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、Based on Exhibits 1 and 2, which company’s shares are the most attractively priced based on the five-year forward P/E-to-growth ratio (PEG)?【单选题】

A.Adesivo

B.Enviado

C.Gesticular

正确答案:A

答案解析:A is correct. The forward PEG for the three companies are calculated as:

2、Given Hamilton’s expectations, which of the following models is most appropriate to use in estimating portfolio VaR?【单选题】

A.Parametric method

B.Historical simulation method

C.Monte Carlo simulation method

正确答案:C

答案解析:C is correct. The Monte Carlo simulation method can accommodate virtually any distribution, an important factor given the increased frequency of large daily losses. This method can also more easily accommodate the large number of portfolio holdings. The Monte Carlo method allows the user to develop her own forward-looking assumptions about the portfolio’s risk and return characteristics, unlike the historical simulation method, which uses the current portfolio and re-prices it using the actual historical changes in the key factors experienced during the look-back period. Given the limited return history for infrastructure investments and Hamilton’s expectations for higher-thannormal volatility, the historical simulation method would be a suboptimal choice.

3、WL Corporation is located in a jurisdiction that has a 40% corporate tax rate on pretax income and a 30% personal tax rate on dividends. WL distributes all its after-tax income to shareholders. What is the effective tax rate on WL pretax income distributed in dividends?【单选题】

A.42%.

B.58%.

C.70%.

正确答案:B

答案解析:B is correct. The effective tax rate can be computed as 1 minus the fraction of 1 unit of 

4、The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of US$3.00 and paid a dividend of US$0.60 a share. This year it estimates earnings per share will be US$4.00. Find its dividend per share for this year if it has a 25% target payout ratio and uses a five-year period to adjust its dividend.【单选题】

A.US$0.68.

B.US$0.80.

C.US$0.85.

正确答案:A

答案解析:A is correct. The estimated dividend per share is US$0.68.

5、Should Watt conclude that UNAB experienced a credit event?【单选题】

A.Yes.

B.No, because UNAB did not file for bankruptcy.

C.No, because the failure to pay occurred on a subordinated unsecured bond.

正确答案:A

答案解析:A is correct. UNAB experienced a credit event when it failed to make the scheduled coupon payment on the outstanding subordinated unsecured obligation. Failure to pay, a credit event, occurs when a borrower does not make a scheduled payment of principal or interest on any outstanding obligations after a grace period, even without a formal bankruptcy filing.

6、Which of the following best supports Kaminski’s recommendation for KPK? The justified (fundamental) P/E is greater than the:【单选题】

A.trailing P/E.

B.forward P/E.

C.index P/E.

正确答案:A

答案解析:A is correct. Kaminski recommends that the club invest in KPK. That would be appropriate if the company is currently undervalued. He has forecasted a share price based on fundamentals (DCF) and has forecasted EPS. Therefore, the club can calculate a justified (fundamental) P/E based on those inputs and compare it with the other P/E values to determine the attractiveness of the stock. The justified (fundamental) P/E would be a better metric to base the decision on than one of the other P/Es because it is supported by company fundamentals. From Exhibit 3, the justified (fundamental) P/E is greater than the trailing P/E. Therefore, KPK is currently undervalued by (15.0 – 14.6) ÷ 14.6 = 2.7%, and the club should invest.

7、Of the two grinders that the Dominion Company is evaluating, Bohm should recommend the:【单选题】

A.Bolten grinder because its NPV is higher than the Pinto grinder NPV.

B.Bolten grinder because its EAA is higher than the Pinto grinder EAA.

C.Pinto grinder because its EAA is higher than the Bolten grinder EAA.

正确答案:C

答案解析:C is correct. Because the mutually exclusive projects have unequal lives, the EAA should be used instead of the NPV. The NPV and EAA for the Pinto grinder are correct. For the Bolten grinder, the NPV is

8、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

9、Based on his trading strategy, which of the following should Hartmann recommend?【单选题】

A.Short HG Health and Corgent Cell Sciences

B.Buy Johnson Labs and Corgent Cell Sciences

C.Buy Johnson Labs and short Corgent Cell Sciences

正确答案:C

答案解析:C is correct. Pairs trading involves buying an undervalued stock and shorting an overvalued stock in the same industry. Hartmann should buy Johnson Labs (15% undervalued) and short Corgent Cell Sciences (10% overvalued).

10、Haas makes a statement about an assumption concerning residual income (Statement 1) and the residual income model (Statement 2). Which of the statements is correct?【单选题】

A.Only Statement 1 is correct.

B.Only Statement 2 is correct.

C.Both Statements 1 and 2 are correct. 

正确答案:C

答案解析:Statement 1 is correct. The multistage residual income model uses continuing residual income to