CFA考试二级模拟试题精选0401-25(附详解)

CFA考试二级模拟试题精选0401-25(附详解）

1、Based on Smith's forecast, if Nelson deems to have acquired control of Golden, in 2017, what amount should be recorded under depreciation and amortization expense?【单选题】 A.€155 million B.€215 million C.€235 million 正确答案:B

答案解析:The projected depreciation and amortization expense will include Nelson's reported depreciation and amortization (€105 million), Golden's reported depreciation and amortization (€50 million), and amortization of Golden's licenses (€60 million). The licenses have a fair value of €360 million. €300 purchase price indicates a fair value of €600 for the net assets of Golden. The net book value of the recorded assets is €240. The previously unrecorded licenses have a fair value of €360 million. The licenses have a remaining life of six years; the amortization adjustment for 2017 will be €60 million. Therefore, projected depreciation and amortization equals €105 +

2、Assuming one option per share, an appropriate delta hedge for the GI stock would most likely be to:【单选题】

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A.sell 168,010 calls. B.sell 148,428 calls. C.buy 40,100 puts. 正确答案:A

答案解析:A is correct. The call delta is 0.5952. The number of calls to hedge 100,000 shares is calculated as 1/0.5952 = 168,010. An appropriate hedge for 100,000 shares of stock with a delta of 1 would be to sell 168,010 calls. 3、The clientele effect implies that:【单选题】 A.investors prefer high dividend paying shares.

B.investors have varying preferences regarding dividends. C.low tax bracket investors are indifferent to dividends. 正确答案:B

答案解析:B is correct. The clientele effect implies that there are varying preferences for dividends 4、Which of Lee’s statements to Carlyle about share repurchases is least accurate?【单选题】 A.Statement 2 B.Statement 1 C.Statement 3

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正确答案:B 答案解析:

5、The current service cost is closest to:【单选题】 A.$14,152. B.$15,758. C.$17,907. 正确答案:A

答案解析:A is correct. Current service cost is the present value of annual unit credit earned in the current period.

6、When Marks converts his forecasted income statement data for Julius into US dollars, the 20X2 gross profit margin will be closest to:【单选题】 A.39.1%. B.40.9%. C.44.6%. 正确答案:A

答案解析:A is correct. Under the current rate method, both sales and cost of goods sold would be translated at the 20X2 average exchange rate. The ratio would be the same as reported under the euro. €2,300 – €1,400 = €900, €900/€2,300 = 39.1%. Or, $3,542 – $2,156 = $1,386, $1,386/$3,542 = 39.1%.

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7、Is Aiklin’s policy with respect to IPO allocations consistent with required and recommended CFA Institute Standards?【单选题】 A.Yes.

B.No, because the IPO policy disadvantages certain clients.

C.No, because the different levels of service disadvantage certain clients. 正确答案:B

答案解析:B is correct. The firm violates Standard III(B)–Fair Dealing. Under Aiklin’s policy, some clients for whom an IPO is suitable may not receive their pro-rata share of the issue. CFA Standards recommend that firms allocate IPOs on a pro-rata basis to clients, not to portfolio managers.

8、In their discussion of the Omega Fund's new proxy voting policy, whose statements are likely to be consistent with the CFA Institute Standards?【单选题】 A.Libra's only.

B.Both Libra's and Natali's. C.Natali's only. 正确答案:B 答案解析:

9、The acquisition of Sky Systems by Modern Auto and the acquisition of Sky Systems by HiFly, respectively, would be examples of a:【单选题】 A.vertical merger and a horizontal merger. B.conglomerate merger and a vertical merger.

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C.conglomerate merger and a horizontal merger. 正确答案:C

答案解析:C is correct. These are conglomerate and horizontal mergers, respectively.

10、Dobson is wondering what the consequences would be if the duration of the first stage was assumed to be 11 years instead of 8, with all the other assumptions/estimates remaining the same. Considering this change, which of the following is true?【单选题】 A.In the second approach, the proportion of the total value of the stock represented by B.The total value estimated using the third approach would increase. C.

正确答案:B

答案解析:B is correct. If the extraordinary growth rate of 14 percent is expected to continue for a longer duration, the stock’s value would increase. Choice A is false because given that the first stage is longer (11 years instead of 8), the terminal value is being calculated at a later point in time. So, its present value would be smaller. Moreover, the first stage has more years and contributes more to the total value. Overall, the proportion contributed by the second stage would be smaller. Choice C is false because the intrinsic value of the stock would be higher and the appropriate conclusion would be that the stock would be undervalued to a greater extent based on the first approach.

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