2025年CFA二级《财务报表分析》真题集.docxVIP

2025年CFA二级《财务报表分析》真题集

考试时间：______分钟总分：______分姓名：______

PartI:MultipleChoiceQuestions

1.Acompanyreportsinventoryturnoverof6.0timesandanaverageinventoryof$500,000.Ifthecostofgoodssoldfortheyearis$3,000,000,whatistheaveragesellingpriceperunitifthecompanysold20,000unitsduringtheyear?

a)$150

b)$200

c)$250

d)$300

2.WhichofthefollowingstatementsisTRUEregardingtheDuPontanalysisofROE?

a)ItdecomposesROEintocomponentsrelatedtoassetutilizationandfinancialleverage.

b)Itsolelyfocusesonthecompanysprofitabilitywithoutconsideringitscapitalstructure.

c)ItsuggeststhatahigherdebtratioalwaysleadstoahigherROE.

d)Itonlyconsidersthecompanysoperationalefficiencyandignoresitsinvestmentdecisions.

3.Acompanyhasadebt-to-equityratioof0.8.Ifitstotalassetsare$2,000,000,whatisitstotaldebt?

a)$320,000

b)$800,000

c)$1,280,000

d)$1,600,000

4.Whichofthefollowingisgenerallyconsideredaweaknessoftheprice-earnings(P/E)ratioasanvaluationmetric?

a)ItisdifficulttocompareP/Eratiosacrossdifferentindustries.

b)Itcanbenegativeforcompaniesreportingnetlosses.

c)Itdoesnotconsiderthecompanysgrowthprospects.

d)Itisonlyusefulforvaluingcompaniesinmatureindustries.

5.Acompanysfreecashflow(FCF)fortheyearis$100,000.Ifitinvested$50,000incapitalexpendituresand$20,000inchangesinworkingcapital,whatwasitsoperatingcashflow(OCF)?

a)$30,000

b)$80,000

c)$130,000

d)$150,000

6.Whichofthefollowingisacharacteristicofthedividenddiscountmodel(DDM)?

a)Itismostsuitableforvaluingcompanieswithinconsistentdividendpolicies.

b)Itreliesontheassumptionthatdividendswillgrowataconstantrateindefinitely.

c)Itislesssensitivetochangesinthecompanysgrowthratecomparedtootherval