CFA考試二級(jí)模擬試題精選0401-25（附詳解）1、BasedonSmith'sforecast,ifNelsondeemstohaveacquiredcontrolofGolden,in2017,whatamountshouldberecordedunderdepreciationandamortizationexpense?【單選題】A.?155millionB.?215millionC.?235million正確答案:B答案解析:TheprojecteddepreciationandamortizationexpensewillincludeNelson'sreporteddepreciationandamortization(?105million),Golden'sreporteddepreciationandamortization(?50million),andamortizationofGolden'slicenses(?60million).Thelicenseshaveafairvalueof?360million.?300purchasepriceindicatesafairvalueof?600forthenetassetsofGolden.Thenetbookvalueoftherecordedassetsis?240.Thepreviouslyunrecordedlicenseshaveafairvalueof?360million.Thelicenseshavearemaininglifeofsixyears;theamortizationadjustmentfor2017willbe?60million.Therefore,projecteddepreciationandamortizationequals?105+2、Assumingoneoptionpershare,anappropriatedeltahedgefortheGIstockwouldmostlikelybeto:【單選題】A.sell168,010calls.B.sell148,428calls.C.buy40,100puts.正確答案:A答案解析：Aiscorrect.Thecalldeltais0.5952.Thenumberofcallstohedge100,000sharesiscalculatedas1/0.5952=168,010.Anappropriatehedgefor100,000sharesofstockwithadeltaof1wouldbetosell168,010calls.3、Theclienteleeffectimpliesthat:【單選題】A.investorspreferhighdividendpayingshares.B.investorshavevaryingpreferencesregardingdividends.C.lowtaxbracketinvestorsareindifferenttodividends.正確答案:B答案解析:Biscorrect.Theclienteleeffectimpliesthattherearevaryingpreferencesfordividends4、WhichofLee'sstatementstoCarlyleaboutsharerepurchasesisleastaccurate禪選題】A.Statement2B.Statement1C.Statement3

答案解析:5、Thecurrentservicecostisclosestto:【單選題】A.$14,152.B.$15,758.C.$17,907.正確答案:A答案解析:Aiscorrect.Currentservicecostisthepresentvalueofannualunitcreditearnedinthecurrentperiod.【單選題】6、WhenMarksconvertshisforecastedincomestatementdataforJuliusintoUSdollars,the20X2grossprofitmarginwillbeclosestto:【單選題】A.39.1%.B.40.9%.C.44.6%.正確答案:A答案解析:Aiscorrect.Underthecurrentratemethod,bothsalesandcostofgoodssoldwouldbetranslatedatthe20X2averageexchangerate.Theratiowouldbethesameasreportedundertheeuro.?2,300-?1,400=?900,?900/?2,300=39.1%.Or,$3,542wouldbethesameasreportedundertheeuro.?2,300-?1,400=?900,?900/?2,300=39.1%.Or,$3,542-$2,156=$1,386,$1,386/$3,5427、IsAiklin7、IsAiklinA.Yes.B.No,becausetheIPOpolicydisadvantagescertainclients.C.No,becausethedifferentlevelsofservicedisadvantagecertainclients.正確答案：B答案解析:Biscorrect.ThefirmviolatesStandardIII(B)—FairDealing.UnderAiklin'spolicy,someclientsforwhomanIPOpro-ratashareoftheissue.CFAStandardsrecommendthatfirmsallocateIPOsonapro-ratabasistoclients,nottoportfoliomanagers.8、IntheirdiscussionoftheOmegaFund'snewproxyvotingpolicy,whosestatementsarelikelytobeconsistentwiththeCFAInstituteStandards?【單選題】A.Libra'sonly.B.BothLibra'sandNatali's.C.Natali'sonly.正確答案:B答案解析：9、TheacquisitionofSkySystemsbyModernAutoandtheacquisitionofSkySystemsbyHiFly,respectively,wouldbeexamplesofa:【單選題】A.verticalmergerandahorizontalmerger.B.conglomeratemergerandaverticalmerger.C.conglomeratemergerandahorizontalmerger.正確答案:C答案解析:Ciscorrect.Theseareconglomerateandhorizontalmergers,respectively.10、Dobsoniswonderingwhattheconsequenceswouldbeifthedurationofthefirststagewasassumedtobe11yearsinsteadof8,withalltheotherassumptions/estimatesremainingthesame.Consideringthischange,whichofthefollowingistrue?【單選題】A.Inthesecondapproach,theproportionofthetotalvalueofthestockrepresentedbyB.Thetotalvalueestimatedusingthethirdapproachwouldincrease.C.正確答案:B答案解析:Biscorrect.Iftheextraordinarygrowthrateof14percentisexpectedtocontinueforalongerduration,thestockisfalsebecausegiventhatthefirststageislonger(11yearsinsteadof8),theterminalvalueisbeingcalculatedatalaterpointintime.So,itspresentvaluewouldbesmaller.Moreover,thefirststagehasmoreyearsandcontributesmoretothetotalvalue.Overall,theproportioncontributedb