CFA考試二級(jí)模擬試題精選0401-11(附詳解)

CFA考試二級(jí)模擬試題精選0401-11（附詳解）1、Oneinterpretationofanupwardslopingyieldcurveisthatthereturnstoshort -datedbondsare:【單選題】A.uncorrelatedwithbadtimes.B.morepositivelycorrelatedwithbadtimesthanarereturnstolong-datedbonds.C.morenegativelycorrelatedwithbadtimesthanarereturnstolong-datedbonds.正確答案:C答案解析:Ciscorrect.Oneinterpretationofanupwardslopingyieldcurveisthatreturnstoshortdatedbondsaremorenegativelycorrelatedwithbadtimesthanarereturnstolong-datedbonds.Thisinterpretationisbasedonthenotionthatinvestorsarewillingtopayapremiumandacceptalowerreturnforshort-datedbondsiftheybelievethatlong-datedbondsarenotagoodhedgeagainsteconomicbadtimes”2、Theeconomicincome($)forYear3ofVincentInc.'smanufacturingprojectisclosestto: 【單選題】A.34,365.B.43,754.C.58,674正確答案:B答案解析:Economicincome答案解析:Economicincome=changeinmarketvalueplustheafter'soutlookforequityreturnsarevalidated,whichbond-taxcashflow.Finalyearcashflowincludesbothoperatingandnon-operatingcashflow.3、BasedonExhibit2,andassumingthattheforecastforinterestratesandSmithtobeexercised?【單選題】Bond2Bond3Bond4正確答案:C答案解析:Ciscorrect.Ifthecentralbanktakesactionsthatleadtolowerinterestrates,theyieldsonAlphamaturityonBond4(callable)fallsbelowthe1.55%couponrate,thecalloptionwillbecomevaluableandAlphamaycallthebondbecauseitisinthemoney.4、 30daysafterinitiationoftheUSD/GBPforwardcontract,themark-to-marketvalueofthecontractisclosestto:【單選題】USD860.USD1,195.USD2,190.正確答案:A答案解析:Theoriginal60-dayforwardcontractcallsforlongGBP.Sotheall-inforwardpriceFP=2.0085.After30days,thecontractwouldstillhave30daysremainingtoexpiration.Thenew30-day5、 ShouldWattconcludethatUNABexperiencedacreditevent?【單選題】Yes.No,becauseUNABdidnotfileforbankruptcy.No,becausethefailuretopayoccurredonasubordinatedunsecuredbond.正確答案:A答案解析:Aiscorrect.UNABexperiencedacrediteventwhenitfailedtomakethescheduledcouponpaymentontheoutstandingsubordinatedunsecuredobligation.Failuretopay,acreditevent,occurswhenaborrowerdoesnotmakeascheduledpaymentofprincipalorinterestonanyoutstandingobligationsafteragraceperiod,evenwithoutaformalbankruptcyfiling.6、GivenChin'sconcerns,themostappropriatedefinitionofvalueforThunderis:【單選題】intrinsicvalue.investmentvalue.fairmarketvalue.正確答案:A答案解析:Aiscorrect.Boththecurrentshareholdersandthefutureshareholders(theprivateinvestmentgroup)sharethesameexpectations.ItismostreasonabletoassumethatbothareconcernedwithThunderlessvolatilemarketconditions.reasonabletoassumethatbothareconcernedwithThunderlessvolatilemarketconditions.'sintrinsicvalue,whichmarketpricesshouldreflectwhenthecompanyisbroughtpublicunder7、WhichofMultifamEquityPartners'propertieslistedinExhibit27、WhichofMultifamEquityPartnersMultifamIMultifamIIMultifamIII正確答案:B答案解析:Biscorrect.MultifamIIwouldhavethehighestpermittedLTV.Therelationshipbetweendebtservice,NOI,andthedebtservicecoverageratiois-yearcorporatetransitionmatrixinExhibit7ofthe8、BondB3willhaveamodifieddurationof2.75attheendoftheyear.Basedontherepresentativeone-yearcorporatetransitionmatrixinExhibit7ofthereadingandassumingnodefault,howshouldtheanalystadjustthebond'readingandassumingnodefault,howshouldtheanalystadjustthebond'syieldtomaturity(YTM)toassesstheexpectedreturnonthebondovertheAdd7.7bpstoYTM.Subtract7.7bpsfromYTM.Subtract9.0bpsfromYTM.正確答案:B答案解析:Biscorrect.Foreachpossibletransition,theexpectedpercentagepricechange,computedasthe

9、AreWesterlund'sstatements#1and#2correctregardingthfe單選題】Palladiosystematicrisk:No;factorsaffectingbetaestimation:Yes.B.C.答案解析:Ciscorrect.Westerlund正確答案答案解析:Ciscorrect.Westerlund'sfirststatementiscorrect:Betaismorestableforportfoliosthanforindividualstocks.ThesecondstatementisalsocorrectBetaestimationisaffectedbyallthelisteditems.10、Whichofthefollowingbestdefinestheconceptofcorporategovernance?【單選題】A.Asystemformonitoringmanagers'activities,rewardingperformance,anddiscipliningmisbehavior.A.AsystemformonitoringmanagersB.Corporatevaluesandgovernancestructuresthatensurethebusinessisconductedinanethical,competent,fair,andprofessionalmanner.C.Asystemofprinciples,polici