2020年CFA考試《CFA二級》考試共題，分為。小編為您整理精選模擬習(xí)題10道，附答案解析，供您考前自測提升！

1、As a result of Thorpe’s admission he traded in Savanna shares, which CFA Institute Standard of Practice will Okada least likely investigate for a possible violation?【單選題】

A.Professionalism

B.Duties to Clients

C.Integrity of Capital Markets

正確答案:B

答案解析:B is correct. Okada is least likely to investigate CFA Institute Standard III: Duties to Clients. When trading in Savanna shares, Thorpe likely displayed loyalty, prudence, and care by putting the interests of his clients before his own, as required under Standard III: Duties to Clients. Thorpe, however, likely violated Standard II: Integrity of Capital Markets when he traded on information that could be considered material and non-public. Despite insider trading being legal in Thorpe’s jurisdiction, as a CFA candidate, he is required under Standard I: Professionalism to uphold the stricter standard, which in this case is the CFA Institute Code and Standards. By violating Standard II: Integrity of Capital Markets, he has likely violated Standard I: Professionalism.

2、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, England's estimate of the 2013 economic profit for the new division (in USD millions) is closest to:【單選題】

A.-0.59.

B.-0.81.

C.-0.87.

正確答案:B

答案解析:

3、Based on the Modigliani and Miller (MM) propositions with corporate taxes, Aquarius’s WACC is closest to:【單選題】

A.3.38%.

B.7.87%.

C.11.25%.

正確答案:B

答案解析:

4、In her response to Silverman regarding the characteristics of the three valuation approaches, Lin is least likely correct with respect to the:【單選題】

A.DCF approach.

B.sales comparison approach.

C.

正確答案:A

答案解析:A is correct. Although Lin is correct that the DCF method takes into account the cash flows that investors care about, she is not correct in stating that DCF takes into account the cyclical nature of the real estate market.

5、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【單選題】

A.ESG only

B.10.957%.

C.Tenure only

D.Neither ESG nor tenure

正確答案:C

答案解析:B is correct. The t-statistic for tenure is 2.308, which is significant at the 0.027 level. The t-statistic for ESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05 level.

6、Topmaker’s influence on Rainer’s business activities can be best described as:【單選題】

A.significant.

B.controlling.

C.shared control.

正確答案: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%. Topmaker’s representation on the board of directors and participation in the policymaking process, however, demonstrate significant influence despite its 15% equity interest.

7、The value of Bond #2 is closest to:【單選題】

A.102.103% of par.

B.103.121% of par.

C.103.744% of par.

正確答案:A

答案解析:A is correct:

8、【單選題】

A.Priority of Transactions.

B.Communication with Clients.

C.Communication with Clients.

正確答案:C

答案解析:Standard III (B) Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.

9、The estimated value of the office building (Option 1) using the discounted cash flow approach is closest to:【單選題】

A.WL$ 89 million.

B.WL$ 93 million.

C.WL$ 99 million.

正確答案:C

答案解析:There are two components to this valuation. The first component is the cash flows for the first seven years. The second component is the terminal value.

10、Which of the properties in Exhibit 1 exposes the owner to the greatest risk related to operating expenses?【單選題】

A.Property A

B.Property B

C.Property C

正確答案:B

答案解析:B is correct. Property B is a gross lease, which requires the owner to pay the operating expenses. Accordingly, the owner, First Life, incurs the risk of Property B’s operating expenses, such as utilities, increasing in the future.