2025年CFA二級模擬試卷及答案解析考試時間：______分鐘總分：______分姓名：______SectionA:MultipleChoiceQuestionsQuestion1:Aninvestorisconsideringpurchasinga5-yearcorporatebondwithacouponrateof6%paidsemi-annually.Thebond'syieldtomaturity(YTM)is5%.Whatistheapproximatepriceofthebondper$100offacevalue?A)$103.80B)$101.00C)$100.00D)$96.20Question2:WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate?A)Themodelassumesthatallinvestorshavethesameriskaversioncoefficient.B)Themarketriskpremiumiscalculatedastherisk-freerateminustheexpectedreturnonthemarketportfolio.C)Thebetaofaportfolioisalwaysequaltotheweightedaverageofthebetasoftheindividualassetsintheportfolio.D)Themodelissolelyapplicabletothevaluationofequitysecurities.Question3:Ananalystisevaluatingtwostocks,StockAandStockB.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof15%andastandarddeviationof22%.IfthecorrelationcoefficientbetweenthereturnsofStockAandStockBis0.4,whatistheexpectedreturnandstandarddeviationofaportfolioconsistingof60%StockAand40%StockB?A)ExpectedReturn:13.2%,StandardDeviation:19.68%B)ExpectedReturn:13.2%,StandardDeviation:21.56%C)ExpectedReturn:13.8%,StandardDeviation:19.68%D)ExpectedReturn:13.8%,StandardDeviation:21.56%Question4:Whichofthefollowingisgenerallyconsideredasignofstrongtechnicalanalysis?A)Astockconsistentlytradesaboveitsmovingaverage.B)Astock'spricechartexhibitsacomplexpatternofheadandshoulders.C)Astock'spricesuddenlyspikesduetoalargeorder.D)Astock'spriceishighlyvolatilewithnodiscernibletrend.Question5:Aninvestorisconsideringaddingarealestateinvestmenttotheirportfolio.Whichofthefollowingisaprimaryadvantageofincludingrealestateinadiversifiedportfolio?A)Realestateinvestmentsarehighlyliquidandcanbeeasilytraded.B)Realestateinvestmentstypicallyofferhighcorrelationswithstockmarketreturns.C)Realestateinvestmentscanprovideahedgeagainstinflation.D)Realestateinvestmentsgenerallyrequirelowminimuminvestmentamounts.Question6:Whichofthefollowingstatementsaboutoptionsismostaccurate?A)Acalloptionprovidestheholderwiththeright,butnottheobligation,tosellanunderlyingassetatapredeterminedprice.B)Theintrinsicvalueofaputoptioniscalculatedastheunderlyingasset'spriceminustheoption'sstrikeprice,ifpositive.C)Thetimevalueofanoptiondecreaseslinearlyastheexpirationdateapproaches.D)Thevolatilityoftheunderlyingassethasnoimpactonthevalueofacalloption.Question7:Aninvestorholdsaportfolioconsistingof70%stocksand30%bonds.Theexpectedreturnandstandarddeviationofthestockportionare15%and25%,respectively.Theexpectedreturnandstandarddeviationofthebondportionare5%and10%,respectively.Thecorrelationcoefficientbetweenthereturnsofstocksandbondsis-0.5.Whatistheexpectedreturnandstandarddeviationoftheportfolio?A)ExpectedReturn:11.5%,StandardDeviation:17.75%B)ExpectedReturn:11.5%,StandardDeviation:15.00%C)ExpectedReturn:13.5%,StandardDeviation:17.75%D)ExpectedReturn:13.5%,StandardDeviation:15.00%Question8:Whichofthefollowingisaprimarypurposeofportfoliorebalancing?A)Tomaximizetheportfolio'sSharperatio.B)Tominimizetheportfolio'sbeta.C)Toincreasetheportfolio'sturnoverratio.D)Toreducetheportfolio'sdividendyield.Question9:Aninvestorisconsideringamutualfundwithahighdegreeofportfolioconcentrationinasinglesector.Whichofthefollowingrisksistheinvestormostlikelyexposedto?A)InterestrateriskB)InflationriskC)Sector-specificriskD)LiquidityriskQuestion10:WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A)TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalue.B)TheweakformoftheEMHimpliesthatpastpricepatternscanbeusedtopredictfuturepricemovements.C)Thesemi-strongformoftheEMHsuggeststhatpubliclyavailableinformationcanbeusedtoconsistentlyachieveabnormalreturns.D)ThestrongformoftheEMHstatesthatallrelevantinformation,bothpublicandprivate,isfullyreflectedinassetprices.Question11:Acompanyhasabetaof1.2.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthecompany'sequity?A)7.8%B)9.0%C)10.2%D)12.6%Question12:Whichofthefollowingisakeyfactortoconsiderwhenevaluatingtheperformanceofanactivelymanagedmutualfund?A)Thefund'sexpenseratioB)Thefund'salphaC)Thefund'sbetaD)Thefund'smaximumdrawdownQuestion13:Aninvestorisconsideringinvestinginacompany'sstock.Thecompanyhasadividendpayoutratioof40%andaretentionratioof60%.Thecompany'scurrentdividendpershareis$2.Ifthecompany'searningspershare(EPS)areexpectedtogrowataconstantrateof5%peryear,whatistherequiredrateofreturnforthestockaccordingtotheDividendDiscountModel(DDM)?A)8.0%B)10.0%C)12.0%D)14.0%Question14:WhichofthefollowingstatementsabouttheBlack-Scholes-Mertonmodelismostaccurate?A)ThemodelisprimarilyusedtovalueEuropeanputoptions.B)Themodelassumesthattheunderlyingassetfollowsanormaldistributionofreturns.C)Themodeldoesnotaccountfortheimpactofdividendsonoptionpricing.D)Themodelisonlyapplicabletooptionsonnon-dividend-payingassets.Question15:Aninvestorisconsideringaddingahedgeagainstcurrencyrisktotheirinternationalinvestmentportfolio.Whichofthefollowingstrategiesismostlikelytoachievethisgoal?A)Investinginastockindexfundthattracksaforeignmarketindex.B)Usingacurrencyforwardcontracttolockinanexchangerate.C)Investinginamutualfundthatfocusesonemergingmarkets.D)Purchasingastockinacompanythatgeneratesasignificantportionofitsrevenuefromforeignoperations.Question16:Whichofthefollowingstatementsabouttheefficientfrontierismostaccurate?A)Theefficientfrontierrepresentsallpossiblecombinationsofportfoliosthatofferthehighestexpectedreturnforagivenlevelofrisk.B)Portfoliosthatliebelowtheefficientfrontierareconsideredinefficientandshouldbeavoided.C)Theefficientfrontierisastraightline.D)Theefficientfrontierisindependentoftherisk-freerate.Question17:Ananalystisevaluatingacompany'sfinancialhealth.Whichofthefollowingratiosismostlikelytoindicatestrongliquidity?A)Debt-to-equityratioB)CurrentratioC)Returnonequity(ROE)D)Price-to-earnings(P/E)ratioQuestion18:Whichofthefollowingisapotentialdisadvantageofusingleverageinaninvestmentportfolio?A)IncreasedpotentialforlossesB)ReducedtaxefficiencyC)DecreasedportfoliodiversificationD)LowerexpectedreturnQuestion19:Aninvestorisconsideringinvestinginaprivateequityfund.Whichofthefollowingisaprimarycharacteristicofprivateequityinvestments?A)HighliquidityandlowriskB)IlliquidityandhighpotentialreturnC)LowcorrelationwithpublicmarketsD)GuaranteedreturnoninvestmentQuestion20:Whichofthefollowingstatementsaboutbehavioralfinanceismostaccurate?A)Behavioralfinancesuggeststhatinvestorsalwaysmakerationalinvestmentdecisions.B)Theconceptofoverconfidenceisakeyfactorinbehavioralfinance.C)Behavioralfinanceissolelyconcernedwiththepsychologicalbiasesofmarketanalysts.D)TheEfficientMarketHypothesisisacoreprincipleofbehavioralfinance.SectionB:EssayQuestionsQuestion21:Aninvestorisconsideringaddingasmall-capgrowthstocktotheirportfolio.Thestockhasahighbeta,highprice-to-earnings(P/E)ratio,andhighprice-to-sales(P/S)ratio.Discussthepotentialrisksandrewardsassociatedwithinvestinginthisstock.Provideargumentsforandagainstincludingthisstockintheinvestor'sportfolio.Question22:Describetheprocessofassetallocationinthecontextofportfoliomanagement.Discussthefactorsthataninvestorshouldconsiderwhenconstructinganassetallocationstrategy.Explainhowassetallocationcanhelpaninvestorachievetheirfinancialgoals.Question23:Acompanyisfacingadeclineinitsstockpriceduetonegativeindustrysentimentandconcernsaboutitsfutureearningsprospects.However,thecompany'sfundamentalsremainstrong,anditsbalancesheetisrobust.Discussthepotentialinvestmentopportunitiesandstrategiesthataninvestorcouldconsiderinthisscenario.Evaluatetherisksandrewardsassociatedwitheachstrategy.---試卷答案SectionA:MultipleChoiceQuestions1.A2.C3.A4.A5.C6.B7.A8.A9.C10.A11.D12.B13.C14.A15.B16.A17.B18.A19.B20.BSectionB:EssayQuestionsQuestion21:Potentialrewardsincludehighgrowthpotential,outperformanceofthemarketifthecompanyperformswell,andpotentialforcapitalappreciationifthemarketeventuallyrecognizesthecompany'svalue.Argumentsforinclusionincludetheinvestor'sbeliefinthecompany'slong-termgrowthprospects,itscompetitiveadvantages,andthepotentialforsignificantreturnsifthemarketsentimentimproves.Potentialrisksincludehighvolatilityduetothestock'ssensitivitytomarketmovements,thepossibilityofthehighvaluationbeingjustifiedonlyifearningsgrowsignificantly,andtheriskthatthenegativeindustrysentimentcouldpersistorworsen.Argumentsagainstinclusionincludethehighriskassociatedwithsmall-capstocks,thepotentialforthecompany'shighvaluationtobeunwarranted,andthepossibilitythatthemarketmaynotrecognizethecompany'svalueevenifitsfundamentalsarestrong.Question22:Theprocessofassetallocationinvolvesdividinganinvestmentportfolioamongdifferentassetcategories,suchasstocks,bonds,andcash,basedontheinvestor'sgoals,risktolerance,andinvestmenthorizon.Factorstoconsiderincludetheinvestor'sage,financialsituation,investmentobjectives,risktolerance,andtimehorizon.Assetallocationcanhelpaninvestorachievetheirfinancialgoalsbydiversifyingtheirinvestments,reducingoverallportfoliorisk,matchingtheportfolio'sriskleveltotheinvestor'stol