CFA考试二级模拟试题精选0401-49(附详解)

1、7CFA考试二级模拟试题精选 0401-49（附详解）1、If Bardem does use the equity method of accounting for its purchase of Ariana, using Exhibit 1，the value of goodwill ，in millions, arising from the purchase is closest to: 【单选题】A. ?6.25.B. ?21.25.C. ?15.00.答案解析 :A is correct. Bardem正确答案 :A's balance sheet.' s pur

2、chase price for Ariana will include goodwill of ?6.25 per the calculation below. Under the equity method the goodwill isincluded in the investment amount on Bardem2、 The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】A. a clawback provision.B. carried in

3、terest.C. a ratchet clause.正确答案 :A答案解析 :A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund

4、but subsequent exits are less profitable, theGP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund interest represents the GP' share of profits generated by the fund. A ratchet clause is a mechanism that deter

5、mines the allocation of equity between shareholders and the management team of the private equity controlled company.3、 DeMolay's caution given in condition is best described as: 【单选题】A. Correct.B. incorrect, because only the dependent variable series needs to be tested for the absence of a unit

6、 root.C. incorrect, because only the independent variable series needs to be tested for the absence of a unit root.正确答案 :A答案解析 :When working with two time series in a regression analysis, both of the series must be tested for the presence of a unit root. If neither series has a unit root, we can saf

7、ely use linear regression.4、 Compared to Nelson's reported earnings before taxes in 2016, if Basin had been classified as a held for trading security, the earnings before taxes (in ?thousands) would have been: 【单选题】A. the same.B. ?2,000 higher.C. ?4,000 lower.正确答案 :B答案解析 :Unrealized gains and lo

8、sses are securities are classified as held there was an unrealized gain of id in income statement 5、 In the current interest rate environment, using a required return estimate based on the short -term government bond rate and a historical equity risk premium defined in terms of a short -term governm

9、ent bond rate would be expected to: 【单选题】A. bias long -term required return on equity estimates upwards.B. bias long -term required return on equity estimates downwards.C. have no effect on long -term required return on equity estimates.正确答案 :A-term-free rate. The short -term答案解析 :A is correct. The

10、required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short interest rate (as a result of the normal upward sloping yield curve), and the current value of the rate being used to represent the risk rate is currently higher than the lon

11、g -term rate, which will also increase the required return estimate. The short -term interest rate, however, overstates the long -term expected inflation rate. Using the short -term interest rate, estimates of the long -term required return on equity will be biased upwards.6、Which of Singh ' s s

12、tatements regarding the information ratio is correct?单选题】A. Only Statement 1B. Only Statement 2C. Both Statement 1 and Statement 2正确答案 :C答案解析 :C is correct. The information ratio for a portfolio of risky assets will generally shrink if cash is added to the portfolio. Because the diversified asset po

13、rtfolio is an unconstrained portfolio, its information ratio would be unaffected by an increase in the aggressiveness of active weights.7、 The measure of central tendency that Ritter will most likely recommend is the:【单选题】A. median.B. harmonic mean.C. arithmetic mean.正确答案 :B wmhaicjohracroentcyepric

14、nailnly thuesing the答案解析 :B is correct. The harmonic mean is sometimes used to reduce the impact of large outliersarithmetic mean multiple but not the impact of small outliers (i.e., those close to zero). The harmonic mean may aggravate the impact of small outliers, butsuch outliers are bounded by z

15、ero on the downside.8、 Considering Exhibit 1, the 【单选题】A. 3.22.B. 8.06.C. 30.79.正确答案 :C答案解析 : 9、 Which of the following statements is correct under the Code and Standards? 【单选题】A. CFA Institute members and candidates are prohibited from undertaking independent practice in competition with their empl

16、oyer.B. Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with amember' s or candidate's employer.C. Members and candidates are prohibited from making arrangements or preparations to go into a comp

17、etitive business before terminating their relationship with their employer.正确答案 :B答案解析：The correct answer is B. Under Standard IV(A) - Loyamyembers and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they ob

18、tain consent from their employer. Answer C is not consistent with thelong as thoseStandards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as arrangements do not interfere with their duty to their current employer. Answer A is not consistent with the Standards because the Standards do not includea complete prohibition against undertaking independent practice.10、In his response to Yusuf, Cerra's characterization of the portfolio manager's investment style, using Exhibit 1, is most likely co