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、For Assignment 2, Alexander should conclude that Bond Z is currently:【单选题】

A.undervalued.

B.fairly valued.

C.overvalued.

正确答案:A

答案解析:A is correct. Alexander projects that the spot curve two years from today will be below the current forward curve, which implies that her expected future spot rates beyond two years will be lower than the quoted forward rates. Alexander would perceive Bond Z to be undervalued in the sense that the market is effectively discounting the bond’s payments at a higher rate than she would and the bond’s market price is below her estimate of intrinsic value.

2、At a significance level of 1%, which of the following is the best interpretation of the regression coefficients with regard to explaining ROE?【单选题】

A.ESG is significant, but tenure is not.

B.Tenure is significant, but ESG is not.

C.Neither ESG nor tenure is significant.

正确答案:C

答案解析:C is correct. The t-statistic for tenure is 2.308, indicating significance at the 0.027 level but not the 0.01 level. The t-statistic for ESG is 1.201, with a p-value of 0.238, which means we fail to reject the null hypothesis for ESG at the 0.01 significance level.

3、Based upon the information in Exhibits 1 and 2, Cannan would most likely conclude that Delite’s shares are:【单选题】

A.overvalued.

B.undervalued.

C.fairly valued.

正确答案:C

答案解析:C is correct. The P/E-to-growth (PEG) ratio is calculated by dividing a stock’s P/E by the expected earnings growth rate, expressed as a percent. To calculate Delite’s PEG ratio, first calculate the P/E ratio: $65.50/ $3.50 = 18.71. In this case, the forward earnings should be used given the recent acquisition of the water bottling company. Next, calculate Delite’s PEG ratio: 18.71/12.41 = 1.51.

4、Based upon Exhibit 1, the forward premium (discount) for a 360-day INR/GBP forward contract is to:【单选题】

A.-1.546.

B.1.546.

C.1.576.

正确答案:C

答案解析:C is correct. The equation to calculate the forward premium (discount) is:

5、【单选题】

A.at the end of the swap's life.

B.at the beginning of the swap's life.

C.during the middle of the swap's life.

正确答案:C

答案解析:Interest rate and equity swaps do not involve an exchange of principal. Therefore, credit risk is greater during the middle of the life of these swaps. KPS Financial has entered into an equity swap, so the credit risk is higher during the middle of its life.

6、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:

7、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

8、The forward curve of the commodity for Strategy 2 of the new fund offering is most likely to experience:【单选题】

A.Contango.

B.Backwardation.

C.

正确答案:A

答案解析:Considering the storage theory, Nun-storable commodities are characterized by a high percentage of backwardation, while commodities with low storage costs, such as precious metals, are almost exclusively in contango.

9、When distributing the material at the industry conference, does Zardt violate any CFA Standards?【单选题】

A.No.

B.Yes, because Zardt does not verify the accuracy of the information.

C.Yes, because analysts cannot claim performance or promote the accuracy of their 

正确答案:B

答案解析:B is correct. Zardt violated the Standard relating to Performance Presentation because he did not verify the accuracy of the return information before its distribution. According to Standard III(D), analysts may promote the success or accuracy of their recommendations, but they must make reasonable efforts to ensure that the information is fair, accurate, and complete. In addition to providing attribution, Zardt should take steps to ensure the accuracy of the data prior to distributing the material.

10、Using Hernández’s initial financial predictions, the estimated annual after-tax operating cash flow is closest to:【单选题】

A.€780,000.

B.€1,000,000.

C.€1,075,000.

正确答案:B

答案解析:B is correct. Using equation CF = (S – C) × (1 – T) + TD, the numbers are: