2025年CFA二级考试真题集

2025年CFA二级考试真题集考试时间：______分钟总分：______分姓名：______考生姓名：__________考试日期：__________1.Acompanyreportsnetincomeof$500,000fortheyear.Ithaddepreciationexpenseof$100,000andanincreaseinaccountspayableof$20,000.Whatisthecompany'sfreecashflowfortheyear?2.Aninvestorisconsideringpurchasingastockthatpaysanannualdividendof$2pershare.Thestockiscurrentlytradingat$50pershare.Theinvestorrequiresa10%rateofreturn.Whatisthestock'sdividendyield?3.Aportfoliomanagerhasaportfolioconsistingof60%stocksand40%bonds.Theexpectedreturnonstocksis12%,andtheexpectedreturnonbondsis6%.Thestandarddeviationofreturnsforstocksis15%,andthestandarddeviationofreturnsforbondsis5%.Thecorrelationcoefficientbetweenstockandbondreturnsis0.2.Whatistheexpectedreturnandstandarddeviationoftheportfolio?4.Acompanyhasadebt-to-equityratioof1.5.Whatisitsdebt-to-assetsratio?5.Aninvestorisconsideringbuyingacalloptiononastockwithastrikepriceof$50.Theoptionpremiumis$2.Thestockiscurrentlytradingat$55.Whatisthebreak-evenpricefortheinvestor?6.Acompany'sstockhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis8%.WhatistherequiredrateofreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?7.Abondhasafacevalueof$1,000,acouponrateof5%,andamaturityof10years.Thebondiscurrentlytradingatadiscount,withamarketpriceof$920.Whatistheyieldtomaturity(YTM)ofthebond?8.Aninvestorisconsideringinvestinginamutualfundthatchargesa1.5%loadfeeandhasanexpenseratioof1%.Thefund'sportfolioisvaluedat$100million,andthefundhas$50millioninassetsundermanagement(AUM).Whatisthetotalannualexpenseforaninvestorwhoinvests$10,000inthefund?9.Acompanyisevaluatingaprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Thecompany'scostofcapitalis10%.WhatistheNetPresentValue(NPV)oftheproject?10.Acompany'sinventoryturnoverratiois5.Whatdoesthisratioindicateaboutthecompany'sinventorymanagement?11.Astockhasabetaof1.Themarketreturnisexpectedtobe10%.Therisk-freerateis2%.WhatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?12.Abondwithafacevalueof$1,000paysasemi-annualcouponof4%.Thebondhasamaturityof5yearsandiscurrentlytradingatapremiumwithamarketpriceof$1,050.Whatistheyieldtomaturity(YTM)ofthebond?13.Aninvestorisconsideringinvestinginaportfoliooftwostocks.StockAhasanexpectedreturnof12%andastandarddeviationof15%.StockBhasanexpectedreturnof10%andastandarddeviationof10%.ThecorrelationcoefficientbetweenthereturnsofStockAandStockBis0.4.Iftheinvestorholdsaportfoliowith50%investedinStockAand50%investedinStockB,whatistheexpectedreturnandstandarddeviationoftheportfolio?14.Acompanyhastotalassetsof$500,000andtotalliabilitiesof$200,000.Whatisitsequitymultiplier?15.Astockiscurrentlytradingat$60pershare.Thecompany'searningspershare(EPS)are$3.Theprice-to-earnings(P/E)ratiois20.Whatisthemarketcapitalizationofthecompany?16.Acompany'sprofitmarginis10%.Itstotalassetturnoveris2.Whatisitsreturnonassets(ROA)?17.Aninvestorisconsideringbuyingaputoptiononastockwithastrikepriceof$40.Theoptionpremiumis$1.Thestockiscurrentlytradingat$45.Whatisthebreak-evenpricefortheinvestor?18.Aprojecthasaninitialinvestmentof$50,000andisexpectedtogeneratecashinflowsof$20,000attheendofeachofthenext3years.Theproject'sdiscountrateis8%.WhatistheInternalRateofReturn(IRR)oftheproject?19.Acompany'scurrentratiois3.Whatdoesthisratioindicateaboutthecompany'sshort-termliquidity?20.Abondhasayieldtomaturity(YTM)of6%.Thebond'scouponrateis5%.Whatisthebond'sduration?21.Aninvestorisconsideringinvestinginahedgefundthatchargesa2%managementfeeanda20%performancefee.Thefund'sportfolioisvaluedat$10million,andthefundhasgeneratedareturnof15%inthepastyear.Whatistheinvestor'stotalreturnfortheyear,assumingtheinvestorinvested$100,000inthefund?22.Acompany'sreturnonequity(ROE)is15%.Itstotalassetturnoveris2.Whatisitsprofitmargin?23.Astockhasabetaof1.5.Therisk-freerateis3%.Themarketreturnisexpectedtobe10%.WhatistherequiredrateofreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?24.Abondwithafacevalueof$1,000paysanannualcouponof6%.Thebondhasamaturityof10yearsandiscurrentlytradingatadiscountwithamarketpriceof$910.Whatistheyieldtomaturity(YTM)ofthebond?25.Aninvestorisconsideringinvestinginaportfolioofthreestocks.StockAhasanexpectedreturnof12%,astandarddeviationof15%,andacorrelationcoefficientof0.6withthemarket.StockBhasanexpectedreturnof10%,astandarddeviationof10%,andacorrelationcoefficientof0.4withthemarket.StockChasanexpectedreturnof8%,astandarddeviationof8%,andacorrelationcoefficientof0.2withthemarket.Themarketportfoliohasanexpectedreturnof10%andastandarddeviationof15%.Iftheinvestorholdsaportfoliowith40%investedinStockA,30%investedinStockB,and30%investedinStockC,whatistheexpectedreturnandstandarddeviationoftheportfolio?试卷答案1.$500,000+$100,000-$20,000=$580,0002.$2/$50=4%3.ExpectedReturn=(0.6*12%)+(0.4*6%)=7.2%+2.4%=9.6%Variance=(0.6^2*15%^2)+(0.4^2*5%^2)+(2*0.6*0.4*15%*5%*0.2)Variance=0.036+0.004+0.00192=0.04192StandardDeviation=sqrt(0.04192)≈6.46%4.Debt/Equity=1.5Assets=Debt+EquityDebt/Assets=Debt/(Debt+Equity)=1.5/(1.5+1)=1.5/2.5=0.6or60%5.$50+$2=$526.RequiredReturn=3%+(1.2*8%)=3%+9.6%=12.6%7.Usingafinancialcalculatororiterativemethods,N=10,PV=-920,PMT=50,FV=1000,I/YTM≈5.82%8.LoadFee=1.5%*$10,000=$150AnnualExpense=(1%*($50,000,000+$10,000))+($10,000/$50,000,000*1.5%)=$500+$0.15=$500.15TotalAnnualExpense=$500.15+$150=$650.15(Note:ExpensecalculationbasedonAUM+investedamountisasimplification,actualfundexpensecalculationmightdiffer)9.NPV=-100,000+[30,000/(1+10%)^1]+[30,000/(1+10%)^2]+[30,000/(1+10%)^3]+[30,000/(1+10%)^4]+[30,000/(1+10%)^5]NPV=-100,000+27,272.73+24,793.39+22,539.44+20,490.40+18,627.64=$17,723.6010.Inventoryturnovermeasureshowmanytimesacompanysellsandreplacesitsinventoryoveraperiod.Aratioof5indicatesthatthecompanysellsandreplacesitsinventory5timesperyear.Ahigherratiogenerallysuggestsmoreefficientinventorymanagement,butitcouldalsoindicatepotentialstockoutsifnotmanagedcarefully.11.RequiredReturn=2%+(1*(10%-2%))=2%+8%=10%12.N=10(semi-annualperiods),PMT=20(4%/2*$1,000),PV=-1,050,FV=1,000,I/YTM=1.764%(semi-annual),AnnualYTM=1.764%*2=3.528%13.ExpectedReturn=(0.5*12%)+(0.5*10%)=6%+5%=11%Variance=(0.5^2*15%^2)+(0.5^2*10%^2)+(2*0.5*0.5*15%*10%*0.4)Variance=0.01125+0.0025+0.0015=0.01525StandardDeviation=sqrt(0.01525)≈12.3%14.Equity=Assets-Liabilities=$500,000-$200,000=$300,000EquityMultiplier=Assets/Equity=$500,000/$300,000=1.6667or1.6715.MarketCapitalization=SharesOutstanding*PriceperShareSharesOutstanding=EPS/P/ERatio=$3/20=0.15shares(assuming1sharepershareofEPSforsimplicity,thiswouldneedtheactualnumberofsharesifavailable)MarketCapitalization=0.15*$60=$9,000(Note:Thiscalculationassumes1shareperEPS,replace0.15withactualsharesoutstandingifknown)16.ROA=ProfitMargin*TotalAssetTurnover=10%*2=20%17.$40-$1=$3918.Usingafinancialcalculatororiterativemethods,N=3,PV=-50,000,PMT=20,000,FV=0,IRR≈14.47%19.Acurrentratioof3meanscurrentassetsarethreetimescurrentliabilities.Thisindicatesstrongshort-termliquidity,suggestingthecompanyhassufficientshort-termassetstocoveritsshort-termobligations.20.DurationisamorecomplexmeasurethanYTMandtypicallyinvolvescalculatingtheweightedaveragetimeuntilcashflowsarereceived.WithoutspecificcashflowdetailsbeyondcouponandYTM,aprecisedurationcannotbecalculatedfromthegiveninformationalone.However,durationwillgenerallybelessthanthebond'smaturity.21.ManagementFee=2%*$10,000,000=$200,000PerformanceFee=20%*($10,000,000*15%)=$0.20*$1,500,000=$300,000TotalFundFee=$200,000+$300,000=$500,000FundReturntoInvestor=FundReturn*(1-PerformanceFeePercentage)=15%*(1-20%)=15%*0.8=12%InvestorReturn=FundReturntoInvestor-ManagementFee=12%-2%=10%Alternatively,InvestorReturn=(