、Which of the credit analysis models shown in Exhibit 1 can only be used under the assumption that the issuing company's assets trade in a frictionless market?【单选题】

A.Structural models.

B.Reduced form models.

C.

正确答案:A

答案解析:Structural models require that the company's assets trade in a frictionless arbitrage free market.

8、Based on Exhibits 1 and 2, the exchange that reflects the arbitrage-free price of the bond is:【单选题】

A.Eurex.

B.Frankfurt.

C.NYSE Euronext.

正确答案:C

答案解析:C is correct. The bond from Exhibit 1 is selling for its calculated value on the NYSE Euronext exchange. The arbitrage-free value of a bond is the present value of its cash flows discounted by the spot rate for zero coupon bonds maturing on the same date as each cash flow. The value of this bond, 103.7815, is calculated as follows:

9、The benchmark portfolio is the S&P 500. Which of the following three portfolios can be combined with the benchmark portfolio to produce the highest combined Sharpe ratio?【单选题】

A.Portfolio A

B.Portfolio B

C.Portfolio C

正确答案:B

答案解析:B is correct. The active portfolio that is optimal is the portfolio with the highest Information ratio, the ratio of active return to active risk. The IRs for the three active portfolios are:

10、Which of the reasons given by Santos most likely justifies a reduction in Phoenix’s forecasted growth rate?【单选题】

A.Reason 2 only

B.Both Reason 1 and Reason 2

正确答案:B

答案解析:C is correct. Increased competition for successful firms can cause a regression to the mean of a company’s growth rate. Expiring and weakening intellectual property and franchise agreements can also reduce potential growth.