CFA考试二级模拟试题精选0401-12

1、A. CFA考试二级模拟试题精选0401-12（附详解）1、Duringaneconomicperiodwherespreadsbetweencorporateandgovernmentbondsarenarrowing,andspreadsbetweenhigherandlowerratedcorporatebondcategoriesarealsonarrowing,itcanbeexpectedthat:【单选题】governmentbondswilloutperformcorporatebonds.B. lowerratedcorporatebondswilloutperformhig

2、herratedcorporatebonds.C. higherratedcorporatebondswilloutperformlowerratedcorporatebonds.正确答案：B答案侣军析:Biscorrect.Whenspreadsarenarrowing,investorsseemtobelessdiscerningbetweenissueswithweakversusstrongcredit,andtherateofimprovementwilltendtobegreaterforthosebondsissuedbyentitieswitharelativelyweaker

3、abilitytopay.Thus,duringtimeswhencorporatebondspreadsarenarrowingrelativetogovernmentbonds,andthespreadsbetweenhigherandlowerratedbondcategoriesalsonarrowing,corporatebondswillgenerallyoutperformgovernmentbonds,andlowerratedcorporatebondswilltendtooutperformhigherratedcorporatebonds.2、AccordingtoCFA

4、InstituteStandardsofProfessionalConduct,Howlett'sbestcourseofactionwithregardtothesuspected【单选题】A.B.C.正确答案:C答案解析：A. 3、ComparedtotheassumptionsStereoWarehouseusedtocomputeitsperiodicpensioncostin2008,earningsin2009weremostfavorablyaffectedbythechangeinthe:【单选题】discountrate.B. estimatedfuturesalar

5、yincreases.C. expectedlong-termrateofreturnonplanassets.正确答案:B答案侣军析:Biscorrect.In2009,thethreerelevantassumptionswerelowerthanin2008.Lowerexpectedsalaryincreasesreducetheservicecostcomponentoftheperiodicpensioncost.Alowerdiscountratewillincreasethedefinedbenefitobligationandincreasetheinterestcostco

6、mponentoftheperiodicpensioncost(theincreaseintheobligationwill,inmostcases,morethanoffsetthedecreaseinthediscountrate).Reducingtheexpectedreturnonplanassetstypicallyincreasestheperiodicpensioncost.A. 4、FortheyearendedDecember31,20X8,IronParts'stotalperiodicpensioncostisclosestto:【单选题】$67million.

7、B. $110million.C. $157million.正确答案:B答案解析：A. 5、IfMontesisexpectinga50bpincreaseinyieldsatallpointsalongtheyieldcurve,whichofthefollowingtradesishemostlikelytoexecutetominimizehisrisk?【单选题】Sell$35millionofPandreinvesttheproceedsinthree-yearbondsSell$15millionofPandreinvesttheproceedsinthree-yearbonds.

8、ReducethedurationofPto3years正确答案:B答案解析:Biscorrect.Durationisameasureofinterestraterisk.Toreduceriskinanticipationofanincreaseininterestrates,Monteswouldseektoshortentheportfolio'sduration.Heislimited,however,intheamounthecanshiftfromPreducesthatportfoliotothelowerendofthepermitted40%to60%range.B

9、yreinvestingtheproceedsattheshortestmaturitiesallowed,Montessubstantiallyreducestheportfolioduration.A. 6、BasedonExhibits3and4,thevalueofBondCattheuppernodeatTime1isclosestto:【单选题】97.1957.B. 99.6255.C. 102.1255.正确答案:B答案侣军析:Biscorrect.ThebondvalueattheuppernodeatTime1isclosestto99.6255.ThecashflowatT

10、ime2is102.5,theredemptionofparvalue(100)plusthefinalcouponpayment(2.5).Usingbackwardinduction,wecalculatethepresentvalueofthebondattheuppernodeofTime1as102.5/1.028853=99.6255.A. 7、RegardingthetwocommentsthatNenkovmadeafterreviewingMetev'svaluationanalysis,heismostaccuratewithrespectto:【单选题】Comme

11、nt2only.B. BothComments1and2.C. Comment1only.正确答案:A答案侣军析:NenkovisincorrectwithrespecttohisfirstcommentbecausethecapitalizedcashflowmethodisrarelyusedforthevaluationofpubliccompaniesanditismoreappropriateforvaluingaprivatecompanysuchasRRBL.Nenkov'ssecondcommentiscorrectbecausetheexcessearningsmet

12、hodinvolvesestimatingtheearningsremainingafterdeductingtheamountsthatreflecttherequiredreturnstoworkingcapitalandtangibleassets.Theresidualamountofearnings(i.e.,theexcessearnings)iscapitalizedtoobtainanestimateofthevalueofintangibleassets.Therefore,Nenkov'ssecondcommentiscorrect.A. 8、【单选题】lower.

13、B. greater.C. thesame.A. 正确答案:B答案侣军析:AIPshouldearnahigherreturnonequitybyfinancingpartofitspurchasepricewithamortgagebecausethecostof9、Millerheadstheresearchdepartmentofalargebrokeragefirm.Thefirmhasmanyanalysts,someofwhomaresubjecttotheCodeandStandards.IfMillerdelegatessomesupervisoryduties,whichst

14、atementbestdescribesherresponsibilitiesundertheCodeandStandards?【单选题】Miller'ssupervisoryresponsibilitiesdonotapplytothosesubordinateswhoarenotsubjecttotheCodeandStandards.B. Millernolongerhassupervisoryresponsibilityforthosedutiesdelegatedtohersubordinates.C. Millerretainssupervisoryresponsibili

15、tyforallsubordinatesdespiteherdelegationofsomeduties.正确答案:C答案解析:ThecorrectanswerisC.UnderStandardIV(C)-ResponsibilitoSsSupervisors,membersandcandidatesmaydelegatesupervisorydutiestosubordinatesbutsuchdelegationdoesnotrelievemembersorcandidatesoftheirsupervisoryresponsibilities.Asaresult,answerBisinc

16、orrect.Moreover,whetherornotMiller'ssubordinatesaresubjecttotheCodeandStandardsisirrelevanttohersupervisoryresponsibilities.Therefore,answerAisincorrect.10、WhichofWebster'snotesaboutBIGIndustrialprovidesanaccountingwarningsignofapotentialreportingproblem?【单选题】OnlyNote1OnlyNote2BothNote1andNote2正确答案:B答案解析:Biscorrect.OnlyNote2providesawarningsign.Thecombinationofincreasesinaccountspayablewithsubstantialdecreasesinaccountsreceivableandinventoryareanaccountingwarningsignthatmanage