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、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, England's estimate of the 2013 economic profit for the new division (in USD millions) is closest to:【单选题】

A.-0.59.

B.-0.81.

C.-0.87.

正确答案:B

答案解析:

2、The best answer to Paul’s first question is to use the:【单选题】

A.company’s before-tax cost of debt.

B.yield on high quality corporate bonds.

C.company’s overall cost of capital.

正确答案:B

答案解析:B is correct. The yield on high quality corporate bonds is the appropriate discount rate that should be used to calculate the present value of the future benefits because it represents the rate at which the defined-benefit obligation could be effectively settled.

3、Lee’s statement about the assumptions of the BSM model is accurate with regard to:【单选题】

A.interest rates but not continuous prices.

B.continuous prices but not the return distribution.

C.the stock return distribution but not the volatility.

正确答案:B

答案解析:B is correct. Although the BSM model assumes continuous stock prices, it also assumes that stock returns are lognormally distributed (not normally distributed).

4、Which of Thorpe’s actions after the Hearing Panel presentation most likely violated CFA Institute Standards?【单选题】

A.His letter to his clients

B.His complaint to the compliance officer

C.His new disciplinary review consulting practice

正确答案:C

答案解析:

5、If the price of GI stock approaches $75 over the next 30 days, which of the following changes in option parameter measures will most likely be observed?【单选题】

A.Decreases in vega and the absolute value of theta

B.Increases in vega and the absolute value of theta

C.A decrease in vega and an increase in the absolute value of theta

正确答案:B

答案解析:B is correct. Typically, theta is negative for options. The speed of the option value decline increases, however, as time to expiration decreases. Vega is high when options are at or near the money. During the next 30 days, the options will approach expiration and approach being at the money.

6、Based on Exhibit 1, residual income for SSX is closest to:【单选题】

A.€40.9 million.

B.€90.2 million.

C.€133.9 million.

正确答案:C

答案解析:C is correct. The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge.

7、Based on Exhibit 1, the maximum loss per share that would be incurred if Strategy 4 was implemented is:【单选题】

A.€2.99.

B.€3.99.

C.unlimited.

正确答案:B

答案解析:B is correct. Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the €25.00 strike put option, Nunes would be protected from losses at QWY share prices of €25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from €28.49 to €25.00 (or, €3.49) plus the put premium paid for the put option of €0.50: S = €28.49 – €25.00 + €0.50 = €3.99.

8、In a recent presentation, Doug Pearce made two statements about dividends:【单选题】

A.No for both statements.

B.Yes for Statement 1 and no for Statement 2.

C.No for Statement 1 and yes for Statement 2.

正确答案:A

答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per 

9、Based on Exhibit 3, Ho’s FCFF sensitivity analysis should conclude that Colanari’s value is most sensitive to the:【单选题】

A.FCFF growth rate.

B.before-tax cost of debt.

C.required rate of return for equity.

正确答案:C

答案解析:C is correct. Colanari’s valuation is most sensitive to the cost of equity (r

10、Which of Ho’s statements regarding free cash flow is (are) correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Neither Statement 1 nor Statement 2

正确答案:C

答案解析:C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.