CFA考试二级模拟试题精选0401-42(附详解)

1、CFA考试二级模拟试题精选 0401-42（附详解）1、 When listing their names on the research report, do Brecksen and Grohl violate any CFA Standards? 【单选题】A. No.B. Yes, because Brecksen misrepresents his authorship.C. Yes, because Grohl should dissociate from the report.正确答案 :A答案解析:A is correct. According to Standard V(A)

2、 - Diligenand Reasonable Basis, research report conclusions or recommendations may rep resent the consensus of a group and not necessarily the views of the individual members listed. If the member believes that the consensus opinion has a reasonable basis, then he need not dissociate from the report

3、.2、【单选题】A. Lower return on assets (ROA).B. Lower net profit margin.C. Higher return on equity (ROE).正确答案 :A答案解析 :In 2012, Cupernico and Glace shared joint control. Cupernico must use the equity method under US GAAP; if the ownership structure had not changed, Cupernico would have continued to use th

4、e consolidation method.3、 All else equal, the use of long -maturity debt is expected to be greater in those markets in which: 【单选题】A. inflation is low.B. capital markets are passive and illiquid.C.the legal system's protection of bondholdersinterests is weak.5正确答案 :A答案解析 :A is correct. The use o

5、f long -maturity debt is expected to be inversely related to the level 4、 If the NexTec floater had a 3% cap, the value of this embedded cap for the issuer would be closest to: 【单选题】A. 1.57.B. 1.09.C. 0.49.正确答案 :CValue of embedded cap. To calculate this value, we need答案解析 :C is correct. Value of cap

6、ped bond = Value of the straight bond from the binomial interest rate tree, capping all cash flows at $3 (3% of $100). The valuation is highlighted below.5、 Which of MacPhail's observations about the new executive compensation plan is most accurate?【单选题】A. 1B. 2C. 3正确答案 :A答案解析 :6、Using the appro

7、ach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potentialGDP?【单选题】A. Country X.B. Country Y.C. Country Z.正确答案 :B答案解析 :Using the labor productivity growth accounting equation, Country Z indicates the highest growth rate

8、in potential GDP.7、If Gronola is reclassified as available for sale, the balance sheet carrying value of Nelson's investment portfolio (in ? thousands) at December 31, 2016 would be closest to: 【单选题】A. 128,000.B. 165,000.C. 134,000正确答案 :C答案解析 :Basin and Gronola will be measured at their market v

9、alue where Cathay is measured at cost. Therefore, the value will be ?26,000+34,000+74,000 = ?134,000. A is incorrect because Gronola should be valued at market value. B is incorrect because held to maturity asset is valued at cost.8、【单选题】A. 37.3%.B. 58.2%.C. 62.8%.正确答案 :A's question on the contr

10、b单选n题O active return?答案解析 :If the company plans on spending $160 million on net investments, then only 60% of the funds need to come from retained9、Which of the following analysts most likely provides the correct answer to YusufA. QuekB. CerraC. Singh正确答案 :B答案解析 :B is correct. Cerra is correct. To determine which factor contributes most to active return, note the following:10、Based on each firm's forecasts of the estimated NPV of synergies from a merger between Alertron and Carideo, what paymen