CFA考试《CFA二级》历年真题精选及详细
解析1007-9
1、Of the attributes summarized by Lee, which is not a requirement of an effective corporate governance system?【单选题】 A.Attribute 1. B.Attribute 2. C.Attribute 3. 正确答案:C
答案解析:C is correct. Separating the roles of chairman and chief executive officer is not a required attribute of an effective corporate governance policy. There is disagreement as to whether separating the roles of chairman and chief executive officer is an effective corporate governance attribute. The other attributes listed are part of an effective governance system. 2、NinMount’s current ratio on 31 December 2008 most likely will be highest if the results of the acquisition are reported using:【单选题】 A.the equity method.
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B.consolidation with full goodwill. C.consolidation with partial goodwill. 正确答案:A
答案解析:A is correct. The current ratio using the equity method of accounting is Current assets/Current liabilities = ￡250/￡110 = 2.27. Using consolidation (either full or partial goodwill), the current ratio = ￡390/￡200 = 1.95. Therefore, the current ratio is highest using the equity method.
3、To close the position on the hypothetical Orion trade, the fund:【单选题】
A.sells protection at a higher premium than it paid at the start of the trade.
B.buys protection at a lower premium than it received at the start of the trade.
C.buys protection at a higher premium than it received at the start of the trade. 正确答案:B
答案解析:B is correct. The trade assumes that ￡6 million of five-year CDS protection on Orion is initially sold, so the fund received the premium. Because the credit spread of the Orion CDS narrowed from 150 bps to 100 bps, the CDS position will realize a financial gain.
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4、The hypothetical Orion trade generated an approximate:【单选题】
A.loss of ￡117,000. B.gain of ￡117,000. 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.
5、Which method under the income approach is least likely to provide a realistic valuation for Property B?【单选题】 A.Layer method
B.Direct capitalization method C.Discounted cash flow method 正确答案:B
答案解析:B is correct. The net operating income for Property B is expected to be level for the next 5 years, due to existing leases, and grow 20% in year 6. A direct capitalization method would not be appropriate due to the multiple growth rates. A discounted cash flow method that assigns a terminal value, or a layer method, should be used.
6、Based on McDonald\\\\'s beliefs about Bundovian government monetary and fiscal policies, under the Mundell-Fleming model
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the Bunco is most likely expected to:【单选题】 A.Depreciate. B.Appreciate.
C.remain unchanged in value. 正确答案:B
答案解析:Given low capital mobility, a restrictive monetary and fiscal policy should lead to domestic currency appreciation under the Mundell-Fleming model.
7、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.
8、You are considering three managers for a small cap growth
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mandate. After careful analysis, you produce the following forward looking expectations about the managers’ active risk and active return:【单选题】 A.Manager A B.Manager B C.Manager C 正确答案:A
答案解析:A is correct. Manager A has the highest information ratio. The information ratio is defined as
9、The estimate of beta for Twin Industries is closest to:【单选题】 A.0.44. B.0.85. C.0.89. 正确答案:B
答案解析:B is correct. The steps to estimating a beta for a non-traded company are:
10、Based on Exhibit 2, SpeedyPro most likely repurchased shares using:【单选题】
A.a negotiated purchase agreement. B.a fixed-price tender offer. C.open market purchases.
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正确答案:B
答案解析:B is correct. SpeedyPro offered a 10% premium over the current price. This is most consistent with a fixed-price tender offer, which normally requires a premium. Negotiated purchase agreements are almost as likely to take place at prices lower than market because they are at prices above market, particularly when shareholders are trying to meet liquidity needs. Open market purchases are market based and can be timed to avoid price impact.
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CFA考试《CFA二级》历年真题精选及详细解析1007-9
