CFA考試二級(jí)模擬試題精選0401-36(附詳解)

1、6CFA考試二級(jí)模擬試題精選 0401-36（附詳解）1、Prior to her first conversation with Weinberger and using the information from Exhibits 1 and 2, Englands estimate of the 2013 economic profit for the newdivision (in USD millions) is closest to: 【單選題】A. -0.59.B. -0.81.C. -0.87.正確答案 :B答案解析 :2、The best answer to Pauls fir

2、st question is to usfe單選題】A. company s befo-rteax cost of debt.B.yield on high quality corporate bonds.C.company s overall cost of capital.正確答案 :B答案解析 :B is correct. The yield on high quality corporate bonds is the appropriate discount rate that should be used to calculate the present value of the f

3、uture benefits because it represents the rate at which the defined -benefit obligation could be effectively settled.3、Lees statement about the assumptions of the BSM model is accurate with regard to: 【單選題】A. interest rates but not continuous prices.B. continuous prices but not the return distributio

4、n.C. the stock return distribution but not the volatility.正確答案 :B答案解析 :B is correct. Although the BSM model assumes continuous stock prices, it also assumes that stock returns are lognormally distributed (not normally distributed).4、Which of Thorpe s actions after the Hearing Panel presentation most

5、 likely violated CFA Institute Standards【? 單選題】A. His letter to his clientsB. His complaint to the compliance officerC. His new disciplinary review consulting practice正確答案 :C答案解析 :5、If the price of GI stock approaches $75 over the next 30 days, which of the following changes in option parameter meas

6、ures will most likely be observed?單選題】A. Decreases in vega and the absolute value of thetaB. Increases in vega and the absolute value of thetaC. A decrease in vega and an increase in the absolute value of theta正確答案 :B答案解析 :B is correct. Typically, theta is negative for options. The speed of the opti

7、on value decline increases, however, as time to expiration decreases. Vega is high when options are at or near the money. During the next 30 days, the options will approach expiration and approach being at the money.6、Based on Exhibit 1, residual income for SSX is closest to: 【單選題】A. ?40.9 million.B

8、. ?90.2 million.C. ?133.9 million.正確答案 :C答案解析 :C is correct. The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge.7、Based on Exhibit 1, the maximum loss per share that would be incurred if Strategy

9、 4 was implemented is:【單選題】A. ?2.99.B. ?3.99.C. unlimited.正確答案 :B答案解析 :B is correct. Strategy 4 is a protective put position, which is a combination of a long position in shares and a long put option. By purchasing the ?25.00 strike put option, Nunes would be protected from losses at QWY share price

10、s of ?25.00 or lower. Thus, the maximum loss per share from Strategy 4 would be the loss of share value from ?28.49 to ?25.00 (or, ?3.49) plus the put premium paid for the put option of ?0.50: S = ?28.498、In a recent presentation, Doug Pearce made two statements about dividends: 【單選題】A. No for both

11、statements.B. Yes for Statement 1 and no for Statement 2.C. No for Statement 1 and yes for Statement 2.正確答案 :A答案解析 :A is correct. Both statements are incorrect. A stock dividend will decrease the price per9、 Based on Exhibit 3, Hos FCFF sensitivity analysis should conclude that Colanaris vai單選題most

12、sensitive to the:A.FCFF growth rate.B. before -tax cost of debt.C.required rate of return for equity.正確答案 :C答案解析 :C is correct. Colanari10、Which of Ho s valuation is most sensitive to the cost of equity (rs statements regarding free cash flow is (are) correct?單選題】A.Statement 1 onlyB.Statement 2 onlyC. Neither Statement 1 nor Statement 2正確答案 :C答案解析 :C is correct. Transactions between the company and its shareholders (through cash dividends, share repurchases, and share issuances) do not affect free cash flow. However, leverage changes, such as the use of more debt fina