2020年CFA考試《CFA二級(jí)》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(cè)提升！

1、Based on the key conclusion from the Menlo Bank coffee market report, the shape of the coffee futures curve in Exhibit 2 is most consistent with the:【單選題】

A.insurance theory.

B.theory of storage.

C.hedging pressure hypothesis.

正確答案:B

答案解析:B is correct. The theory of storage focuses on the level of commodity inventories and the state of supply and demand. A commodity that is regularly stored should have a higher price in the future (contango) to account for those storage costs. Because coffee is a commodity that requires storage, its higher future price is consistent with the theory of storage.

2、With respect to Statements 3 and 4, which of the following measures of value would the distressed securities fund’s analyst consider that a core equity fund analyst might ignore?【單選題】

A.Fair value

B.Liquidation value

C.Fair market value

正確答案:B

答案解析:B is correct. The measure of value the distressed securities fund’s analyst would consider that the core equity fund analyst might ignore is liquidation value. The liquidation value of a company is its value if it were dissolved and its assets sold individually.

3、【單選題】

A.8.5%.

B.12.2%.

C.9.6%.

正確答案:A

答案解析:The H-model that Tanner decides to use is a variant of the two-stage dividend discount model. It assumes growth begins at a high rate and declines linearly throughout the super-normal growth period until it reaches a normal rate at the end. In the case of GNSK, the H-model is appropriate for estimating the required return because Tanner expects extraordinary earnings growth of 20% next year with the rate of growth diminishing over time to match industry conditions in Year 6.

4、Assuming USTOBACCO's actual return on plan assets for 2017 was $300 million loss, the interest coverage ratio, from an analyst perspective, is close to:【單選題】

A.9.9

B.9.7

C.9.4

正確答案:C

答案解析:

5、Based on Smith's forecast, if Nelson deems to have acquired control of Golden, in 2017, what amount should be recorded under depreciation and amortization expense?【單選題】

A.€155 million 

B.€215 million 

C.€235 million 

正確答案:B

答案解析:The projected depreciation and amortization expense will include Nelson's reported depreciation and amortization (€105 million), Golden's reported depreciation and amortization (€50 million), and amortization of Golden's licenses (€60 million). The licenses have a fair value of €360 million. €300 purchase price indicates a fair value of €600 for the net assets of Golden. The net book value of the recorded assets is €240. The previously unrecorded licenses have a fair value of €360 million. The licenses have a remaining life of six years; the amortization adjustment for 2017 will be €60 million. Therefore, projected depreciation and amortization equals €105 + 

6、Is Mazza’s response to Kuroda regarding the spread strategy most likely correct?【單選題】

A.No, he is incorrect about the capture of option time value.

B.No, he is incorrect about the timing of the price move.

C.Yes.

正確答案:B

答案解析:B is correct. Mazza is incorrect about the timing of the price move. In a calendar spread, the expectation is that a price move is not imminent. That is, the expectation is for an upward price move but after a lag. The trader attempts to capture the decay in time value by selling the near-dated call option and buying the long-dated call option with the same strike price. If the price does not move up immediately as the trader expects, the near-dated call option will expire worthless and the trader will capture the time value.

7、Ramiro's comments on his suggested long straddle strategy are most likely:【單選題】

A.incorrect as a decrease in price of only 10% would lead to a loss.

B.incorrect as an increase in price of only 10% would lead to a loss.

C.correct.

正確答案:A

答案解析:

8、Varden’s best answer to Quinni’s question about overall significance is:【單選題】

A.R

B.adjusted R

C.the F-statistics

正確答案: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.

9、Based on Exhibits 1 and 2, Candidate C’s forecast for cost of sales in 2013 is closest to:【單選題】

A.$18.3 million.

B.$18.9 million.

C.$19.3 million.

正確答案:C

答案解析:

10、With respect to the recommendations made by Whitney for the termination of Novatels 【單選題】

A.option 1.

B.option 2.

C.option 3.

正確答案:A

答案解析:At this point, 45 days into the swap, the swap can be settled with a cash payment to the counterparty if the market value is negative. Alternatively, if the market value is positive, then Novatel would receive a cash payment from the counterparty.