2025年CFA二级考试模拟题.docxVIP

2025年CFA二级考试模拟题

考试时间：______分钟总分：______分姓名：______

试题部分

1.Ananalystisevaluatingthefinancialhealthoftwocompaniesinthesameindustry.CompanyAhashigherrevenuegrowththanCompanyB.CompanyAalsohasahigherprofitmarginthanCompanyB.However,CompanyBhasahigherreturnonequity(ROE)thanCompanyA.Whichofthefollowingstatementsismostlikelycorrect,assumingbothcompaniesuseadividendpayoutratiolessthan100%?

I.CompanyAsearningspershare(EPS)aregrowingfasterthanCompanyBs.

II.CompanyAhasahigherdebt-to-equityratiothanCompanyB.

III.CompanyBislikelymoreefficientatconvertingsalesintoprofits.

2.Aportfoliomanagerisconstructingaportfoliousingtwostocks.StockXhasanexpectedreturnof12%andastandarddeviationof15%.StockYhasanexpectedreturnof8%andastandarddeviationof10%.ThecorrelationcoefficientbetweenthereturnsofStockXandStockYis0.4.Theportfolioconsistsof60%StockXand40%StockY.Whatistheexpectedreturnandstandarddeviationoftheportfolio?

A.ExpectedReturn=10.8%,StandardDeviation=11.49%

B.ExpectedReturn=10.8%,StandardDeviation=12.24%

C.ExpectedReturn=10.4%,StandardDeviation=11.49%

D.ExpectedReturn=10.4%,StandardDeviation=12.24%

3.Consideracompanythatjustpaidadividendof$2pershare(D0=$2).Thecompanysdividendisexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnonthestockis10%.WhatistheestimatedintrinsicvalueofthestockusingtheDividendDiscountModel(DDM)?

A.$20.00

B.$21.43

C.$25.00

D.$30.00

4.Ananalystisevaluatinga5-yearcorporatebondwithafacevalueof$1,000andacouponrateof6%paidsemi-annually.Thebondsyieldtomaturity(YTM)is5%.Whatistheapproximatepriceofthebond?

A.$1,050.00

B.$1,038.50

C.$1,000.00

D.$990.00

5.Whichofthefollowingstatements