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、Natali's best response to her supervisor's question regarding the firm!s research objectivity Policies 3 and 4 would be which of the following?【单选题】

A.Policy 3 requires changes, but Policy 4 is consistent with the Research Objectivity Standards, so it can remain unchanged.

B.Both Policies 3 and 4 should remain unchanged, as they are consistent with the Research Objectivity Standards.

C.Both Policies 3 and 4 will need to be changed, as they are inconsistent with the Research Objectivity Standards.

正确答案:A

答案解析:Policy 3 is inconsistent while Policy 4 is consistent. Section 4, Requirement 6 outlines specific information, which must not be communicated including proposed recommendation, rating, or price target. However, factual historical information such as a list of directors or historical financial results may be disclosed in advance of publishing a research report. 

2、Based on the exchange rate midpoint in Exhibit 1 and the rates in Exhibit 3, the 90-dayforward premium (discount) for the USD/GBP would be closest to:【单选题】

A.–0.0040.

B.–0.0010.

C.+0.0010.

正确答案:B

答案解析:B is correct. Using covered interest rate parity, the forward rate is

3、Based on the information in Exhibit 1, the REIT sector that represents the least desirable investment is:【单选题】

A.industrial.

B.office.

C.apartments.

正确答案:A

答案解析:For industrial properties, the most important factor affecting economic value is retail sales growth, which is expected to be low in West Lundia. The most important factor affecting economic value for apartment REITs are job creation and population growth, which are both expected to be high. For office properties, the most important factor is job creation, which is expected to be high.

4、Based on Exhibit 1, the growth component of the leading P/E is largest for:【单选题】

A.ABTD.

B.BKKQ.

C.CPMN.

正确答案:C

答案解析:C is correct. The leading P/E is calculated as follows:

5、Given Skylark’s current capital structure and Miller’s assumption about the dividend’s effect on the cost of equity, initiating a dividend will result in a price-to-earnings multiple closest to:【单选题】

A.16.7.

B.20.0.

C.25.0.

正确答案:C

答案解析:C is correct. The Gordon growth model can be used to calculate the P/E as the payout ratio divided by the difference between cost of equity and growth. In this case, the payout ratio would be 50%, cost of equity would drop from the current 10% (see table) to 9%, and the growth rate is 7%. The leading P/E is 0.5/(0.09 – 0.07) = 25×.

6、The risk premium mentioned in Reese's statement is most likely referring to the:【单选题】

A.difference in yield between a risky security and a treasury security.

B.additional premium for risky securities that have embedded options.

C.adjustment to the probabilities to account for risk of the cash flows.

正确答案:C

答案解析:The present value of expected loss measure in credit analysis uses risk-neutral probabilities in calculating expected value of loss. The adjustment to probabilities to account for the risk of the cash flows is the risk premium.

7、Is Lam’s comment regarding statistical factor models correct?【单选题】

A.Yes

B.No, because he is incorrect with respect to interpretation of the models’ results

C.No, because he is incorrect with respect to the models’ assumptions

正确答案:B

答案解析:B is correct. An advantage of statistical factor models is that they make minimal assumptions. However, the interpretation of statistical factors is generally more difficult than the interpretation of macroeconomic and fundamental factor models.

8、What is the McConachie net investment outlay?【单选题】

A.$400,000.

B.$420,000.

C.$460,000.

正确答案:C

答案解析:C is correct. The investment outlay is

9、Based on the results of the regression model shown in Exhibit 2, the best conclusion Garfield can make about a hypothesis that the coefficient JPY/USD change is zero is to:【单选题】

A.reject the alternative hypothesis.

B.reject the null hypothesis.

C.fail to reject the null hypothesis.

正确答案:C

答案解析:Formulate a multiple regression equation to describe the relation between a dependent variable and several independent variables, determine the statistical significance of each independent variable. Interpret estimated regression coefficients and their p-values.

10、The risk-neutral probability of the up move for the Alpha Company stock is closest to:【单选题】

A.0.06.

B.0.40.

C.0.65.

正确答案:C

答案解析:C is correct. For this approach, the risk-free rate is r = 0.05, the up factor is u = S