CFA考试二级模拟试题精选04050附详解

1、CFA考试二级模拟试题精选0401-50（附详解）1、UsingthedatainExhibit4,Bourne'scalculationofTCC'sfirmvalue($millions)isclosestto:【单选题】A.10,127.B.9,892.C.9,639.正确答案:A答案解析:Becauseofthethreedifferentgrowthperiods,itisnecessarytousethethree-stageFCFFmodelandcalculatetheFCFFforeachofYears1to4andaterminalvalueattheend

2、ofYear4.2、ThemeasureofcentraltendencythatRitterwillmostlikelyrecommendisthe:【单选题】A.median.B.harmonicmean.C.arithmeticmean.正确答案:B一wtiajhracentyprnaiHythesingthe答案解析:Biscorrect.Theharmonicmeanissometimesusedtoreducetheimpactoflargeoutliersarithmeticmeanmultiple-butnottheimpactofsmalloutliers(i.e.,thos

3、eclosetozero).Theharmonicmeanmayaggravatetheimpactofsmalloutliers,butsuchoutliersareboundedbyzeroonthedownside.3、AreHally'sstatementsregardingforeigncurrencytranslationcorrect?【单选题】A.Statement1:Yes;Statement2:Yes.B.C.正确答案:C答案解析:Subsidiarieswhoseoperationsarewellintegratedwiththeparentwillusethep

4、arentscurrencyasthefunctionalcurrency.Whenthefunctionalcurrencyisthesameastheparent'spresentationcurrency(reportingcurrency),asitisinthiscase,thetemporalmethodisused.Therefore,Statement1isincorrect.4、 Basedonthebacktest,whichtendencyofWu'smodelishemostlikelytobesatisfiedwith?TherotationfTomt

5、1A.small-capvaluetomid-capvaluestocks.B.consumerdiscretionarytoconsumerstaplestocks.C.large-capgrowthtolarge-capvaluestocks.正确答案:C答案解析:Ciscorrect.Valuetendstooutperformgrowthinvestingintheaftermathofarecession,sothemodeliscorrectlyrotatingintovaluefromgrowthstocks.Cyclicalstockstendtooutperformnon-c

6、yclicalstocksintheaftermathofarecession,soconsumerstaplesstockswouldbelikelytounderperformdiscretionarystocks.Inaddition,smallercapitalizationcompaniestendtooutperformintheaftermathofarecession,sotheshiftfromsmall-tomid-capstockswouldbesub-optimalforthemodel.?5、 Baseduponthepremiumonarecentcomparabl

7、etransaction,Logan'sbestestimateofthetakeoverpremiumforDurtechiMdosebtto:A.19.9%.B.23.9%.C.35.8%.正确答案:B答案解析:Biscorrect.Acomparabletransactionsellsforpremiumof55/44.41=23.9%.6、 Whichoneofthefollowingactionswillhelptoensurethefairtreatmentofbrokeragefirmclientswhenanewinvestmentrecommendationismad

8、e?【单选题】A.Informingallpeopleinthefirminadvancethatarecommendationistobedisseminated.B.Distributingrecommendationstoinstitutionalclientspriortoindividualaccounts.C.Minimizingthetimebetweenthedecisionandthedisseminationofarecommendation.正确答案:C一FairDealing,teststheknowledgeoftheproc答案解析:Thecorrectanswer

9、isC.Thisquestion,whichrelatestoStandardIII(B)andcandidatesintreatingclientsfairlywhenmakinginvestmentrecommendations.ThesteplistedinCwillhelpensurethefairtreatmentofclients.AnswerAmayhavenegativeeffectsonthefairtreatmentofclients.Themorepeoplewhoknowaboutapendingchange,thegreaterthechancethatsomeone

10、willinformsomeclientsbeforetheinformation'srelease.Thefirmshouldestablishpoliciesthatlimitthenumberofpeoplewhoareawareinadvancethatarecommendationistobedisseminated.AnswerB,distributingrecommendationstoinstitutionalclientsbeforedistributingthemtoindividualaccounts,discriminatesamongclientsontheb

11、asisofsizeandclassofassetsandisaviolationofStandardIII(B).7、 BasedonExhibit1,Johnsonshouldpricethethree-yearLibor-basedinterestrateswapatafixedrateclosestto:【单选题】A.0.34%.B.1.16%.C.1.19%.正确答案:C答案解析:Ciscorrect.Theswappricingequationis8、WhatisthemostlikelybasisfortheconcernsnotedinStatement3?【单选题】A.Ext

12、ernalitiesB.RegulatoryarbitrageC.Informationalfriction正确答案:B答案解析:Biscorrect.USfirmsarelikelytobeconcernedduetotheearliertimingoftheapplicationofnew(morestringent)regulationsintheUSthaninotherG-20countries.Withmorestringentregulations,somebusinessmayflowtoless-stringentregulatoryenvironmentsorjurisdi

13、ctions.excesscontributionfor2010wouldmostlikelyentailreclassifying9、AnadjustmenttoKensingtonstatensentofcashflowstoreclassifythecompany£210million(excludingincometaxeffects)asanoutflowrelatedto:【单选题】A.investingactivitiesratherthanoperatingactivities.B.financingactivitiesratherthanoperatingactiv

14、ities.C.operatingactivitiesratherthanfinancingactivities.正确答案:B答案解析:Biscorrect.KensingtonsperiodicpensionSc0shewcaosmpanyscontributionstotheplanweJQ3.The£210differencebetweenthesetwonumberscanbeviewedasareductionoftheoverallpensionobligation.Toadjustthestatementofcashflowstoreflectthisview,ananalystwouldreclassifythe£210million(excludinginco