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、The value of the European-style call option on Beta Company shares is closest to:【单选题】

A.4.83.

B.5.12.

C.7.61.

正确答案:A

答案解析:A is correct. Using the expectations approach, the risk-neutral probability of an up move is

2、The one-year spot rate r(1) = 4%, the forward rate for a one-year loan beginning in one year is 6%, and the forward rate for a one-year loan beginning in two years is 8%. Which of the following rates is closest to the three-year spot rate?【单选题】

A.4.0%

B.6.0%

C.8.0%

正确答案:B

答案解析:B is correct. Applying the forward rate model, we find

3、The implied premium for inflation uncertainty for the one-year government zero-coupon bond proposed by Carlisle is closest to:【单选题】

A.0.23%.

B.0.37%.

C.1.10%

正确答案:B

答案解析:B is correct. The pricing equation for a default-free nominal coupon-paying bond is

4、If the current rate method is used to translate Acceletron’s financial statements into US dollars, Redline’s consolidated financial statements will most likely include Acceletron’s:【单选题】

A.USD3,178 million in revenues.

B.USD118 million in long-term debt.

C.negative translation adjustment to shareholder equity.

正确答案:A

答案解析:A is correct. Under the current rate method, revenue is translated at the average rate for the year, SGD4,800 × 0.662 = USD3,178 million. Debt should be translated at the current rate, SGD200 × 0.671 = USD134 million. Under the current rate method, Acceletron would have a net asset balance sheet exposure. Because the Singapore dollar has been strengthening against the US dollar, the translation adjustment would be positive rather than negative.

5、Based on Byron’s forecast, NinMount’s net profit margin for 2009 most likely will be highest if the results of the acquisition are reported using:【单选题】

A.the equity method.

B.consolidation with full goodwill

C.consolidation with partial goodwill.

正确答案:A

答案解析:A is correct. Net income is the same using any of the methods but under the equity method, net sales are only ￡950; Boswell’s sales are not included in the net sales figure. Therefore, net profit margin is highest using the equity method.

6、Based on the information in Exhibit 1, the ex-ante active return for the Premier fund is closest to:【单选题】

A.0.63%.

B.1.05%.

C.2.92%.

正确答案:A

答案解析:

7、Compared to the reported 2009 financial statements, if Stereo Warehouse had used the 2007 expected volatility assumption to value its employee stock options, it would have most likely reported higher:【单选题】

A.net income.

B.compensation expense.

C.deferred compensation liability.

正确答案:B

答案解析:B is correct. A higher volatility assumption increases the value of the stock option and thus the compensation expense, which, in turn, reduces net income. There is no associated liability for stock options.

8、The yen cost to Carr of buying NT$10 million is closest to:【单选题】

A.￥3,077,000.

B.￥32,453,000.

C.￥32,490,000.

正确答案:C

答案解析:We want to convert ￥ to NT$ (via USD). Since we are not given the starting ￥ position, we start with a hypothetical ￥1,000 c

9、The divestiture technique that Lee is recommending is most likely:【单选题】

A.a spin-off.

B.a split-off.

C.an equity carve-out.

正确答案:C

答案解析:C is correct. An equity carve-out involves sale of equity in a new legal entity to outsiders, and would thus result in a cash inflow for Moonbase. A spin-off or a split-off does not generate a cash flow to the firm.

10、Which of Hextall’s explanations regarding the three distinct methods of VaR is least likely correct?【单选题】

A.Historical

B.Parametric

C.Monte Carlo

正确答案:A

答案解析:A is correct. Hextall incorrectly explains the historical method by stating that it relies on the assumption that the distribution of returns on the risk factors is a normal distribution. The historical method is based on actual returns and, accordingly, is not constrained by the assumption of a normal distribution.