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、Using the information provided in Exhibit 1，the breakeven price of Apple shares for a bear spread strategy using puts is closest to:【单选题】

A.$96.44.

B.$98.56.

C.$97.18.

正确答案:C

答案解析:C is correct The breakeven price is X

2、As compared to the temporal method, the parent's fixed asset turnover for fiscal 2008 using the current rate method is:【单选题】

A.

B.

C.the same.

正确答案:A

答案解析:The local currency (the USD) is depreciating, so the historical rate will be higher than the current rate. Fixed asset turnover (sales divided by net PP&E) will be higher under the current rate method. Net PP&E will be translated at the lower current rate, and because sales are the same under both methods, the ratio will be higher.

3、Which of the following statements about the reported earnings of Renaissance Clothing is most accurate? Relative to sustainable earnings, reported earnings are likely:【单选题】

A.unbiased.

B.upward biased.

C.downward biased.

正确答案:B

答案解析:B is correct. The effects of favorable nonrecurring events in reported earnings would tend to bias reported earnings upward relative to sustainable earnings because non-recurring items are by definition not expected to repeat. Renaissance Clothing included three nonrecurring items in their most recent earnings release that all led to higher earnings for the current period: a positive litigation settlement, a one-time tax credit, and the gain on the sale of a non-operating asset.

4、Based on the information presented in Exhibit 1, the effective duration of the 5% coupon bond is closest to:【单选题】

A.3.18.

B.0.70.

C.1.59.

正确答案:C

答案解析:C is correct.

5、Using the approach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potential GDP?【单选题】

A.Country X.

B.Country Y.

C.Country Z.

正确答案:B

答案解析:Using the labor productivity growth accounting equation, Country Z indicates the highest growth rate in potential GDP.

6、Madison’s views on the term structure of interest rates are most consistent with the:【单选题】

A.local expectations theory.

B.segmented markets theory.

C.liquidity preference theory.

正确答案:C

答案解析:C is correct. Liquidity preference theory asserts that investors demand a risk premium, in the form of a liquidity premium, to compensate them for the added interest rate risk they face when buying long-maturity bonds. The theory also states that the liquidity premium increases with maturity.

7、How many of Yeung's constraints would be accurately regarded as a constraint in an investment policy statement?【单选题】

A.One.

B.Two.

C.Three.

正确答案:B

答案解析:What Yeung has identified as Constraint 1 is properly classified as a return objective and not a constraint. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example of liquidity constraint.

8、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as a:【单选题】

A.hybrid approach.

B.top-down approach.

C.bottom-up approach.

正确答案:B

答案解析:B is correct. A top-down approach usually begins at the level of the overall economy. Candidate B assumes industry sales will grow at the same rate as nominal GDP but that Chrome will have a 2 percentage points decline in market share. Candidate B is not using any elements of a bottom-up approach; therefore, a hybrid approach is not being employed.

9、Does Telline violate any CFA Institute Standards when he places the buy order for shares in the technology company for Caper’s account?【单选题】

A.No.

B.Yes, relating to fair dealing.

C.Yes, relating to diligence and reasonable basis.

正确答案:A

答案解析:A is correct. Telline is careful to consider the investment’s suitability for Caper’s account. Telline’s actions are consistent with CFA Institute Standards III(A)–Loyalty, Prudence, and Care and III(B)–Fair Dealing. Telline determines that the other client does not have the cash available in his account and selling existing holdings does not make sense.

10、The scenario analysis that Hamilton prepares for the committee is most likely a:【单选题】

A.stress test.

B.historical scenario.

C.hypothetical scenario.

正确答案:C

答案解析:C is correct. A hypothetical scenario analysis allows the risk manager to estimate the likely effect of the scenario on a range of portfolio risk factors. A sovereign ratings downgrade would affect Hiram’s India equity and corporate bond exposures as well as the government bond exposure. In addition, the assumptions used in constructing the scenario analysis can specifically address the effect of a need to sell large position sizes under decreased liquidity conditions resulting from a ratings downgrade. VaR alone does not accurately reflect the risk of large position sizes, which may be difficult to trade.