备考CFA考试，刷题练习不能少。2022年CFA考试《CFA二级》考试共240题，以下是帮考网精心为您准备的10道练习题，附答案解析，供您考前自测提升。

1、Should the capital budgeting committee accept the internal auditor’s first ａｎｄ　second suggestions, respectively?【单选题】

A.No fｏｒSuggestions 1 ａｎｄ　2.

B.No fｏｒSuggestions 3 ａｎｄ　4.

C.Yes fｏｒSuggestion 1 ａｎｄ　No fｏｒSuggestion 2.

D.Yes fｏｒSuggestions 1 ａｎｄ　2.

正确答案:A

答案解析:A is correct. Both suggestions are bad. In valuing projects, expected cash flows should be discounted at required rates of return that reflect their risk, not at a risk-free rate that ignores risk. Even though both options cannot be simultaneously exercised, they can both add value. If demａｎｄ　is high, you can exercise the growth option, ａｎｄ　if demａｎｄ　is low, you can exercise the abandonment option.

2、Based on Exhibit 1 ａｎｄ　given Varden’s expectations, which is the best null hypothesis ａｎｄ　conclusion regarding CEO tenure?【单选题】

A.b2 ≤ 0; reject the null hypothesis

B.b2 = 0; cannot reject the null hypothesis

C.b2 ≥ 0; reject the null hypothesis

正确答案:A

答案解析:A is correct. Varden expects to find that CEO tenure is positively related to the firm’s ROE. If he is correct, the regression coefficient fｏｒtenure, b2, will be greater than zero (b2 > 0) ａｎｄ　statistically significant. The null hypothesis supposes that the “suspected” condition is not true, so the null hypothesis should state the variable is less than ｏｒequal to zero. The t-statistic fｏｒtenure is 2.308, significant at the 0.027 level, meeting Varden’s 0.05 significance requirement. Varden should reject the null hypothesis.

3、Logan’s best response to the supervisor’s question concerning the sensitivity of the enterprise value to the terminal growth rate assumption, is closest to:【单选题】

A.–36.5%.

B.–28.5%.

C.–24.8%.

正确答案:B

答案解析:B is correct.Terminal value at 5 percent: 7(1.05)/(.15 – .05) = 73.50MTerminal value at 0 percent: 7/.15 = 46.67MChange in present value: (46.67 – 73.50)/1.153 = – 17.64Percentage change: – 17.64/61.8 = – 28.5%

4、As a result of Thorpe’s admission he traded in Savanna shares, which CFA Institute Standard of Practice will Okada least likely investigate fｏｒa possible violation?【单选题】

A.Professionalism

B.Duties to Clients

C.Integrity of Capital Markets

正确答案:B

答案解析:B is correct. Okada is least likely to investigate CFA Institute Standard III: Duties to Clients. When trading in Savanna shares, Thorpe likely displayed loyalty, prudence, ａｎｄ　care by putting the interests of his clients before his own, as required under Standard III: Duties to Clients. Thorpe, however, likely violated Standard II: Integrity of Capital Markets when he traded on information that could be considered material ａｎｄ　non-public. Despite insider trading being legal in Thorpe’s jurisdiction, as a CFA candidate, he is required under Standard I: Professionalism to uphold the stricter standard, which in this case is the CFA Institute Code ａｎｄ　Standards. By violating Standard II: Integrity of Capital Markets, he has likely violated Standard I: Professionalism.A is incorrect because despite insider trading not being against the law in Thorpe’s jurisdiction, as a CFA candidate, he is required to uphold the CFA Institute Code of Ethics ａｎｄ　Standards of Professional Conduct. Because insider trading is a violation of the Standards, he likely violated Standard I: Professionalism by not upholding the stricter CFA Institute Standards. In this case, Standard II: Integrity of Capital Markets is stricter than the laws of Thorpe’s jurisdiction.C is incorrect because Thorpe likely violated Standard II: Integrity of Capital Markets in that he traded on information that could be considered material, because a lower earnings forecast would likely negatively affect the share price if it were known to the public. The earnings warning was not yet available to the public, so by trading in advance of the notice, Thorpe likely traded on material non-public insider information. Even though insider trading is not illegal in Thorpe’s market, he has an obligation to follow the stricter standard—the CFA Institute Code ａｎｄ　Standards.

5、Using an appropriate valuation model, the estimated value per share of BMC is closest to:【单选题】

A.$16.50.

B.$26.50.

C.$27.60.

正确答案:C

答案解析:BMC is a mature company. The most appropriate model fｏｒvaluation is the single-stage Gordon growth model.In $ millionsEBIT (operating income)3,290.0Interest expense600.0Earnings before tax2,690.0Tax at 30%807.0Earnings1,883.0Dividends at 72%1,355.8Dividend per share1.36Cost of Equity:CAPM beta0.90Risk-free rate4.0%Market risk premium5.0%Discount rate(0.90)(5.0%) + 4.0% = 8.5%LT growth rate = 3.4% (given)

6、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】

A.ESG only

B.10.957%.

C.Tenure only

D.Neither ESG nｏｒtenure

正确答案:C

答案解析:B is correct. The t-statistic fｏｒtenure is 2.308, which is significant at the 0.027 level. The t-statistic fｏｒESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05 level.

7、Fｏｒthe year 2010, the remeasurement component of Kensington’s periodic pension cost represents:【单选题】

A.the change in the net pension obligation.

B.actuarial gains ａｎｄ　losses on the pension obligation.

C.actual return on plan assets minus the amount of return on plan assets included in the net interest expense.

正确答案:C

答案解析:C is correct. The remeasurement component of periodic pension cost includes both actuarial gains ａｎｄ　losses on the pension obligation ａｎｄ　net return on plan assets. Because Kensington does not have any actuarial gains ａｎｄ　losses on the pension obligation, the remeasurement component includes only net return on plan assets. In practice, actuarial gains ａｎｄ　losses are rarely equal to zero. The net return on plan assets is equal to actual returns minus beginning plan assets times the discount rate, ｏｒ￡1,302 million – (￡23,432 million × 0.0548) = ￡18 million.

8、The present value of expected loss on $1,000 face-value Pistar bonds is closest to:【单选题】

A.$6.96.

B.$18.27.

C.$43.44.

正确答案:A

答案解析:Time toCash FlowCash FlowRisk-Fre Spot RateCreditSpread (%)TotalYield (%)PV(risk-free rate)PV (total yield)0.5201.50%0.20%1.70%19.8519.831201.75%0.25%2.00% 19.6519.601.5202.00%0.30%2.30%19.4119.322.01,0202.25%0.35% 2.60%975.12968.32Total$1,034.03$1,027.07Present value of expected loss = PV(risk-free rate) - PV (total yield) = 1,034.03 - 1,027.07 = $6.96

9、The covariance between a risk-averse investor’s inter-temporal rate of substitution ａｎｄ　the expected future price of a risky asｓｅｔis typically:【单选题】

A.negative.

B.zero.

C.positive.

正确答案:A

答案解析:A is correct. Fｏｒrisk-averse investors, when the expected future price of the investment is high (low), the marginal utility of future consumption relative to that of current consumption is low (high). Hence, the covariance of the inter-temporal rate of substitution with asｓｅｔprice is expected to be negative fｏｒrisk-averse investors.

10、A company has 1 million shares outstanding ａｎｄ　earnings are ￡2 million. The company decides to use ￡10 million in idle cash to repurchase shares in the open market. The company’s shares are trading at ￡50 per share. If the company uses the entire ￡10 million of idle cash to repurchase shares at the market price, the company’s earnings per share will be closest to:【单选题】

A.￡2.00.

B.￡2.30.

C.￡2.50.

正确答案:C

答案解析:C is correct. At the current market price, the company can repurchase 200,000 shares (￡10 million/￡50 = 200,000 shares). The company would have 800,000 shares outstanding after the repurchase (1 million shares – 200,000 shares = 800,000 shares). EPS before the buyback is ￡2.00 (￡2 million/1 million shares = ￡2.00). Total earnings after the buyback are the same because the company uses idle (nonearning) cash to purchase the shares, but the number of shares outstanding is reduced to 800,000. EPS increases to ￡2.50 (￡2 million/ 800,000 shares = ￡2.50).

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