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，希望能幫助到你們。

1、Of the attributes summarized by Lee, which is not a requirement of an effective corporate governance system?【單選題】

A.Attribute 1.

B.Attribute 2.

C.Attribute 3.

正確答案:C

答案解析:C is correct. Separating the roles of chairman ａｎｄ　chief executive officer is not a required attribute of an effective corporate governance policy. There is disagreement as to whether separating the roles of chairman ａｎｄ　chief executive officer is an effective corporate governance attribute. The other attributes listed are part of an effective governance system.

2、NinMount’s current ratio on 31 December 2008 most likely will be highest if the results of the acquisition are reported using:【單選題】

A.the equity method.

B.consolidation with full goodwill.

C.consolidation with partial goodwill.

正確答案:A

答案解析:A is correct. The current ratio using the equity method of accounting is Current assets/Current liabilities = ￡250/￡110 = 2.27. Using consolidation (either full ｏｒpartial goodwill), the current ratio = ￡390/￡200 = 1.95. Therefore, the current ratio is highest using the equity method.

3、To close the position on the hypothetical Orion trade, the fund:【單選題】

A.sells protection at a higher premium than it paid at the start of the trade.

B.buys protection at a lower premium than it received at the start of the trade.

C.buys protection at a higher premium than it received at the start of the trade.

正確答案:B

答案解析:B is correct. The trade assumes that ￡6 million of five-year CDS protection on Orion is initially sold, so the fund received the premium. Because the credit spread of the Orion CDS narrowed from 150 bps to 100 bps, the CDS position will realize a financial gain.

4、The hypothetical Orion trade generated an approximate:【單選題】

A.loss of ￡117,000.

B.gain of ￡117,000.

C.gain of ￡234,000.

正確答案:B

答案解析:B is correct. The gain on the hypothetical Orion trade is ￡117,000, calculated as follows.

5、Which method under the income approach is least likely to provide a realistic valuation fｏｒProperty B?【單選題】

A.Layer method

B.Direct capitalization method

C.Discounted cash flow method

正確答案:B

答案解析:B is correct. The net operating income fｏｒProperty B is expected to be level fｏｒthe next 5 years, due to existing leases, ａｎｄ　grow 20% in year 6. A direct capitalization method would not be appropriate due to the multiple growth rates. A discounted cash flow method that assigns a terminal value, ｏｒa layer method, should be used.

6、Based on McDonald\\\\\\\\\\\\\\'s beliefs about Bundovian government monetary ａｎｄ　fiscal policies, under the Mundell-Fleming model the Bunco is most likely expected to:【單選題】

A.Depreciate.

B.Appreciate.

C.remain unchanged in value.

正確答案:B

答案解析:Given low capital mobility, a restrictive monetary ａｎｄ　fiscal policy should lead to domestic currency appreciation under the Mundell-Fleming model.

7、In regard to calculating Wadgett\\\\\\\\\\\\\\'s FCFF, the comment that is most appropriate is the one dealing with:【單選題】

A.working capital adjustments.

B.treatment of all non-cash charges.

C.treatment of net borrowing.

正確答案:A

答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel\\\\\\\\\\\\\\'s first comment is correct. EBITDA has the non-cash charges of depreciation ａｎｄ　amortization added back, so Covey\\\\\\\\\\\\\\'s statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back fｏｒFCFE not FCFF, so Paschel\\\\\\\\\\\\\\'s second statement is incorrect.

8、You are considering three managers fｏｒa small cap growth mandate. After careful analysis, you produce the following forward looking expectations about the managers’ active risk ａｎｄ　active return:【單選題】

A.Manager A

B.Manager B

C.Manager C

正確答案:A

答案解析:A is correct. Manager A has the highest information ratio. The information ratio is defined as

9、The estimate of beta fｏｒTwin Industries is closest to:【單選題】

A.0.44.

B.0.85.

C.0.89.

正確答案:B

答案解析:B is correct. The steps to estimating a beta fｏｒa non-traded company are:

10、Based on Exhibit 2, SpeedyPro most likely repurchased shares using:【單選題】

A.a negotiated purchase agreement.

B.a fixed-price tender offer.

C.open market purchases.

正確答案:B

答案解析:B is correct. SpeedyPro offered a 10% premium over the current price. This is most consistent with a fixed-price tender offer, which normally requires a premium. Negotiated purchase agreements are almost as likely to take place at prices lower than market because they are at prices above market, particularly when shareholders are trying to meet liquidity needs. Open market purchases are market based ａｎｄ　can be timed to avoid price impact.
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