CFA考试《CFA二级》历年真题精选及详细解析1107-40
CFA考试《CFA二级》历年真题精选及答案1122-40
CFA考试《CFA二级》历年真题精选及答案1122-401、Based on Exhibit 1, the maximum loss of Strategy 1 is:【单选题】A.￥210.44.B.￥225.76.C.￥232.34.正确答案:A答案解析:A is correct. Strategy 1 is a covered call position using SMTC July 240 calls. A covered call position is a combination of a long position in the shares and a short call option. For this covered call position on SMTC, YCM would have a long position in SMTC shares and a short position in the July 240 call option on SMTC shares. The maximum loss for this covered call position would occur if the SMTC share price fell to zero. The loss on the shares would be reduced by the amount of the premium received from selling the call option. Therefore, the maximum loss of Strategy 1 is the difference between the original share price (S0) and the option premium (c2、Should Costa’s end-of-meeting comments result in changesto Hernández’s capital budgeting analysis?【单选题】A.No.B.Yes, but only to incorporate the possible delay.C.Yes, to incorporate both the possible delay and the cost of producing the prototype.正确答案:B答案解析:B is correct. Timing options (e.g., delay investing) should be included in the NPV analysis, but sunk costs should not.3、Are the two observations Berg records after the fixed income conference accurate?【单选题】A.Both statements are accurate.?B.Only Statement 1 is accurate.C.Only Statement 2 is accurate.正确答案:A答案解析:Statement 1 is correct. Swap markets tend to have more maturities with which to construct a yield curve as compared to government bond markets. Statement 2 is correct. Retail banks tend to have little exposure to swaps and hence are more likely to use the government spot curve as their benchmark.4、【单选题】。
CFA考试《CFA二级》历年真题精选及详细解析1107-74
CFA考试《CFA二级》历年真题精选及详细解析1107-741、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】A.Market-based method.parable transactions method.C.Discounted cash flow method.正确答案:B答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】A.Keep Borgonovo on the recommended list because it plots below the SML.B.Keep Borgonovo on the recommended list because it plotsabove the SML.C.Remove Borgonovo from the recommended list because it plots below the SML.正确答案:C答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list.3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】A.the linear trend model but not the log-linear trend model.B.both the linear trend model and the log-linear trend model.C.neither the linear trend model nor the log-linear trend model.正确答案:B答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.4、In accounting for the use of derivatives against the three risks that Minor has discovered, the entire gains or losses from the。
CFA考试《CFA二级》历年真题精选及答案1122-47
CFA考试《CFA二级》历年真题精选及答案1122-471、Prior to the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【单选题】A.moral hazard.B.adverse selection.C.regulatory arbitrage.正确答案:A答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Miland’s likelihood of manipulation?【单选题】A.DSRB.LEVIC.SGAI正确答案:A答案解析:A is correct. The DSR (days’ sales receivable index)variable in the Beneish model is related positively to the Beneish model M-score. Therefore, a year-over-year increase in DSR from 0.9 to 1.20 would lead to an increase in the M-score, which implies an increase in Miland’s likelihood of manipulation.3、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new。
2023金程cfa二级百题 (2)
2023金程cfa二级百题引言概述：2023年的金程CFA二级考试是众多金融从业者和学生所关注的焦点。
为了帮助考生更好地备考，本文将针对2023金程CFA二级考试的百题进行详细的解析和分析。
通过对这些题目的深入研究，考生可以更好地掌握考试的重点和难点，提高备考效果。
正文内容：1. 宏观经济学1.1 国内生产总值（GDP）的计算方法及影响因素1.2 通货膨胀和通货紧缩的原因和影响1.3 货币政策的工具和目标1.4 经济周期的特征和影响因素1.5 货币供应量和货币乘数的关系及其对经济的影响2. 金融市场和投资工具2.1 股票市场和债券市场的特点和功能2.2 股票和债券的基本概念和区别2.3 衍生品市场的种类和特点2.4 投资组合的构建和管理方法2.5 金融市场的有效性假说及其对投资者行为的影响3. 公司金融3.1 资本预算决策的基本原理和方法3.2 股权融资和债权融资的优缺点3.3 公司估值方法和指标3.4 资本结构的影响因素和优化方法3.5 公司治理的原则和机制4. 金融报表分析4.1 财务报表的基本结构和内容4.2 财务指标的计算和分析方法4.3 资产负债表和利润表的关系和分析4.4 现金流量表的作用和分析方法4.5 财务报表的调整和重分类5. 估值和投资分析5.1 股票估值方法和指标5.2 债券估值方法和指标5.3 企业估值方法和指标5.4 投资决策的基本原理和方法5.5 风险管理和投资组合的优化总结：通过对2023金程CFA二级百题的详细阐述，我们可以看到，这些题目涵盖了宏观经济学、金融市场和投资工具、公司金融、金融报表分析以及估值和投资分析等多个重要知识点。
考生在备考过程中，应该注重对这些知识点的理解和掌握。
同时，还需要注重题目的实际应用和解决问题的能力培养。
通过不断的练习和思考，考生可以更好地应对2023金程CFA二级考试，取得优异的成绩。
CFA考试《CFA二级》历年真题精选及详细解析1107-33
1、Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:【单选题】
A.62.7%.
B.67.0%.
C.69.1%.
正确答案:C
答案解析:C is correct. The calculation of Archway’s gross profit margin for 2015, which reflects the industry-wide 8% inflation on cost of goods sold (COGS), is calculated as follows:
A.Candidate A.
B.Candidate B.
C.Candidate C.
正确答案:A
答案解析:A is correct. In forecasting financing costs such as interest expense, the debt/equity structure of a company is a key determinant. Accordingly, a method that recognizes the relationship between the income statement account (interest expense) and the balance sheet account (debt) would be a preferable method for forecasting interest expense when compared with methods that forecast based solely on the income statement account. By using the effective interest rate (interest expense divided by average gross debt), Candidate A is taking the debt/equity structure into account whereas Candidate B (who forecasts 2013 interest expense to be thesame as 2012 interest expense) and Candidate C (who forecasts 2013 interest expense to be the same as the 2010–2012 average interest expense) are not taking the balance sheet into consideration.
CFA考试《CFA二级》历年真题精选及详细解析1007-3
CFA考试《CFA二级》历年真题精选及详细解析1007-41、In replying to Hextall’s recollection of the financial crisis, Klink most likely considered which risk measure?【单选题】A.VaRB.Scenario analysisC.Sensitivity analysis正确答案:B答案解析:B is correct. Scenario analysis is used for estimating how a portfolio might perform under conditions of market stress. Scenario risk measures estimate the portfolio returns that would result from a hypothetical change in markets. Stress tests and reverse stress tests are closely related to scenario risk measures. In addressing the possibility of direct exposure to extreme, negative events, Klink is describing a reverse stress test in which specific exposures of the portfolio (10 in this example) are identified. A hypothetical stress test (“reverse stress test”) is designed to measure its effect on each of these exposures.A is incorrect. VaR is used to measure the probabilityof a large loss. One limitation of VaR is its failure to take into account illiquidity.C is incorrect. Sensitivity analysis is used to estimate how gains and losses in the portfolio change with changes in the underlying risk factors. For a short-term investment portfolio consisting entirely of short-duration, high-credit-quality fixed-income securities, there is likely little or no exposure to market sensitivity risk measures, such as beta, duration, convexity, delta, and gamma.2、Stephenson’s return objective and risk tolerance are most appropriately described as:【单选题】A.Return Objective: Below average; Risk Tolerance: Above average.B.Return Objective: Above average; Risk Tolerance: Below average.C.Return Objective: Above average; Risk Tolerance: Above average.正确答案:C答案解析:C is correct.Risk: Stephenson has an above-average risk tolerance based on both his ability and willingness to assume risk. His large asset base, long time horizon, ample income to cover expenses, and lack of need for liquidity or cash flow indicate an above-average ability to assume risk. Hisconcentration in US small-capitalization stocks and his desire for high returns indicate substantial willingness to assume risk.Return: Stephenson’s financial circumstances (long time horizon, sizable asset base, ample income, and low liquidity needs) and his risk tolerance warrant an above-average total return objective. His expressed desire for a continued return of 20 percent, however, is unrealistic. Coppa should counsel Stephenson on what level of returns to reasonably expect from the financial markets over long periods of time and to define an achievable return objective.3、Stephenson’s time horizon is best characterized as:【单选题】A.short-term and single-stage.B.long-term and single-stage.C.long-term and multistage.正确答案:C答案解析:C is correct. Stephenson’s time horizon is long—he is currently only 55 years old. The time horizon consists of two stages: the first stage extends to his retirement in 15 years; the second stage may last for 20 years or more and extends from retirement until his death.4、Is Quek’s response to Yusuf most likely correct?【单选题】A.Yes.B.No, she is incorrect regarding the number of factors.C.No, she is incorrect regarding the identity of the factors.正确答案:B答案解析:B is correct. Quek is incorrect in stating that APT specifies the number of factors in a multifactor model but is correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.A is incorrect. Quek is incorrect in stating that APT specifies the number of factors in a multifactor model but correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.C is incorrect. Quek is correct in stating that APT does not specify the identity of factors in a multifactor model. APT does not indicate the number of factors or their identity.5、Is Hextall’s statement regarding the private wealth division likely correct?【单选题】A.Yes.B.No, it is incorrect about forward-looking beta.C.No, it is incorrect about ex ante tracking error.正确答案:A答案解析:A is correct. Hextall’s statement is correct. Riskmeasures for banks are typically focused on liquidity, solvency, and capital sufficiency, whereas risk measures for traditional asset managers are typically focused on investment performance. Ex ante tracking error correctly compares the current portfolio with its benchmark in attempting to measure future potential performance. Forward-looking beta is a current risk measure of a current portfolio and measures an equity portfolio’s sensitivity to the broad equity market.B is incorrect. Hextall’s statement about forward-looking beta is correct.C is incorrect. Hextall’s statement about ex ante tracking error is correct.。
cfa二级课后题讲解
cfa二级课后题讲解
CFA二级课后题讲解的内容包括但不限于以下方面：
1. 财务分析：这部分主要考察考生对财务报表的解读能力，包括资产负债表、利润表和现金流量表等。
题目会要求考生分析公司的财务状况，评估其偿债能力、盈利能力、运营能力和发展能力。
2. 投资组合管理：这部分主要考察考生对投资组合管理的理解，包括资产配置、风险管理和业绩评估等。
题目会要求考生制定投资策略，评估投资组合的风险和回报，以及根据市场变化调整投资组合。
3. 经济学：这部分主要考察考生对宏观经济学的理解，包括国民收入、货币供应、财政政策和货币政策等。
题目会要求考生分析经济形势，评估经济政策的影响，以及预测经济未来的发展趋势。
4. 金融市场：这部分主要考察考生对金融市场的理解，包括股票市场、债券市场、期货市场和期权市场等。
题目会要求考生分析市场走势，评估市场风险，以及预测市场的未来变化。
5. 公司金融：这部分主要考察考生对公司金融的理解，包括资本预算、资本结构、股利政策和公司并购等。
题目会要求考生分析公司的财务决策，评估公司的价值，以及制定公司的财务策略。
以上是CFA二级课后题讲解的一些方面，希望对您有所帮助。
CFA考试《CFA二级》历年真题精选及详细解析1007-15
CFA考试《CFA二级》历年真题精选及详细解析1007-151、In regard to calculating Wadgett's FCFF, the comment that is most appropriate is the one dealing with:【单选题】A.working capital adjustments.B.treatment of all non-cash charges.C.treatment of net borrowing.正确答案:A答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel\\\\'s first comment is correct. EBITDA has the non-cash charges of depreciation and amortization added back, so Covey\\\\'s statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel\\\\'s second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).2、Honoré describes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honoré describes are correct.3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】A.108 bps.B.101 bps.C.225 bps.正确答案:A答案解析:A is correct. The corporate bond’s fair value is computed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation for IRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in thesolution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation for IRR:The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is3.26% – 2.18% = 1.08%, or 108 bps.B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.4、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】A.ESG onlyB.10.957%.C.Tenure onlyD.Neither ESG nor tenure正确答案:C答案解析:B is correct. The t-statistic for tenure is 2.308, which is significant at the 0.027 level. The t-statistic for ESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05level.5、Based on Exhibit 1 and Tyo’s expectations, which country’s term structure is currently best for traders seeking to ride the yield curve?【单选题】A.Country AB.Country BC.Country C正确答案:A答案解析:A is correct. Country A’s yield curve is upward sloping—a condition for the strategy—and more so than Country B’s.6、To correct the problem Hake encounters when using a Monte Carlo simulation, he would most likely:【单选题】A.adjust the volatility assumption.B.increase the number of simulations.C.add a constant to all interest rates on all paths.正确答案:C答案解析:Using a Monte Carlo simulation, the model will produce benchmark bond values equal to the market prices only by chance. A constant is added to all interest rates on all paths such that the average present value for each benchmark bond equals its market value.A is incorrect because adjustingthe volatility assumption will generate another random value not equal to the benchmark bond value. The benchmark bond is option-free, so its value should not be affected by interest rate volatility.B is incorrect because increasing the model beyond 2000 paths will not lead to a different average value for the benchmark bond.7、Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a:【单选题】A.one-year loan beginning in two years.B.two-year loan beginning in two years.C.three-year loan beginning in two years.正确答案:C答案解析:C is correct. There is no spot rate information to provide rates for a loan that terminates in five years. That is f(2,3) is calculated as follows: The equation above indicates that in order to calculate the rate for a three-year loan beginning at the end of two years you need the five year spot rate r(5) and the two-year spot rate r(2). However r(5) is not provided.8、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by herfirm. While Cannan is looking for a new job, she uses the files she saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.正确答案:A答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted the files. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.9、Based on the data in Exhibit 1, current real short-term interest rates would most likely be highest in:【单选题】A.Country #1.B.Country #2.C.Country #3.正确答案:B答案解析:B is correct. Real short-term interest rates are positively related to both real GDP growth and the volatility of real GDP growth. Country #1 and Country #2 have the highest real GDP growth, as estimated by the difference between nominal GDP growth and average inflation (6.5% – 4.0% = 2.5% and 5.0% – 2.5% = 2.5%, respectively), while Country #3 has the lowest real GDP growth (3.5% – 2.0% = 1.5%). Looking at the volatility of real GDP growth, Country #2 has high real GDP growth volatility, whereas Country #1 and Country #3 have low real GDP growth volatility. Therefore, Country #2 would most likely have the highest real short-term interest rates.10、Which approach would an appraiser most likely use for valuing Property #2?【单选题】A.Cost approach.B.Income approach.C.Sales comparison approach.正确答案:B答案解析:Property #2 is an older office building with unique characteristics that could not be easily reproduced using current architectural designs and materials. Therefore, the cost approach would be less appropriate than the income approach as a basis for appraisal. The sales comparison approach would also be less suitable as the property is relatively unique.。
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A.excess earnings approach.
B.asset-based approach.
C.discounted free cash flow approach.
正确答案:C
答案解析:C is correct. The excess earnings method would rarely be applied to value the equity of a company particularly when it is not needed to value intangibles. The asset-based approach is less appropriate because it is infrequently used to estimate the business enterprise value of operating companies. By contrast, the free cash flow method is broadly applicable and readily applied in this case.
CFA考试《CFA二级》历年真题精选及详细解析1107-40
1、Based on Exhibit 1, Smith should conclude that the insurer with the most efficient underwriting operation is:【单选题】
A.Insurer A
B.Insurer B
C.Insurer C
正确答案:C
答案解析:C is correct. The combined ratio, which is the sum of the underwriting expense ratio and the loss and loss adjustment expense ratio, is a measure of the efficiency of an underwriting operation. A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss. Insurer C is the only insurer that has a combined ratio less than 100%.
A.$6 million.
B.$18 million.
C.$24 million.
正确答案:B
答案解析:$WACC = WACC x capital = 0.12 x 200 = 24
5、Based on Exhibit 1, Varden’s best answer to Quinni’s question about the F-statistic is:【单选题】
2、As compared to the temporal method, the parent\\'s fixed asset turnover for fiscal 2008 using the current rate method is:【单选题】
A.
B.
C.the same.
正确答案:A
答案解析:The local currency (the USD) is depreciating, so the historical rate will be higher than the current rate. Fixed asset turnover (sales divided by net PP&E) will be higher under the current rate method. Net PP&E will be translated at the lower currentrate, and because sales are the same under both methods, the ratio will be higher.
A.both independent variables are significant at the 0.05 level.
B.neither independent variables are signifleast one independent variables are significant at the 0.05 level.
6、If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:【单选题】
4、For this question only, assume a weighted average cost of capital (WACC) of 12.0%. YD\\'s economic value added (EVA) during the year 2008 is closest to:【单选题】
正确答案:C
答案解析:C is correct. Exhibit 1 indicates that the F-statistic of 4.161 is significant at the 0.05 level. A significant F-statisticmeans at least one of the independent variables is significant.