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、Using the Exhibit 1 and Exhibit 2, the periodic pension cost (in millions) recognized in 2017 income statements is close to?【单选题】

A.$627

B.$664

C.$696

正确答案:B

答案解析:Under US GAAP, the periodic pension cost recognized in 2017 is calculated as:

2、AIP's estimated return on equity on Property #1 using leverage as compared to return on equity without using any leverage will most likely be:
【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 mortgage funds (5.5%) is less than the required return on equity (9.5%). Including the mortgage funding in a weighted-average cost of capital (WACC) will increase the value over the purchase price required if only equity funding is used. 

3、A two-year fixed-for-floating Libor swap is 1.00% and the two-year US Treasury bond is yielding 0.63%. The swap spread is closest to:【单选题】

A.37 bps.

B.100 bps.

C.163 bps.

正确答案:A

答案解析:A is correct. The swap spread = 1.00% ? 0.63% = 0.37% or 37 bps.

4、If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?【单选题】

A.3.87%.

B.4.25%.

C.5.30%.

正确答案:A

答案解析:A is correct. If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

5、If Ukraine’s economy becomes highly inflationary, Eurexim will most likely translate inventory by:【单选题】

A.restating for inflation and using the temporal method.

B.restating for inflation and using the current exchange rate.

C.using the temporal method with no restatement for inflation.

正确答案:B

答案解析:B is correct. IAS 21 requires that the financial statements of the foreign entity first be restated for local inflation using the procedures outlined in IAS 29, “Financial Reporting in Hyperinflationary Economies.” Then, the inflationrestated foreign currency financial statements are translated into the parent’s presentation currency using the current exchange rate. Under US GAAP, the temporal method would be used with no restatement.

6、【单选题】

A.Yes, with regard to material nonpublic information.

B.No.

C.Yes, with regard to market manipulation.

正确答案:B

答案解析:Kingfisher's proposed general principles related to Capital Market Integrity properly address in principle Standard II (A): Material Nonpublic Information and Standard II (B): Market Manipulation. Standard II (A) does not disallow the possession of insider information but does disallow using the information to take unfair advantage of the general investing public. Standard II (B) requires the prohibition of market manipulation—that is, dissemination of false or misleading information and transactions that deceives or would be likely to mislead market participants by distorting the price-setting mechanism of financial instruments.

7、If the Brown and Company forecast comes true, which of the following is most likely to occur? The value of the embedded option in:【单选题】

A.Bond 3 decreases.

B.Bond 4 decreases.

C.both Bond 3 and Bond 4 increases.

正确答案:A

答案解析:A is correct. All else being equal, the value of a put option decreases as the yield curve moves from being upward sloping to flat to downward sloping (inverted). Alternatively, a call option’s value increases as the yield curve flattens and increases further if the yield curve inverts. Therefore, if the yield curve became inverted, the value of the embedded option in Bond 3 (putable) would decrease and the value of the embedded option in Bond 4 (Callable) would increase.

8、Fromm’s sensitivity analysis will result in a decrease in the 2015 base case gross profit margin closest to:【单选题】

A.0.55 percentage points.

B.0.80 percentage points.

C.3.32 percentage points.

正确答案:A

答案解析:A is correct. The sensitivity analysis consists of an increase of 20% in the price of an input that constitutes 4% of cost of sales. Change in gross profit margin because of that increase is calculated as the change in cost of sales because of price increase divided by sales:

9、The R derived for equation (1) indicates which of the following for equation (1)?【单选题】

A.Regression sum of squares exceeds the error sum 

B.

C.

正确答案:A

答案解析:

10、The five-year spot rate is not given above; however, the forward price for a two-year zero-coupon bond beginning in three years is known to be 0.8479. The price today of a five-year zero-coupon bond is closest to:【单选题】

A.0.7119.

B.0.7835.

C.0.9524.

正确答案:A

答案解析: