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、The cash-flow-based accruals ratios from 2007 to 2009 indicate:【单选题】

A.improving earnings quality.

B.deteriorating earnings quality.

C.no change in earnings quality.

正确答案:A

答案解析:A is correct. The cash-flow-based accruals ratio falls from 11.0 percent in 2007 to 5.9 percent 

2、If the 5- and 10-year key rates increase by 20 basis points, but the 2- and 20-year key rates remain unchanged:【单选题】

A.all three portfolios will experience the same price performance.

B.Portfolio 1 will experience the best price performance.

C.Portfolio 2 will experience the best price performance.

正确答案:B

答案解析:

3、Based on the data in Exhibit 2, the most profitable arbitrage opportunity would be to buy the bond in:【单选题】

A.Mumbai and sell it in Hong Kong.

B.Hong Kong and sell it in New York.

C.New York and sell it in Hong Kong.

正确答案:B

答案解析:B is correct. Of the three markets, the New York bond has the lowest yield to maturity and, correspondingly, the highest bond price. Similarly, the Hong Kong bond has the highest yield to maturity and the lowest bond price of the three markets. Therefore, the most profitable arbitrage trade would be to buy the bond in Hong Kong and sell it in New York.

4、When Romulus consolidates the results of Julius, any unrealized exchange rate holding gains on monetary assets should be:【单选题】

A.reported as part of operating income.

B.reported as a non-operating item on the income statement.

C.reported directly to equity as part of the cumulative translation adjustment.

正确答案:C

答案解析:C is correct. When the current rate method is being used, all currency gains and losses are recorded as a cumulative translation adjustment to shareholder equity.

5、What is the NPV (C$ millions) of the original project for Society Services without considering the expansion option?【单选题】

A.–6.11.

B.–5.66.

C.2.33.

正确答案:B

答案解析:B is correct.

6、【单选题】

A.close to 0.

B.close to 1.

C.close to 0.80.

正确答案:A

答案解析:Conditional heteroskedasticity refers to regression errors whose variance is not constant. If there is conditional 

7、Is Biscayne correct regarding his statement concerning how to correct for autocorrelation?【单选题】

A.No, because the White method is used to adjust the R. 

B.No, because the Hansen method

C.No, because the Hansen method adjusts the coefficient standard errors 

正确答案:B

答案解析:Biscayne is incorrect because a serial correlation problem can be corrected by using the Hansen method to adjust the coefficient standard errors, not the R . 

8、【单选题】

A.correct given the assumptions and method described.

B.too high given the assumptions and method described.

C.too low given the assumptions and method described.

正确答案:C

答案解析:To calculate the daily VaR from an annual VaR, the mean and standard deviation must be adjusted using the 250 trading days described.

9、The aspect of the Basel III framework that Johansson describes to Smith relates to minimum:【单选题】

A.capital requirements.

B.liquidity requirements.

C.amounts of stable funding requirements.

正确答案:A

答案解析:A is correct. Basel III specifies the minimum percentage of its risk-weighted assets that a bank must fund with equity capital. This minimum funding requirement prevents a bank from assuming so much financial leverage that it is unable to withstand loan losses or asset write-downs.

10、Does the maimer in which Robinson allocates the purchase of Paladin shares for the accounts under his management most likely violate the CFA Institute Standards of Professional Conduct?
【单选题】

A.No.

B.Yes, because trades should not be allocated until the block is fully traded.

C.Yes, Marietta's trading policy does not differentiate between discretionary and non-discretionary accounts.

正确答案:A

答案解析:There is no violation. Standard III(B)-Fair Dealing states that members must deal fairly and objectively with all clients regardless of whether they are discretionary or non-discretionary accounts. Marietta’s trade allocation policy treats all clients fairly in terms of both trade execution order and price.