CFA考試二級模擬試題精選0401-42

1、A. CFA考試二級模擬試題精選0401-42（附詳解）1、Whenlistingtheirnamesontheresearchreport,doBrecksenandGrohlviolateanyCFAStandards?【單選題】No.B. Yes,becauseBrecksenmisrepresentshisauthorship.C. Yes,becauseGrohlshoulddissociatefromthereport.正確答案:A答案解析:Aiscorrect.AccordingtoStandardV(A)-DiligencedReasonableBasis,researchre

2、portconclusionsorrecommendationsmayrepresenttheconsensusofagroupandnotnecessarilytheviewsoftheindividualmemberslisted.Ifthememberbelievesthattheconsensusopinionhasareasonablebasis,thenheneednotdissociatefromthereport.A. 2、【單選題】Lowerreturnonassets(ROA).B. Lowernetprofitmargin.C. Higherreturnonequity(

3、ROE).正確答案:A答案解析:In2012,CupernicoandGlacesharedjointcontrol.CupernicomustusetheequitymethodunderUSGAAP;iftheownershipstructurehadnotchanged,Cupernicowouldhavecontinuedtousetheconsolidationmethod.A. 3、Allelseequal,theuseoflong-maturitydebtisexpectedtobegreaterinthosemarketsinwhich:【單選題】inflationislow.

4、B. capitalmarketsarepassiveandilliquid.C. thelegalsystem'sprotectionofbondholders'interestsisweak.A. 正確答案:A答案侶軍析:Aiscorrect.Theuseoflong-maturitydebtisexpectedtobeinverselyrelatedtothelevel4、IftheNexTecfloaterhada3%cap,thevalueofthisembeddedcapfortheissuerwouldbeclosestto:【單選題】1.57.B. 1.09.C

5、. 0.49.正確答案:C答案解析:Ciscorrect.Valueofcappedbond=Valueofthestraightbond-Valueofembeddedcap.Tocalculatethisvalue,weneecfromthebinomialinterestratetree,cappingallcashflowsat$3(3%of$100).Thevaluationishighlightedbelow.5、WhichofMacPhail'sobservationsaboutthenewexecutivecompensationplanismostaccurate?【

6、單選題】123正確答案:A答案解析：A. 6、UsingtheapproachsuggestedbyMedevaandthedatainExhibit1,whichofthethreecountriesmostlikelyindicatesthehighestgrowthrateinpotentialGDP?【單選題】CountryX.B. CountryY.Country乙正確答案:B答案解析:Usingthelaborproductivitygrowthaccountingequation,CountryZindicatesthehighestgrowthrateinpotentialGD

7、P.A. 7、IfGronolaisreclassifiedasavailableforsale,thebalancesheetcarryingvalueofNelson'sinvestmentportfolio(in?thousands)atDecember31,2016wouldbeclosestto:【單選題】128,000.B. 165,000.134,000正確答案:C答案解析：BasinandGronolawillbemeasuredattheirmarketvaluewhereCathayismeasuredatcost.Therefore,thevaluewillbe?

8、26,000+34,000+74,000=?134,000.AisincorrectbecauseGronolashouldbevaluedatmarketvalue.Bisincorrectbecauseheldtomaturityassetisvaluedatcost.A. 8、【單選題】37.3%.B. 58.2%.C. 62.8%.正確答案:A答案侶軍析:Ifthecompanyplansonspending$160milliononnetinvestments,thenonly60%ofthefundsneedtocomefromretained9、Whichofthefollowi

9、nganalystsmostlikelyprovidesthecorrectanswertoYusuf'squestiononthecont:rtutiomoactivereturn?QuekCerraSingh正確答案:B答案侶軍析:Biscorrect.Cerraiscorrect.Todeterminewhichfactorcontributesmosttoactivereturn,notethefollowing:A. 10、Basedoneachfirm'sforecastsoftheestimatedNPVofsynergiesfromamergerbetweenAlertronandCarideo,whatpay