CFA二级练习题精选及答案0531-17

1、CFA二级练习题精选及答案 0531-171、Should the capital budgeting committee accept the internal auditor 's first and second suggestions, respectively?【 单选题】A. No for Suggestions 1 and 2.B. No for Suggestions 3 and 4.C. Yes for Suggestion 1 and No for Suggestion 2.D. Yes for Suggestions 1 and 2.正确答案 :A答案解析 :A

2、is correct. Both suggestions are bad. In valuing3projects, 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

3、, 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 hypo thesisB. b2 = 0; cannot reject th

4、e null hypothesisC. b2 > 0; reject the null hypo thesis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 for tenure, b2, will be greater than zero (b2 > 0) and statistically significant. The nu

5、ll hypothesissupposes that thesuspected ” condition is not true, so the nullhypothesis should state the variable is less than or equal to zero.The t -statistic for tenure is 2.308, significant at the 0.027 level,meeting Varden's 0.05 significance requirement. Varden should reject the null hypoth

6、esis.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) = 73.50MTermina

7、l value at 0 percent: 7/.1573.50)/1.153 =46.67MChange in present value: (46.67 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 for a possible violation? 【单

8、选题】A. ProfessionalismB. Duties to ClientsC. Integrity of Capital Markets答案解析 :B is correct. Okada is least likely to investigate CFAInstitute Standard III: Duties to Clients. When trading inSavanna shares, Thorpe likely displayed loyalty, prudence, and care by putting the interests of his clients be

9、fore 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 can

10、didate, he is required under Standard I:Professionalism to uphold the stricter standard, which in this case is the CFA Institute Code and Standards. By violatingStandard II: Integrity of Capital Markets, he has likely violated's jurisdStandard I: Professionalism.A is incorrect because despite in

11、sider trading not being against the law in Thorpe as a CFA candidate, he is required to uphold the CFA InstituteCode of Ethics and Standards of Professional Conduct. Because insider trading is a violation of the Standards, he likely violatedStandard I: Professionalism by not upholding the stricter C

12、FAInstitute Standards. In this case, Standard II: Integrity of CapitalMarkets is stricter than the laws of Thorpe 'jusrisdiction.C is incorrect because Thorpe likely violated Standard II: Integrity ofCapital Markets in that he traded on information that could be considered material, because a lo

13、wer 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 insidertrading is not i

14、llegal in Thorpe's market, he has an obligation tofollow the stricter standard theCFA Institute Code andStandards.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.答案解析 :BMC is a mature company. The most appropriate mod

15、el for valuation is the single -stage Gordon growth model.Inincome)3,290.0Interest$ millionsEBIT (operating9expense600.0Earningsbeforetax2,690.0Taxat30%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(

16、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 onlyB. 10.957%.C. Tenure onlyD. Neither ESG nor tenure正确答案 :C答案解析 :B is correct. The t -statistic for tenure is 2.308, which i

17、s significant at the 0.027 level. The t -statistic for ESG is 1.201, with a p -value of 0.238. This result is not significant at the 0.05 level.7、For the year 2010, the remeasurement component ofKensington' s periodic pension cost represents: 【单选题】A. the change in the net pension obligation.B. a

18、ctuarial 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.答案解析 :C is correct. The remeasurement component of periodic pension cost includes both actuarial gains and losses on the pension obligati

19、on 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

20、 actual returns minus beginning plan assets times the discount rate, or £ 1,302 million (£ 23,432 million x 0.0548) = £ 18 million.8、The present value of expected loss on $1,000 face-valuePistar bonds is closest to:【单选题】A. $6.96.B. $18.27.01ojezg9AIJB69UV膽软歯】:AiiBoidAj SI 19SSB 心su B

21、jo eoudejnjnj pejoedxe eq; puB uoiinjijsqns jo 印b|Boduj印冋u!S < J01S9AU! 9SJ9AB->)SU B U99MJ9q 90UBUBA00 9L|J_96 9$ = ZO Z乙07 - eOPeoY = (PQ!人 I印oj Ad -(印eee4->)su)Acl = sso| pepedxe joeniBA 屮osaidZO Z乙(n$£0P£07$囘0丄乙££96乙l/gZ6%09Z %Se0%Z0 乙OYOZ 乙 £6141/6 L%0£Z%0

22、£0%00W0 乙 9 J096 旳 96 L %00Z%0%SZ JO 即 £g6 旳。6 L%OZ 4%0乙0%09 JO 乙 90(Pe!人囘01)Ad(91BJ 99Jjsu)Ad(%) P0人囘0丄() pB9jdsi!peJ0eiBylods 9Jd->fS!dM0u qsBOMOU qsBOOi eojii：出搦畧最l7l7ei7$OC.positive.正确答案 :A答案解析:A is correct. For risk-averse investors, when theexpectedfuture price of the investment i

23、s high (low), themarginalutility of future consumption relative to that ofcurrent consumption is low (high). Hence, the covariance of theinter -temporal rate of substitution with asset price is expectedto be negative for risk -averse investors.10、A company has 1 million shares outstanding and earningsare£ 2 million. The comp any decides to use £ 10 million inidlecashto repurchase shares in the openmarket. Thecompany's shares are trading at £ 50 pershare. If thecompanyuses the entire