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、The scenario analysis that Hamilton prepares for the committee is a valuable tool to supplement VaR because it:【单选题】

A.incorporates historical data to evaluate the risk in the tail of the VaR distribution.

B.

C.

正确答案:C

答案解析:C is correct. A hypothetical scenario analysis allows Hamilton to estimate the direct effect of a ratings downgrade on the portfolio’s government bond holdings and the resulting need to sell a number of the portfolio’s holdings because they no longer meet the ratings guidelines. VaR alone does not accurately reflect the risk of large position sizes, which may be difficult to trade. The hypothetical scenario analysis will also highlight the effect of increased economic turmoil on all of the portfolio’s exposures, not only the government bond exposures.

2、The rate that Ruane would get on the FRA expiring in 90 days on 360 day LIBOR is closest to:【单选题】

A.1.26%

B.3.83%.

C.4.79%.

正确答案:C

答案解析:

3、Based on Exhibit 2, and assuming that the forecast for interest rates and Smith’s outlook for equity returns are validated, which bond’s option is most likely to be exercised?【单选题】

A.Bond 2

B.Bond 3

C.Bond 4

正确答案:C

答案解析:C is correct. If the central bank takes actions that lead to lower interest rates, the yields on Alpha’s bonds are likely to decrease. If the yield to maturity on Bond 4 (callable) falls below the 1.55% coupon rate, the call option will become valuable and Alpha may call the bond because it is in the money.

4、1.The market price of bond B1 is €875. The bond is:【单选题】

A.fairly valued.

B.overvalued.

C.undervalued. 

正确答案:B

答案解析:

5、【单选题】

A.A discount of 5.3% would be applied.

B.A discount of 36.0% would be applied.

C.A discount of 42.7% would be applied.

正确答案:B

答案解析:Lutge is using the guideline transactions method (GTM) because his database uses the price multiples from the sale of 

6、Which of the following long-term FCFE growth rates is most consistent with the facts and stated policies of Emerald?【单选题】

A.5 percent or lower.

B.2 percent or higher.

C.8 percent or higher.

正确答案:C

答案解析:C is correct. The sustainable growth rate is return on equity (ROE) multiplied by the retention ratio. ROE is 10 percent, and the retention ratio is 1 – Payout ratio, or 1.0 – 0.2 = 0.8. The sustainable growth rate is 0.8 × 10% = 8%. FCFE growth should be at least 8 percent per year in the long term.

7、Based on Exhibit 2 and Note 2, the change in Ambleu’s consolidated income tax rate from 2016 to 2017 most likely resulted from a:【单选题】

A.decrease in Ambleu’s domestic tax rate.

B.more profitable business mix in its subsidiaries.

C.stronger Norvoltian krone relative to the currencies of its subsidiaries.

正确答案:B

答案解析:B is correct. The consolidated income tax rate is calculated as income tax expense divided by profit before tax. Note 2 shows that Ambleu’s consolidated income tax rate decreases by 2.29%, from 34.94% (=94/269) in 2016 to 32.65% (=96/294) in 2017. The largest component of the decrease stems from the 1.42% change in the effect of tax rates in non-domestic jurisdictions, which lowers Ambleu’s consolidated income tax rate in 2016 by 3.34% (=9/269) and in 2017 by 4.76% (=14/294). The decrease in 2017 could indicate that Ambleu’s business mix shifted to countries with lower marginal tax rates, resulting in a lower consolidated income tax rate and more profit. (The change could also indicate that the marginal tax rates decreased in the countries in which Ambleu earns profits.)

8、Which of Ho’s statements regarding free cash flow is (are) correct?【单选题】

A.Statement 1 only

B.Statement 2 only

C.Neither Statement 1 nor Statement 2

正确答案:C

答案解析:C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt financing, have some impact on free cash flow because they increase the interest tax shield (reduce corporate taxes because of the tax deductibility of interest) and reduce the cash flow available to equity.

9、Hernández’s best response to Costa’s second question is that:【单选题】

A.real tax savings from depreciation and real interest expense would be lower.

B.real tax savings from depreciation would be higher and real interest expense would be lower.

C.real tax savings from depreciation would be lower and real interest expense would be higher.

正确答案:A

答案解析:A is correct. Higher than expected inflation increases the corporation’s real taxes because it reduces the value of the depreciation tax shelter; it also decreases the real interest expense because payments to bondholders in real terms are lower than expected.

10、Regarding Castillo's statements concerning the effect of fiscal policy on currency values, Castillo is:【单选题】

A.correct.

B.incorrect, because under the Mundell-Fleming model, 

C.incorrect, because under the Mundell-Fleming model, 

正确答案:B

答案解析:Castillo is incorrect with respect to the impact of unanticipated restrictive fiscal policies on the value of the dollar.