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、On its 2011 income statement, the amount of AdOre's net income that Strawberry Mines reported was closest to (in thousands):【单选题】

A.$5,818.

B.$3,200.

C.$2,618.

正确答案:A

答案解析:In 2011, Strawberry Mines used the equity method because it exercised significant influence and owned 32% of AdOre. Under the equity method, it should recognize its percentage share (32% x 18,182 = 5,818.2) of AdOre's net income.

2、WL Corporation is located in a jurisdiction that has a 40% corporate tax rate on pretax income and a 30% personal tax rate on dividends. WL distributes all its after-tax income to shareholders. What is the effective tax rate on WL pretax income distributed in dividends?【单选题】

A.42%.

B.58%.

C.70%.

正确答案:B

答案解析:B is correct. The effective tax rate can be computed as 1 minus the fraction of 1 unit of 

3、Is Dua most likely correct with regard to the factors that drive demand for different commercial real estate property types? 【单选题】

A.No, he is incorrect about retail space.

B.Yes.

C.No, he is incorrect about industrial and warehouse space.

正确答案:A

答案解析:A is correct. Dua is correct about factors that drive demand for office space and industrial and warehouse space but incorrect about retail space. Employment growth drives demand for office space, while warehouse space demand depends broadly on economic strength. The level of import and export activity is more directly related to demand for industrial and warehouse space, not retail space. Demand for retail space depends on consumer spending, job growth, and economic strength.

4、Based upon Observation 1, in the long run the ratio of profits to GDP in Country A is to:【单选题】

A.remain near its current level.

B.increase from its current level.

C.club convergence.

D.decrease from its current level.

正确答案:D

答案解析:C is correct. The ratio of profits to GDP for Country A has been trending upward over the past several years, and is now well above its historical average. The ratio of profits to GDP cannot rise forever. At some point stagnant labor income would make workers unwilling to work without an increase in wages and would also undermine demand, making further expansion of profit margins unsustainable. Thus, it is likely that the ratio of profits to GDP will decline in the long run toward its historical average.

5、Regarding Nenkov's two cautionary statements concerning the use of the enterprise value method of valuation, he is most likely correct with respect to:【单选题】

A.Statement 1 only.

B.Both Statements 1 and 2.

C.Statement 2 only.

正确答案:A

答案解析:Statement 1 is correct because EBITDA is a pre-interest earnings figure, in contrast to earnings per share, which is a post-interest figure. Thus the differences in financial leverage do not affect EBITDA. Statement 2 is incorrect because EBITDA overestimates cash flow from operations if working capital is growing. Therefore, only Statement 1 is correct.

6、Beta Corporation is a manufacturer of inflatable furniture. Which of the following scenarios best reflects a stable dividend policy for Beta?【单选题】

A.Maintaining a constant dividend payout ratio of 40–50%.

B.Maintaining the dividend at US$1.00 a share for several years given no change in Beta’s long-term prospects.

C.Increasing the dividend 5% a year over several years to reflect the two years in which Beta recognized mark-to-market gains on derivative positions.

正确答案:B

答案解析:B is correct. Choice A is consistent with a target payout ratio policy. Choice C is not 

7、Based on Zag's proposed tender offer and information in Exhibit 4, the synergy arising from this merger (in millions) is closest to:【单选题】

A.$643

B.$943

C.$1,063

正确答案:B

答案解析:

8、The value of Bond #8 is closest to:【单选题】

A.98.116% of par.

B.100.000% of par.

C.100.485% of par.

正确答案:C

答案解析:C is correct:

9、MBG is best described as currently:【单选题】

A.25% debt-financed and 75% equity-financed.

B.33% debt-financed and 66% equity-financed.

C.75% debt-financed and 25% equity-financed.

正确答案:A

答案解析:A is correct. The market value of equity is ($30)(10,000,000) = $300,000,000. With the market value of debt equal to $100,000,000, the market value of the company is $100,000,000 + $300,000,000 = $400,000,000. Therefore, the company is $100,000,000/ $400,000,000 = 0.25 or 25% debt-financed.

10、30 days after initiation of the USD/GBP forward contract, the mark-to-market value of the contract is closest to:【单选题】

A.USD 860.

B.USD 1,195.

C.USD 2,190.

正确答案:A

答案解析:The original 60-day forward contract calls for long GBP. So the all-in forward price FP= 2.0085. After 30 days, the contract would still have 30 days remaining to expiration. The new 30-day