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CFA考试《CFA二级》历年真题精选

发布时间:2023-04-03 10:20:14 来源:互联网

CFA考试《CFA二级》历年真题精选梳理好了,考生们一定要认真学习,不要抱着侥幸的心理,没有准备就想去考试,没有付出哪有成功。

CFA考试《CFA二级》历年真题精选

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

A.Attribute 1.

B.Attribute 2.

C.Attribute 3.

正确答案:C

答案解析:C is correct. Separating the roles of chairman andchief executive officer is not a required attribute of an effective corporate governance policy. There is disagreement as to whether separating the roles of chairman andchief 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:【单选题】

A.the equity method.

B.consolidation with full goodwill.

C.consolidation with partial goodwill.

正确答案: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:【单选题】

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.

正确答案: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:【单选题】

A.loss of £117,000.

B.gain of £117,000.

C.gain of £234,000.

正确答案: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?【单选题】

A.Layer method

B.Direct capitalization method

C.Discounted cash flow method

正确答案: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, andgrow 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.

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