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，分为单选题。以下是帮考网精心为您准备的10道练习题，附答案解析，供您备考练习。

1、In regard to calculating Wadgett/////\'s FCFF, the comment that is most appropriate is the one dealing with:【单选题】

A.working capital adjustments.

B.treatment of all non-cash charges.

C.treatment of net borrowing.

正确答案:A

答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel/////\'s first comment is correct. EBITDA has the non-cash charges of depreciation ａｎｄ　amortization added back, so Covey/////\'s statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back fｏｒFCFE not FCFF, so Paschel/////\'s second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting fｏｒnet borrowing is not necessary fｏｒFCFF (just FCFE).

2、Honoré describes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】

A.Yes.

B.No, 1 is incorrect

C.No, 2 is incorrect

正确答案:B

答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honoré describes are correct.

3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】

A.108 bps.

B.101 bps.

C.225 bps.

正确答案:A

答案解析:A is correct. The corporate bond’s fair value is computed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation fｏｒIRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in the solution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation fｏｒIRR:The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is3.26% – 2.18% = 1.08%, ｏｒ108 bps.B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, ｏｒ101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.

4、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.

5、Based on Exhibit 1 ａｎｄ　Tyo’s expectations, which country’s term structure is currently best fｏｒtraders seeking to ride the yield curve?【单选题】

A.Country A

B.Country B

C.Country C

正确答案:A

答案解析:A is correct. Country A’s yield curve is upward sloping—a condition fｏｒthe strategy—ａｎｄ　more so than Country B’s.

6、To correct the problem Hake encounters when using a Monte Carlo simulation, he would most likely:【单选题】

A.adjust the volatility assumption.

B.increase the number of simulations.

C.add a constant to all interest rates on all paths.

正确答案:C

答案解析:Using a Monte Carlo simulation, the model will produce benchmark bond values equal to the market prices only by chance. A constant is added to all interest rates on all paths such that the average present value fｏｒeach benchmark bond equals its market value.A is incorrect because adjusting the volatility assumption will generate another random value not equal to the benchmark bond value. The benchmark bond is option-free, so its value should not be affected by interest rate volatility.B is incorrect because increasing the model beyond 2000 paths will not lead to a different average value fｏｒthe benchmark bond.

7、Which forward rate cannot be computed from the one-, two-, three-, ａｎｄ　four-year spot rates? The rate fｏｒa:【单选题】

A.one-year loan beginning in two years.

B.two-year loan beginning in two years.

C.three-year loan beginning in two years.

正确答案:C

答案解析:C is correct. There is no spot rate information to provide rates fｏｒa loan that terminates in five years. That is f(2,3) is calculated as follows: The equation above indicates that in ｏｒｃｅｒto calculate the rate fｏｒa three-year loan beginning at the end of two years you need the five year spot rate r(5) ａｎｄ　the two-year spot rate r(2). However r(5) is not provided.

8、Cannan has been working from home on weekends ａｎｄ　occasionally saves correspondence with clients ａｎｄ　completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking fｏｒa new job, she uses the files she saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】

A.Cannan violated the Code ａｎｄ　Standards because she did not receive permission from her former employer to keep ｏｒuse the files after her employment ended.

B.Cannan did not violate the Code ａｎｄ　Standards because the files were created ａｎｄ　saved on her own time ａｎｄ　computer.

C.Cannan violated the Code ａｎｄ　Standards because she is prohibited from saving files on her home computer.

正确答案:A

答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have ｄｅｌｅｔｅd the files. All files created as part of a member’s ｏｒcandidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code ａｎｄ　Standards do not prohibit using one’s personal computer to complete work fｏｒone’s employer.

9、Based on the data in Exhibit 1, current real short-term interest rates would most likely be highest in:【单选题】

A.Country #1.

B.Country #2.

C.Country #3.

正确答案:B

答案解析:B is correct. Real short-term interest rates are positively related to both real GDP growth ａｎｄ　the volatility of real GDP growth. Country #1 ａｎｄ　Country #2 have the highest real GDP growth, as estimated by the difference between nominal GDP growth ａｎｄ　average inflation (6.5% – 4.0% = 2.5% ａｎｄ　5.0% – 2.5% = 2.5%, respectively), while Country #3 has the lowest real GDP growth (3.5% – 2.0% = 1.5%). Looking at the volatility of real GDP growth, Country #2 has high real GDP growth volatility, whereas Country #1 ａｎｄ　Country #3 have low real GDP growth volatility. Therefore, Country #2 would most likely have the highest real short-term interest rates.

10、Which approach would an appraiser most likely use fｏｒvaluing Property #2?【单选题】

A.Cost approach.

B.Income approach.

C.Sales comparison approach.

正确答案:B

答案解析:Property #2 is an older office building with unique characteristics that could not be easily reproduced using current architectural designs ａｎｄ　materials. Therefore, the cost approach would be less appropriate than the income approach as a basis fｏｒappraisal. The sales comparison approach would also be less suitable as the property is relatively unique.

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