CFA考试二级模拟试题精选0401-25(附详解)

1、6CFA考试二级模拟试题精选 0401-25（附详解）1、Based on Smith's forecast, if Nelson deems to have acquired control of Golden, in 2017, what amount should be recorded under depreciation and amortization expense? 【单选题】A. ?155 millionB. ?215 millionC. ?235 million正确答案 :B答案解析 :The projected depreciation and amortizat

2、ion expense will include Nelson's reported depreciation and amortization (?105 million), Golden's reported depreciation and amortization (?50 million), and amortization of Golden's licenses (?60 million). The licenses have a fair value of ?360 million. ?300previously unrecordedpurchase p

3、rice indicates a fair value of ?600 for the net assets of Golden. The net book value of the recorded assets is ?240. The licenses have a fair value of ?360 million. The licenses have a remaining life of six years; the amortization adjustment for 2017 will be ?60 million. Therefore,单选题】projected depr

4、eciation and amortization equals ?105 +2、Assuming one option per share, an appropriate delta hedge for the GI stock would most likely be to:A. sell 168,010 calls.B. sell 148,428 calls.C. buy 40,100 puts.正确答案 :Acalculated as 1/0.5952 = 168,010. An appropriate hedge for答案解析 :A is correct. The call del

5、ta is 0.5952. The number of calls to hedge 100,000 shares is 100,000 shares of stock with a delta of 1 would be to sell 168,010 calls.3、The clientele effect implies that: 【单选题】A. investors prefer high dividend paying shares.B. investors have varying preferences regarding dividends.C. low tax bracket

6、 investors are indifferent to dividends.正确答案 :B答案解析 :B is correct. The clientele effect implies that there are varying preferences for dividends 4、Which of Lee ' s statements to Carlyle about share repurchases is least accura【单选题】A. Statement 2B. Statement 1C. Statement 3正确答案 :B答案解析 :5、The curre

7、nt service cost is closest to: 【单选题】A. $14,152.B. $15,758.C. $17,907.正确答案 :A单选题】答案解析 :A is correct. Current service cost is the present value of annual unit credit earned in the current period.6、When Marks converts his forecasted income statement data for Julius into US dollars, the 20X2 gross profi

8、t margin will be closest to:A. 39.1%.B. 40.9%.C. 44.6%.正确答案 :A答案解析 :A is correct. Under the current rate method, both sales and cost of goods sold would be translated at the 20X2 average exchange rate. The ratiowould be the same as reported under the euro. ?2,300-?1,400 = ?900, ?900/?2,300 = 39.1%.

9、Or, $3,542-$2,156 = $1,386, $1,386/$3,5427、Is Aiklin's policy with respect to IPO allocations consistent with required and recommended CFA Institute Standards【? 单选题】A. Yes.B. No, because the IPO policy disadvantages certain clients.C. No, because the different levels of service disadvantage cert

10、ain clients.正确答案 :B答案解析 :B is correct. The firm violates Standard III(B) Fair Dealing. Under Aiklin' s policy, some clients for whom an IPO单选题】pro-rata share of the issue. CFA Standards recommend that firms allocate IPOs on a pro -rata basis to clients, not to portfolio managers.8、In their discu

11、ssion of the Omega Fund's new proxy voting policy, whose statements are likely to be consistent with the CFA Institute Standards?A. Libra's only.B. Both Libra's and Natali's.C. Natali's only.正确答案 :B答案解析 : 9、The acquisition of Sky Systems by Modern Auto and the acquisition of Sky

12、Systems by HiFly, respectively, would be examples of a: 【单选题】A. vertical merger and a horizontal merger.B. conglomerate merger and a vertical merger.C. conglomerate merger and a horizontal merger.正确答案 :C答案解析 :C is correct. These are conglomerate and horizontal mergers, respectively.单选题】10、Dobson is

13、wondering what the consequences would be if the duration of the first stage was assumed to be 11 years instead of 8, with all the other assumptions/estimates remaining the same. Considering this change, which of the following is true?A. In the second approach, the proportion of the total value of th

14、e stock represented byB. The total value estimated using the third approach would increase.C.正确答案 :B答案解析 :B is correct. If the extraordinary growth rate of 14 percent is expected to continue for a longer duration, the stock is false because given that the first stage is longer (11 years instead of 8), the terminal value is being calculated at a later point in time. So, its present value would be smaller. Moreover, the first stage has more years and contributes more to the total value. Overall, the proportion contributed by t