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 most appropriate response to Troubadour’s supervisor’s question regarding the TSI【单选题】

A.a decrease in TSI’s share price, all else equal.

B.an increase in the risk-free rate, all else equal.

C.a decrease in the market price of the forward contract, all else equal.

正确答案:B

答案解析:B is correct. From the perspective of the long position, the forward value is equal to the present value of the difference in forward prices:

2、If Haines Foods is successful in its attempt to acquire National Plastics, the business combination is best classified as which type of merger?【单选题】

A.Vertical, backward.

B.Horizontal, conglomerate.

C.Vertical, forward.

正确答案:A

答案解析:If Haines acquires National, it would be a vertical merger because they are both in the same production chain. It is an example of backward integration because Haines is closer to the consumer than the packaging manufacturer.

3、In response to Question 4, the 95 percent confidence interval for the regression coefficient for the default spread is to:【单选题】

A.0.13 to 5.95.

B.1.72 to 4.36.

C.1.93 to 4.15.

正确答案:B

答案解析:B is correct. The confidence interval is computed as a1 ± s(a1) × t(95%,∞). From Exhibit 1, a1 = 3.04 and t(a1) = 4.52, resulting in a standard error of a1 = s(a1) = 3.04/4.52 = 0.673. The critical value for t from Exhibit 3 is 1.96 for p = 0.025. The confidence interval for a1 is 3.04 ± 0.673 × 1.96 = 3.04 ± 1.31908 or from 1.72092 to 4.35908.?

4、【单选题】

A.at the end of the swap's life.

B.at the beginning of the swap's life.

C.during the middle of the swap's life.

正确答案:C

答案解析:Interest rate and equity swaps do not involve an exchange of principal. Therefore, credit risk is greater during the middle of the life of these swaps. KPS Financial has entered into an equity swap, so the credit risk is higher during the middle of its life.

5、All of the following are core attributes of an effective corporate governance system except:【单选题】

A.fairness and accuracy in identifying inherent conflicts of interest.

B.clearly defined governance responsibilities for managers and directors.

C.delineation of shareholders and other core stakeholders’ rights.

正确答案:A

答案解析:A is correct. Fairness and equitable treatment in all dealings between managers, directors, 

6、Given Litvenko’s resources and experience and using the variables shown in Exhibit 2, the type of machine learning he should use is best described as:【单选题】

A.deep learning.

B.supervised learning.

C.unsupervised learning.

正确答案:B

答案解析:B is correct. Supervised learning is a form of machine learning where labeled or tagged data are used to train an algorithm to take a set of inputs X and find a model that best relates them to Y. The mid-cap company list is a labeled data item.

7、Lee’s statement about the assumptions of the BSM model is accurate with regard to:【单选题】

A.interest rates but not continuous prices.

B.continuous prices but not the return distribution.

C.the stock return distribution but not the volatility.

正确答案:B

答案解析:B is correct. Although the BSM model assumes continuous stock prices, it also assumes that stock returns are lognormally distributed (not normally distributed).

8、In his phone conversation with Boswin, Acertado least likely violates the CFA Institute Standard relating to:【单选题】

A.suitability.

B.integrity of capital markets.

C.preservation of confidentiality.

正确答案:A

答案解析:A is correct. Acertado least likely violates Standard III(C), which relates to suitability during his phone conversation with Boswin. According to the Standard, members in an advisory relationship with a client must determine an investment’s suitability within the context of the client’s portfolio. The Standard also requires that members make reasonable inquiries into a client or prospective client’s investment experience; risk and return objectives; and financial constraints prior to making investment recommendations. Boswin is neither a client nor a prospective client, thus Acertado is not bound by the Standard of Suitability during their conversation. Acertado is, however, in jeopardy of violating other Standards—specifically those relating to Integrity of Capital Markets and?

9、Stafford is a portfolio manager for a specialized real estate mutual fund. Her firm clearly describes in the fund’s prospectus its soft dollar policies. Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program. Which of the following statements is most likely correct?【单选题】

A.Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies.

B.Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.

C.Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.

正确答案:C

答案解析:Answer C is correct. According to Standard III(A)–Loyalty, Prudence, and Care, the CFA Program would be considered a personal or firm expense and should not be paid for with the fund’s brokerage commissions. Soft dollar accounts should be used only to purchase research services that directly assist the investment manager in the investment decisionmaking process, not to assist the management of the firm or to further education. Thus, answer A is incorrect. Answer B is incorrect because the reasonableness of how the money is used is not an issue; the issue is that educational expense is not research.

10、A factor associated with the widespread adoption of algorithmic trading is increased:【单选题】

A.market efficiency.

B.average trade sizes.

C.trading destinations.

正确答案:C

答案解析:C is correct. Global financial markets have undergone substantial change as markets have fragmented into multiple trading destinations consisting of electronic exchanges, alternative trading systems, and so-called dark pools. In such an environment, when markets are continuously reflecting real-time information and continuously changing conditions, algorithmic trading has been viewed as an important tool.