2025年CFA二级《CorporateFinance》真题集.docxVIP

2025年CFA二级《CorporateFinance》真题集

考试时间：______分钟总分：______分姓名：______

一、

Acompanyisconsideringinvestinginanewproject.Theinitialinvestmentis$1,000,000.Theprojectisexpectedtogeneratecashflowsof$400,000attheendofeachyearforthenext4years.Thecompanyscostofcapitalis10%.Whatistheprofitabilityindexoftheproject?

A.0.90

B.1.00

C.1.10

D.1.20

二、

Whichofthefollowingstatementsismostlikelycorrect?

A.Adecreaseinthecompanystaxratewillincreasethevalueofitsoperations.

B.Adecreaseinthecompanystaxratewilldecreasethevalueofitsoperations.

C.Thecompanystaxratehasnoeffectonthevalueofitsoperations.

D.Theimpactofthecompanystaxrateonthevalueofitsoperationscannotbedeterminedwithoutadditionalinformation.

三、

Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$500,000andanetpresentvalueof$100,000.ProjectBhasaninitialinvestmentof$600,000andanetpresentvalueof$150,000.Whichprojectshouldthecompanychoose?

A.ProjectA

B.ProjectB

C.Thecompanyshouldchoosetheprojectwiththehigherinternalrateofreturn.

D.Thecompanyshouldnotchooseeitherproject.

四、

Acompanysstockhasabetaof1.2.Therisk-freerateis3%andthemarketriskpremiumis5%.Whatistherequiredrateofreturnonthecompanysstockaccordingtothecapitalassetpricingmodel?

A.3%

B.5%

C.8%

D.9%

五、

Whichofthefollowingstatementsismostlikelycorrect?

A.Themarketriskpremiumisequaltothedifferencebetweentheexpectedreturnonthemarketportfolioandtherisk-freerate.

B.Themarketriskpremiumisequaltothestandarddeviationofthemarketportfolio.

C.Themarketriskpremiumhasnorelationshiptothecapitalassetpricingmodel.

D.Themarketriskpremiumisonlyrelevantforinvestorswhoholdthemarketportfolio.

六、

Acompanyisconsideringissuingnewdebttofinanceanewproject.Thenewdebtwil