CFA考试二级模拟试题精选0401-24

1、CFA考试二级模拟试题精选0401-24（附详解）1、Allelseequal,whichofthefollowingwouldmostlikelyexplainthefallinpriceofaparticularcompany【单选题】'sshares?A. Theexpectedinflationratefalls.B. Thecompany'sfuturecashflowsareexpectedtoincrease.C. Theyieldtomaturityonrealdefault-freeinvestmentsrises.A. 正确答案:C答案解析:Ciscorre

2、ct.Accordingtothefundamentalpricingequation,themarketvalueofanasset2、WhichofthefollowingstatementsaboutthemissingdatainExhibit3iscorrect?【单选题】Node3-2canbederivedfromNode2-2.B. Node4-1shouldbeequaltoNode4-5multipliedbye.C. Node2-2approximatestheimpliedoneyearforwardratetwoyearsfromnow.正确答案:C答案解析:Cisc

3、orrect.BecauseNode2-2isthemiddlenoderateinYear2,itwillbeclosetotheimpearforwardratetwoyearsfromnow(asderivedfromthespotcurve).Node4-1shouldbeequaltotheproductofNode4-5ande).A. 3、Theinclusionofindexreturnspriorto2001wouldbeexpectedto:【单选题】biasthehistoricalequityriskpremiumestimateupwards.B. biasthehi

4、storicalequityriskpremiumestimatedownwards.C. havenoeffectonthehistoricalequityriskpremiumestimate.正确答案:A答案解析:Aiscorrect.Thebackfillingofindexreturnsusingcompaniesthathavesurvivedtotheindexconstructiondateisexpectedtointroduceapositivesurvivorshipbiasintoreturns.A. 4、BasedonMcDonald'sbeliefsabou

5、tBundoviangovernmentmonetaryandfiscalpolicies,undertheMundell-FlemingmodeltheBuncoismostlikelyexpectedto:【单选题】Depreciate.B. Appreciate.C. remainunchangedinvalue.正确答案:B答案侣军析:Givenlowcapitalmobility,arestrictivemonetaryandfiscalpolicyshouldleadtodomesticcurrencyappreciationundertheMundell-Flemingmodel

6、.A. 5、WhatistheNPV(C$millions)oftheoptimalsetofinvestmentdecisionsforSocietyServicesincludingtheexpansionoption?【单选题】6.34.B. 12.68.C. 31.03.A. 正确答案:B答案侣军析:Biscorrect.Assumeweareattime=1.TheNPVoftheexpansion(attime1)ifdemandis“high”is6、【单选题】Commonequitytier1capitalandtotalcapitalwillbothremainunchang

7、ed.B. Tier1capitalwillincreaseandtier2capitalwilldecrease.C. Othertier1capitalwilldecreaseandtotalcapitalwillremainunchanged.正确答案:B答案侣军析:PerExhibit1,convertiblebondsarecurrentlypartoftier2capital.Onconversion,theywouldbecomecommonstockandpartofcommontier1capital,hencetier2capitalwoulddecreaseandcomm

8、ontier1capitalwouldincrease.A. 7、InlightofthefactthatseveraldifferentgroupsofinvestorsholdsharesinMavsHD,evaluatethedirectors'commentsregardingNelson'sproposedstockrepurchaseplan.【单选题】OnlyDirector1iscorrect.B. OnlyDirector2iscorrect.C. BothDirector1andDirector2arecorrect.正确答案:C答案解析investorsd

9、onotlikeinstabilityinthedividendspaidbyacompany.Anyvolatilityindividendsisseenasanegativesignbyinvestors,andthecompany'sstockpricewouldbepunishedasaresultofvaryingdividends.Accordingtothebird-in-the-handtheory,investorsprefertheassuranceofreceivingahigherdividendtodayratherthanwaitingforreturnsi

10、ntheformofcapitalappreciation.Becauseoftheuncertaintyassociatedwithcapitalappreciationandtherelativecertaintyofdividends,thebird-in-the-handtheorypredictsthatinvestorswillrewarddividendpayingcompanieswithalowercostofequityand,thus,ahigherequityvalue.Arepurchasedoesnotprovidethesametypeofassurancesin

11、ceitisanunpredictableandpossiblyone-timeevent.A. 8、AreSingh(Statement1)andKara(Statement2)correctorincorrectregardingtheusefulnessofregressionresultsdescribedinExhibit1andthevalueoftheslopecoefficient?【单选题】Botharecorrect.B. Oneiscorrect,theotherisincorrect.C. Bothareincorrect.正确答案:A答案解析:Singhiscorre

12、ctthatachangeintherelationshipbetweengoldpricesandjewelrycostswouldbeanexampleofparameterinstability.A. 9、Positiveoutputgapsareusuallyassociatedwith:【单选题】deflation.B. highunemployment.C. economicgrowthbeyondsustainablecapacity.正确答案:Cthatis,wherethelevelof答案侣军析:Ciscorrect.Aneconomyoperatingwithaposit

13、iveoutputgap10、IfIshmael'sconcernaboutZipTechspossibleearningsmanipulationisvalid,thetacticthecompanyisusingisbestdescribedasA. channelstuffing.B. classificationshifting.C. contingentselling.正确答案:A-endthatthey答案解析:Aiscorrect.Ishmael'sconcernaboutmanipulatingincomeisbasedonthecallswithanalystswhofollowZipTechunusuallyh