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、According to Statement 5, analysts are expected to use valuation concepts and models to:【单选题】

A.value private businesses.

B.render fairness opinions.

C.extract market expectations.

正确答案:C

答案解析:C is correct. Market prices reflect the expectations of investors about the future performance of companies. The analyst can evaluate the reasonableness of the expectations implied by the market price by comparing the market’s implied expectations to his own expectations. This process assumes a valuation model, as discussed in the text.

2、The conversion price of the bond in Exhibit 3 is closest to:【单选题】

A.$26.67.

B.$32.26.

C.$34.19.

正确答案:B

答案解析:B is correct. The conversion price of a convertible bond is equal to the par value divided by the conversion ratio—that is, $1,000/31= $32.26 per share.

3、Regarding Claim 1 and Claim 2 made by Sawyer about the effects of omitted variables, which claims are correct?【单选题】

A.Claim 1 only.

B.Claim 2 only.

C.Both Claim 1 and Claim 2.

正确答案:B

答案解析:Sawyer is incorrect with respect to Claim 1 and is correct with respect to Claim 2. If the omitted variables are correlated 

4、Of the factors cited by Banantoumou after the international leaders summit, which is least likely to limit sustainable growth?【单选题】

A.Factor 2.

B.Factor 3.

C.Factor 1.

正确答案:C

答案解析:Substantive law focuses on the rights and responsibilities of entities and relationships among entities. A well-developed legal system of substantive and procedural laws and respect for property rights are likely to encourage growth, not limit it. Factors that limit growth include restrictions on imports and low rates of saving.

5、【单选题】

A.

B.so long as she refuses the gift of emeralds.

C.

正确答案:B

答案解析:Attending the conference would be appropriate, but Gillis must avoid any situation that would affect her 

6、【单选题】

A.Priority of Transactions.

B.Communication with Clients.

C.Communication with Clients.

正确答案:C

答案解析:Standard III (B) Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.

7、Based on Gelblum’s estimates, if Zimt is deemed to have control over Oxbow, its 2010 consolidated sales (in € millions) will be to:【单选题】

A.€1,700.

B.€2,375.

C.€3,050.

正确答案:C

答案解析:C is correct. Under the assumption of control, Zimt would record its own sales plus 100 percent of Oxbow’s. €1,700 + 1,350 = €3,050.

8、Saminder's note regarding assets under management is best described as:【单选题】

A.accurate.

B.inaccurate, as the assets do require capital funding.

C.inaccurate, as assets should be considered in the risk analysis.

正确答案:C

答案解析:Although client assets are client-owned and separate from the bank, and they do not require capital funding, the fees generated may be material to the earnings of the bank. Hence a significant decrease should impact the stability of the bank.

9、【单选题】

A.Theoretical shift A.

B.Theoretical shift B.

C.Theoretical shift C.

正确答案:C

答案解析:

10、Based on Exhibit 1, Exhibit 2, and the single-stage residual income model, YD's intrinsic value is closest to:【单选题】

A.$8.00 per share.

B.$10.00 per share.

C.$12.00 per share.

正确答案:B

答案解析:V