CFA考试二级模拟试题精选0401-56(附详解)

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CFA考试二级模拟试题精选0401-58(附详解)

CFA考试二级模拟试题精选0401-58(附详解）1、Assuming that Dena Fund and Orient Fund both have the same information ratio, the value of MXM in Exhibit 2 must be closest to:【单选题】A.10B.12C.16正确答案:B答案解析:IR(Dena) = IR(Orient)2、Based on the ratios for operating cash flow before interest and taxes to operating income, Abay should conclude that:【单选题】A.Bickchip’s earnings are backed by cash flow.B.Bickchip’s earnings are not backed by cash flow.C.Abay can draw no conclusion due to the changes in the ratios over time.正确答案:A答案解析:A is correct. Operating cash flow before interest and taxes to operating income rises steadily3、In regard to the discussion on other approaches between Mendosa and Raman, which of the following statements that they make is most accurate? Statement:【单选题】A.1B.3C.2正确答案:B答案解析:Statement 3 by Raman is most accurate. The residual income model, also called the excess earnings method, does not have the same weakness as the FCFE approach, because it is an estimate of the profit of the company after deducting the cost of all capital: debt and equity. Further, it makes no assumptions about future earnings and dividend growth.4、Assuming the AR(1) model in Exhibit 2 is appropriate, Shears should conclude that the Quarter 1, 2009, change in sales is most likely to:【单选题】A.fall from Quarter 4, 2008, change in sales.B.rise from Quarter 4, 2008, change in sales.C.remain unchanged from Quarter 4, 2008, change in sales.正确答案:A答案解析:The mean reverting value equals the intercept divided by 1 minus slope = 20/ (1—0.10)5、Regarding Question 3, the Pres party dummy variable in the model indicates that the mean monthly value for the excess stock market return is:【单选题】A.1.43 percent larger during Democratic presidencies than Republican presidencies.B.3.17 percent larger during Democratic presidencies than Republican presidencies.C.3.17 percent larger during Republican presidencies than Democratic presidencies.正确答案:B答案解析:B is correct. The coefficient for the Pres party dummy variable (3.17) represents the increment in the mean value of the dependent variable related to the Democratic Party holding the presidency. In this case, the excess stock market return is 3.17 percent greater in Democratic presidencies than in Republican presidencies.6、Based on Exhibit 1, the results of Analysis 1 should show the yield on the 20-year bond decreasing by:【单选题】A.0.3015%.B.0.6030%.C.0.8946%.正确答案:B答案解析:B is correct. Because the factors in Exhibit 1 have been standardized to have unit standard deviations, a two standard deviation increase in the steepness factor will lead to the yield on the 20-year bond decreasing by 0.6030%, calculated as follows:7、Are Aims's two comments about the dividend yield and EBITDA ratios correct?【单选题】A.Yes.B.No. The comment about EBITDA ratios is correct, but the comment about dividend yields is incorrect.C.No. The comment about dividend yields is correct, but the comment about EBITDA ratios is incorrect.正确答案:C答案解析:Comment 1 about EBITDA ratios is incorrect. EBITDA is a pre-interest variable, so it is a flow available to all suppliers of capital, not just common shareholders. The comment about dividend yields is reasonable.8、When analyzing the probability of an LBO of Country Industries, does Boswin violate any CFA Institute Standards?【单选题】A.No.B.Yes, relating to independence and objectivity.C.Yes, relating to diligence and reasonable basis.正确答案:A答案解析:A is correct. Boswin uses her usual process in researching Country Industries. She is not in possession of material nonpublic information and she maintains her objectivity. Her use of the model provides a reasonable basis for the decision not to pursue additional research or make an investment recommendation regarding Country Industries.9、If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:【单选题】A.bankruptcy risk rises with more leverage.B.managers cannot change the value of the company by using more or less debt.C.managers cannot increase the value of the company by employing tax saving strategies.正确答案:B答案解析:B is correct. Proposition I, or the capital structure irrelevance theorem, states that the10、Eagen is most likely to take advantage of his prediction for TRTRS by:【单选题】A.purchasing CDS protection and selling the underlying stock.B.selling CDS protection and buying the underlying stock.C.buying CDS protection and buying the underlying stock.正确答案:C答案解析:Typically, an LBO will result in an increase in the probability of default due to the large increase in debt levels. An investor would, therefore, seek to buy protection, as the premium would rise along with the probability of default. Due to the takeover premium that would result from the LBO, Eagen would also benefit by going long TRTRS stock.。

CFA考试二级模拟试题精选0401-51(附详解)

CFA考试二级模拟试题精选0401-51(附详解）1、With regards to investments in Sandhirst stock and retail ETF, Dutt most likely violated:【单选题】A.B.Standard II(A) - Material and Nonpublic InformationC.Standard II(A) - Material and Nonpublic Information in正确答案:B答案解析:By transacting in Sandhirst stock, Dutt did not rely on any material nonpublic information and, therefore, is not in violation2、A two-year fixed-for-floating Libor swap is 1.00% and the two-year US Treasury bond is yielding 0.63%. The swap spread is closest to:【单选题】A.37 bps.B.100 bps.C.163 bps.正确答案:A答案解析:A is correct. The swap spread = 1.00% ? 0.63% = 0.37% or 37 bps.3、Assuming that Nolte establishes a delta hedge on Pioneer stock using 3-month call options, the gamma of this delta hedged portfolio would most likely be:【单选题】A.positive.B.negative and would increase with the stock's price.C.negative and would decrease as the stock's price increases.正确答案:B答案解析:Delta hedged portfolio consists of long position in stocks and short position in call4、Based on Statement 2, which of the following sources of perceived mispricing do active investment managers attempt to identify? The difference between:【单选题】A.intrinsic value and market price.B.estimated intrinsic value and market price.C.intrinsic value and estimated intrinsic value.正确答案:A答案解析:A is correct. The difference between the true (real) but unobservable intrinsic value and the observed market price contributes to the abnormal return or alpha which is the concern of active investment managers.5、Based on Khan’s estimate of the capitalization rate, Main Company’s preferred stock is:【单选题】A.undervalued.B.fairly valued.C.overvalued.正确答案:A答案解析:A is correct. The value of a share of Main Company’s preferred stock is6、Based on Ohalin’s estimates, the amount of the joint venture’s 31 December 2010 total assets (in $ millions) that will be included on Supreme Healthcare’s consolidated financial statements will be closest to:【单选题】6、Which of Castovan’s statements regardi ng residual income models is correct?【单选题】A.Statement 1B.Statement 2C.Statement 3正确答案:B答案解析:B is correct. The residual income model’s use of accounting income assumes that the cost of debt capital is reflected approp riately by interest expense.7、Is Berg correct about the specified change in yield needed to obtain an accurate estimate of the effective duration and effective convexity of a callable bond using a binomial model?【单选题】A.No, because the specified change in yield must be larger than the option-adjusted spread (OAS).B.No, because the specified change in yield must be smaller than the OAS.C.No, because the specified change in yield can be larger than, smaller than, or equal to the OAS.正确答案:C答案解析:8、If Smith’s statement on parity conditions is correct, future spot exchange rates are to be forecast by:【单选题】A.current spot rates.B.forward exchange rates.C.inflation rate differentials.正确答案:B答案解析:B is correct. By rearranging the terms of the equation defining covered interest rate parity, and assuming that uncovered interest rate parity is in effect, the forward exchange rate is equal to the expected future spot exchange rate, , with the expected percentage change in the spot rate equal to the interest rate differential. Thus, the forward exchange rate is an unbiased forecast of the future spot exchange rate.9、Which of the following models is most appropriate for valuing HLTV?【单选题】A.H-modelB.Three-stage DDMC.Gordon growth model正确答案:B答案解析:B is correct because HLTV is forecast to have three growth stages: the growth phase (2 years at 27%), the transition phase (10 years at 12%), and the mature phase. Because the earnings growth has three stages and the dividend payout ratio is stable, a three-stage DDM is appropriate.10、Using Jatin’s 2014 estimate for FCFE per share and his other suggested inputs for growth and required return on the stock, the intrinsic value of CRN’s stock as of 2013 is closest to:【单选题】A.$21.27.B.$19.15.C.$17.37.正确答案:B答案解析:B is correct.。

CFA考试二级模拟试题精选0401-61(附详解)

CFA考试二级模拟试题精选0401-61(附详解）1、Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:【单选题】A.lower than the return on Raffarin’s common shares.B.the same as the return on Raff arin’s common shares.C.higher than the return on Raffarin’s common shares.正确答案:A答案解析:A is correct. Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conver sion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share pric e because the conversion price is not expected to be reached.2、Relative to the gross margins the subsidiaries report in local curr ency, Romulus’s consolidated gross margin most likely:【单选题】A.will not be distorted by currency translations.B.would be distorted if Augustus were using the same translation method as Julius.C.will be distorted because of the translation and inventory accounting methods Augustus is using.正确答案:C答案解析:C is correct. Augustus is using the temporal method in conjunction with FIFO inventory accounting. If FIFO is used, ending inventory is assumed to be composed of the most recently acquired items, and thus inventory will be translated at relatively recent exchange rates. To the extent that the average weight used to translate sales differs from the historical rate used to translate inventories, the gross margin will be distorted when translated into US dollars.3、In regard to the measures of economic activity, the comment by which one of the research team members is most accurate?【单选题】A.Bergman.B.Rajan.C.Medeva.正确答案:A答案解析:Medeva's comment is most accurate. The percentage change in stock market value equals the percentage change in GDP plus the percentage change in the share of earnings (profit) in GDP plus the percentage change in the price-to-earnings multiple. Over short to immediate horizons, all three of these factors contribute to appreciation or depreciation of the stock market. In the long run, however, the growth rate of GDP must dominate. As noted, the ratio of earnings to GDP cannot rise forever.4、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 potential GDP?【单选题】A.Country X.B.Country 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.5、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.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.6、According to the CFA Institute Standards, must Voser obtain permission from her supervisor before accepting the Greenhornfood gift basket?【单选题】A.No.B.Yes, because the value of the basket is higher than €50.C.Yes, because consent is required by the company’s compliance procedures.正确答案:A答案解析:A is correct. According to Standard I(B)–Independence and Objectivity, members must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Although it was sent to Voser’s office, the gift basket is a private gift from Voser’s sister and not likely to affect Voser’s professional activities. According to Excerpt 4 of the Crawfood compliance manual and Standard IV(B)–Additional Compensation Arrangements, employees must obtain permission from their employer before accepting gifts, compensation, or other benefits that compete with, or might create a conflict of interest with, the employer’s interests. The gift basket does not create a conflict or compete with the employer’s interests.7、Which implied market expectation most likely accounts for the discrepancy in bond pricing that Rutherford notes?【单选题】A.Inflation uncertaintyB.Interest rate riskC.Credit risk正确答案:A答案解析:A is correct. The breakeven inflation rate incorporates both premiums for expectations about inflation and for the uncertainty of the future inflation environment.8、【单选题】A.0.072.B.0.087.C.0.084.正确答案:A答案解析:A is correct. Use the single-stage Gordon growth model, P0 = D1/(r 一g), and apply the current market price provided by Filo and the information in Exhibit 1 to solve for g as shown:9、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as 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 as nominal GDP but that Chrome will have a 2 percentage points decline in market share. Candidate B is not using any elements of a bottom-up approach; therefore, a hybrid approach is not being employed.10、Based on Exhibit 1, the difference between the predicted annualized returns of a growth fund and an otherwise similar value fund is to:【单选题】A.1.86%.B.2.44%.C.3.01%.正确答案:B答案解析:B is correct. The estimated coefficients for the dummy variables show the estimated difference between the returns on different types of funds. The growth dummy takes the value of 1 for growth funds and 0 for the value fund. Exhibit 1 shows a growth dummy coefficient of 2.4368. The estimated difference between the return of growth funds and value funds is thus 2.4368.。

CFA考试二级模拟试题精选0401-54(附详解)

CFA考试二级模拟试题精选0401-54(附详解）1、Which of the following is most likely an unanticipated effect of regulation?【单选题】A.Hiring compliance lawyersB.Setting legal standards for contractsC.Establishing employers’ rights and responsibilities正确答案:A答案解析:A is correct. The hiring of more lawyers to deal with compliance is an example of an ‘unintended’ implementation cost. Establishing legal standards for contracts and employers’ rights and responsibilities are objectives (intended consequences) of some regulation.2、Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:【单选题】A.Neither statement violated the Code and Standards.B.Only statement I violated the Code and Standards.C.Only statement II violated the Code and Standards.正确答案:C答案解析:The correct answer is C. This question involves Standard I(C)–Misrepresentation. Statement I is a factual statement that discloses to clients and prospects accurate information about the terms of the investment instrument. Statement II, which guarantees a specific rate of return for a mutual fund, is an opinion stated as a fact and, therefore, violates Standard I(C). If statement II were rephrased to include a qualifying statement, such as “in my opinion, investors may earn . . . ,” it would not be in violation of the Standards.3、For the year 2011, the most appropriate method for Glace to use to account for its investment in AdOre was:【单选题】A.Fair value through profit and loss.B.The equity method.C.Available for sale.正确答案:B答案解析:In 2011, although Glace had less than 20% ownership interest in AdOre, it was considered to have significant influence, which required the equity method.4、The issuer of the floating-rate note B4 is in the energy industry. Ibarra personally believes that oil prices are likely to increase significantly within the next year, which will lead to an improvement in the firm’s financial health and a decline in the probability of default from 1.50% in Year 1 to 0.50% in Years 2, 3, and 4. Based on these expectations, which of the following statements is correct?【单选题】A.The CVA will decrease to €22.99.B.The note’s fair value will increase to €1,177.26.。

CFA考试二级模拟试题精选0401-44(附详解)

CFA考试二级模拟试题精选0401-44(附详解）1、Based on Exhibit 2, the job candidate most likely using a bottom-up approach to model net sales is:【单选题】A.Candidate A.B.Candidate B.C.Candidate C.正确答案:A答案解析:A is correct. A bottom-up approach for developing inputs to equity valuation models begins at the level of the individual company or a unit within the company. By modeling net sales using the average annual growth rate, Candidate A is using a bottom-up approach. Both Candidate B and Candidate C are using a top-down approach, which begins at the level of the overall economy.2、Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:【单选题】A.0.67.B.0.74.C.0.77.正确答案:C答案解析:C is correct. Enterprise value (EV) is calculated as follows:3、The total discount for both control and marketability is closest to:【单选题】A.15 percent.B.32 percent.C.35 percent.正确答案:B答案解析:B is correct. Both discounts apply and they are multiplicative rather than additive:4、Compared to Confabulated’s reported interest income in 2009, if Dumas had been classified as available-for-sale, the interest income would have been:【单选题】A.lower.B.the same.C.higher.正确答案:B答案解析:B is correct. The coupon payment is recorded as interest income whether securities are held-tomaturity or available-for-sale. No adjustment is required for amortization since the bonds were bought at par.5、Which of the following statements regarding the VaR of the Index Plus Fund is correct?【单选题】A.The expected maximum loss for the portfolio is $6.5 million.B.Five percent of the time, the portfolio can be expected to experience a loss of atC.正确答案:B答案解析:B is correct. VaR measures the frequency of losses of a given minimum magnitude. Here the VaR indicates that on 5% of trading days, the portfolio will experience a loss of at least $6.5 million. (Although C may appear to say the same thing as B, it actually implies that the portfolio will experience a loss on 95% of trading days.) The correct interpretation is that returns will be equal to or greater than -$6.5 million on 95% of trading days; those returns include gains as well as losses.6、Based on Exhibit 1, the maximum loss per share that would be incurred if Strategy 4 was implemented is:【单选题】A.€2.99.B.€3.99.C.unlimited.正确答案:B答案解析:B is correct. Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the €25.00 strike put option, Nunes would be protected from losses at QWY share prices of €25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from €28.49 to €25.00 (or, €3.49) plus the put premium paid for the put option of €0.50: S = €28.49 –€25.00 + €0.50 = €3.99.7、The most effective justification that Green could present for directing the increased allocation to her quadrant would be that, relative to the other quadrants, her quadrant of real estate investments:【单选题】A.provides greater liquidity.B.requires less professional management.C.enables greater decision-making control.正确答案:C答案解析:C is correct. Private equity investments in real estate enable greater decision-making control relative to real estate investments in the other three quadrants. A private real estate equity investor or direct owner of real estate has responsibility for management of the real estate, including maintaining the properties, negotiating leases and collecting rents. These responsibilities increase the investor’s control in the decision-making process. Investors in publicly traded REITs or real estate debt instruments would not typically have significant influence over these decisions.8、Based upon Exhibits 2, 3 and 4, which of the following statements is most accurate regarding the valuation of Property #1?【单选题】A.The cost approach valuation is $71,000,000.B.The adjusted price psf for Sales Comp B is $423 psf.C.The terminal value at the end of year 5 in the income approach is $53,632,650.正确答案:C答案解析:C is correct. The terminal value using the income approach is $53,632,650 (= Year 6 NOI/terminal cap rate = $3,217,959 / 0.06). The value of the property using the cost approach is $61,000,000 (= Land Value + Building Replacement Cost – Total Depreciation = $7,000,000 + $59,000,000 – $5,000,000). The adjusted sales price per square foot for Sales Comp B is $462 psf (= $395 × 1.17).9、Manager 1 has an information coefficient of 0.15, a transfer coefficient of 1.0, and invests in 50 securities. Manager 2 has a different strategy, investing in more securities, but is subject to investment constraints that reduce his transfer coefficient. Manager 2 has an information coefficient of 0.10, a transfer coefficient of 0.8, and invests in 100 securities. The investment selections of each manager are independent decisions. If both managers target an active risk of 5.0%, which manager will have the greater expected active return?【单选题】A.Manager 1B.Manager 2C.Both managers will have the same active return.正确答案:A答案解析:A is correct. Manager 1’s IR = TC × IC × √BR = 1.0 × 0.15 × √50 = 1.06. Manager 2’s IR = 0.8 × 0.10 × √100 = 0.80. Manager 1’s active return is 1.06(5.0) = 5.3% and Manager 2’s expected active return is 0.80(5.0) = 4.0%. Manager 1 has the greater expected active return.10、During a recession, the slope of the yield curve for default-free government bonds is most likely to:【单选题】A.flatten.B.steepen.C.become inverted.正确答案:B答案解析:B is correct. During a recession, short rates are often lower because central banks tend to lower their policy rate in these times because the output gap is likely to be negative. However, the impact of such monetary policy on longer-term rates will not be as strong, so long rates may not fall by as much as short rates. The central bank will usually be expected to bring short term rates back to normal as the recession recedes and the risk free rates will increase as economic growth recovers. Thus, the slope of the yield curve will typically steepen during a recession.。

CFA考试二级模拟试题精选0401-42(附详解)

CFA考试二级模拟试题精选0401-42(附详解）1、When listing their names on the research report, do Brecksen and Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because Brecksen misrepresents his authorship.C.Yes, because Grohl should dissociate from the report.正确答案:A答案解析:A is correct. According to Standard V(A)–Diligence and Reasonable Basis, research report conclusions or recommendations may represent the consensus of a group and not necessarily the views of the individual members listed. If the member believes that the consensus opinion has a reasonable basis, then he need not dissociate from the report.2、【单选题】A.Lower return on assets (ROA).B.Lower net profit margin.C.Higher return on equity (ROE).正确答案:A答案解析:In 2012, Cupernico and Glace shared joint control. Cupernico must use the equity method under US GAAP; if the ownership structure had not changed, Cupernico would have continued to use the consolidation method.3、All else equal, the use of long-maturity debt is expected to be greater in those markets in which:【单选题】A.inflation is low.B.capital markets are passive and illiquid.C.the legal system’s protection of bondholders’ interests is weak.正确答案:A答案解析:A is correct. The use of long-maturity debt is expected to be inversely related to the level4、If the NexTec floater had a 3% cap, the value of this embedded cap for the issuer would be closest to:【单选题】A.1.57.B.1.09.C.0.49.正确答案:C答案解析:C is correct. Value of capped bond = Value of the straight bond – Value of embedded cap. To calculate this value, we need to calculate the value from the binomial interest rate tree, capping all cash flows at $3 (3% of $100). The valuation is highlighted below.5、Which of MacPhail's observations about the new executive compensation plan is most accurate?【单选题】A.1B.2C.3正确答案:A答案解析:6、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 potential GDP?【单选题】A.Country X.B.Country 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.7、If Gronola is reclassified as available for sale, the balance sheet carrying value of Nelson's investment portfolio (in € thousands) at December 31, 2016 would be closest to:【单选题】A.128,000.B.165,000.C.134,000正确答案:C答案解析:Basin and Gronola will be measured at their market value where Cathay is measured at cost. Therefore, the value will be €26,000+34,000+74,000 = €134,000. A is incorrect because Gronola should be valued at market value. B is incorrect because held to maturity asset is valued at cost.8、【单选题】A.37.3%.B.58.2%.C.62.8%.正确答案:A答案解析:If the company plans on spending $160 million on net investments, then only 60% of the funds need to come from retained9、Which of the following analysts most likely provides the correct answer to Yusuf’s question on the contribution to active return?【单选题】A.QuekB.CerraC.Singh正确答案:B答案解析:B is correct. Cerra is correct. To determine which factor contributes most to active return, note the following:10、Based on each firm's forecasts of the estimated NPV of synergies from a merger between Alertron and Carideo, what payment method is each firm likely to prefer in the deal?【单选题】A.Both firms prefer a cash deal.B.Only Alertron prefers a cash deal.C.Only Carideo prefers a cash deal.正确答案:A。

CFA考试二级模拟试题精选0401-57(附详解)

CFA考试二级模拟试题精选0401-57(附详解）1、The type of convergence described by O’Leary in Statement 1 is best described as:【单选题】A.absolute convergence.B.free trade.C.conditional convergence.正确答案:C答案解析:C is correct. Conditional convergence means that convergence is conditional on the countries having the same savings rate, population growth rate, and production function. If these conditions hold, the neoclassical model implies convergence to the same level of per capita output as well as the same steady state growth rate.2、Which of Wu’s three observations is least likely correct?【单选题】A.Observation 3B.Observation 1C.Observation 2正确答案:A答案解析:A is correct. Observation 3 regarding consumption hedging is incorrect. Because of the pro-cyclicality of economies and corporate profits, equities are not a good hedge against bad consumption outcomes, which is one of the reasons equity investors require a risk premium.3、FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?【单选题】A.$52,122.B.$64,090.C.$97,449.正确答案:C答案解析:C is correct.4、In a recent presentation, Doug Pearce made two statements about dividends:【单选题】A.No for both statements.B.Yes for Statement 1 and no for Statement 2.C.No for Statement 1 and yes for Statement 2.正确答案:A答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per5、Based on the results depicted in Exhibit 2, DeMolay and Kamini should most likely:【单选题】A.Model the forward P/E data using an AR(1) model.B.Model the forward P/E data using a random walk model.e generalized least squares to model the forward P/E data.正确答案:C答案解析:Select and justify the choice of a particular time series model from a group of models. “Fi rst, if ARCH exists, the standard errors for the regression parameters will not be correct. In case ARCH exists, we will need to use generalized least squares to modify the model.6、The most likely effect of the change in the exchange rate between the CNY and GBP arising from GF's investment in YDYL in 2017 will be a (an):【单选题】A.adjustment loss of ￡2.70 million reported in other comprehensive income.B.adjustment gain of ￡2.41 million reported in other comprehensive income.C.re-measurement loss of ￡2.79 million reported in net income.正确答案:A答案解析:YDYL will be translated using the current rate method because the sales come from Chinese market. the functional currency is Chinese Yuan (CNY).7、Based on Exhibit 1, Varden’s best answer to Quinni’s question abou t the F-statistic is:【单选题】A.both independent variables are significant at the 0.05 level.B.neither independent variables are significant at the 0.05 level.C.at least one independent variables are significant at the 0.05 level.正确答案:C答案解析:C is correct. Exhibit 1 indicates that the F-statistic of 4.161 is significant at the 0.05 level. A significant F-statistic means at least one of theindependent variables is significant.8、Michelieu tells a prospective client, “I may not have a long-term track record yet, but I’m sure that you’ll be very pleased with my recommendations and service. In the three years that I’ve been in the business, my equity-oriented clients have averaged a total return of more than 26% a year.” The statement is true, but Michelieu only has a few clients, and one of his clients took a large position in a penny stock (against Michelieu’s advice) and realized a huge gain. This large return caused the average of all of Michelieu’s clients to exceed 26% a year. Without this one investment, the average gain would have been 8% a year. Has Michelieu violated the Standards?【单选题】A.No, because Michelieu is not promising that he can earn a 26% return in the future.B.No, because the statement is a true and accurate description of Michelieu’s track record.C.Yes, because the statement misrepresents Michelieu’s track record.正确答案:C答案解析:The correct answer is C. This question relates to Standard I(C)–Misrepresentation. Al though Michelieu’s statement about the total return of his clients’ accounts on average may be technically true, it is misleading because the majority of the gain resulted from one client’s large position taken against Michelieu’s advice. Therefore, this s tatement misrepresents the investment performance the member is responsible for. He has not taken steps to present a fair, accurate, and complete presentation of performance. Answer B is thus incorrect. Answer A is incorrect because although Michelieu is not guaranteeing future results, his words are still a misrepresentation of his performance history.9、Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level?【单选题】A.No, because the R-squared is greater than 0.05.B.No, because the p-values of the intercept and slope are less than 0.05.C.Yes, because the p-values for F and t for the slope coefficient are less than 0.05.正确答案:C答案解析:C is correct. The p-value is the smallest level of significance at which the null hypotheses concerning the slope coefficient can be rejected. In this case the p-value is less than 0.05, and thus the regression of the ratio of cash flow from operations to sales on the ratio of10、The best response that Maturin could give to Jack Aubrey's question about the marginal tax rate on dividend income is that it was:【单选题】A.15.6%.B.32.0%.C.47.6%.正确答案:C答案解析:Explain how clientele effects and agency issues may affect a company's payout policy.。

CFA考试二级模拟试题精选0401-57(附详解)

CFA考试二级模拟试题精选0401-20(附详解)

CFA考试二级模拟试题精选0401-20(附详解）1、The normalized earnings after tax for FAMCO is closest to:【单选题】A.$32,940,000.B.$34,260,000.C.$34,860,000.正确答案:C答案解析:C is correct. The new interest level is $2,000,000 instead of $1,000,000. SG&A expenses are reduced by $1,600,000 ( = $5,400,000 – $7,000,000) to $21,400,000 by salary expense savings. Other than a calculation of a revised provision for taxes, no other changes to the income statement results in normalized earnings before tax of $58,100,000 and normalized earnings after tax of $34,860,000.2、The hypothetical Orion trade generated an approximate:【单选题】A.loss of ￡117,000.B.gain of ￡117,000.C.gain of ￡234,000.正确答案:B答案解析:B is correct. The gain on the hypothetical Orion trade is ￡117,000, calculated as follows.3、What is the value per share of High Tech stock using the discounted cash flow approach if the terminal value of High Tech is based on using the cash flow multiple method to determine terminal value?【单选题】A.$35.22.B.$40.56.C.$41.57.正确答案:B答案解析:B is correct. The estimated stock price is $40.56.4、Dobson is wondering what the consequences would be if the duration of the first stage was assumed to be 11 years instead of 8, with all the other assumptions/estimates remaining the same. Considering this change, which of the following is true?【单选题】A.In the second approach, the proportion of the total value of the stock represented byB.The total value estimated using the third approach would increase.C.正确答案:B答案解析:B is correct. If the extraordinary growth rate of 14 percent is expected to continue for a longer duration, the stock’s value would increase. Choice A is false because given that the first stage is longer (11 years instead of 8), the terminal value is being calculated at a later point in time. So, its present value would be smaller. Moreover, the first stage has more years and contributes more to the total value. Overall, the proportion contributed by the second stage would be smaller. Choice C is false because the intrinsic value of the stock would be higher and the appropriate conclusion would be that the stock would be undervalued to a greater extent based on the first approach.5、When removing the multi-factor analysis from his research report, does Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because he no longer has a reasonable basis for his recommendation.C.Yes, because he is required to make full and fair disclosure of all relevant正确答案:A答案解析:A is correct. Removing the multi-factor analysis from the research report does not constitute a violation. Grohl diligently prepared the internal document according to the firm’s traditional format with a complete fundamental analysis and recommendati on—indicating diligence and a reasonable basis for his recommendation. It would be wise for Grohl to retain records of the multi-factor analysis but he need not retain the analysis in the research report to comply with Standards V(A)–Diligence and Reasonable Basis or V(C)–Record Retention.6、The divestiture technique that Lee is recommending is most likely:【单选题】A.a spin-off.B.a split-off.C.an equity carve-out.正确答案:C答案解析:C is correct. An equity carve-out involves sale of equity in a new legal entity to outsiders, and would thus result in a cash inflow for Moonbase. A spin-off or a split-off does not generate a cash flow to the firm.7、Based on Note 16, after reclassifying pension components to reflect economic income or expense, the net adjustment to profit before taxation is:【单选题】A.–€205 million.B.–€94 million.C.+€129 million.正确答案:B答案解析:B is correct. Operating income is adjusted to include only the current service costs, the interest cost component is reclassified as interest expense, and the actual return on plan assets is added as investment income. Profit before taxation adjusted for actual rather than expected return on plan assets will decrease by €94 million (205 – 299).8、The value of Position 2 is closest to:【单选题】A.–￥149,925.B.–￥150,000.C.–￥150,075.正确答案:A答案解析:A is correct. The value of Troubadour’s euro/JGB forward position is calculated as9、【单选题】A.B.C.正确答案:C答案解析:The 7-year, 7.25% convertible bond has a market price of $947 (given) and, therefore, does not qualify (as it is below par).10、Which of the following statements regarding the consolidation of WMC's Ukrainian subsidiary for the next year is least likely correct? Compared to the temporal method, the Ukrainian subsidiary's translated:【单选题】 income before translation gains or losses would be higher using the current rate method.B.Debt-to-equity ratio would be higher using the current rate method.C.Gross profit margin would be lower using the current rate method.正确答案:C答案解析:Under both the current rate and temporal methods, the revenues for the Ukrainian subsidiary would be translated using the average rate. Cost of goods sold (COGS) would be translated using the historical rate for the temporal method and the average rate for the current rate method. When a currency is depreciating, the COGS based on historical cost (temporal method) will be higher than COGS translated at the average rate (current rate method) since the average rate will incorporate the historical exchange rate and the most recent (depreciated) exchange rate, decreasing the COGS. Since translated sales are the same under both methods, gross profit and the gross profit margin will be higher under the current rate method.。

CFA考试二级模拟试题精选0401-56(附详解)

CFA考试二级模拟试题精选0401-49(附详解)

CFA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.正确答案:A答案解析:A is correct. Bardem’s purchase price for Ariana will include goodwill of €6.25 per the calculation below. Under the equity method the goodwill is included in the investment amount on Bardem’s balance sheet.2、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】A.a clawback provision.B.carried interest.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 but subsequent exits are less profitable, the GP 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’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders and the management team of the private equity controlled company.3、DeMolay's caution given in condition ⑴is 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 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 safely 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 losses are securities are classified as held there was an unrealized gain of id in income statement5、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 government 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答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term 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-free rate. The short-term rate is currently higher than the long-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 statements 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 portfolio 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答案解析:B is correct. The harmonic mean is sometimes used to reduce the impact of large outliers—which are typically the major concern in using the arithmetic 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, but such outliers are bounded by zero 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 employer.B.Written consent from the employer is necessary to permit independent practice that could result in compensation or other benefits in competition with a member’s or candidate’s employer.C.Members and candidates are prohibited from making arrangements or preparations to go into a competitive 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)–Loyalty, members and candidates may undertake independent practice that may result in compensation or other benefit in competition with their employer as long as they obtain consent from their employer. Answer C is not consistent with the Standards because the Standards allow members and candidates to make arrangements or preparations to go into competitive business as long as those 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 correct with respect to having a:【单选题】A.growth bias.B.contrarian strategy.rge-cap orientation.正确答案:A答案解析:A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.。

CFA考试二级模拟试题精选0401-52(附详解)

CFA考试二级模拟试题精选0401-52(附详解）1、Based on the regression output in Exhibit 3 and sales data in Exhibit 4, the forecasted value of quarterly sales for March 2016 for PoweredUP is closest to:【单选题】A.$4.193 billion.B.$4.231 billion.正确答案:B答案解析:C is correct. The quarterly sales for March 2016 is calculated as follows:2、Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?【单选题】A.Free cash flowB.Dividend discountC.P/E relative valuation正确答案:A答案解析:A is correct. The broad criteria for model selection are that a valuation model be consistent with the characteristics of the company being valued, appropriate given the availability and quality of the data and consistent with the purpose of the valuation. VEGA currently has negative earnings, making the use of P/E relative valuation difficult if not impossible. As VEGA does not pay a dividend and is not expected to for the foreseeable future; this would make the application of a dividend discount model problematic. However, the lack of a dividend would not be an obstacle to free cash flow valuation. Furthermore, the director of research has advised that the possibility that competitors may seek to acquire VEGA be taken in to account in valuing VEGA. The reading states that free cash flow valuation can be appropriate in such circumstances. Thus, the director of research would be most likely to recommend free cash flow valuation.3、Investors may prefer companies that repurchase their shares instead of paying a cash dividend when:【单选题】A.capital gains are taxed at lower rates than dividends.B.capital gains are taxed at the same rate as dividends.C.the company needs more equity to finance capital expenditures.正确答案:A答案解析:A is correct. When capital gains are taxed at lower rates than dividends, investors may4、The contribution of the equity portfolio to Foster's net income for the year is closest to:【单选题】A.$18,000.B.$26,000.C.$7,000.。

CFA考试二级模拟试题精选0401-23(附详解)

CFA考试二级模拟试题精选0401-23(附详解）1、When preparing the initial draft for Brecksen’s review, does Grohl violate any CFA Standards?【单选题】A.No.B.Yes, because he used Brecksen’s research reports without permission.C.Yes, because he did not use reasonable judgment in identifying which factors were正确答案:A答案解析:A is correct. Grohl exercised diligence, independence, and thoroughness in analyzing the company and its competitors. Brecksen provided his research reports for Grohl’s use and using the reports as a guide was appropriate. Standard V(A) requires that members distinguish between fact and opinion in communicating investment recommendations to clients. The Standard does not apply to investment recommendations communicated to supervisors or internal investment committees.2、In reference to the Cobb-Douglas function, N'Diarra's conclusion is best described as:【单选题】A.Incorrect because increased TFP is not subject to the law of diminishing returns.B.Incorrect because the Cobb-Douglas functions does not exhibit constant returns to scale.C.Correct.正确答案:C答案解析:The stated conclusion is accurate in its entirety. The Cobb-Douglas function exhibits constant returns to scale, which means that if all inputs are increased at the same percentage, then output rises at that percentage. Diminishing marginal productivity exists with respect to each individual input (if the other input is held constant). Continued growth in per capita output is possible even in the steady state as long as there is ongoing technological progress (increases in TFP).3、Based on Exhibit 2, relative to the estimated value of Property #1 under the discounted cash flow method, the estimated value of Property #1 using the direct capitalization method is:【单选题】A.equal.B.lower.C.higher.正确答案:C答案解析:C is correct. The direct capitalization method estimate of value for Property #1 is $52,873,143 (= Year 1 NOI/Going-in Cap Rate = $2,775,840/0.0525), which is greater than the estimated DCF4、Varden’s best answer to Quinni’s question about overall significance is:【单选题】A.RB.adjusted RC.the F-statistics正确答案:C答案解析:C is correct. In a multiple linear regression (as compared with simple regression), R does not necessarily indicate that the regression is well specified in the sense of including the correct set of variables. The F-test is an appropriate test of a regression’s overall significance in either simple or multiple regressions.5、Based on Exhibit 1, the 2011 year-end share price of Baldwin was closest to:【单选题】A.$13.23.B.$21.73.C.$30.36.正确答案:B答案解析:B is correct. Baldwin’s FFO per share in 2011 was $1.89, and the resulting share price was $21.73. First, calculate FFO per share in 2011, and then apply the year-end P/FFO multiple of 11.5x.6、Regarding the statements made by McDonnell on the comparison of private firms and public firms, are both statements correct?【单选题】A.Yes.B.No, both statements are incorrect.C.No, one statement is correct, but the other statement is incorrect.正确答案:C答案解析:Statement 1: McDonnell is correct. Private firms are usually smaller than public firms and, thus, thought to be riskier. Accordingly, private firms are usually assigned higher risk premiums and required returns than public firms. The lack of access to liquid public equity markets can also limit a private firm's growth.7、Based on Exhibit 2, Smith and Johansson should conclude that over the past three years, ABC Bank’s:【单选题】A.liquidity position has declined.B.capital adequacy has improved.C.sensitivity to market risk has improved.正确答案:C答案解析:C is correct. Over the past three years, there has been a downward trend in the two VaR measures—total trading VaR (all market risk factors) and total trading and credit portfolio VaR. This trend indicates an improvement in ABC Bank’s sensitivity, or a reduction in its exposure, to market risk. The two liquidity measures—the liquidity coverage ratio and the net stable funding ratio—have increased over the past three years, indicating an improvement in ABC Bank’s liquidity position. Trends in the three capital adequacy measures—common equity Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio—indicate a decline in ABC Bank’s capital adequacy. While the total capital ratio has remained fairly constant over the past t hree years, the common equity Tier 1 capital ratio and the Tier 1 capital ratio have declined. This trend suggests that ABC Bank has moved toward using more Tier 2 capital and less Tier 1 capital, indicating an overall decline in capital adequacy.8、When downloading the model from Greenfield Financial Corporation, does Acertado violate any CFA Institute Standards of Practice and Professional Conduct?【单选题】A.No.B.Yes, because he does not have written permission from Boswin.C.Yes, because he does not have permission from Greenfield Financial Corporation.正确答案:C答案解析:C is correct. Boswin, as an employee, developed the model on behalf of Greenfield. Therefore, Greenfield, not Boswin, is the owner of the model. Acertado violates Standard IV(A) Duties to Employers: Loyalty when he downloads the model without proper written permission from Greenfield Financial.Acertado is misappropriating employer assets.9、Topmaker’s influence on Rainer’s business activities can be best described as:【单选题】A.significant.B.controlling.C.shared control.正确答案:A答案解析:A is correct. Topmaker’s representation on the Rainer board of directors and participation in Rainer’s policymaking process indicate significant influence. Significant influence is generally assumed when the percentage of ownership interest is between 20% and 50%. Topma ker’s represe ntation on the board of directors and participation in the policymaking process, however, demonstrate significant influence despite its 15% equity interest.10、A switch from straight-line to accelerated depreciation would:【单选题】A.increase the NPV and decrease the first year operating income after taxes.B.increase the first year operating income after taxes and decrease the NPV.C.increase both the NPV and first year operating income after taxes.正确答案:A答案解析:A is correct. Accelerated depreciation shifts depreciation expense toward the earlier years so that firstyear operating income after taxes will be lower. However, because depreciation is a noncash expense, it must be added back to operating income after taxes in order to obtain after-tax operating cash flow. This process shifts cash flows from later years to earlier years, increasing the NPV.。

cfa二级考试题目

选择题关于有效市场假说，以下哪个描述是正确的？A. 在有效市场中，投资者可以通过分析信息来获得超额收益。

B. 有效市场假说认为市场总是错误的，因此投资者应忽视市场信息。

C. 有效市场假说认为市场价格反映了所有可用信息，因此无法通过分析获得超额收益。

（正确答案）D. 有效市场仅适用于股票市场，不适用于债券市场。

在评估公司的资本结构时，以下哪个因素不是考虑的重点？A. 公司的债务与股权比例。

B. 公司的盈利能力。

C. 公司的行业特点。

（正确答案）D. 公司的现金流稳定性。

以下哪个是衡量公司运营效率常用的财务指标？A. 市盈率B. 存货周转率（正确答案）C. 资本充足率D. 杠杆比率在进行股票估值时，以下哪个模型是基于公司未来现金流的贴现值？A. 市盈率模型B. 市净率模型C. 贴现现金流模型（正确答案）D. 相对估值模型关于固定收益证券，以下哪个描述是错误的？A. 固定收益证券的收益率与市场利率变动呈反向关系。

B. 固定收益证券的信用风险通常低于股票。

C. 固定收益证券的价格波动通常小于股票。

（正确答案）D. 固定收益证券的到期收益率考虑了利息再投资的风险。

在投资组合管理中，以下哪个策略旨在通过分散投资来降低风险？A. 市场时机选择策略B. 资产配置策略（正确答案）C. 股票选择策略D. 集中投资策略以下哪个不是衡量投资组合风险的常用指标？A. 标准差B. β系数C. 夏普比率D. 跟踪误差（正确答案）关于期权定价，以下哪个模型是最常用的？A. 费雪方程式B. 黑-斯科尔斯模型（正确答案）C. 有效市场假说D. 卡普兰-米尔斯模型在进行宏观经济分析时，以下哪个指标不是常用的先行指标？A. 制造业订单B. 失业率（正确答案）C. 建筑许可D. 消费者预期指数。

CFA考试二级模拟试题精选0401-60(附详解)

CFA考试二级模拟试题精选0401-60(附详解）1、The appropriate factor used to describe the type of models mentioned in Statement 3 is:【单选题】A.inflation.B.price level changes.C.risk premium adjustments.正确答案:B答案解析:C is correct. Risk premiums are more closely associated with the portfolio-balance approach. The portfolio balance approach addresses the impact of a country’s net foreign asset/liability position. Under the portfolio balance approach, investors are assumed to hold a diversified portfolio of assets including foreign and domestic bonds. Investors will hold a country’s bonds as long as they are compensated appropriately. Compensation may come in the form of higher interest rates and/or higher risk premiums.2、Which of Multifam Equity Partners’ properties listed in Exhibit 2 most likely has the highest assumed growth rate?【单选题】A.Multifam IB.Multifam IIC.Multifam III正确答案:C答案解析:C is correct. Multifam III has the highest assumed growth rate. According to the discounted cash flow method approach to valuation, the relationship between the discount rate and the cap rate is3、Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?【单选题】A.Equities.B.Short-dated, default-free government bonds.C.Long-dated, default-free government bonds.正确答案:B答案解析:B is correct. The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.4、Which of the following is an example of a conflict of interest that an effective corporate governance system would mitigate or eliminate?【单选题】A.A majority of the board is independent of management.B.Directors identify with the managers’ interests rather than those of the shareholders.C.Directors have board experience with companies regarded as having sound governance practices.。

CFA考试二级模拟试题精选0401-6(附详解)

CFA考试二级模拟试题精选0401-6（附详解）1、In discussing Wadgett's growth projections and the influence they may have on the FCFE and FCFF valuation process, which of the analysts' statements is most accurate?【单选题】A.Statement 1B.Statement 3C.Statement 2正确答案:C答案解析:C is correct. FCFF is preferred over FCFE when a company is leveraged and expecting a change in capital structure. FCFF growth will reflect fundamentals more clearly because FCFE growth will reflect fluctuating amounts of net borrowing. Second, in a forward-looking context, the required return on equity might be expected to be more sensitive to changes in financial leverage than changes in the WACC.2、Based on Batten’s regression model, the coefficient of determination indicates that:【单选题】A.Stellar’s returns explain 2.11 percent of the variability in CPIENG.B.Stellar’s returns explain 14.52 percent of the variability in CPIENG.C.Changes in CPIENG explain 2.11 percent of the variability in Stellar’s returns.正确答案:C答案解析:C is correct. R-squ ared is the coefficient of determination. In this case, it shows that 2.11 percent of the variability in Stellar’s returns is explained by changes in CPIENG.3、Which of the following is the best characterization of OUT's takeover defense tactic in response to TLGO's takeover bid five years ago?【单选题】A.Greenmail.B.White Squire defense.C.White Knight defense.正确答案:B答案解析:OUT's takeover defense seeking an angel investor, who bought a substantial minority stake of its stock, enough to block our hostile takeover bid—is consistent with the White Squire defense.4、Is Nolte correct in her analysis of the relative pricing of the 3-month put option and the 9-month put option?【单选题】A.Nolte is correct on both options.B.Nolte is only correct on the 3-month option.C.Nolte is only correct on the 9-month option.正确答案:B答案解析:Both the 3-month and the 9-month put options are correctly priced according to put- call parity. Note that you are given the continuously compounded risk-free rate, so you have to use the continuous version of put-call parity.5、A potential weakness of Johansson’s approach to estimating the required return on equity for Twin Industries is that the retu rn estimate:【单选题】A.does not include a size premium.B.may overstate potential returns over the long-term.C.does not consider systematic risk arising from the economics of the industry.正确答案:A答案解析:A is correct. Johansson intends to estimate a required return on equity using a modified CAPM approach. Twin Industries is stated to be smaller than the chosen proxy benchmark being used and there is no size premium adjustment in the CAPM framework; the framework adjusts the beta for leverage differences but this does not adjust for firm size differences. The build-up method may be more appropriate as it includes the equity risk premium and one or more additional premia, often based on factors such as size and perceived company-specific risk.6、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 government 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答案解析:A is correct. The required return reflects the magnitude of the historical equity risk premium, which is generally higher when based on a short-term 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-free rate. The short-term rate is currently higher than the long-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.7、Compared with the exit route chosen, Shoshone's least likely alternate exit route for the LUW, Inc., investment would be a(n):【单选题】A.management buyout.B.initial public offering.C.liquidation.正确答案:C答案解析:Liquidation is the route chosen if the company is no longer viable.8、Are Fourie’s comments regarding fundamental rules for ar bitrageurs most likely correct?【单选题】A.No, Rule 1 is incorrectB.YesC.No, Rule 2 is incorrect正确答案:B答案解析:B is correct. Fourie’s fundamental rules for arbitrageurs are correct. The two fundamental rules of the arbitrageur are (a) do not use your own money and (b) do not take any price risk. The arbitrageur does not spend proceeds from short selling transactions but invests them at the risk-free rate. The arbitrageur does not take market price risk, even though each step of the transaction may individually involve price risk. Because the steps are undertaken simultaneously, however, the price risk is offset.9、Which fund’s due diligence report will least likely contain the listed sections from the summary page?【单选题】A.Timbrian Equity PartnersB.Multifam Equity PartnersC.Golden Age Equity Partners正确答案:A答案解析:A is correct. Due diligence for Timbrian Equity Partners would not emphasize structural engineering issues or zoning compliance. Golden Age Equity Partners invests in and operates facilities for senior living. Due diligence would include structural inspection, compliance with local zoning ordinances, operating expenses (such as utilities), and property taxes. These would not be necessary for Timbrian’s timberlands and would be necess ary only to a small extent for the new construction being done by Multifam Equity Partners.10、Based on Exhibit 1, the maximum gain per share that could be earned if Strategy 7 is implemented is:【单选题】A.€5.74.B.€5.76.C.unlimited.正确答案:B答案解析:B is correct. Strategy 7 describes a short straddle, which is a combination of a short put option and a short call option, both with the same strike price. The maximum gain is €5.76 per share, which represents the sum of the two option premiums, or c0 + p0 = €2.54 + €3.22 = €5.76. The maximum gain per share is realized if both options expire worthless, which would happen if the share price of XDF at expiration is €75.00.。

CFA考试二级模拟试题精选0401-55(附详解)

CFA考试二级模拟试题精选0401-55(附详解）1、Using the H-model, the information in Exhibits 1 and 2, and Jatin’s estimates for growth and required return on the stock, the intrinsic value of CRN’s stock as of 2013 is closest to:【单选题】A.$22.22.B.$17.55.C.$18.38.正确答案:C答案解析:C is correct. The H-model is2、In regard to the measures of economic activity, the comment by which one of the research team members is most accurate?【单选题】A.Bergman.B.Rajan.C.Medeva.正确答案:A答案解析:Medeva's comment is most accurate. The percentage change in stock market value equals the percentage change in GDP plus the percentage change in the share of earnings (profit) in GDP plus the percentage change in the price-to-earnings multiple. Over short to immediate horizons, all three of these factors contribute to appreciation or depreciation of the stock market. In the long run, however, the growth rate of GDP must dominate. As noted, the ratio of earnings to GDP cannot rise forever.3、Is Petsas' response to Moyle regarding futures and spot prices most likely correct?【单选题】A.Yes.B.No, the explanation of when the spot price is less than the futures price is incorrect.C.No, the explanation of when the spot price exceeds the futures price is incorrect.正确答案:A答案解析:Petsas' response to Moyle is correct. Futures and spot prices must converge at expiration. If they do not, then it is possible to earn an arbitrage profit. If the spot price is greater than the futures price, then one could earn an arbitrage profit by buying the futures contract and executing the contract to purchase the underlying at the lower futures price and to sell it at the higher spot price. If the futures price exceeds the spot price at expiration, then an investor could purchase the asset at the spot price and enter into a short futures contract to sell it at the higher price, thus locking in a profit.4、Is Chang’s Statement 2 correct?【单选题】A.Yes.B.No, because the model’s coefficient estimates will be unbiased.C.No, because the model’s coefficient estimates will be consistent.正确答案:A答案解析:A is correct. Chang is correct because a correlated omitted variable will result in biased and inconsistent parameter estimates and inconsistent standard errors.5、Based on Exhibits 2 and 3, and assuming annual compounding, the per share value of Troubadour’s short position in the TSI forward contract three months after contract initiation is closest to:【单选题】A.$1.6549.B.$5.1561.C.$6.6549.正确答案:C答案解析:C is correct. The no-arbitrage price of the forward contract, three months after contract initiation, is6、The current no-arbitrage futures price of the Nikkei 225 futures contract (Position 1) is closest to:【单选题】A.15,951.81.B.16,047.86.C.16,112.21.正确答案:B答案解析:B is correct. The no-arbitrage futures price is7、Based upon Exhibit 1, the value of Property C using the direct capitalization method is closest to:【单选题】A.￡3,778,900.B.￡4,786,700.C.￡6,527,300.正确答案:C答案解析:C is correct. Under the direct capitalization method, the value of the property = NOI/(r – g).8、Is Aims correct in describing how we could transform a justified P/E ratio into a P/S ratio or a P/B ratio?【单选题】A.Yes.B.C.正确答案:A答案解析:9、Based on Exhibit 1, the best action that an investor should take to profit from the arbitrage opportunity is to:【单选题】A.buy on Frankfurt, sell on Eurex.B.buy on NYSE Euronext, sell on Eurex.C.buy on Frankfurt, sell on NYSE Euronext.正确答案:A答案解析:A is correct. This is the same bond being sold at three different prices so an arbitrage opportunity exists by buying the bond from the exchange where it is priced lowest and immediately selling it on the exchange that has the highest price. Accordingly, an investor would maximize profit from the arbitrage opportunity by buying the bond on the Frankfurt exchange (which has the lowest price of €103.7565) and selling it on the Eurex exchange (which has the highest price of €103.7956) to generate a risk-free profit of €0.0391 (as mentioned, ignoring transaction costs) per €100 par.10、Which of MacPhail's observations about the new executive compensation plan is most accurate?【单选题】A.1B.2C.3正确答案:A。

CFA考试二级模拟试题精选0401-59(附详解)

CFA考试二级模拟试题精选0401-59(附详解）1、Using the data in Exhibit 2, which of the following statements is most accurate?【单选题】A.The number of days JJK can withstand a stress-level-volume of cash outflows decreased byB.The liquidity coverage ratio decreased in each of the two years.C.The trend in net stable funding ratio indicates an increase from 2015 to 2017 in highly liquid正确答案:C答案解析:2、The retirement benefits paid during the year were closest to:【单选题】A.280.B.3,000.C.4,000.正确答案:C答案解析:C is correct. The retirement benefits paid during the year were closest to 4,000. The beginning obligation plus current and past service costs plus interest expense plus increase in obligation due to actuarial loss less ending obligation equals benefits paid (= 42,000 + 200 + 120 + (42,000 × 0.07) + 460 – 41,720 = 4,000). Beginning plan assets plus contributions plus actual return on plan assets less ending plan assets equals benefits paid (= 39,000 + 1,000 + 2,700 – 38,700 = 4,000).3、【单选题】A.volatility.B.time to expiration.C.the risk-free rate.正确答案:C答案解析:lacocca is incorrect about the risk-free rate. Higher risk-free rates result in higher call option prices and lower put option prices. She is correct about the impact of time to expiration and volatility on put and call option prices.4、Which of the following statements least accurately describes an assumption made under the structural form models of credit analysis?【单选题】A.The company's assets trade in frictionless markets.B.The risk-free interest rate is constant.C.The value of the company's assets at maturity of the debt has a normal distribution.正确答案:C答案解析:The relevant assumption is that the value of the assets (at maturity) has a lognormal distribution.。

CFA考试二级模拟试题精选0401-45(附详解)

CFA考试二级模拟试题精选0401-45(附详解）1、All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?【单选题】A.The expected inflation rate falls.B.The company’s fu ture cash flows are expected to increase.C.The yield to maturity on real default-free investments rises.正确答案:C答案解析:C is correct. According to the fundamental pricing equation, the market value of an asset2、All other things being equal, the payment of an internally financed cash dividend is most likely to result in:【单选题】A.a lower current ratio.B.a higher current ratio.C.the same current ratio.正确答案:A答案解析:A is correct. By reducing corporate cash, a cash dividend reduces the current ratio,3、Based upon Exhibit 1, which of the following statements regarding Property A is most accurate?【单选题】A.The going-in capitalization rate is 13.5%.B.It appears the riskiest of the three properties.C.The net operating income in the first year is ￡298,000.正确答案:B答案解析:B is correct. Property A has been assigned the highest discount rate (11.5%) and thus is considered to be the riskiest investment of the three alternatives. This may be because of the reliance on a single tenant. The going-in capitalization rate is 9.5% (cap rate = discount rate – growth rate). The net operating income (NOI) is ￡580,500 (= rental income + other income – property management fee = ￡575,000 + ￡27,000 –￡21,500).4、Based on the regression output in Exhibit 2, what should lead Busse to conclude that the Regression 3 equation is not correctly specified?【单选题】A.The Durbin–Watson statisticB.The t-statistic for the slope coefficientC.The t-statistics for the autocorrelations of the residual正确答案:C答案解析:C is correct. The regression output in Exhibit 2 suggests there is serial correlation in the residual errors. The fourth autocorrelation of the residual has a value of 0.6994 and a t-statistic of 4.3111, which is greater than the t-statistic critical value of 2.02. Therefore, the null hypothesis that the fourth autocorrelation is equal to zero can be rejected. This indicates strong and significant seasonal autocorrelation, which means the Regression 3 equation is misspecified.5、Nowak’s most likely response to Lin’s question is that the typ e of real estate security she prefers:【单选题】A.offers a high degree of operating flexibility.。

CFA考试二级模拟试题精选0401-15(附详解)

CFA考试二级模拟试题精选0401-15附详解）1、In his phone conversation with Boswin, Acertado least likely violates the CFA Institute Standard relating to:【单选题】A.suitability.B.integrity of capital markets.C.preservation of confidentiality.正确答案:A答案解析:A is correct. Acertado least likely violates Standard III(C), which relates to suitability during his phone conversation with Boswin. According to the Standard, members in an advisory relationship with a client must determine an investment’s suitability within the context of the client’s portfolio. The Standard also requires that members make reasonable inquiries into a client or prospective client’s investment experience; ri sk and return objectives; and financial constraints prior to making investment recommendations. Boswin is neither a client nor a prospective client, thus Acertado is not bound by the Standard of Suitability during their conversation. Acertado is, however, in jeopardy of violating other Standards—specifically those relating to Integrity of Capital Markets and?2、The Standard least likely to provide guidance for Telline when working with the clients’ investment policy statements would b e the Standard relating to:【单选题】A.suitability.B.fair dealing.C.loyalty, prudence, and care.正确答案:B答案解析:B is correct. Telline is not likely to receive appropriate guidance on developing or revising investment policy statements from the Standard relating to Fair Dealing. Standard III(B) provides members with guidance on treating clients fairly when making investment recommendations, providing investment analysis, or taking investment action. Telline could obtain guidance from the Standards relating to Loyalty, Prudence, and Care and Suitability. Both Standard III(A) and (C) provide guidance for members in determining client objectives and the suitability of investments.3、Based on Exhibit 1, the 2011 year-end share price of Baldwin was closest to:【单选题】A.$13.23.B.$21.73.C.$30.36.正确答案:B答案解析:B is correct. Baldwin’s FFO per share in 2011 was $1.89, and the resulting share price was $21.73. First, calculate FFO per share in 2011, and then apply the year-end P/FFO multiple of 11.5x.4、Which one of the following factors is the least likely to affect the individual investor's ability to accept risk?【单选题】A.Required spending needs.B.Financial strength.C.Behavioral factors.。