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、Which property in Exhibit 1 is most likely to have a percentage lease?【单选题】

A.Property A

B.Property B

C.Property C

正确答案:B

答案解析:B is correct. Property B is a shopping center, a type of retail property. A percentage lease is a unique aspect of many retail leases, which requires the tenant to pay additional rent once their sales reach a certain level. The lease will typically specify a “minimum rent” that must be paid regardless of the tenant’s sales. Percentage rent may be paid by the tenant once the tenant’s sales reach a certain level or breakpoint.

2、Hernández’s best response to Costa’s first question is that the project’s NPV would decrease by an amount closest to:【单选题】

A.€142,000.

B.€178,000.

C.€250,000.

正确答案:B

答案解析:

3、With regard to poison pills and puts, Lee’s comments are:【单选题】

A.correct.

B.incorrect with regard to the poison put.

C.incorrect with regard to the poison pill.

正确答案:B

答案解析:B is correct. The first comment about the poison pill is correct, but the second comment is incorrect. Shareholders do not “put” their shares to the company; rather bondholders can exercise the put in the event of a hostile takeover. Bondholders have the right to sell their bonds back to the target at a redemption price that is pre-specified in the bond indenture, typically at or above par value.

4、Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:【单选题】

A.Violated the Standards by failing to distinguish between facts and opinions in his recommendation.

B.Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.

C.Was in full compliance with the Standards.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard V(A)–Diligence and Reasonable Basis. The opinion of another financial analyst is not an adequate basis for Willier’s action in changing the recommendation. Answer C is thus incorrect. So is answer A because, although it is true that members and candidates must distinguish between facts and opinions in recommendations, the question does not illustrate a violation of that nature. If the opinion overheard by Willier had sparked him to conduct additional research and investigation that justified a change of opinion, then a changed 

5、Does the maimer in which Robinson allocates the purchase of Paladin shares for the accounts under his management most likely violate the CFA Institute Standards of Professional Conduct?
【单选题】

A.No.

B.Yes, because trades should not be allocated until the block is fully traded.

C.Yes, Marietta's trading policy does not differentiate between discretionary and non-discretionary accounts.

正确答案:A

答案解析:There is no violation. Standard III(B)-Fair Dealing states that members must deal fairly and objectively with all clients regardless of whether they are discretionary or non-discretionary accounts. Marietta’s trade allocation policy treats all clients fairly in terms of both trade execution order and price.

6、Based on Webster’s research notes, which company would most likely be described as having high-quality cash flow?【单选题】

A.BIG Industrial

B.Construction Supply

C.Dynamic Production

正确答案:B

答案解析:B is correct. High-quality OCF means the performance is of high reporting quality and also of high results quality. For established companies, high-quality operating cash flow would typically be positive; be derived from sustainable sources; be adequate to cover capital expenditures, dividends, and debt repayments; and have relatively low volatility compared with industry peers. Construction Supply reported positive OCF during each of the last three years. The OCF appears to be derived from sustainable sources, because it compares closely with reported net income. Finally, OCF was adequate to cover capital expenditures, dividends, and debt repayments. Although the OCF for BIG Industrial has been positive and just sufficient to cover capital expenditures, dividends, and debt repayments, the increases in accounts payable and substantial decreases in accounts receivable and inventory during the last three years are an accounting warning sign that management may be overstating cash flow from operations. For Dynamic Production, OCF has been more volatile than other industry participants, and it has fallen short of covering capital expenditures, dividends, and debt repayments for the last three years. Both of these conditions are warning signs for Dynamic Production.

7、The yen cost to Carr of buying NT$10 million is closest to:【单选题】

A.￥3,077,000.

B.￥32,453,000.

C.￥32,490,000.

正确答案:C

答案解析:We want to convert ￥ to NT$ (via USD). Since we are not given the starting ￥ position, we start with a hypothetical ￥1,000 c

8、Using the information in the question and the following relevant portion of the interest rate and pricing trees, Rogers calculates the value of the noncallable bond at node A. Corresponding portion of the interest rate tree (given as bond-equivalent yields):【单选题】

A.89.84% of par.

B.93.26% of par.

C.96.14% of par.

正确答案:B

答案解析:The answer is 93.26. This value of the non-callable bond at node A is computed as follows:

9、Yu’s determination regarding Transaction 2 should be based on the currency of the:【单选题】

A.loan.

B.bank.

C.borrower.

正确答案:C

答案解析:C is correct. The currency of Ngcorp as the borrowing foreign subsidiary, relative to that of Ambleu, determines Ambleu’s choice of translation method for Transaction 2. Because Ngcorp’s functional currency is the Bindiar franc and Ambleu’s presentation currency is the Norvoltian krone, the current rate method rather than the temporal method should be used. Regardless of the currency in which the loan is denominated, the loan is first recorded in Ngcorp’s financial statements. Then, Ngcorp’s financial statements, which include the bank loan, are translated into Ambleu’s consolidated financial statements.

10、With respect to her trade actions concerning Libra and Cyclical Industries, Natali least likely violated the CFA Institute Standards of Professional Conduct concerning:【单选题】

A.Loyalty, Prudence and Care.

B.Diligence and Reasonable Basis.

C.Material Nonpublic Information.

正确答案:C

答案解析:There was no violation of Standard II (A) Material Nonpublic information. However, when Natali conducted a thorough analysis that convinced her to sell the Cyclical stock and then reversed her decision and followed the request by an Omega Fund's director to hold Cyclical without having a reasonable basis for doing so, she violated both Standard II (A) Loyalty, Prudence, and Care and Standard V(A) Diligence and Reasonable Basis.