CFA考試二級模擬試題精選0401-28(附詳解)

1、CFA考試二級模擬試題精選 0401-28（附詳解）1、 For Assignment 2, Alexander should conclude that Bond Z is currently: 【單選題】A. undervalued.B. fairly valued.C. overvalued.正確答案 :A答案解析 :A is correct. Alexander projects that the spot curve two years from today will be below the current forward curve, which implies that her

2、 expectedfuture spot rates beyond two years will be lower than the quoted forward rates. Alexander would perceive Bond Z to be undervalued in the sense that themarket is effectively discounting the bond's payments at a higher rate than she would and the bond's market price is below her estim

3、ate of8單選題】2、 At a significance level of 1%, which of the following is the best interpretation of the regression coefficients with regard to explaining ROE?A. ESG is significant, but tenure is not.B. Tenure is significant, but ESG is not.C. Neither ESG nor tenure is significant.正確答案 :C-statistic for

4、 ESG is 1.201, with a答案解析 :C is correct. The t -statistic for tenure is 2.308, indicating significance at the 0.027 level but not the 0.01 level. The tp-value of 0.238, which means we fail to reject the null hypothesis for ESG at the 0.01 significance level. 答案解析 :C is correct. The equation to calcu

5、late the forward premium (discount) is:3、 Based upon the information in Exhibits 1 and 2, Cannan would most likely conclude that Delite單選題】's shares are:A.overvalued.B.undervalued.C.fairly valued.正確答案 :C答案解析 :C is correct. The P/E -to -growth (PEG) ratio is calculated by dividing a stock' s

6、P/E by the expected earnings growth rate, expressecalculate Delite's PEG ratio, first calculate the P/E ratio: $65.50/ $3.50 = 18.71. In this case, the forward earnings should be used given the recent acquisitionof the water bottling company. Next, calculate Delite's PEG ratio: 18.71/12.41 =

7、 1.51.4、 Based upon Exhibit 1, the forward premium (discount) for a 360 -day INR/GBP forward contract is to: 【單選題】A.-1.546.B.1.546.C.1.576.正確答案 :C5、【單選題】A. at the end of the swap's life.B. at the beginning of the swap's life.C. during the middle of the swap's life.正確答案 :C答案解析 :Interest r

8、ate and equity swaps do not involve an exchange of principal. Therefore, credit risk is greater during the middle of the life of these swaps.KPS Financial has entered into an equity swap, so the credit risk is higher during the middle of its life.6、The value of Bond #8 is closest to: 【單選題】A. 98.116%

9、 of par.B. 100.000% of par.C. 100.485% of par.正確答案 :C答案解析 :C is correct:7、30 days after initiation of the USD/GBP forward contract, the mark -to -market value of the contract is closest to: 【單選題】A. USD 860.B. USD 1,195.C. USD 2,190.正確答案 :A答案解析 :The original 60 -day forward contract calls for long GB

10、P. So the all -in forward price FP= 2.0085. After 30 days, the contract would still have 30 days單選題】remaining to expiration. The new 30 -day8、The forward curve of the commodity for Strategy 2 of the new fund offering is most likely to experience:A. Contango.B. Backwardation.C.正確答案 :A答案解析 :Considerin

11、g the storage theory, Nun -storable commodities are characterized by a high percentage of backwardation, while commodities with low storage costs, such as precious metals, are almost exclusively in contango.9、When distributing the material at the industry conference, does Zardt violate any CFA Stand

12、ards? 【單選題】A. No.B. Yes, because Zardt does not verify the accuracy of the information.C. Yes, because analysts cannot claim performance or promote the accuracy of their正確答案 :B答案解析 :B is correct. Zardt violated the Standard relating to Performance Presentation because he did not verify the accuracy

13、of the return information before its distribution. According to Standard III(D), analysts may promote the success or accuracy of their recommendations, but they must make reasonable efforts to ensure that the information is fair, accurate, and complete. In addition to providing attribution, Zardt should take steps to ensure the accuracy of the data prior to distributing the material.10、Using Hern a ndez