CFA考试二级模拟试题精选0401-20(附详解）
1、The normalized earnings after tax for FAMCO is closest to:【单选题】 A.$32,940,000. B.$34,260,000. C.$34,860,000. 正确答案:C
答案解析:C is correct. The new interest level is $2,000,000 instead of $1,000,000. SG&A expenses are reduced by $1,600,000 ( = $5,400,000 – $7,000,000) to $21,400,000 by salary expense savings. Other than a calculation of a revised provision for taxes, no other changes to the income statement results in normalized earnings before tax of $58,100,000 and normalized earnings after tax of $34,860,000. 2、The hypothetical Orion trade generated an approximate:【单选题】 A.loss of ￡117,000. B.gain of ￡117,000.
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C.gain of ￡234,000. 正确答案:B
答案解析:B is correct. The gain on the hypothetical Orion trade is ￡117,000, calculated as follows.
3、What is the value per share of High Tech stock using the discounted cash flow approach if the terminal value of High Tech is based on using the cash flow multiple method to determine terminal value?【单选题】 A.$35.22. B.$40.56. C.$41.57. 正确答案:B
答案解析:B is correct. The estimated stock price is $40.56.
4、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.
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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.
5、When removing the multi-factor analysis from his research report, does Grohl violate any CFA Standards?【单选题】 A.No.
B.Yes, because he no longer has a reasonable basis for his recommendation. C.Yes, because he is required to make full and fair disclosure of all relevant 正确答案:A
答案解析:A is correct. Removing the multi-factor analysis from the research report does not constitute a violation. Grohl diligently prepared the internal document according to the firm’s traditional format with a complete fundamental analysis and recommendation—indicating diligence and a reasonable basis for his recommendation. It would be wise for Grohl to retain records of the multi-factor analysis but he need not retain the analysis in the research report to comply with Standards V(A)–Diligence and Reasonable Basis or V(C)–Record Retention. 6、The divestiture technique that Lee is recommending is most likely:【单选题】 A.a spin-off.
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CFA考试二级模拟试题精选0401-20(附详解)
