2020年CFA考试《CFA二级》考试共240题，分为单选题。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、Regarding Claim 1 and Claim 2 made by Sawyer about the effects of omitted variables, which claims are correct?【单选题】

A.Claim 1 only.

B.Claim 2 only.

C.Both Claim 1 and Claim 2.

正确答案:B

答案解析:Sawyer is incorrect with respect to Claim 1 and is correct with respect to Claim 2. If the omitted variables are correlated 

2、What would be the increase in the Herfindah卜Hirschman Index (HHI) as a result of a merger between Alertron and Carideo, and the most likely reaction by regulators to the merger?【单选题】

A.Increase in the HHI: 75; Probable response by regulators: No antitrust challenge.

B.

C.Increase in the HHI: 300; Probable response by regulators: Potential antitrust challenge.

正确答案:A

答案解析:

3、According to the structural model shown in Exhibit 2, the maximum amount an investor holding the bond would pay to a third party to remove the risk of default would be:【单选题】

A.$0.65.

B.$22.86.

C.$23.51.

正确答案:C

答案解析:The maximum amount an investor would to pay to remove the credit risk is the present value of the expected loss.

4、Using Exhibit 1, which of the following would be the best reason for the revised USD/GBP dealer quote of 1.5760/1.5768?【单选题】

A.A request for a much larger transaction

B.A drop in volatility in the USD/GBP market

C.A request to trade when both New York and London trading centers are opened

正确答案:A

答案解析:A is correct. Posted quotes are typically for transactions in 1 million units of the base currency. Larger transactions may be harder for the dealer to sell in the interbank market and would likely require the dealer to quote a wider spread (lower bid price and higher offer price).

5、The most appropriate reason to choose Option 1 (direct investment) over Options 2 and 3 is that Option 1 is likely to have the ability to:【单选题】

A.use higher leverage.

B.provide greater tax advantages.

C.avoid structural conflicts of interest.

正确答案:C

答案解析:Option 1 represents private investment in real estate, while Options 2 and 3 entail investing through public securities. Tax advantages can be enjoyed by direct investments in real estate, as well as through public securities. Similarly, use of leverage can be pursued by all three options. Option 1 does not have the problem of structural conflicts of interest that may be present in REITs (Option 2).

6、Compared to the reported 2009 financial statements, if Stereo Warehouse had used the same discount rate as it used in 2007, it would have most likely reported lower:【单选题】

A.net income.

B.total liabilities.

C.cash flow from operating activities.

正确答案:B

答案解析:B is correct. A higher discount rate (5.38 percent instead of 4.85 percent) will reduce the present value of the pension obligation (liability). In most cases, a higher discount rate will decrease the interest cost component of the net periodic cost because the decrease in the obligation will more than offset the increase in the discount rate (except if the pension obligation is of short duration). Therefore, periodic pension cost would have been lower and reported net income higher. Cash flow from operating activities should not be affected by the change.

7、The ratio of operating cash flow before interest and taxes to operating income for Bickchip for 2009 is closest to:【单选题】

A.1.6

B.1.9

C.2.1

正确答案:B

答案解析:B is correct. Net cash flow provided by (used in) operating activity has to be adjusted for 

8、The amount of Atlantic Preserve’s 2013 periodic pension cost reported in the income statement (in $ thousands) is closest to:【单选题】

A.1,995.

B.976.

C.2,267.

正确答案:C

答案解析:C is correct. Under US GAAP, the periodic pension cost is calculated as follows:

9、In the first approach, what proportion of the total value of the stock is represented by the value of second stage?【单选题】

A.0.10.

B.0.52

C.0.90

正确答案:C

答案解析:C is correct. As shown in the above table, the value of the second stage = PV of V = C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.

10、The specific relationship referred to in Baroque's remarks at the beginning of his discussion with Tremblay most accurately describes:【单选题】

A.Purchasing power parity.

B.The international Fisher effect.

C.Interest rate parity.

正确答案:B

答案解析:Baroque's comments describe the international Fisher effect. The international Fisher effect states that the foreign-domestic nominal yield spread will be solely determined by the foreign-domestic expected inflation differential.