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、All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?【单选题】

A.The expected inflation rate falls.

B.The company’s future cash flows are expected to increase.

C.The yield to maturity on real default-free investments rises.

正确答案:C

答案解析:C is correct. According to the fundamental pricing equation, the market value of an asset 

2、Which of the following statements about the missing data in Exhibit 3 is correct?【单选题】

A.Node 3–2 can be derived from Node 2–2.

B.Node 4–1 should be equal to Node 4–5 multiplied by e.

C.Node 2–2 approximates the implied one-year forward rate two years from now.

正确答案:C

答案解析:C is correct. Because Node 2–2 is the middle node rate in Year 2, it will be close to the implied one-year forward rate two years from now (as derived from the spot curve). Node 4–1 should be equal to the product of Node 4–5 and e ).

3、The inclusion of index returns prior to 2001 would be expected to:【单选题】

A.bias the historical equity risk premium estimate upwards.

B.bias the historical equity risk premium estimate downwards.

C.have no effect on the historical equity risk premium estimate.

正确答案:A

答案解析:A is correct. The backfilling of index returns using companies that have survived to the index construction date is expected to introduce a positive survivorship bias into returns.

4、Based on McDonald's beliefs about Bundovian government monetary and fiscal policies, under the Mundell-Fleming model the Bunco is most likely expected to:【单选题】

A.Depreciate.

B.Appreciate.

C.remain unchanged in value.

正确答案:B

答案解析:Given low capital mobility, a restrictive monetary and fiscal policy should lead to domestic currency appreciation under the Mundell-Fleming model.

5、What is the NPV (C$ millions) of the optimal set of investment decisions for Society Services including the expansion option?【单选题】

A.6.34.

B.12.68.

C.31.03.

正确答案:B

答案解析:B is correct. Assume we are at time = 1. The NPV of the expansion (at time 1) if demand is “high” is

6、【单选题】

A.Common equity tier 1 capital and total capital will both remain unchanged.

B.Tier 1 capital will increase and tier 2 capital will decrease.

C.Other tier 1 capital will decrease and total capital will remain unchanged.

正确答案:B

答案解析:Per Exhibit 1, convertible bonds are currently part of tier 2 capital. On conversion, they would become common stock and part of common tier 1 capital, hence tier 2 capital would decrease and common tier 1 capital would increase.

7、In light of the fact that several different groups of investors hold shares in MavsHD, evaluate the directors' comments regarding Nelson's proposed stock repurchase plan.【单选题】

A.Only Director 1 is correct.

B.Only Director 2 is correct.

C.Both Director 1 and Director 2 are correct.

正确答案:C

答案解析:Investors do not like instability in the dividends paid by a company. Any volatility in dividends is seen as a negative sign by investors, and the company's stock price would be punished as a result of varying dividends. According to the bird-in-the-hand theory, investors prefer the assurance of receiving a higher dividend today rather than waiting for returns in the form of capital appreciation. Because of the uncertainty associated with capital appreciation and the relative certainty of dividends, the bird-in-the-hand theory predicts that investors will reward dividend paying companies with a lower cost of equity and, thus, a higher equity value. A repurchase does not provide the same type of assurance since it is an unpredictable and possibly one-time event.

8、Are Singh (Statement 1) and Kara (Statement 2) correct or incorrect regarding the usefulness of regression results described in Exhibit 1 and the value of the slope coefficient?【单选题】

A.Both are correct.

B.One is correct, the other is incorrect.

C.Both are incorrect.

正确答案:A

答案解析:Singh is correct that a change in the relationship between gold prices and jewelry costs would be an example of parameter instability.

9、Positive output gaps are usually associated with:【单选题】

A.deflation.

B.high unemployment.

C.economic growth beyond sustainable capacity.

正确答案:C

答案解析:C is correct. An economy operating with a positive output gap—that is, where the level of 

10、If Ishmael’s concern about ZipTech’s possible earnings manipulation is valid, the tactic the company is using is best described as:【单选题】

A.channel stuffing.

B.classification shifting.

C.contingent selling.

正确答案:A

答案解析:A is correct. Ishmael’s concern about manipulating income is based on the calls with analysts who follow ZipTech’s customers and those companies’ unusually high year-end purchases at favorable prices. Channel stuffing is the tactic of inducing customers to order products just before year-end that they would otherwise not order, or order at a later date, by offering them generous terms, such as favorable pricing.