CFA考試二級(jí)模擬試題精選0401-49

1、A. CFA考試二級(jí)模擬試題精選0401-49（附詳解）1、IfBardemdoesusetheequitymethodofaccountingforitspurchaseofAriana,usingExhibit1,thevalueofgoodwill,inmillions,arisingfromthepurchaseisclosestto:【單選題】?6.25.B. ?21.25.C. ?15.00.正確答案:A答案解析:Aiscorrect.Bardem'spurchasepriceforArianawillincludegoodwillof?6.25perthecalculat

2、ionbelow.UndertheequitymethodthegoodwillisincludedintheinvestmentamountonBardem'sbalancesheet.A. 2、ThelanguageintheofferingdocumentthatMadanasksChentoexplainmostlikelydescribes:【單選題】aclawbackprovision.B. carriedinterest.C. aratchetclause.正確答案:A答案解析:Aiscorrect.AclawbackprovisionrequirestheGPtoret

3、urncapitaltoLPsinexcessoftheagreedprofitsplitbetweentheLPsandGPs.Thisprovisionensuresthatwhenaprivateequityfirmexitsahighlyprofitableinvestmentearlyinthelifeofthefundbutsubsequentexitsarelessprofitable,theGPpaysbackcapitalcontributions,fees,andexpensestoLPstoensurethattheprofitsplitisinlinewiththete

4、rmsoutlinedinthefundinterestrepresentstheGPshareofprofitsgeneratedbythefund.Aratchetclauseisamechanismthatdeterminestheallocationofequitybetweenshareholdersandthemanagementteamoftheprivateequitycontrolledcompany.A. 3、DeMolay'scautiongiveninconditionisbestdescribedas:【單選題】Correct.B. incorrect,bec

5、auseonlythedependentvariableseriesneedstobetestedfortheabsenceofaunitroot.C. incorrect,becauseonlytheindependentvariableseriesneedstobetestedfortheabsenceofaunitroot.正確答案:A答案?jìng)H軍析:Whenworkingwithtwotimeseriesinaregressionanalysis,bothoftheseriesmustbetestedforthepresenceofaunitroot.Ifneitherserieshasa

6、unitroot,wecansafelyuselinearregression.4、ComparedtoNelson'sreportedearningsbeforetaxesin2016,ifBasinhadbeenclassifiedasaheldfortradingsecurity,theearningsbeforetaxes(in?A. thousands)wouldhavebeen:【單選題】thesame.B. ?2,000higher.C. ?4,000lower.A. 正確答案:B答案解析:Unrealizedgainsandlossesaresecuritiesarec

7、lassifiedasheldtherewasanunrealizedgainofidinincomestatement5、Inthecurrentinterestrateenvironment,usingarequiredreturnestimatebasedontheshort-termgovernmentbondrateandahistoricalequityriskpremiumdefinedintermsofashort-termgovernmentbondratewouldbeexpectedto:【單選題】biaslong-termrequiredreturnonequityes

8、timatesupwards.B. biaslong-termrequiredreturnonequityestimatesdownwards.C. havenoeffectonlong-termrequiredreturnonequityestimates.正確答案:A答案?jìng)H軍析:Aiscorrect.Therequiredreturnreflectsthemagnitudeofthehistoricalequityriskpremium,whichisgenerallyhigherwhenbasedonashort-terminterestrate(asaresultofthenormal

9、upwardslopingyieldcurve),andthecurrentvalueoftheratebeingusedtorepresenttherisk-freerate.Theshort-termrateiscurrentlyhigherthanthelong-termrate,whichwillalsoincreasetherequiredreturnestimate.Theshort-terminterestrate,however,overstatesthelong-termexpectedinflationrate.Usingtheshort-terminterestrate,

10、estimatesofthelong-termrequiredreturnonequitywillbebiasedupwards.6、WhichofSingh'sstatementsregardingtheinformationratioiscorrect?單選題】OnlyStatement1OnlyStatement2BothStatement1andStatement2正確答案:C答案?jìng)H軍析:Ciscorrect.Theinformationratioforaportfolioofriskyassetswillgenerallyshrinkifcashisaddedtothepor

11、tfolio.Becausethediversifiedassetportfolioisanunconstrainedportfolio,itsinformationratiowouldbeunaffectedbyanincreaseintheaggressivenessofactiveweights.A. 7、ThemeasureofcentraltendencythatRitterwillmostlikelyrecommendisthe:【單選題】median.B. harmonicmean.C. arithmeticmean.正確答案:B答案解析:Biscorrect.Theharmon

12、icmeanissometimesusedtoreducetheimpactoflargeoutlierswhichrarertyprcaiHythsingthearithmeticmeanmultiplebutnottheimpactofsmalloutliers(i.e.,thoseclosetozero).Theharmonicmeanmayaggravatetheimpactofsmalloutliers,butsuchoutliersareboundedbyzeroonthedownside.A. 8、ConsideringExhibit1,the【單選題】3.22.B. 8.06.

13、C. 30.79.正確答案:C答案解析：A. 9、WhichofthefollowingstatementsiscorrectundertheCodeandStandards?【單選題】CFAInstitutemembersandcandidatesareprohibitedfromundertakingindependentpracticeincompetitionwiththeiremployer.B. Writtenconsentfromtheemployerisnecessarytopermitindependentpracticethatcouldresultincompensati

14、onorotherbenefitsincompetitionwithamember'sorcandidate'semployer.C. Membersandcandidatesareprohibitedfrommakingarrangementsorpreparationstogointoacompetitivebusinessbeforeterminatingtheirrelationshipwiththeiremployer.正確答案:B答案解析:ThecorrectanswerisB.UnderStandardIV(A)-Loyamembersandcandidatesm

15、ayundertakeindependentpracticethatmayresultincompensationorotherbenefitincompetitionwiththeiremployeraslongastheyobtainconsentfromtheiremployer.AnswerCisnotconsistentwiththeStandardsbecausetheStandardsallowmembersandcandidatestomakearrangementsorpreparationstogointocompetitivebusinessaslongasthosear

16、rangementsdonotinterferewiththeirdutytotheircurrentemployer.AnswerAisnotconsistentwiththeStandardsbecausetheStandardsdonotincludeacompleteprohibitionagainstundertakingindependentpractice.10、InhisresponsetoYusuf,Cerra'scharacterizationoftheportfoliomanager'sinvestmentstyle,usingExhibit1,ismostlikelycorrectwithrespeA. 【單選題】growthbias.B. contrarianstrategy.C. large-caporientation.正確答案:A答案?jìng)H軍析:Aiscorrect.Cerraiscorrectregardingthegrowthbias.ThefactorsensitivityfortheValuefactoris-0.6,whichsignifiesagrowthbias.Cerraisincorrectregardingalarge-caporientationandacontrarianstrategy.T