2025年CFA二级模拟卷.docxVIP

2025年CFA二级模拟卷

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注意：以下为模拟试卷，题目类型和数量可能与实际考试有所不同，旨在帮助考生熟悉考试形式和题型。请仔细阅读题目，并在答题纸上作答。

1.Ananalystisevaluatingthefinancialperformanceoftwocompaniesinthesameindustry.CompanyAhashigherrevenuethanCompanyB,butCompanyBhashighernetincome.Whichofthefollowingfactorsismostlikelyresponsibleforthedifferenceinnetincome?

a)CompanyAhashigheroperatingexpenses.

b)CompanyAhasahighertaxrate.

c)CompanyAhasmorelong-termdebt.

d)CompanyAhasahigherdegreeofoperatingleverage.

2.Acompanysstockhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis5%.WhatistheexpectedreturnonthecompanysstockaccordingtotheCapitalAssetPricingModel(CAPM)?

a)3%

b)5%

c)7.2%

d)8%

3.Aninvestorisconsideringbuyingabondwithafacevalueof$1,000,acouponrateof5%,andamaturityof10years.Thebondiscurrentlytradingatapriceof$920.Whatistheyieldtomaturity(YTM)ofthebond?(Disregardrounding.)

a)4.82%

b)5.00%

c)5.34%

d)5.68%

4.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)ismostaccurate?

a)TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalue.

b)AccordingtotheEMH,itispossibletoconsistentlyachievereturnsabovethemarketaverage.

c)ThestrongformoftheEMHimpliesthatpublicinformationandprivateinformationarebothreflectedinprices.

d)Thesemi-strongformoftheEMHsuggeststhattechnicalanalysiscanbeusedtogenerateabnormalreturns.

5.Acompanyisconsideringinvestinginanewprojectthatrequiresaninitialoutlayof$500,000.Theprojectisexpectedtogeneratecashinflowsof$150,000peryearfor5years.Whatisthenetpresentvalue(NPV)oftheprojectifthediscountrateis8%?(Disregardrounding.)

a)$-25,000

b)$0

c)$25,000

d)$50,000

6.Whichofthe