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、Based upon the information in Exhibit 2, the intrinsic value per share of the equity of Jackson Breweries is closest to:【单选题】

A.R97.67.

B.R130.22.

C.R186.03.

正确答案:B

答案解析:B is correct. With a single-stage residual income (RI) model, the intrinsic value, V0, is calculated assuming a constant return on equity (ROE) and a constant earnings growth (g).

2、Which of the following valuation methods is Chen least likely to use for Robologistix?【单选题】

A.Real option method

B.Discounted cash flow

C.Replacement cost

正确答案:B

答案解析:B is correct. From the information provided (limited market history, weak asset base, low cash predictability, new management team), Robologistix is most likely a venture-stage company. Early-stage companies are best evaluated using the replacement cost or real option methods. Discounted cash flow (DCF) valuation is more appropriate for companies that have a longer operating history and is least appropriate for Robologistix.

3、Based on the data presented in Exhibit 2, the candidate with the greatest skill at achieving active returns appears to be:【单选题】

A.Candidate A.

B.Candidate B.

C.Candidate C.

正确答案:B

答案解析:B is correct. The IR measures the consistency of active return generation. A higher ratio generally indicates better managerial skill at achieving active returns on a risk-adjusted basis. The IR for Candidate B (0.746) is higher than the IR for Candidate A (0.582) and Candidate C (0.723).

4、The fair acquisition price of High Tech using the comparable transaction approach is closest to:【单选题】

A.$35.22.

B.$40.86.

C.$41.31.

正确答案:B

答案解析:B is correct. The fair acquisition price is $40.86. First, calculate the relative valuation ratios based on the acquisition price for the three comparable transactions and their means.

5、Do either of Webster’s Notes 4 or 5 about Construction Supply describe an accounting warning sign of potential overstatement or non-sustainability of operating income?【单选题】

A.No

B.Yes, Note 4 provides a warning sign

C.Yes, Note 5 provides a warning sign

正确答案:A

答案解析:A is correct. Neither Note 4 nor Note 5 provides an accounting warning sign of potential overstatement or non-sustainability of operating income.

6、Will the change in accounting rules impact the result of the initial screening process for Colorful Concepts?【单选题】

A.It passes the screens now, but will not pass if the accounting rules change.

B.It passes the screens now and will continue to pass if the accounting rules change.

C.It fails the screens now and will continue to fail if the accounting rules change.

正确答案:A

答案解析:A is correct. Without the accounting change, Colorful Concepts has a financial leverage ratio 

7、【单选题】

A.beta.

B.growth rate.

C.equity risk premium.

正确答案:C

答案解析:C is correct. When the low/high measure of each variable is tested singly for sensitivity in predicting a range of intrinsic value while holding the other variables at the base case, the equity risk premium variable produces the largest stock price range, as shown in the following table.

8、A factor associated with the widespread adoption of algorithmic trading is increased:【单选题】

A.market efficiency.

B.average trade sizes.

C.trading destinations.

正确答案:C

答案解析:C is correct. Global financial markets have undergone substantial change as markets have fragmented into multiple trading destinations consisting of electronic exchanges, alternative trading systems, and so-called dark pools. In such an environment, when markets are continuously reflecting real-time information and continuously changing conditions, algorithmic trading has been viewed as an important tool.

9、Based on Exhibits 1 and 2, which company’s shares are the most attractively priced based on the five-year forward P/E-to-growth ratio (PEG)?【单选题】

A.Adesivo

B.Enviado

C.Gesticular

正确答案:A

答案解析:A is correct. The forward PEG for the three companies are calculated as:

10、By not acting on the information reported by Nathoo, which CFA Institute Standard of Professional Conduct has Kostecka least likely violated?【单选题】

A.Loyalty, Prudence, and Care

B.Duties to Employers

C.Knowledge of the Law

正确答案:A

答案解析:A is correct. Kostecka has not violated Standard III(A)–Loyalty, Prudence, and Care because he has put his client’s interests first. However, by not dissociating himself from the illegally embezzled funds, Kostecka has violated Standard I(A)–Knowledge of the Law. By managing these funds, Kostecka benefits directly via management fees and could be associating himself with suspicious financial transactions and potentially violating anti-money-laundering regulations. In addition, by not dissociating himself from the embezzled funds, Kostecka has also placed his firm in a position where it may suffer reputational harm, so he has also violated Standard IV(A)–Duties to Employers (Loyalty).