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、All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?【单选题】

A.The expected inflation rate falls.

B.The company’s future cash flows are expected to increase.

C.The yield to maturity on real default-free investments rises.

正确答案:C

答案解析:C is correct. According to the fundamental pricing equation, the market value of an asset 

2、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, 

3、Based upon Exhibit 1, which of the following statements regarding Property A is most accurate?【单选题】

A.The going-in capitalization rate is 13.5%.

B.It appears the riskiest of the three properties.

C.The net operating income in the first year is ￡298,000.

正确答案:B

答案解析:B is correct. Property A has been assigned the highest discount rate (11.5%) and thus is considered to be the riskiest investment of the three alternatives. This may be because of the reliance on a single tenant. The going-in capitalization rate is 9.5% (cap rate = discount rate – growth rate). The net operating income (NOI) is ￡580,500 (= rental income + other income – property management fee = ￡575,000 + ￡27,000 – ￡21,500).

4、Based on the regression output in Exhibit 2, what should lead Busse to conclude that the Regression 3 equation is not correctly specified?【单选题】

A.The Durbin–Watson statistic

B.The t-statistic for the slope coefficient

C.The t-statistics for the autocorrelations of the residual

正确答案:C

答案解析:C is correct. The regression output in Exhibit 2 suggests there is serial correlation in the residual errors. The fourth autocorrelation of the residual has a value of 0.6994 and a t-statistic of 4.3111, which is greater than the t-statistic critical value of 2.02. Therefore, the null hypothesis that the fourth autocorrelation is equal to zero can be rejected. This indicates strong and significant seasonal autocorrelation, which means the Regression 3 equation is misspecified.

5、Nowak’s most likely response to Lin’s question is that the type of real estate security she prefers:【单选题】

A.offers a high degree of operating flexibility.

B.provides dividend income that is exempt from double taxation.

C.has below-average correlations with overall stock market returns.

正确答案:B

答案解析:B is correct. REITs are tax-advantaged entities whereas REOC securities are not typically tax-advantaged entities. More specifically, REITs are typically exempted from the double taxation of income that comes from taxes being due at the corporate level and again when dividends or distributions are made to shareholders in some jurisdictions such at the United States.

6、Based on the regression model used by Pereira, earnings persistence for Miland would be highest if:【单选题】

A.β is less than 0.

B.β.

C.β.

正确答案:B

答案解析:B is correct. When earnings are decomposed into a cash component and an accruals component, research has shown that the cash component is more persistent. A beta coefficient (β) on the accruals variable indicates that the cash flow component of earnings is more persistent than the accruals component. This result provides evidence of earnings persistence.

7、The new accounting policy adopted in 2013 for the customer acquisition cost (Note 1d) most likely increases CCCL's:【单选题】

A.Quality of earnings.

B.Cash from operations.

C.Debt-to-asset ratio.

正确答案:B

答案解析:In 2013, CCCL started capitalizing the discount offered (from selling the handsets at a lower price) instead of recording it in the period it is incurred. This change in the policy would increase net income (by lowering expenses) and cash from operations. The amounts capitalized would be recorded as cash outflows for investing activities, compared with cash from operations if they were expensed.

8、For Plan A, SKI should report a net pension:【单选题】

A.asset of €1.50 billion.

B.asset of €1.18 billion.

C.liability of €1.18 billion.

正确答案:B

答案解析:B is correct. SKI’s DB pension plan is overfunded by €1.18 billion, the amount by which the fair value of the pension plan assets exceeds the defined benefit obligation (€5.98 billion – €4.80 billion). When a company has a surplus in a DB pension plan, the amount of assets that can be reported is the lower of the surplus or the asset ceiling (the present value of future economic benefits, such as refunds from the plan or reductions in future contributions). In this case, the asset ceiling is given as €1.50 billion, so the amount of SKI’s reported net pension asset is the amount of the surplus, because this amount is lower than the asset ceiling.

9、【单选题】

A.Only Director 1 is correct.

B.Only Director 2 is correct.

C.Both Director 1 and Director 2 are correct.

正确答案:C

答案解析:Investors do not like instability in the dividends paid by a company. Any volatility in dividends is seen as a negative sign by 

10、Option 3 would be preferred over Option 2 if:【单选题】

A.liquidity of the investment is critical.

B.the investment must be efficient in terms of corporate taxes.

C.capital appreciation is more highly valued than current income 

正确答案:C

答案解析:Investment in both public REOCs and public REITs enjoy high liquidity, as shares of both trade on a stock exchange. Tax advantages favor REITs as REOCs are not tax- advantaged. REOCs are more reliant on capital appreciation due to their ability to reinvest cash flows, while REITs tend to have higher current income (i.e., yield).