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、Alex Renteria has suggested that the market price of Tasty Foods stock is its fair value. What is the implied growth rate of dividends given the stock’s market price? Use the required return on equity based on a beta of 1.10.【单选题】

A.3.87%.

B.5.30%.

C.12.1%.

正确答案:A

答案解析:A is correct. The price of the stock is $8.42. If this price is also the fair value of the stock,

2、Should Costa’s end-of-meeting comments result in changes to Hernández’s capital budgeting analysis?【单选题】

A.No.

B.Yes, but only to incorporate the possible delay.

C.Yes, to incorporate both the possible delay and the cost of producing the prototype.

正确答案:B

答案解析:B is correct. Timing options (e.g., delay investing) should be included in the NPV analysis, but sunk costs should not.

3、Using the information in Exhibit 1, the expected return on the portfolio is closest to:【单选题】

A.8.4%.

B.9.2%.

C.9.7%.

正确答案:C

答案解析:E(R) = 0.6(9%) + 0.4(10.8%) = 9.72%

4、Based on Exhibits 1 and 2 and Janssen’s translation method, total assets for Triofind-B translated into Triofind’s presentation currency as of 31 December 2016 are closest to:【单选题】

A.NER1,375,000.

B.NER1,380,252.

C.NER1,434,783.

正确答案:B

答案解析:

5、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.

6、If Acceletron’s financial statements are translated into US dollars using the temporal method, Redline’s consolidated financial statements will most likely include Acceletron’s:【单选题】

A.USD336 million in inventory.

B.USD956 million in fixed assets.

C.USD152 million in accounts receivable.

正确答案:B

答案解析:B is correct. Under the temporal method, inventory and fixed assets would be translated using historical rates. Accounts receivable is a monetary asset and would be translated at year-end (current) rates. Fixed assets are found as (1,000 × 0.568) + (640 × 0.606) = USD 956 million.

7、With regard to the investment request made by Nathoo to invest in Chatterbox, Kostecka should most likely:【单选题】

A.follow Bope’s investment goals.

B.seek advice from the court.

C.comply with her request.

正确答案:A

答案解析:A is correct. The account should be managed according to the client’s investment goal of capital preservation and a low risk tolerance. Under Standard III(A) –Loyalty, Prudence, and Care, the first step for members and candidates in fulfilling their duty of loyalty to clients is to determine the identity of the “client” to whom the duty of loyalty is owed. Only when the daughter is granted legal responsibility over her father’s affairs by the court does she become the client.

8、The channel that is least likely to help India overcome its challenge of lacking significant natural resources is:【单选题】

A.Channel 2.

B.Channel 3.

正确答案:B

答案解析:C is correct. Maintaining a low currency exchange rate is a policy aimed at maintaining demand for the country’s exports. It would have little direct impact on the potential growth rate of aggregate supply. It might boost long-term capacity growth indirectly, however, by encouraging adoption of leading edge technology. Nonetheless, it would not be expected to be as powerful as capital deepening and/or investment in technology.

9、Vakil's conduct regarding the intermediary fund to channel investments into Snead funds is most likely a violation under:【单选题】

A.

B.Standard III(D) Duties to Clients: Suitability.

C.Standard III(D) Duties to Clients: Fair Dealing.

正确答案:B

答案解析:Because the Snead hedge funds may not be suitable for all clients, Vakil violated Standard III(D) Duties to Clients: 

10、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.