2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Corporate Finance (1)5道练习题，附答案解析，供您备考练习。

1、Based on Exhibit 2, SpeedyPro most likely repurchased shares using:【单选题】

A.a negotiated purchase agreement.

B.a fixed-price tender offer.

C.open market purchases.

正确答案:B

答案解析:B is correct. SpeedyPro offered a 10% premium over the current price. This is most consistent with a fixed-price tender offer, which normally requires a premium. Negotiated purchase agreements are almost as likely to take place at prices lower than market because they are at prices above market, particularly when shareholders are trying to meet liquidity needs. Open market purchases are market based and can be timed to avoid price impact.

2、【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 

3、For this question only, assume that MavsHD's marginal investor is in a 39.6% tax bracket for capital gains and a 15% tax bracket for dividends. If MavsHD declares a dividend of $2.25 per share, the change in MavsHD's stock price when the stock goes ex-dividend will be closest to:【单选题】

A.1.36.

B.1.91.

C.3.17

正确答案:C

答案解析:

4、The 2014 after-tax operating cash flow for the new division (in USD millions) is closest to:【单选题】

A.0.38

B.0.56

C.0.81

正确答案:C

答案解析:Determine the yearly cash flows of expansion and replacement capital projects, and evaluate how the choice of depreciation method affects those cash flows.

5、If the analysts’ beliefs about the increase in sales are correct, the change in dividend policy that Avignon would most likely make would be to:【单选题】

A.declare a special dividend.

B.increase the quarterly dividend amount.

C.cut the quarterly dividend in anticipation of next year’s sales forecast.

正确答案:A

答案解析: