CFA考试二级模拟试题精选0401-27(附详解)

1、9CFA考试二级模拟试题精选 0401-27（附详解）1、 Using the information provided in Exhibit 1 ， the breakeven price of Apple shares for a bear spread strategy using puts is closest to: 【单选题】A. $96.44.B. $98.56.C. $97.18.正确答案 :C单选题】答案解析 :C is correct The breakeven price is X2、As compared to the temporal method, the pare

2、nts fixed asset turnover for fiscal 2008 using the current rate method is:A.B.C. the same.正确答案 :A答案解析 :The local currency (the USD) is depreciating, so the historical rate will be higher than the current rate. Fixed asset turnover (sales divided by netPP&E) will be higher under the current rate meth

3、od. Net PP&E will be translated at the lower current rate, and because sales are the same under both methods, the ratio will be higher.3、Which of the following statements about the reported earnings of Renaissance Clothing is most accurate? Relative to sustainable earnings, reported earnings are lik

4、ely: 【单选题】A. unbiased.B. upward biased.C. downward biased.正确答案 :B答案解析 :B is correct. The effects of favorable nonrecurring events in reported earnings would tend to bias reported earnings upward relative to sustainable earnings because non -recurring items are by definition not expected to repeat. R

5、enaissance Clothing included three nonrecurring items in their most recent-time tax credit, and the gain on the sale of a单选题】earnings release that all led to higher earnings for the current period: a positive litigation settlement, a one non -operating asset.4、Based on the information presented in E

6、xhibit 1, the effective duration of the 5% coupon bond is closest to:A. 3.18.B. 0.70.C. 1.59.正确答案 :C答案解析 :C is correct.5、Using the approach 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. C

7、ountry 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 in potential GDP.6、Madison s views on the term structure of interest rates are most consistent with the: 【单选题】A. local expectations theory.B. segmented markets theo

8、ry.C. liquidity preference theory.正确答案 :C答案解析 :C is correct. Liquidity preference theory asserts that investors demand a risk premium, in the form of a liquidity premium, to compensate them forthe added interest rate risk they face when buying long -maturity bonds. The theory also states that the li

9、quidity premium increases with maturity.7、How many of Yeungs constraints would be accurately regarded as a constraint in an investment policy statement?【单选题】A. One.B. Two.C. Three.正确答案 :B答案解析 :What Yeung has identified as Constraint 1 is properly classified as a return objective and not a constraint

10、. Investment constraints are factors that restrict investment choices. Constraint 2 is unexampled of time horizon constraint. Constraint 3 is an example of liquidity constraint.8、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified a

11、s a:【单选题】A. hybrid approach.B. top -down approach.C. bottom -up approach.正确答案 :B答案解析 :B is correct. A top -down approach usually begins at the level of the overall economy. Candidate B assumes industry sales will grow at the same rate-up approach;as nominal GDP but that Chrome will have a 2 percenta

12、ge points decline in market share. Candidate B is not using any elements of a bottom therefore, a hybrid approach is not being employed.单选题】9、Does Telline violate any CFA Institute Standards when he places the buy order for shares in the technology company for CaperA. No.B. Yes, relating to fair dea

13、ling.C. Yes, relating to diligence and reasonable basis.正确答案 :A答案解析 :A is correct. Telline is careful to consider the investment suitabsility for Caper accsount. Telline actionss are consistent with CFA InstituteStandards III(A)-Loyalty, Prudence, and Care and III(B)Fair Dealing. Telline determines

14、that the other client does not have the cash available in his accouand selling existing holdings does not make sense.10、The scenario analysis that Hamilton prepares for the committee is most likely a: 【单选题】A. stress test.B. historical scenario.C. hypothetical scenario.正确答案 :C答案解析 :C is correct. A hy

15、pothetical scenario analysis allows the risk manager to estimate the likely effect of the scenario on a range of portfolio risk factors.A sovereign ratings downgrade would affect Hirams India equity and corporate bond exposures as well as the government bond exposure. In addition, theassumptions used in constructing the scenario analysis can specifica