2022年CFA考试《CFA二级》考试共240题，分为单选题。很多备考CFA考试的考生可能对于题型不是很清楚，在学习备考时比较茫然，今天帮考网给大家带来了Equity Valuation (3)5道练习题，附答案解析，希望能帮助到你们。

1、According to the revised method used by Metev, the WACC suggested by Nenkov, ａｎｄ　the data provided in Exhibit 3, RRBL\\\\'s capitalization rate is closest to:【单选题】

A.6.0%.

B.11.0%.

C.

正确答案:A

答案解析:Capitalization rate = (WACC 一 Long-term growth rate) = 11.0% - 5.0% = 6.0%

2、The weighted harmonic mean of the P/Es in Zhang’s index (Exhibit 2) is closest to:【单选题】

A.11.1

B.10.8

C.15.4

正确答案:A

答案解析:B is correct. The weighted harmonic mean is the value obtained by calculating the weighted average (based on market capitalization weights) of the reciprocals of the observations (the P/E) ａｎｄ　then taking the reciprocal of the average. The weighted harmonic mean fｏｒZhang’s index in Exhibit 2 is calculated as follows:

3、【单选题】

A.8.5%.

B.12.2%.

C.9.6%.

正确答案:A

答案解析:The H-model that Tanner decides to use is a variant of the two-stage dividend discount model. It assumes growth begins at a high rate ａｎｄ　declines linearly throughout the super-normal growth period until it reaches a normal rate at the end. In the case of GNSK, the H-model is appropriate fｏｒestimating the required return because Tanner expects extraordinary earnings growth of 20% next year with the rate of growth diminishing over time to match industry conditions in Year 6.

4、【单选题】

A.18.4.

B.20.6.

C.27.9.

正确答案:B

答案解析:Normalizing EPS using the method of average EPS is accomplished by averaging the EPS over the six-year period from 

5、GNSK can best be described as being in which of the following growth stages?【单选题】

A.Transition

B.Mature

C.Growth 

正确答案:C

答案解析:GNSK is in the growth stage because it is expanding rapidly ａｎｄ　enjoying the benefits of the health food market, which is also growing rapidly. GNSK is also experiencing high ａｎｄ　growing profit margins as well as abnormally high earnings per share growth, which are all indicative of a company in its growth phase.
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