CFA考试《CFA二级》历年真题精选及详细解析1007-5

CFA考试《CFA二级》历年真题精选及详细

解析1007-5

1、Which of the notes made by Bourne regarding the valuation methods is least accurate? The note about the:【单选题】 A.Market-based method.

B.Comparable transactions method. C.Discounted cash flow method. 正确答案:B

答案解析:The comparable transactions method uses details from recent takeover transactions for comparable companies to make direct estimates of the target company\\\\'s takeover value. However it is not necessary to separately estimate a takeover premium as this is already included in the multiples determined from the comparable transactions.

2、Based on the relationship of Borgonovo’s stock to the SML, what is the most appropriate decision Benedetti should make regarding the Borgonovo stock?【单选题】

A.Keep Borgonovo on the recommended list because it plots below the SML.

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B.Keep Borgonovo on the recommended list because it plots above the SML.

C.Remove Borgonovo from the recommended list because it plots below the SML. 正确答案:C

答案解析:C is correct. The SML required return for Borgonovo is 2.5% + 1.2(7%) = 10.9%. With a forecasted return of 9.0%, Borgonovo lies below the SML (indicating it is overvalued) and should be removed from the bank’s recommended list. 3、Based on the regression output in Exhibit 1, there is evidence of positive serial correlation in the errors in:【单选题】 A.the linear trend model but not the log-linear trend model. B.both the linear trend model and the log-linear trend model. C.neither the linear trend model nor the log-linear trend model. 正确答案:B

答案解析:B is correct. The Durbin–Watson statistic for the linear trend model is 0.10 and, for the log-linear trend model, 0.08. Both of these values are below the critical value of 1.75. Therefore, we can reject the hypothesis of no positive serial correlation in the regression errors in both the linear trend model and the log-linear trend model.

4、In accounting for the use of derivatives against the three risks

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that Minor has discovered, the entire gains or losses from the derivatives will most likely bypass LSRC\\\\'s income statement for Risk:【单选题】 A.1 B.2 C.3 正确答案:C

答案解析:When derivatives are used to hedge foreign currency exposure related to a foreign investment, the gains/losses go through other comprehensive income, which is part of shareholders' equity, and thus they bypass the income statement.

5、Economic income during year one is closest to:【单选题】 A.23,186. B.29,287. C.46,101. 正确答案:B

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