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 normalized earnings after tax for FAMCO is closest to:【单选题】

A.$32,940,000.

B.$34,260,000.

C.$34,860,000.

正确答案:C

答案解析:C is correct. The new interest level is $2,000,000 instead of $1,000,000. SG&A expenses are reduced by $1,600,000 ( = $5,400,000 – $7,000,000) to $21,400,000 by salary expense savings. Other than a calculation of a revised provision for taxes, no other changes to the income statement results in normalized earnings before tax of $58,100,000 and normalized earnings after tax of $34,860,000.

2、The hypothetical Orion trade generated an approximate:【单选题】

A.loss of ￡117,000.

B.gain of ￡117,000.

C.gain of ￡234,000.

正确答案:B

答案解析:B is correct. The gain on the hypothetical Orion trade is ￡117,000, calculated as follows.

3、What is the value per share of High Tech stock using the discounted cash flow approach if the terminal value of High Tech is based on using the cash flow multiple method to determine terminal value?【单选题】

A.$35.22.

B.$40.56.

C.$41.57.

正确答案:B

答案解析:B is correct. The estimated stock price is $40.56.

4、Dobson is wondering what the consequences would be if the duration of the first stage was assumed to be 11 years instead of 8, with all the other assumptions/estimates remaining the same. Considering this change, which of the following is true?【单选题】

A.In the second approach, the proportion of the total value of the stock represented by

B.The total value estimated using the third approach would increase.

C.

正确答案:B

答案解析:B is correct. If the extraordinary growth rate of 14 percent is expected to continue for a longer duration, the stock’s value would increase. Choice A is false because given that the first stage is longer (11 years instead of 8), the terminal value is being calculated at a later point in time. So, its present value would be smaller. Moreover, the first stage has more years and contributes more to the total value. Overall, the proportion contributed by the second stage would be smaller. Choice C is false because the intrinsic value of the stock would be higher and the appropriate conclusion would be that the stock would be undervalued to a greater extent based on the first approach.

5、When removing the multi-factor analysis from his research report, does Grohl violate any CFA Standards?【单选题】

A.No.

B.Yes, because he no longer has a reasonable basis for his recommendation.

C.Yes, because he is required to make full and fair disclosure of all relevant 

正确答案:A

答案解析:A is correct. Removing the multi-factor analysis from the research report does not constitute a violation. Grohl diligently prepared the internal document according to the firm’s traditional format with a complete fundamental analysis and recommendation—indicating diligence and a reasonable basis for his recommendation. It would be wise for Grohl to retain records of the multi-factor analysis but he need not retain the analysis in the research report to comply with Standards V(A)–Diligence and Reasonable Basis or V(C)–Record Retention.

6、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.

7、Based on Note 16, after reclassifying pension components to reflect economic income or expense, the net adjustment to profit before taxation is:【单选题】

A.–€205 million.

B.–€94 million.

C.+€129 million.

正确答案:B

答案解析:B is correct. Operating income is adjusted to include only the current service costs, the interest cost component is reclassified as interest expense, and the actual return on plan assets is added as investment income. Profit before taxation adjusted for actual rather than expected return on plan assets will decrease by €94 million (205 – 299).

8、The value of Position 2 is closest to:【单选题】

A.–￥149,925.

B.–￥150,000.

C.–￥150,075.

正确答案:A

答案解析:A is correct. The value of Troubadour’s euro/JGB forward position is calculated as

9、【单选题】

A.

B.

C.

正确答案:C

答案解析:The 7-year, 7.25% convertible bond has a market price of $947 (given) and, therefore, does not qualify (as it is below par). 

10、Which of the following statements regarding the consolidation of WMC's Ukrainian subsidiary for the next year is least likely correct? Compared to the temporal method, the Ukrainian subsidiary's translated:【单选题】

A.Net income before translation gains or losses would be higher using the current rate method.

B.Debt-to-equity ratio would be higher using the current rate method.

C.Gross profit margin would be lower using the current rate method.

正确答案:C

答案解析:Under both the current rate and temporal methods, the revenues for the Ukrainian subsidiary would be translated using the average rate. Cost of goods sold (COGS) would be translated using the historical rate for the temporal method and the average rate for the current rate method. When a currency is depreciating, the COGS based on historical cost (temporal method) will be higher than COGS translated at the average rate (current rate method) since the average rate will incorporate the historical exchange rate and the most recent (depreciated) exchange rate, decreasing the COGS. Since translated sales are the same under both methods, gross profit and the gross profit margin will be higher under the current rate method.