2025年CFA二级练习题库.docxVIP

2025年CFA二级练习题库

考试时间：______分钟总分：______分姓名：______

第一部分

1.Accordingtotheefficientmarkethypothesis(EMH),whichofthefollowingstatementsismostaccurate?

A.Marketpricesreflectallavailableinformation,anditisimpossibletoconsistentlyachievereturnsabovethemarketaverage.

B.Marketpricesarealwaysinastateofupwardtrendduetoinvestoroptimism.

C.Allsecuritiesarecorrectlypricedatanygiventime,eliminatingthepossibilityofalphageneration.

D.Marketefficiencyissolelydeterminedbythevolumeoftradesoccurringinthemarket.

2.Aninvestorrequiresa9%returnonaninvestmentwithabetaof1.2.Iftherisk-freerateis4%andthemarketriskpremiumisestimatedat5%,whichofthefollowingmethodsindicatestheinvestorsrequiredrateofreturnisbeingmet?

A.Theexpectedreturn,calculatedusingtheCapitalAssetPricingModel(CAPM),isexactly9%.

B.Themarketsrequiredreturn,asperCAPM,ishigherthan9%.

C.Theinvestmentsalpha,derivedfromsubtractingtheexpectedreturnfromtheactualreturn,ispositive.

D.Thesecurityspriceiscurrentlyundervaluedbasedonitsdividenddiscountmodelvaluation.

3.Whichofthefollowingactionsbyacorporationwouldmostlikelyleadtoanincreaseinitsfinancialleverage?

A.Issuingadditionalcommonstocktopaydowndebt.

B.Repurchasingitsownsharesontheopenmarket.

C.Takingonanewlong-termloantofundcapitalexpenditures.

D.Declaringalargedividendpayout.

4.Acompanyreportsthefollowingfinancialdatafortheyear:Sales=$500,000;CostofGoodsSold(COGS)=$300,000;OperatingExpenses=$150,000;InterestExpense=$20,000;TaxRate=30%.Whatisthecompanysnetincome?

A.$80,000

B.$100,000

C.$120,000

D.$140,000

5.Whichofthefollowingtechniquesismostappropriateforacompanyevaluatingtheprofitabilityofaprojectwithdifferentcashflowsoversevera