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，趕緊來看看：

1、If the US dollar were chosen as the functional currency fｏｒAcceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:【單選題】

A.selling SGD30 million of fixed assets fｏｒcash.

B.issuing SGD30 million of long-term debt to buy fixed assets.

C.issuing SGD30 million in short-term debt to purchase marketable securities.

正確答案:A

答案解析:A is correct. If the US dollar is the functional currency, the temporal method must be used, ａｎｄ　the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, ｏｒa net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term ｏｒlong-term, would increase the net monetary liability.

2、In relation to Kostecka’s handling of the Jabbertalk stock recommendation, which of the following CFA Institute Standards of Professional Conduct did he least likely violate?【單選題】

A.Priority of Transactions

B.Fair Dealing

C.Communication with Clients

正確答案:B

答案解析:B is correct. 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, ｏｒengaging 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.A is incorrect because Kostecka has violated Standard VI(B)–Priority of Transactions. There is a potential conflict of interest because the client ａｎｄ　the adviser hold the same stock, so the client should be given first priority to trade Jabbertalk.C is incorrect because according to Standard V(B)–Communication with Clients ａｎｄ　Prospective Clients, Kostecka should have distinguished fact from opinion. In addition, Kostecka should also disclose to clients ａｎｄ　prospective clients the basic format ａｎｄ　general principles of the investment processes used to analyze investments, ｓｅｌｅｃｔsecurities, ａｎｄ　construct portfolios ａｎｄ　must promptly disclose any changes that might materially affect those processes ａｎｄ　use reasonable judgment in identifying which factors are important to his investment analyses, recommendations, ｏｒactions ａｎｄ　include those factors in communications with clients ａｎｄ　prospective clients.

3、Zhang////////////\'s statement to support using the harmonic mean is best described as:【單選題】

A.incorrect with respect to large outliers.

B.incorrect with respect to small outliners.

C.correct.

正確答案:B

答案解析:B is correct. Zhang’s statement is incorrect with respect to small outliers. The harmonic mean tends to mitigate the impact of large outliers. It may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.A is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.C is incorrect. The harmonic mean may aggravate the impact of small outliers, but such outliers are bounded by zero on the downside.

4、Based on the mean-reverting level implied by the AR(1) model regression output in Exhibit 1, the forecasted oil price fｏｒSeptember 2015 is most likely to be:【單選題】

A.

4、Is Dua most likely correct with regard to the factors that drive demａｎｄ　fｏｒdifferent commercial real estate property types? 【單選題】

A.No, he is incorrect about retail space.

B.Yes.

C.No, he is incorrect about industrial ａｎｄ　warehouse space.

正確答案:A

答案解析:A is correct. Dua is correct about factors that drive demａｎｄ　fｏｒoffice space ａｎｄ　industrial ａｎｄ　warehouse space but incorrect about retail space. Employment growth drives demａｎｄ　fｏｒoffice space, while warehouse space demａｎｄ　depends broadly on economic strength. The level of import ａｎｄ　export activity is more directly related to demａｎｄ　fｏｒindustrial ａｎｄ　warehouse space, not retail space. Demａｎｄ　fｏｒretail space depends on consumer spending, job growth, ａｎｄ　economic strength.B is incorrect. Dua is correct about factors that drive demａｎｄ　fｏｒoffice space ａｎｄ　industrial ａｎｄ　warehouse space but incorrect about retail space.C is incorrect. Dua is correct about factors that drive demａｎｄ　fｏｒａｎｄ　industrial ａｎｄ　warehouse space.

5、Bickchip’s cash-flow-based accruals ratio in 2009 is closest to:【單選題】

A.9.9%.

B.13.4%.

C.23.3%.

正確答案:A

答案解析:A is correct. The cash-flow-based accruals ratio = [ni – (cfo + cfi)]/(Average NOA) = [4,038 – (9,822 – 10,068)]/43,192 = 9.9%.

6、The fraction of SGC////////////\'s market price that is attributable to the value of growth is closest to:【單選題】

A.21%.

B.34%.

C.50%.

正確答案:B

答案解析:Using the Pastor-Stambaugh model to calculate SGC////////////\'s cost of equity:0.04 + (1.20 × 0.05) + (0.50 × 0.02) + (–0.20 × 0.04) + (0.20 × 0.045) =11.10%
$28.45 = $18.74 + PVGOPVGO = $9.71PVGO/Price = $9.71/$28.45 = 34.13%

7、Based on Exhibit 2, the implied credit ａｎｄ　liquidity risks as indicated by the historical three-year swap spreads fｏｒCountry B were the lowest:【單選題】

A.1 month ago.

B.6 months ago.

C.12 months ago.

正確答案:B

答案解析:B is correct. The historical three-year swap spread fｏｒCountry B was the lowest six months ago. Swap spread is defined as the spread paid by the fixed-rate payer of an interest rate swap over the rate of the “on the run” (most recently issued) government bond security with the same maturity as the swap. The lower (higher) the swap spread, the lower (higher) the return that investors require fｏｒcredit and/ｏｒliquidity risks.The fixed rate of the three-year fixed-for-floating Libｏｒswap was 0.01% six months ago, ａｎｄ　the three-year government bond yield was –0.08% six months ago. Thus the swap spread six months ago was 0.01% – (–0.08%) = 0.09%.One month ago, the fixed rate of the three-year fixed-for-floating Libｏｒswap was 0.16%, ａｎｄ　the three-year government bond yield was –0.10%. Thus the swap spread one month ago was 0.16% – (–0.10%) = 0.26%.Twelve months ago, the fixed rate of the three-year fixed-for-floating Libｏｒswap was 0.71%, ａｎｄ　the three-year government bond yield was –0.07%. Thus, the swap spread 12 months ago was 0.71% – (–0.07%) = 0.78%.

8、Using the data in Exhibit 2, the portfolio’s annual 1% parametric VaR is closest to:【單選題】

A.CAD 17 million.

B.CAD 31 million.

C.CAD 48 million.

正確答案:B

答案解析:B is correct. The VaR is derived as follows:VaR = [(e(rp) – 2.33σp)(–1)](Portfolio value)whereE(Rp) = Annualized daily return = (0.00026 × 250) = 0.065250 = Number of trading days annually2.33 = Number of standard deviations to attain 1% VaRPortfolio value = CAD 260,000,000VaR = –(0.065 – 0.184571) × CAD 260,000,000= CAD31,088,460

9、Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:【單選題】

A.Bugle was €28,000.

B.Cathay was €37,000.

C.Dumas was €55,000.

正確答案:B

答案解析:B is correct. The difference between historical cost ａｎｄ　par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.

10、Is his response to Scahill’s question regarding the impact of changes in interest rate volatility on the OAS of callable ａｎｄ　putable bonds, Morgan is most likely:【單選題】

A.incorrect about callable ａｎｄ　putable bonds.

B.correct about callable bonds ａｎｄ　incorrect about putable bonds.

C.correct about putable bonds ａｎｄ　incorrect about callable bonds.

正確答案:A

答案解析:A is correct. Morgan’s response to Scahill is incorrect. As interest rate volatility declines, the embedded call option becomes cheaper; thus, the higher the arbitrage-free value (ｏｒmodel value) of the callable bond.Callable bond value = Value of straight bond – Value of call optionA higher value fｏｒthe callable bond means that a higher spread needs to be added to one-period forward rates to make the arbitrage-free bond value equal to the market price (i.e., the OAS is higher). Fｏｒputable bonds as interest rate volatility declines, the value of the put option declines as does the arbitrage-free value of the putable bond.Putable bond value = Value of straight bond + Value of put optionThis implies that a lower spread needs to be added to one-period forward rates to make the arbitrage free bond value equal to the market price. Thus, in this instance, the OAS is lower.B is incorrect. Morgan is correct about the impact on OAS fｏｒcallable bonds.C is incorrect. Morgan is correct about the impact on OAS fｏｒputable bonds.
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