CFA考试二级模拟试题精选0401-13(附详解)

1、10单选题】CFA考试二级模拟试题精选 0401-13附详解）1、With respect to their discussion of yield curves, Tyo and her assistant are most likely discussing which term structure theory?A. Pure expectations theoryB. Local expectations theoryC. Liquidity preference theory正确答案 :C答案解析 :C is correct. Liquidity preference theory

2、suggests that liquidity premiums exist to compensate investors for the added interest rate risk that they face when lending long term and that these premiums increase with maturity. Tyo and her assistant are assuming that liquidity premiums exist.2、Which of the statements made by the member of the B

3、oard of Directors is most accurate?【单选题】A. Statement 3B. Statement 1C. Statement 2正确答案 :A答案解析 :Initial market reaction is an important barometer for the value investors place on the gains from merging as well as an indication of future returns.3、Based on Exhibit 3, and assuming interest on debt is t

4、ax -deductible, the weighted average cost of capital (WACC) for Bezak, Inc. is closest to: 【单选题】A. 10.87%.B. 11.36%.C. 13.61%.正确答案 :B4、 Based on Exhibit 1 and the note to Adesivo答案解析 :B is correct. The weighted average cost of capital is taking the sum product of each's financial statements, the

5、 trailing P/E for Adesivo using underlying EPS isC单选题】:A. 17.7.B. 18.2.C. 18.4.正确答案 :C单选题】答案解析 :C is correct. The EPS figure that Silveira should use is diluted trailing EPS of R$0.81, adjusted as follows: 5、 Whose statement regarding the use of multifactor models in active and passive portfolio man

6、agement is correct?A. Lam onlyB. Cheung onlyC. Both Lam and Cheung正确答案 :B答案解析 :B is correct. Analysts can use multifactor models in passively managed portfolios to replicate an index fund 6、Using the historical data provided in Exhibit 5, the two -period-ahead forecast of the change in industry sale

7、s is closest to: 【单选题】A. $5 million.B. $22.5 million.C. $120 million.正确答案 :B答案解析 :The most recent change in sales reported in Exhibit 5 was $50 million (i.e., an increase from $950 million to $1,000 million). Therefore, the【单选W题ACC is closest to:one-step-ahead forecast is 20 + 0.1(50) = $25 million

8、and the two -step-ahead forecast is 20+ 0.1(25) = $22.5 million.7、Based on the Modigliani and Miller (MM) propositions with corporate taxes, AquariusA. 3.38%.B. 7.87%.C. 11.25%.正确答案 :B答案解析 :8、The Standard least likely to provide guidance for Telline when working with the clients'investment polic

9、y statements would b单the Standarc选题】A.suitability.B.fair dealing.C.loyalty, prudence, and care.正确答案 :B答案解析 :B is correct. Telline is not likely to receive appropriate guidance on developing or revising investment policy statements from the Standard relatingto Fair Dealing. Standard III(B) provides m

10、embers with guidance on treating clients fairly when making investment recommendations, providing investmentanalysis, or taking investment action. Telline could obtain guidance from the Standards relating to Loyalty, Prudence, and Care and Suitability. Both StandardIII(A) and (C) provide guidance fo

11、r members in determining client objectives and the suitability of investments.9、According to the CFA Institute Standards, must Voser obtain permission from her supervisor before accepting the Greenhornfood gift basket?单选题】A.No.B.Yes, because the value of the basket is higher than ?50.C.Yes, because

12、consent is required by the company' s compliance procedures.正确答案 :A答案解析 :A is correct. According to Standard I(B)Inde pendence and Objectivity, members must use reasonable care and judgment to achieve andindependence and objectivity in their professional activities. Although it was sent to Voser

13、' s office, the gift basket is a private gift from Voselikely to affect Voser ' psofessional activities. According to Excerpt 4 of the Crawfood compliance manual and Standard IV(B) Additional CompensationArrangements, employees must obtain permission from their employer before accepting gift

14、s, compensation, or other benefits that compete with, or mightcreate a conflict of interest with, the employer' s interests. The gift basket does not create a conflict or compete with the employer10、Floating-rate note B4 is currently rated BBB by Standard & Poor's and Fitch Ratings (and

15、Baa by Moody's Investors Service). Based on the researchdepartment assumption about the probability of default in Question 10 and her own assumption in Question 11, which action does Ibarra most likelyexpectfrom the credit rating agencies? 【单选题】A.Downgrade from BBB to BBB.Upgrade from BBB to AAAC.Place the issuer on watch with a positive outlook正确答案 :C答案解析 :The credit rating agencies typically make incremental changes as seen in a transition matrix provided in Exhibit 7 of the reading. Ibarra believes