2022年CFA考試《CFA二級》考試共240題，分為單選題。很多備考CFA考試的考生可能對于題型不是很清楚，在學習備考時比較茫然，今天幫考網給大家帶來了模擬習題10道，附答案解析，我們一起來看看：

1、Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:【單選題】

A.Insurer A

B.Insurer B

C.Insurer C

正確答案:C

答案解析:C is correct. The combined ratio, which is the sum of the underwriting expense ratio ａｎｄ　the loss ａｎｄ　loss adjustment expense ratio, is a measure of the efficiency of an underwriting operation. A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss. Insurer C is the only insurer that has a combined ratio less than 100%.

2、As compared to the temporal method, the parent////////////\'s fixed asｓｅｔturnover fｏｒfiscal 2008 using the current rate method is:【單選題】

A.

B.

C.the same.

正確答案:A

答案解析:The local currency (the USD) is depreciating, so the historical rate will be higher than the current rate. Fixed asｓｅｔturnover (sales divided by net PP&E) will be higher under the current rate method. Net PP&E will be translated at the lower current rate, ａｎｄ　because sales are the same under both methods, the ratio will be higher.

3、Ebinosa can best value Thunder using the:【單選題】

A.excess earnings approach.

B.asset-based approach.

C.discounted free cash flow approach.

正確答案:C

答案解析:C is correct. The excess earnings method would rarely be applied to value the equity of a company particularly when it is not needed to value intangibles. The asset-based approach is less appropriate because it is infrequently used to estimate the business enterprise value of operating companies. By contrast, the free cash flow method is broadly applicable ａｎｄ　readily applied in this case.

4、Fｏｒthis question only, assume a weighted average cost of capital (WACC) of 12.0%. YD////////////\'s economic value added (EVA) during the year 2008 is closest to:【單選題】

A.$6 million.

B.$18 million.

C.$24 million.

正確答案:B

答案解析:$WACC = WACC x capital = 0.12 x 200 = 24

5、Based on Exhibit 1, Varden’s best answer to Quinni’s question about the F-statistic is:【單選題】

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.

正確答案: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 the independent variables is significant.

6、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:【單選題】

A.bankruptcy risk rises with more leverage.

B.managers cannot change the value of the company by using more ｏｒless debt.

C.managers cannot increase the value of the company by employing tax saving strategies.

正確答案:B

答案解析:B is correct. Proposition I, ｏｒthe capital structure irrelevance theorem, states that the 

7、If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?【單選題】

A.3.87%.

B.4.25%.

C.5.30%.

正確答案:A

答案解析:A is correct. If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

8、Which of the following is closest to the actual rate of return on beginning plan assets ａｎｄ　the rate of return on beginning plan assets that is included in the interest income/expense calculation?【單選題】

A.The actual rate of return was 5.56 percent, ａｎｄ　the rate included in interest 

B.The actual rate of return was 1.17 percent, ａｎｄ　the rate included in interest 

C.Both the actual rate of return ａｎｄ　the rate included in interest income/expense were 

正確答案:A

答案解析:A is correct. The actual return on plan assets was 1,302/23,432 = 0.0556, ｏｒ5.56 percent. The rate of return included in the interest income/expense is the discount rate, which is given in this example as 5.48 percent.

9、Based on information in Exhibits 5 ａｎｄ　6, ER////////////\'s adjusted total debt-to-asｓｅｔratio as of end of December, 2017 is closest to:【單選題】

A.17.4%.

B.20.83%.

C.20.14%. 

正確答案:C

答案解析:

10、A factｏｒassociated with the widespread adoption of algorithmic trading is increased:【單選題】

A.market efficiency.

B.average trade sizes.

C.trading destinations.

正確答案:C

答案解析:C is correct. Global financial markets have undergone substantial change as markets have fragmented into multiple trading destinations consisting of electronic exchanges, alternative trading systems, ａｎｄ　so-called dark pools. In such an environment, when markets are continuously reflecting real-time information ａｎｄ　continuously changing conditions, algorithmic trading has been viewed as an important tool.
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