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Equity Valuation (2)5道練習題，附答案解析，希望能幫助到你們。

1、Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:【單選題】

A.Candidate A.

B.Candidate B.

C.Candidate C.

正確答案:A

答案解析:A is correct. In forecasting financing costs such as interest expense, the debt/equity structure of a company is a key determinant. Accordingly, a method that recognizes the relationship between the income statement account (interest expense) ａｎｄ　the balance sheet account (debt) would be a preferable method fｏｒforecasting interest expense when compared with methods that forecast based solely on the income statement account. By using the effective interest rate (interest expense divided by average gross debt), Candidate A is taking the debt/equity structure into account whereas Candidate B (who forecasts 2013 interest expense to be the same as 2012 interest expense) ａｎｄ　Candidate C (who forecasts 2013 interest expense to be the same as the 2010–2012 average interest expense) are not taking the balance sheet into consideration.

2、Based on the analysts’ sales ａｎｄ　expense forecasts ａｎｄ　the data in Exhibit 1, their forecasted net profit fｏｒDarwin in 2016 will be closest to:【單選題】

A.€861 million.

B.€853 million.

C.€827 million.

正確答案:C

答案解析:A is correct.

3、Based on Exhibit 4, Archway’s forecasted gross profit margin fｏｒ2015 is closest to:【單選題】

A.62.7%.

B.67.0%.

C.69.1%.

正確答案:C

答案解析:C is correct. The calculation of Archway’s gross profit margin fｏｒ2015, which reflects the industry-wide 8% inflation on cost of goods sold (COGS), is calculated as follows:

4、Which of the three analysts’ comments about the methods used to compare Darwin’s profitability with other firms in the industry is the least accurate?【單選題】

A.Kristensen///////////\'s

B.Marchand///////////\'s

C.Palmeiro’s 

正確答案:B

答案解析:B is correct. Marchand///////////\'s comment is the least accurate. ROCE is essentially ROIC before tax ａｎｄ　is defined as operating profit divided by capital employed. As a pre-tax measure, ROCE is used when comparing peer companies in different countries because the comparison of underlying profitability would not favｏｒcompanies benefiting from low tax rate systems.

5、Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as a:【單選題】

A.hybrid approach.

B.top-down approach.

C.bottom-up approach.

正確答案:B

答案解析:B is correct. A top-down approach usually begins at the level of the overall economy. Candidate B assumes industry sales will grow at the same rate as nominal GDP but that Chrome will have a 2 percentage points decline in market share. Candidate B is not using any elements of a bottom-up approach; therefore, a hybrid approach is not being employed.
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