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、During an economic period where spreads between corporate and government bonds are narrowing, and spreads between higher and lower rated corporate bond categories are also narrowing, it can be expected that:【单选题】

A.government bonds will outperform corporate bonds.

B.lower rated corporate bonds will outperform higher rated corporate bonds.

C.higher rated corporate bonds will outperform lower rated corporate bonds.

正确答案:B

答案解析:B is correct. When spreads are narrowing, investors seem to be less discerning between issues with weak versus strong credit, and the rate of improvement will tend to be greater for those bonds issued by entities with a relatively weaker ability to pay. Thus, during times when corporate bond spreads are narrowing relative to government bonds, and the spreads between higher and lower rated bond categories also narrowing, corporate bonds will generally outperform government bonds, and lower rated corporate bonds will tend to outperform higher rated corporate bonds.

2、According to CFA Institute Standards of Professional Conduct, Howlett's best course of action with regard to the suspected 【单选题】

A.

B.

C.

正确答案:C

答案解析:

3、Compared to the assumptions Stereo Warehouse used to compute its periodic pension cost in 2008, earnings in 2009 were most favorably affected by the change in the:【单选题】

A.discount rate.

B.estimated future salary increases.

C.expected long-term rate of return on plan assets.

正确答案:B

答案解析:B is correct. In 2009, the three relevant assumptions were lower than in 2008. Lower expected salary increases reduce the service cost component of the periodic pension cost. A lower discount rate will increase the defined benefit obligation and increase the interest cost component of the periodic pension cost (the increase in the obligation will, in most cases,more than offset the decrease in the discount rate). Reducing the expected return on plan assets typically increases the periodic pension cost.

4、For the year ended December 31, 20X8, Iron Parts's total periodic pension cost is closest to:【单选题】

A.$67 million.

B.$110 million.

C.$157 million.

正确答案:B

答案解析:

5、If Montes is expecting a 50 bp increase in yields at all points along the yield curve, which of the following trades is he most likely to execute to minimize his risk?【单选题】

A.Sell $35 million of P and reinvest the proceeds in three-year bonds

B.Sell $15 million of P and reinvest the proceeds in three-year bonds.

C.Reduce the duration of P to 3 years

正确答案:B

答案解析:B is correct. Duration is a measure of interest rate risk. To reduce risk in anticipation of an increase in interest rates, Montes would seek to shorten the portfolio’s duration. He is limited, however, in the amount he can shift from P reduces that portfolio to the lower end of the permitted 40% to 60% range. By reinvesting the proceeds at the shortest maturities allowed, Montes substantially reduces the portfolio duration.

6、Based on Exhibits 3 and 4, the value of Bond C at the upper node at Time 1 is closest to:【单选题】

A.97.1957.

B.99.6255.

C.102.1255.

正确答案:B

答案解析:B is correct. The bond value at the upper node at Time 1 is closest to 99.6255. The cash flow at Time 2 is 102.5, the redemption of par value (100) plus the final coupon payment (2.5). Using backward induction, we calculate the present value of the bond at the upper node of Time 1 as 102.5/1.028853 = 99.6255.

7、Regarding the two comments that Nenkov made after reviewing Metev's valuation analysis, he is most accurate with respect to:【单选题】

A.Comment 2 only.

B.Both Comments 1 and 2.

C.Comment 1 only.

正确答案:A

答案解析:Nenkov is incorrect with respect to his first comment because the capitalized cash flow method is rarely used for the valuation of public companies and it is more appropriate for valuing a private company such as RRBL. Nenkov's second comment is correct because the excess earnings method involves estimating the earnings remaining after deducting the amounts that reflect the required returns to working capital and tangible assets. The residual amount of earnings (i.e., the excess earnings) is capitalized to obtain an estimate of the value of intangible assets. Therefore, Nenkov's second comment is correct.

8、【单选题】

A.lower.

B.greater.

C.the same.

正确答案:B

答案解析:AIP should earn a higher return on equity by financing part of its purchase price with a mortgage because the cost of 

9、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)–Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

10、Which of Webster’s notes about BIG Industrial provides an accounting warning sign of a potential reporting problem?【单选题】

A.Only Note 1

B.Only Note 2

C.Both Note 1 and Note 2

正确答案:B

答案解析:B is correct. Only Note 2 provides a warning sign. The combination of increases in accounts payable with substantial decreases in accounts receivable and inventory are an accounting warning sign that management may be overstating cash flow from operations. Note 1 does not necessarily provide a warning sign. Operating income being greater than operating cash flow is a warning sign of a potential reporting problem. In this case, however, BIG Industrial’s operating income is lower than its operating cash flow.