Level II Version 2_v11 2013 Sample Exam
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1Jacob Kostecka Case Scenario
Jacob Kostecka, CFA, is a portfolio manager at Forkson Investment Management (FIM), an asset management and research focused organization. After obtaining his CFA charter last month, Kostecka was transferred to the private wealth management group.
One of Kostecka’s clients, Dharshi Bope, was involved in a major motorcycle accident and is in critical condition fighting for his life. Bope is a single parent with a daughter in her mid-twenties, Praveen Nathoo. Since the accident, Nathoo has managed her father’s affairs paying all expenses, including investment advisory fees. In several conversations with Nathoo, Kostecka highlighted Bope’s low risk tolerance and investment goal of capital preservation. Nathoo has indicated her interest in managing the account more aggressively and possibly moving it to another management firm. Nathoo recently petitioned the court to appoint her full power of attorney to legally manage Bope’s affairs. Prior to the court decision, Nathoo asks Kostecka to invest her father’s account in the initial public offering (IPO) of Chatterbox, a highly sought-after social media company that has yet to generate a profit.
The following week, the court approves Nathoo’s request to act on behalf of her father. Going through records in her father’s home, Nathoo discovers documents showing Bope embezzled several million dollars from his employer, a real estate development company. Most of these funds were placed directly into Bope’s personal account for which Nathoo is now responsible. Nathoo informs Kostecka about her discovery; however, Kostecka does not act on this information given that this is a large account for FIM.
A month later, Kostecka joins Chatterbox’s board. Based on his knowledge of the company, Kostecka believes the stock is a good investment, even though Chatterbox is not yet profitable. Buoyed by his faith in Chatterbox, Kostecka ultimately purchases shares of the company’s IPO for Nathoo’s account, as well as for all clients he currently manages. When Kostecka informs Nathoo about the purchase, she shares her concern about her legal responsibilities and lack of accounting knowledge in overseeing the account. Kostecka provides Nathoo a list of recommended professionals he has worked with in the past, including attorneys and accountants. When he was in college ten years earlier, Kostecka was engaged to one of the attorneys but broke off the relationship before their wedding, while one of the accountants was Kostecka’s college roommate. Since then, Kostecka has not had any contact with the lawyer and the accountant.
The Chatterbox investment is profitable on the first day of trading, as the shares double from their opening price. Kostecka tells his clients the multifactor valuation model used by FIM shows Chatterbox stock is still undervalued and FIM’s research report, due out the next day, will recommend investors hold their Chatterbox shares. However, Kostecka also tells his clients they should sell their shares because he believes Chatterbox is overvalued and the stock price will fall soon. Kostecka notes he has followed through on this belief by selling his personal holdings of Chatterbox shares. Nathoo ignores Kostecka’s recommendation to sell Chatterbox. Over the next week, the stock declines 75%.
1Jacob Kostecka Case Scenario (continued)
Watching Chatterbox’s severe share price decline, Nathoo becomes furious with Kostecka because he
did not sell shares of Chatterbox in Bope’s account. She files a complaint with Kostecka’s supervisor, Sally Fang, CFA, claiming she was misled on the value of the IPO in the days immediately after the stock started trading. Kostecka responds to the complaint by telling Fang, “the analyst who wrote the hold recommendation on Chatterbox has only passed his CFA Level II examination. As a charterholder, I have earned the right to use the CFA designation, so I am more qualified to manage clients’ investments.”
In order to build his client base, Kostecka prepares performance information that he plans to show prospective clients. He includes the firm’s composite performance based on similar client portfolios that meet the CFA Institute GIPS Standards. In addition, Kostecka prepares his own composite performance, including all accounts he manages. This presentation includes Nathoo’s account assuming she had sold
her shares of Chatterbox. Along with his performance record, Kostecka provides a footnote disclosing the following language: “If your account is managed on a discretionary basis, you might expect results similar to those shown above.”
Question
Regarding the investment request made by Nathoo to invest in Chatterbox, Kostecka should most likely: Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard III (A) Loyalty, Prudence, and Care, Guidance; Standard III (C) Suitability, Guidance
Study Session 1-2-b
Recommend practices and procedures designed to prevent violations of the CFA Institute Code of Ethics and Standards of Professional Conduct.
C is correct because the account should be managed according to the client’s investment goal of capital preservation and a low risk tolerance. An investment in the IPO of an unprofitable social networking company most likely does not meet Bope’s investment goal. The account should be managed as Bope requested because he is still the client. The adviser must know whom his fiduciary responsibility is owed to, in this case the father, and not who is currently paying his fee, the daughter. Under Standard III (A) Loyalty, Prudence, and Care, the first step for Members and Candidates in fulfilling their duty of loyalty
to clients is to determine the identity of the “client” to whom the duty of loyalty is owed. Only when the daughter is granted legal responsibility over her father’s affairs by the court does she become the client. See also Standard III (C) Suitability, which requires that when Members and Candidates are in an advisory relationship with a client, they must make a reasonable inquiry into a client’s or prospective client’s investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly. This Standard also requires Members and Candidates to determine that an investment is suitable to the client’s financial situation and consistent with the client’s written objectives, mandates, and constraints before making an investment recommendation or taking investment action.
2By not acting on the information reported to him by Nathoo, which CFA Institute Standard of Professional Conduct has Kostecka least likely violated?
Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard III (A) Loyalty, Prudence, and Care, Guidance
Study Session 1-2-a
Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations.
C is correct as Kostecka has not violated Standard III (A) Loyalty, Prudence, and Care. By not dissociating himself from the embezzled funds, Kostecka has violated Standard I (A) Knowledge of the Law. Kostecka has also violated Standard IV (A) Duties to Employers (Loyalty), which requires that in matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. By not dissociating himself from the embezzled funds, Kostecka has placed his firm in a position where it may suffer reputational harm.
3Question
Regarding investing in Chatterbox and recommending experts, Kostecka most likely needs to disclose conflicts related to his:
Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard VI (A) Disclosure of Conflicts, Guidance
Study Session 1-2-b
Recommend practices and procedures designed to prevent violations of the CFA Institute Code of Ethics and Standards of Professional Conduct.
A is correct because Kostecka’s board service creates the opportunity to receive material nonpublic information involving Chatterbox and is a basic conflict of interest, which should be disclosed according
to Standard VI (A) Disclosure of Conflicts. Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and their employer. Because the Member has not made any disclosure concerning his board membership, he is in violation of Standard VI (A).
4By recommending that Nathoo sell her Chatterbox stock, which of the following CFA Institute Code of Ethics and Standards of Professional Conduct did Kostecka least likely violate?
Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard III (B) Fair Dealing, Guidance; Standard VI (B) Priority of Transactions, Guidance; Standard V (B) Communication with Clients and Prospective Clients, Guidance Study Session 1-2-a
Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations.
A is correct because Standard III (B) Fair Dealing requires that Members and Candidates deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by FIM, he has treated all clients fairly because this disclosure is provided to all of his current clients.
5Question
When Kostecka defends himself against Nathoo’s complaint, he most likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct concerning the:
Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard VII (B) Reference to CFA Institute, the CFA Designation, and the CFA Program, Guidance
Study Session 1-2-a
Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations.
C is correct because statements that overstate the competency of an individual or imply, either directly
or indirectly, that superior performance can be expected from someone with the CFA designation are not allowed under Standard VII (B), which specifically states that when referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.
6Kostecka’s performance presentation most likely conforms to the CFA Institute Standard III (D) Performance Presentation regarding:
Feedback
“Guidance for Standards I–VII,” CFA Institute
2013 Modular Level II, V ol. 1, Reading 2, Standard III (D) Performance Presentation, Guidance
Study Session 1-2-a
Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations.
C is correct. Kostecka’s performance presentation of his firm’s composite performance is in compliance with Standard III (D).
1AnaKonda Investment Managers (AIM) Case Scenario
AnaKonda Investment Managers (AIM) manages private client portfolios for high-net-worth individuals investing in stocks, bonds, and currencies. During their weekly meeting, the management team at AIM (Adam Bergman, Chief Investment Officer; Elena Medeva, Equity Strategist; and Venkat Rajan, Currency Trader) discusses a wide range of items pertaining to investment research and management, such as measures of economic activity, country growth rates, and economic policies.
First, on examining the recent data on the measures of economic activity, the team members make the following comments:
Rajan:Cross-country comparisons of gross domestic product (GDP) should be based on the current market exchange rates because the exchange rate movements correctly reflect the
growth in the country’s economy.
Medeva:For equity investing, we need to predict the change in stock market value, and it requires three inputs: expected changes in corporate earnings, GDP, and the price-earnings multiple.
Of these inputs, the growth rate of GDP must dominate in the long run.
Bergman:From the standpoint of our fixed-income holdings, we should be very concerned if the expected GDP growth rate is less than the potential growth. In that case, there will be an
upward pressure on interest rates and a decline in bond prices.
Bergman then suggests that for making investment decisions, it is important to assess the steady state rate of growth of a country using the neoclassical growth model and presents the data (Exhibit 1) that is needed for computations.
Exhibit 1
Country
Real
GDP
Growth
(%)
Labor Cost
in Total
Factor Cost
(%)
Technology
Factor
Productivity
(TFP) Growth
(%)
Long-Term
Labor Force
Growth
(%)
Long-Term
Growth Rate in
Labor
Productivity
(%)
X 2.5068.9 2.25 2.000.80
Y 2.0050.3 3.500.50 2.40
Z 3.4041.5 1.150.00 3.00
1AnaKonda Investment Managers (AIM) Case Scenario (continued) Medeva says, “I’m glad to see the data in Exhibit 1. However, I would be more interested in measuring the growth rate in potential GDP using the labor productivity growth accounting equation. It will help me to consider increasing equity exposure to the country with the highest growth rate in potential GDP.” Rajan responds, “I too like examining a country’s steady state rate of growth, but I prefer to go deeper by examining the impact of various factors on a country’s economy from the standpoint of the neoclassical model. Based on my readings and analysis of the macro-economic data, I came up with the following conclusions for the three countries where we hold significant positions.
Country X:It is experiencing a higher level of capital accumulation and a rapid increase in business investment. Taken together, these two developments indicate a higher growth rate of output
and potential GDP.
Country Y:Its government is investing in advanced technologies and initiating measures to achieve growth in total factor productivity. Even though the country is experiencing diminishing
marginal returns to capital, I believe it will be able to sustain growth in per capita GDP. Country Z:This country’s data show increasing trends in the rate of savings, growth rate of the labor force, and the depreciation rate, which, I believe, would result in a permanent improvement
in the growth rate of output per worker.”
Next, Bergman recommends that AIM should increase holdings in the country that offers the highest real interest rate according to the international Fisher effect and presents the data (Exhibit 2) for conducting the analysis.
Exhibit 2
Country
Current Nominal
Interest Rate
(%)
Current Inflation
Rate
(%)
Expected Inflation
Rate
(%)
X 6.85 3.75 3.95
Y8.00 5.10 5.25
Z 5.67 2.67 2.67
Medeva states, “Before concluding our meeting, we must evaluate the direction of monetary policies in the three countries, X, Y, and Z. As an example, let’s use the data in Exhibit 3 for Country Z and apply the Taylor rule to determine the appropriate policy rate.”
Exhibit 3
%
Neutral real policy rate 2.75
Current policy rate (nominal) 3.00
Current inflation rate 2.67
Target inflation rate 3.27
Current level of output 3.50
Potential level of output 4.00
Taylor Rule: i = r
n
+ π + α(π – π*) + β(y – y*)
1Regarding the economic activity, the comment by which of the research team members is most accurate? Feedback
“Economic Growth and the Investment Decision,” Paul Kutasovic, CFA
2013 Modular Level II, V ol. 1, Reading 15, Sections 2, 3
Study Session 4-15-a, b, c
Describe and compare factors favoring and limiting economic growth in developed and developing economies.
Describe the relation between the long-run rate of stock market appreciation and the sustainable growth rate of the economy.
Explain the importance of potential GDP and its growth rate in the investment decisions of equity and fixed-income investors.
B is correct. Medeva’s comment is most accurate. The percentage change in stock market value equals the percentage change in GDP plus the percentage change in the share of earnings (profit) in GDP plus the percentage change in the price-to-earnings multiple. Over short to intermediate horizons, all three of these factors contribute to appreciation or depreciation of the stock market. In the long run, however, the growth rate of GDP must dominate. As noted above, the ratio of earnings to GDP cannot rise forever.
2Question
Using the data in Exhibit 1 presented by Bergman, Country X’s steady state rate of growth (in %) is closest to:
Feedback
“Economic Growth and the Investment Decision,” Paul Kutasovic, CFA
2013 Modular Level II, V ol. 1, Reading 15, Section 5, Example 10
Study Session 4-15-h, i
Explain how investment in physical capital, human capital, and technological development affects economic growth.
Compare classical growth theory, neoclassical growth theory, and endogenous growth theory.
A is correct.
Steady state of growth = ΔY / Y = (Θ) / (1 – α) + n,
where Θ = Growth rate of TFP = 2.25;
(1 – α) = 0.689 of labor cost in total factor cost; and
n = Labor force growth (2%).
For Country X: ΔY / Y = 2.25 / 0.689 + 2 = 5.26%.
3Using the approach suggested by Medeva and the data in Exhibit 1, which of the three countries most likely indicates the highest growth rate in potential GDP?
Feedback
“Economic Growth and the Investment Decision,” Paul Kutasovic, CFA
2013 Modular Level II, V ol. 1, Reading 15, Section 4.3, Equation 5, Examples 8, 9
Study Session 4-15-e
Forecast potential GDP based on growth accounting relations.
C is correct. Using the labor productivity growth accounting equation, as shown below, Country Z indicates the highest growth rate in potential GDP.
Growth rate in potential GDP = Long-term growth rate of labor force + Long-term growth rate in labor productivity.
Country
Long-Term Labor
Force Growth
(%)
Long-Term Growth Rate
in Labor Productivity
(%)
Growth Rate in
Potential GDP
(%)
X 2.000.80 2.80
Y0.50 2.40 2.90
Z 1.25 1.75 3.00
4Question
Which of Rajan’s conclusions regarding the neoclassical model is most accurate? His conclusions pertaining to:
Feedback
“Economic Growth and the Investment Decision,” Paul Kutasovic, CFA
2013 Modular Level II, V ol. 1, Reading 15, Section 5.2
Study Session 4-15-g, h
Explain the effects of demographics, immigration, and labor force participation on the rate and sustainability of economic growth.
Explain how investment in physical capital, human capital, and technological development affects economic growth.
B is correct. Rajan’s conclusions pertaining to Country Y are most consistent with the neoclassical model. Because of diminishing marginal returns to capital, the only way to sustain growth in potential GDP per capita is through technological change or growth in total factor productivity. This results in an upward shift in the production function — the economy produces more goods and services for any given mix of labor and capital inputs.
5If Bergman’s recommendation is followed, AIM will most likely increase its holdings in which country? Feedback
“Currency Exchange Rates: Determination and Forecasting,” Michael R. Rosenberg and William A. Barker, CFA
2013 Modular Level II, V ol. 1, Reading 14, Section 3.1.5
Study Session 4-14-e, f
Explain international parity relations—covered and uncovered interest rate parity, purchasing power parity, and the international Fisher effect.
Describe relations among the international parity conditions.
C is correct. Country Z has the highest real interest rate according to the international Fisher effect. The Fisher effect breaks down the nominal interest rate (i) in a given country into two parts: (1) the real interest rate in that particular country (r) and (2) the expected inflation rate (πε) in that country.
i = r + πε;
r = Current nominal interest rate. πε = Expected inflation rate.
r = i – Πε
Real Interest
Rate
Country X 6.85 – 3.95 = 2.90%
Country Y8.00 – 5.25 = 2.75%
Country Z 5.67 – 2.67 = 3.00%
6If Country Z follows the approach stated by Medeva in conducting its monetary policy, its policy rate (in %) should be closest to:
Feedback
“Currency Exchange Rates: Determination and Forecasting,” Michael R. Rosenberg and William A. Barker, CFA
2013 Modular Level II, V ol. 1, Reading 14, Section 6.3, Equation 15, Example 5.2
Study Session 4-14-m, n
Explain the potential impacts of monetary and fiscal policies on exchange rates.
Describe the objectives and effectiveness of central bank intervention and capital controls.
A is correct.
The Taylor rule to determine the appropriate policy rate is:
i = r
n
+ π + α(π – π*) + β (y – y*),
where
i = Taylor rule prescribed central bank policy rate
r
n
= neutral real policy rate
π = current inflation rate
π* = central bank’s target inflation rate
y = log of the current level of output
y* = log of the economy’s potential/sustainable level of output
α and β are the policy response coefficients; Taylor proposed that alpha and beta each equal 0.5.
i = 2.75 + 2.67 + 0.5(2.67 – 3.27) + 0.5(3.50 – 4.00) = 2.75 – 0.30 – 0.25 = 4.87%.
1Atlantic Preserves Case Scenario
Jim Loris is the food and beverage analyst at Eastern Trust & Investments. Jeremy Paul has just joined the firm as an intern, and this month he is under Loris’ supervision.
Loris is planning on reviewing the financial statements of Atlantic Preserves, Inc., in the next few days. The company has recently signed a new collective agreement with its workers, and he is interested in seeing how the company’s employment costs have been affected. The company prepares its financial statements in accordance with U.S. GAAP, and the new collective agreement becomes effective January 1, 2012.
Paul extracts portions of the new collective agreement related to the pension plan and mentions to Loris that there have been two changes related to the plan:
1. The benefit formula has been changed to 1.75% × Final year’s salary × Number of years of service
under the plan. Previously, the same formula was employed but a factor of 1.65% had been used.
2. The vesting period has been changed from four years to three years.
Paul makes the following two comments about these changes to the pension plan:
1. The new formula will have a big impact on income because the past service costs that arise will be
expensed immediately.
2. The change to a shorter vesting period will give rise to an actuarial gain.
Loris responds, “Any unamortized past service costs that arise will be reported in other comprehensive income and will be part of the determination of the net pension liability or asset.”
Loris provides Paul with the information in Exhibit 1 about John Smith, an employee who has just started working for Atlantic, and other information taken from the company’s pension plan disclosures. Loris asks Paul to calculate the pension liability arising from Smith.
Exhibit 1
Assumptions Relating to the Liability Arising from John Smith’s Pension
Pension plan details and assumptions:Employee details:
Annual wage increase 3.5%Current salary$60,000
Discount rate7.5%Date hired Jan 1, 2012
Expected retirement date Dec 31, 2017 Pension plan benefit payments:
Annual payments are paid at year end and
continue for the remainder of the retiree’s life
Estimated final salary $71,261
Estimated years in retirement25
Following his calculation of the pension plan liability, Paul asks Loris two questions about the discount rate that is used:
1. Exhibit 1 doesn’t mention how you determined the discount rate that was used. What rate is the most
appropriate rate to use?
2. What would be the effect of using a higher discount rate on various components of the company’s
pension plan obligation?
1Atlantic Preserves Case Scenario (continued)
Loris answers Paul’s questions and then provides him with selected information from Note F of the 2011 Annual Report of Atlantic Preserves (Exhibit 2). He says to Paul that while he is aware that the company’s actual return on pension plan assets exceeds its expected return, he is more interested in determining how much of the periodic pension cost is due to changes in actuarial assumptions used in determining the benefit obligation. He also asks Paul to use the information in Exhibit 2 to calculate the net periodic pension cost for 2011.
Exhibit 2
Atlantic Preserves, Inc.
Selected Information from Note F of the 2011 Annual Financial Statements
Relating to the Company’s Defined Benefit Pension Plan
(in $ thousands)
Start-of-year pension obligation72,544
Start-of-year plan assets60,096
End-of-year pension obligation74,077
End-of-year plan assets61,812
Current service cost1,151
Interest cost5,441
Actual return on plan assets5,888
Expected return on plan assets4,597
Benefits paid to retired employees5,059
Employer’s contributions887
Amortization of past service costs272
Periodic pension cost*3,525
*The company recognizes all actuarial gains and losses immediately in the income statement. Question
Regarding Loris and Paul’s discussion about the changes in the pension plan arising from the new collective agreement, which comment is most accurate?
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Section 2.1; 2.2; 2.3.2.2, Exhibit 2
Study Session 6-20-b, c, e
Explain and calculate measures of a defined benefit pension obligation (i.e., present value of the defined benefit obligation and projected benefit obligation) and net pension liability (or asset).
Describe the components of a company’s defined benefit pension costs.
Explain and calculate the effects on financial statements of adjustments for items of pension and other post-employment benefits that are reported in the notes to the financial statements.
A is correct. Loris’ response is most accurate. Past service costs arise because of the enrichment of the pension benefit to be received under the plan. Under U.S. GAAP, any unamortized past service costs will be reported in other comprehensive income and will be part of the determination of the net pension liability or asset. Under IFRS, the past service costs are recognized as an expense in the income statement.
2At the end of Smith’s second year of service, the estimated defined benefit obligation arising from his employment is closest to:
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Section 2.3.3, Example 2 (Scenario 3)
Study Session 6-23-b, d
Explain and calculate measures of a defined benefit pension obligation (i.e., present value of the defined benefit obligation and projected benefit obligation) and net pension liability (or asset).
Explain and calculate the impact of a defined benefit plan’s assumptions on the defined benefit obligation and periodic pension cost.
B is correct.
1. Determination of annual unit credit (benefit)
Estimated final salary (Exhibit 2):$71,261 Estimated annual (end of year) payment in
retirement (6 years of service):$71,261 × 1.75% × 67,482.41
Present value of estimated future paymentsas
of the start of retirement:
Keystrokes using a financial calculator:
7,482.41 × PV A(25 yr, 7.5%)
N = 25, I = 7.5, PMT = 7,482.41
Mode: End; PV = ?
83,406
Annual unit credit at time of retirement per
service year:83,406 / 613,901
2. Determination of build-up of pension obligation for the employee
2012Calculation for
20122013
Calculation for
2013 Opening obligation09,683From close 2012 Interest cost at 7.5%07269,683 × 0.075
Current service cost9,68313,901
(1 + 0.075)510,409
13,901
(1 + 0.075)4 Closing obligation9,68320,818
3The best answer to Paul’s first question is to use the:
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Sections 2.2, 2.3.3, 2.4.1
Study Session 6-23-b, d
Explain and calculate measures of a defined benefit pension obligation (i.e., present value of the defined benefit obligation and projected benefit obligation) and net pension liability (or asset).
Explain and calculate the impact of a defined benefit plan’s assumptions on the defined benefit obligation and periodic pension cost.
C is correct. The yield on high-quality corporate bonds in the appropriate discount rate used to calculate the present value of the future benefits represents the rate at which the defined benefit obligation could be effectively settled.
4Question
The least appropriate answer to Paul’s second question is that the:
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Section 2.3.2.2, Example 3 and Exhibit 3
Study Session 6-23-b, d
Explain and calculate measures of a defined benefit pension obligation (i.e., present value of the defined benefit obligation and projected benefit obligation) and net pension liability (or asset).
Explain and calculate the impact of a defined benefit plan’s assumptions on the defined benefit obligation and periodic pension cost.
B is correct. The current service cost is the present value of the annual unit credit earned in the current period. A higher discount rate means that the present value of the future benefits earned in retirement will be lower and hence the annual unit credit will be lower. Therefore, the current service cost will decrease not increase.
5The amount of Atlantic Preserves’ 2011 periodic pension cost (in $ thousands) that is due to changes in actuarial assumptions used in determining the benefit obligation is closest to:
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Section 2.3.2.2, Exhibit 2
Study Session 6-23-c
Describe the components of a company’s defined benefit pension cost.
B is correct. From Exhibit 3, determine the total actuarial gains/losses and then determine the amount due to the change in assumptions (not due to expected vs. actual ROA).
Calculation for Periodic Pension Cost: (in $ thousands)
Current service cost1,151
Interest cost5,441
Amortization of past service costs272
Total actuarial gains and losses, including differences
between actual and expected returns on plan assets
(to be solved for)
X
Periodic pension cost3,525
Total actuarial gains and losses: X3,339
Less (Actual – Expected) return on plan assets(1,291)5,888 – 4,597
Actuarial gains and losses arising from assumptions
used in determining the benefit obligation2,048
6Atlantic Preserves’ net periodic pension cost (in $ thousands) for 2011 is closest to:
Feedback
“Employee Compensation: Post-Employment and Share Based,” Elaine Henry, CFA, and Elizabeth A. Gordon
2013 Modular Level II, V ol. 2, Reading 20, Section 2.4.3
Study Session 6-23-b, c
Explain and calculate measures of a defined benefit pension obligation (i.e., present value of the defined benefit obligation and projected benefit obligation) and net pension liability (or asset).
Describe the components of a company’s defined benefit pension costs.
B is correct.
Net periodic pension cost = End funded status – Employer contributions – Beginning funded status From Exhibit 2
End of Year Start of Year Change Pension obligation74,07772,5441,533
Pension assets61,81260,0961,716
Funded status–12,265–12,448–183 Minus employer’s contributions887887
Total periodic pension cost704704
The reduction of the underfunding by 183 adjusted for the employer’s contribution
of 887 results in a net periodic cost of 704.
Net pension liability is treated as a negative funded status in this relationship: See Footnote 10.
1Chapala Nandin Case Scenario
Chapala Nandin, CFA, is a senior fixed-income analyst with Tapi Investments, located in Austin, Texas. She has been approved to hire a junior analyst to assist her. Today, she is interviewing Nirav Gordha, a recent college graduate who interned in another investment firm’s fixed-income department for two years. Nandin explains to Gordha that her approach to fixed-income management is based on a thorough understanding of interest rate dynamics and that she will be asking him questions during the interview to determine the extent of his knowledge in this area.
To begin, Nandin shows Gordha current Treasury yields compared with the yields one year ago. These data are provided in Exhibit 1. She asks Gordha to characterize the change in the yield curve over the year.
Exhibit 1
Current and Previous Treasury Yield Curve
Maturity Yield Today
Yield One
Year Ago
3 months 1.35% 2.50%
1 year 2.85% 3.50%
2 years 3.95% 4.35%
5 years 4.50% 5.00%
10 years 4.75% 5.40%
30 years 4.80% 5.75%
Next, Nandin reminds Gordha that changes in the yield curve can have a large impact on the total return from investing in a portfolio of Treasury securities of various durations over a short period of time. She asks him what yield curve change would have the largest impact on the portfolio’s return. Gordha responds, “A change in the slope has a larger impact on total return than any other change in the yield curve.”
Nandin and Gordha discuss the valuation of fixed-income securities using Treasury spot rates and the construction of the theoretical spot rate curve. Gordha notes that spot rates can be calculated from a variety of Treasury securities and makes three observations:
Observation 1:If all Treasury securities are used to calculate the spot rate curve, adjustments should be made for the effects of taxes.
Observation 2:If Treasury strip securities are used to calculate the spot rate curve, care should be taken to avoid strips created from principal repayments.
Observation 3:If on-the-run Treasury securities are used to calculate the spot rate curve, the observed yields for the most recently auctioned securities should be used.
Nandin asks Gordha to compare the use of a swap curve with a government bond yield curve as a benchmark of interest rates. Gordha responds, “The credit risk of a country’s swap curve is related to the sovereign risk of its government bonds; however, government bond yields can be affected by technical factors that affect supply and demand and alter yields. These technical factors do not exist in swap markets.” Nandin provides Gordha with information about a portfolio of three bonds, including the key rate durations (KRD) of each bond for the 6-month, 2-year, 5-year, and 10-year parts of the yield curve. This information is found in Exhibit 2. She asks him to characterize the key rate duration profile of the portfolio.
1Chapala Nandin Case Scenario (continued)
Exhibit 2
Holdings and Key Rate Durations (KRD) for Bond Portfolio
Holdings
($ millions)
6-Month
KRD
2-Year
KRD
5-Year
KRD
10-Year
KRD
Bond 1300.40.4 1.0 6.0
Bond 2450.5 1.2 2.60
Bond 3750.50.800
Nandin tells Gordha it is her practice to monitor changes in yield volatility using the 10 most recent trading days. She annualizes the daily volatility using a 260 trading day assumption. She provides an example using the yields found in Exhibit 3.
Exhibit 3
Yields for the Last 10 Days
Day Yield (%)
–10 3.2413
–9 3.2628
–8 3.3781
–7 3.4298
–6 3.3866
–5 3.3527
–4 3.3602
–3 3.4005
–2 3.4334
–1 3.4150
Question
Given the data in Exhibit 1, Gordha should best characterize the change in the yield curve as a: Feedback
“Term Structure and V olatility of Interest Rates,” Frank J. Fabozzi, CFA
2013 Modular Level II, V ol. 5, Reading 43, Section 2.B
Study Session 14-43-a
Explain parallel and nonparallel shifts in the yield curve, a yield curve twist, and a change in the curvature of the yield curve (i.e., a butterfly shift).
C is correct because although all yields decreased, the yields on the long and short ends of the yield curve decreased more than the yields in the middle of the curve, increasing the curvature of the curve. This is called a negative butterfly shift.
2Is Gordha most likely correct regarding the impact of a change in the yield curve on total return? Feedback
“Term Structure and V olatility of Interest Rates,” Frank J. Fabozzi, CFA
2013 Modular Level II, V ol. 5, Reading 43, Section 3
Study Session 14-43-b
Describe factors that drive U.S. Treasury security returns, and evaluate the importance of each factor.
B is correct because the change in the level of rates explains about 90% of the variation in returns on Treasury securities, whereas the change in the slope of the yield curve explains only 8.5% of the variation and the change in the curvature explains very little of the variation.
3Question
Which of Gordha’s observations regarding the calculation of the theoretical Treasury spot rate curve is least likely correct?
Feedback
“Term Structure and V olatility of Interest Rates,” Frank J. Fabozzi, CFA
2013 Modular Level II, V ol. 5, Reading 43, Section 4
Study Session 14-43-c
Explain various universes of Treasury securities that are used to construct the theoretical spot rate curve, and evaluate their advantages and disadvantages.
C is correct because the yields used from the on-the-run Treasury issues will not be the observed yields when the securities are not trading at par. Rather, an estimated yield necessary to make the issue trade at par is used. The resulting on-the-run yield curve is called the par coupon curve.
4Question
Is Gordha’s comment regarding swap curves most likely correct?
Feedback
“Term Structure and V olatility of Interest Rates,” Frank J. Fabozzi, CFA
2013 Modular Level II, V ol. 5, Reading 43, Section 5.B
Study Session 14-43-d
Explain the swap rate curve (LIBOR curve) and why market participants have used the swap curve rather than the government bond yield curve as a benchmark.
B is correct because Gordha is mistaken regarding the credit risk imbedded in the swap curve, which is related to the credit risk of swap counterparties (banks), not the sovereign risk of the government bond market.
1.1给定程序的功能是调用fun函数建立班级通讯录。通讯录中记录每位同学的编号、姓名和电话号码。班级的人数和学生的信息从键盘读入，每个人的信息作为一个数据块写道名位myfile5.dat的二进制文件中。 答案：第一处：STYPE 第二处：FILE 第三处：fp 2.1给定程序的功能是：从键盘输入若干行文本（每行不超过80个字符），写到文件myfile4.txt 中，用-1作为字符串输入结束的标志。然后将文件的内容读出显示在屏幕上。文件的读写分别由自定义函数ReadText和WriteText实现。 答案：第一处：*fw 第二处：str 第三处：str 3.1给定程序中，函数fun的功能是：将自然数1~10以及它们的平方根写到名为myfile 4.txt 的文本文件中，然后再顺序读出显示在屏幕上。 请在程序的下划线处填入正确的内容并把下划线删除，使程序得出正确的结果。 答案：第一处：fp 第二处：fclose（fp）第三处：fname 4.1给定程序的功能是：调用函数fun将指定源文件中的内容复制到指定的目标文件中，复制成功时函数返回值为1，失败时返回值为0。在复制过程中，目标文件名放在变量tfname 中。。 答案：第一处：”r”第二处：fs 第三处：ft 5.1给定程序中已建立一个带有头结点的单向链表，链表中的各个结点按结点数据域中的数据递增有序连接。函数fun的功能是：把型参x的值放入一个新结点并插入到链表中，插入后各结点数据域的值仍保持递增有序。 答案：第一处：x 第二处：p 第三处：s 6.1给定程序中已建立一个带有头结点的单向链表，在main函数中将多次调用fun函数，每调用一次fun函数，输出链表尾部结点中的数据，并释放该结点，使链表缩短。 答案：第一处next 第二处t->data或(*t).data. 第三处t 7.1给定程序中已建立一个带有头结点的单向链表，链表中的各结点按数据域递增有序链接。函数fun的功能是：删除链表中数据域值相同的结点，使之只保留一个 答案：第一处：q 第二处next 第三处next 8.1给定程序中，函数fun的功能是：在带有头结点的单向链表中，查找数据域中值为ch的结点。找到后通过函数值返回该结点在链表中所处的顺序号；若不存在值为ch的结点，函数返回0值。 答案：1 0 2 n 3 head,ch 9.1给定程序中，函数fun的功能是：统计出带有头结点的单向链表中结点的个数，存放在形参n所指的存储单元中。答案：1 *n 2 next 3 head 10.1给定程序中，函数fun的功能是：计算出带有头节点的单向链表中各结点数据域中值之和作为函数值返回。 答案：1 data 2 next 3 head 11.1人员的记录由编号和出生年，月，日组成，N名人员的数据已在主函数中存入结构体数组std中，且编号唯一。函数fun的功能是：找出指定编号人员的数据，作为函数值返回，由主函数输出，若指定编号不存在，返回数据中的编号为空串。 第一处：STU。第二处：stu[i].num。第三处：std[i]。 12.1人员的记录由编号和出生年。月，日组成，N名人员的数据已在主函数中存入结构体数组std中。函数fun的功能是：找出指定出生年份的人员，将其数据放在形参k所指的数组中，由主函数输出，同时由函数值返回满足指定条件的人数。 请在程序的下划线处填入正确的内容并把下划线删除，使程序得出正确的结果。 第一处：std[i].year 第二处：std[i] 第三处：n
2019年全国计算机二级考试试题题库（附答案） 一、选择题((1)-(40)每小题1分，(41)-(50)每小题2分，共60分) 下列各题 A) 、B)、C)、D)四个选项中，只有一个选项是正确的，请将正确选项在答题卡相应位置上涂黑，答在试卷上不得分。 (1) 应用软件是指 A) 所有能够使用的软件 B) 能被各应用单位共同使用的某种软件 C) 所有微机上都应使用的基本软件 D) 专门为某一应用目的而编制的软件 (2) 下列述叙中错误的是 A) 计算机要经常使用不要长期闲置不用 B) 为了延长计算机的寿命，应避免频繁开关计算机 C) 在计算机附近应避免磁场干扰 D) 计算机用几小时后，应关机一会儿再用 (3) 下列字符中，ASCII码值最小的是 A) A B) a C) Z D) x (4) 用晶体管作为电子器件制成的计算机属于 A) 第一代 B) 第二代 C) 第三代 D) 第四代 (5) 下列各不同进制的四个无符号数中，最小的数是 A) (11011001)2 B) (37)8 C) (75)10 D) (2A)16 (6) 二进制数1110111.11转换成十六进制数是 A) 77.C B) 77.3 C) E7.C D) E7.3 (7) 下列各无符号十进制数中，能用八位二进制表示的是 A) 296 B) 333 C) 256 D) 199 (8) 计算机的软件系统可分类为 A) 程序与数据 B) 系统软件与应用软件 D) 操作系统与语言处理程序 D) 程序、数据与文档 (9) 486机中的CPU同时能处理的二进制位数为 A) 8 B) 16 C) 32 D) 64 (10) 在使用计算机的过程中，需要重新启动DOS，则要
2019年全国计算机二级考试试题题库（附答案）一、选择题((1)-(40)每小题1分，(41)-(50)每小题2分，共60分) 下列各题 A) 、B)、C)、D)四个选项中，只有一个选项是正确的，请将正确选项在答题卡相应位置上涂黑，答在试卷上不得分。 (1) 应用软件是指 A) 所有能够使用的软件 B) 能被各应用单位共同使用的某种软件 C) 所有微机上都应使用的基本软件 D) 专门为某一应用目的而编制的软件 (2) 下列述叙中错误的是 A) 计算机要经常使用不要长期闲置不用 B) 为了延长计算机的寿命，应避免频繁开关计算机 C) 在计算机附近应避免磁场干扰 D) 计算机用几小时后，应关机一会儿再用 (3) 下列字符中，ASCII码值最小的是 A) A B) a C) Z D) x (4) 用晶体管作为电子器件制成的计算机属于 A) 第一代 B) 第二代 C) 第三代 D) 第四代 (5) 下列各不同进制的四个无符号数中，最小的数是 A) (11011001)2 B) (37)8 C) (75)10 D) (2A)16 (6) 二进制数1110111.11转换成十六进制数是 A) 77.C B) 77.3 C) E7.C D) E7.3 (7) 下列各无符号十进制数中，能用八位二进制表示的是 A) 296 B) 333 C) 256 D) 199 (8) 计算机的软件系统可分类为 A) 程序与数据 B) 系统软件与应用软件 D) 操作系统与语言处理程序 D) 程序、数据与文档 (9) 486机中的CPU同时能处理的二进制位数为 A) 8 B) 16 C) 32 D) 64 (10) 在使用计算机的过程中，需要重新启动DOS，则要 A) 按Ctrl+Break键 B) 按^C键 C) 按Ctrl+Alt+Del键 D) 按^H键
1、找出2xM整型二维数组中最大元素的值，并将此值返回 调用函数。int fun (int a[][M]) { int i,j,max=a[0][0]; for(i=0;i<2;i++) for(j=0;j 一、选择题 (1) 下面叙述正确的是(C) A. 算法的执行效率与数据的存储结构无关 B. 算法的空间复杂度是指算法程序中指令（或语句）的条数 C. 算法的有穷性是指算法必须能在执行有限个步骤之后终止 D. 以上三种描述都不对 (2) 以下数据结构中不属于线性数据结构的是(C) A. 队列 B. 线性表 C. 二叉树 D. 栈 (3) 在一棵二叉树上第5层的结点数最多是(B) 注：由公式2k-1得 A. 8 B. 16 C. 32 D. 15 (4) 下面描述中，符合结构化程序设计风格的是(A) A. 使用顺序、选择和重复（循环）三种基本控制结构表示程序的控制逻辑 B. 模块只有一个入口，可以有多个出口 C. 注重提高程序的执行效率 D. 不使用goto语句 (5) 下面概念中，不属于面向对象方法的是(D) 注：P55-58 A. 对象 B. 继承 C. 类 D. 过程调用 (6) 在结构化方法中，用数据流程图（DFD）作为描述工具的软件开发阶段是(B) A. 可行性分析 B. 需求分析 C. 详细设计 D. 程序编码 (7) 在软件开发中，下面任务不属于设计阶段的是(D) A. 数据结构设计 B. 给出系统模块结构 C. 定义模块算法 D. 定义需求并建立系统模型 (8) 数据库系统的核心是(B) A. 数据模型 B. 数据库管理系统 C. 软件工具 D. 数据库 (9) 下列叙述中正确的是(C) A.数据库是一个独立的系统，不需要操作系统的支持 B.数据库设计是指设计数据库管理系统 C.数据库技术的根本目标是要解决数据共享的问题 D.数据库系统中，数据的物理结构必须与逻辑结构一致 (10) 下列模式中，能够给出数据库物理存储结构与物理存取方法的是(A) 注：P108 A. 内模式 B. 外模式 C. 概念模式 D. 逻辑模式 (11) 算法的时间复杂度是指(C) A. 执行算法程序所需要的时间 B. 算法程序的长度 C. 算法执行过程中所需要的基本运算次数 D. 算法程序中的指令条数 (12) 算法的空间复杂度是指(D) A. 算法程序的长度 B. 算法程序中的指令条数 C. 算法程序所占的存储空间 D. 算法执行过程中所需要的存储空间 (13) 设一棵完全二叉树共有699个结点，则在该二叉树中的叶子结点数为(B) 注：利用公式n=n0+n1+n2、n0=n2+1和完全二叉数的特点可求出 A. 349 B. 350 C. 255 D. 351 (14) 结构化程序设计主要强调的是(B) A.程序的规模 B.程序的易读性 C.程序的执行效率 D.程序的可移植性 (15) 在软件生命周期中，能准确地确定软件系统必须做什么和必须具备哪些功能的阶段是(D) 注：即第一个阶段 A. 概要设计 B. 详细设计 C. 可行性分析 D. 需求分析 (16) 数据流图用于抽象描述一个软件的逻辑模型，数据流图由一些特定的图符构成。下列图符名标识的图符不属于数据流图合法图符的是(A) 注：P67 A. 控制流 B. 加工 C. 数据存储 D. 源和潭 1)SQLServer2005 是哪个公司开发出来的? A SyBase B Sun C AstonTate D Microsoft 2)微软的access 数据库是一种 _______ A A 低端的 B 中端的 C 高端的 D 无法确定 3)MSSQLServer2005Enterprise Edition C A 精简版 B 标准版 C 企业版 D 工作组版数据库 是哪一种版本? 4)MSSQLServer2005EnterpriseEdition 的安装条件, 对内存的最低要求 是:__MB? C A128 B256 C512 D1024 5)MSSQLServer2005EnterpriseEdition 的安装条件, 对内存的建议要求 是:__MB? C A 256 及更高 B 512 及更高 C 1024 或更高 D 没有要求 6)以下关于数据安装的说法正确的是: C A 安装SQLServer2005 EnterpriseEditionwindows 的98 系统也可以 B 安装SQLServer2005 EnterpriseEdition 不需要安装IIS C 安装SQLServer2005 EnterpriseEdition 需要IE6.0sp1 以上的版本 D 安装SQLServer2005 EnterpriseEdition 系统不会检查安装要求 7)安装SQLServer2005 EnterpriseEdition 过程中, 系统会进行__项系统配置检查? D A11 B12 C13 D14 8)安装SQLServer2005 EnterpriseEdition 时, 会有几种身份验证模式B A 1 B 2 C 3 D 根本没有身份验证 9)安装SQLServer2005 EnterpriseEdition 成功以后, 启动数据库应该点击哪个子菜单选项? A managementstudio B 配置工具 C 分析服务 D 性能工具 考试内容 (一)图层?【考试要求】?掌握图层得工作原理与基本操作。?【操作考点】 熟练掌握图层得新建、复制、删除、移动、锁定、透明度调整等,通过图层得 操作制作各式各样得图片。? (二)选区?【考试要求】?熟练掌握选区得概念,并灵活使用选区限定图层操 作得范围。?【操作考点】 掌握使用选框工具、套索工具与魔棒工具建立选区得方法，运用选区得多种 运算法则对选区进行修改与编辑,通过键盘快捷键得配合移动或复制选区内 得像素。?（三)图层蒙版 【考试要求】 熟练掌握图层蒙版得建立,并使用蒙版完成图像得合成。 【操作考点】 蒙版添加得位置、添加得方法、使用蒙版调整图层透明度得方法,将多张图片 转换为一个psｄ文件中得多个图层得方法。 (四)路径 【考试要求】 熟练使用路径工具创建选区、描边与填充形状。?【操作考点】 路径得创建、运算法则,路径得修复与调整,路径得填充、描边,路径与文字工 具得配合使用。 (五)滤镜 【考试要求】?了解与掌握Pｈoｔｏｓhop中滤镜得种类得用途。 【操作考点】?滤镜得类别、与图层、选区、历史记录面板等工具混合使 用产生各种特殊效果。 １、下列哪个就就是pｈoｔoｓhop图象最基本得组成单元: Ｃ A、节点 B、色彩空间Ｃ、象素D、路径 2、下面对矢量图与象素图描述正确得就就是: Ｃ A、矢量图得基本组成单元就就是象素? B、象素图得基本组成单元就就是锚点与路径? C、AｄｏbｅIllustrator 9图形软件能够生成矢量图? D、Ａdｏｂｅphotｏshoｐ 6 能够生成矢量图 3、图象分辨率得单位就就是:Ｂ?Ａ、ｄpｉＢ、ppi C、lpｉD、pｉｘel 4、色彩深度就就是指在一个图象中什么得数量:A A、颜色 B、饱与度 C、亮度 D、灰度 5、图象必须就就是何种模式，才可以转换为位图模式:B 全国计算机二级考试试题题库(附答案) 一、选择题((1)-(40)每小题1分，(41)-(50)每小题2分，共60分) 下列各题A) 、B)、C)、D)四个选项中，只有一个选项是正确的，请将正确选项在答题卡相应位置上涂黑，答在试卷上不得分。 (1)应用软件是指 A)所有能够使用的软件B)能被各应用单位共同使用的某种软件 C)所有微机上都应使用的基本软件D)专门为某一应用目的而编制的软件 (2)下列述叙中错误的是 A)计算机要经常使用不要长期闲置不用 B)为了延长计算机的寿命，应避免频繁开关计算机 C)在计算机附近应避免磁场干扰 D)计算机用几小时后，应关机一会儿再用 (3)下列字符中，ASCII码值最小的是 A) A B) a C) Z D) x (4)用晶体管作为电子器件制成的计算机属于 A)第一代B)第二代C)第三代D)第四代 (5)下列各不同进制的四个无符号数中，最小的数是 A)()2 B) (37)8 C) (75)10 D) (2A)16 (6)二进制数转换成十六进制数是 A) B) C) D) (7)下列各无符号十进制数中，能用八位二进制表示的是 A) 296 B) 333 C) 256 D) 199 (8)计算机的软件系统可分类为 A)程序与数据B)系统软件与应用软件 D)操作系统与语言处理程序D)程序、数据与文档 (9)486机中的CPU同时能处理的二进制位数为 A) 8 B) 16 C) 32 D) 64 (10)在使用计算机的过程中，需要重新启动DOS则要 A)按Ctrl+Break 键B)按A C 键C)按Ctrl+Alt+Del 键D)按A H 键 (11)现要从软盘启动DOS软盘中已存有DOS系统)，设有如下一些操作：①打开计算机电源； ②将该软盘插入A驱动器；③关好A驱动器门。则冷启动的操作顺序应为 A)①T②T③ B)③T②T①C)②T①T③ D)②T③T① (12)设当前盘中某一文件路径为，当前目录为\A。下列命令中错误的是 A) CD.. B) RD \A\C\B C) TYPE \A\C\B\ D) TYPE C\B\ (13)设当前盘中的根目录下有一子目录AB在子目录AB下有一文件。现要查看文件 的内容，应使用命令 A) TYPE \AB B) TYPE \AB\ C) TYPE \ D) DIR \AB\ (14)自动批处理文件必须放在 A) C盘根目录中B) A盘根目录中 C)启动盘的任一个目录中D)启动盘的根目录中 全国计算机二级考试试题题库（附答案） 一、选择题((1)-(40)每小题1分，(41)-(50)每小题2分，共60分) 下列各题 A) 、B)、C)、D)四个选项中，只有一个选项是正确的，请将正确选项在答题卡相应位置上涂黑，答在试卷上不得分。 (1) 应用软件是指 A) 所有能够使用的软件 B) 能被各应用单位共同使用的某种软件 C) 所有微机上都应使用的基本软件 D) 专门为某一应用目的而编制的软件 (2) 下列述叙中错误的是 A) 计算机要经常使用不要长期闲置不用 B) 为了延长计算机的寿命，应避免频繁开关计算机 C) 在计算机附近应避免磁场干扰 D) 计算机用几小时后，应关机一会儿再用 (3) 下列字符中，ASCII码值最小的是 A) A B) a C) Z D) x (4) 用晶体管作为电子器件制成的计算机属于 A) 第一代 B) 第二代 C) 第三代 D) 第四代 (5) 下列各不同进制的四个无符号数中，最小的数是 A) ()2 B) (37)8 C) (75)10 D) (2A)16 (6) 二进制数转换成十六进制数是 A) B) C) D) (7) 下列各无符号十进制数中，能用八位二进制表示的是 A) 296 B) 333 C) 256 D) 199 (8) 计算机的软件系统可分类为 A) 程序与数据 B) 系统软件与应用软件 D) 操作系统与语言处理程序 D) 程序、数据与文档 (9) 486机中的CPU同时能处理的二进制位数为 A) 8 B) 16 C) 32 D) 64 (10) 在使用计算机的过程中，需要重新启动DOS，则要 A) 按Ctrl+Break键 B) 按^C键 C) 按Ctrl+Alt+Del键 D) 按^H键 (11) 现要从软盘启动DOS(软盘中已存有DOS系统)，设有如下一些操作:①打开计算机电源;②将该软盘插入A驱动器;③关好A驱动器门。则冷启动的操作顺序应为 A) ①→②→③ B) ③→②→① C) ②→①→③ D) ②→③→① (12) 设当前盘中某一文件路径为\A\C\B\，当前目录为\A。下列命令中错误的是 A) CD.. B) RD \A\C\B C) TYPE \A\C\B\ D) TYPE C\B\ (13) 设当前盘中的根目录下有一子目录AB，在子目录AB下有一文件。现要查看文件的内容，应使用命令 A) TYPE \AB B) TYPE \AB\ C) TYPE \ D) DIR \AB\ (14) 自动批处理文件必须放在 A) C盘根目录中 B) A盘根目录中 C) 启动盘的任一个目录中 D) 启动盘的根目录中 计算机等级考试2级公共基础120题 全国计算机等级考试2级公共基础120题之一 (1下面叙述正确的是______ 。(C A.算法的执行效率与数据的存储结构无关 B.算法的空间复杂度是指算法程序中指令(或语句)的条数 C.算法的有穷性是指算法必须能在执行有限个步骤之后终止 D.以上三种描述都不对 (2以下数据结构中不属于线性数据结构的是______ o (C A.队列 B.线性表 C.二叉树 D.栈 (3在一棵二叉树上第5层的结点数最多是_______ o (B A.8 B. 16 C. 32 D. 15 (4下面描述中，符合结构化程序设计风格的是______ o (A A.使用顺序、选择和重复(循环)三种基本控制结构表示程序的控制逻辑 B.模块只有一个入口，可以有多个出口 C.注重提高程序的执行效率 D.不使用goto语句 (5下面概念中，不属于面向对象方法的是______ o (D A.对象 B.继承 C.类 D.过程调用 (6在结构化方法中，用数据流程图(DFD )作为描述工具的软件开发阶段是 ______ 。(B A.可行性分析 B.需求分析 C.详细设计 D.程序编码 (7在软件开发中，下面任务不属于设计阶段的是_______ 。(D A.数据结构设计 B.给出系统模块结构 C.定义模块算法 D.定义需求并建立系 统模型 (8数据库系统的核心是______ 。(B A.数据模型 B.数据库管理系统 C.软件工具 D.数据库 (9下列叙述中正确的是______ 。(C A.数据库是一个独立的系统，不需要操作系统的支持 B.数据库设计是指设计数据库管理系统 C.数据库技术的根本目标是要解决数据共享的问题 D.数据库系统中，数据的物理结构必须与逻辑结构一致 (10下列模式中，能够给出数据库物理存储结构与物理存取方法的是 _________________________________________________________________________ 。 (A A.内模式 B.外模式 C.概念模式 D.逻辑模式 (11算法的时间复杂度是指_____ o (C A.执行算法程序所需要的时间 B.算法程序的长度 考试容 （一）图层 【考试要求】 掌握图层的工作原理和基本操作。 【操作考点】 熟练掌握图层的新建、复制、删除、移动、锁定、透明度调整等，通过图层的操作制作各式各样的图片。 （二）选区 【考试要求】 熟练掌握选区的概念，并灵活使用选区限定图层操作的围。 【操作考点】 掌握使用选框工具、套索工具和魔棒工具建立选区的方法，运用选区的多种运算法则对选区进行修改和编辑，通过键盘快捷键的配合移动或复制选区的像素。 （三）图层蒙版 【考试要求】 熟练掌握图层蒙版的建立，并使用蒙版完成图像的合成。 【操作考点】 蒙版添加的位置、添加的方法、使用蒙版调整图层透明度的方法，将多图片转换为一个psd文件中的多个图层的方法。 （四）路径 【考试要求】 熟练使用路径工具创建选区、描边和填充形状。 【操作考点】 路径的创建、运算法则，路径的修复和调整，路径的填充、描边，路径与文字工具的配合使用。 （五）滤镜 【考试要求】 了解和掌握Photoshop中滤镜的种类的用途。 【操作考点】 滤镜的类别、与图层、选区、历史记录面板等工具混合使用产生各种特殊效果。 1．下列哪个是photoshop图象最基本的组成单元： C A．节点 B．色彩空间 C．象素D．路径 2．下面对矢量图和象素图描述正确的是： C A．矢量图的基本组成单元是象素 B．象素图的基本组成单元是锚点和路径 C． Adobe Illustrator 9图形软件能够生成矢量图 D． Adobe photoshop 6 能够生成矢量图 3．图象分辨率的单位是：B A． dpi B． ppi C． lpi D． pixel 4．色彩深度是指在一个图象中什么的数量：A A．颜色 B．饱和度C．亮 度 D．灰度 5．图象必须是何种模式，才可以转换为位图模式：B A． RGB B．灰度C．多通道 D．索引颜色 6．在双色调模式中双色调曲线的作用是什么：A A．决定专色在图象中的分布 B．决定陷印在图象中的分布 C．决定CMYK Profile（概貌）在图象中的分布 D．决定超出色域围的色彩如何在图象中校正 7．下面哪种色彩模式色域最大：D A． HSB模式 B． RGB模式C． CMYK模式D． Lab模 式 8．索引颜色模式的图象包含多少种颜色：B A． 2 B． 256 C．约65， 000 D． 1670万 9．当将CMKY模式的图象转换为多通道时，产生的通道名称是什么：D A．青色、洋红和黄色B．四个名称都是Alpha 通道 C．四个名称为Black（黑色）的通道D．青色、洋红、黄色和黑色 10．什么色彩模式的图象转换为多通道模式时，建立的通道名称均为Alpha：C A． RGB模式 B． CMYK模式C． Lab模 式D． Multichannel 模式 11．当图象是何种模式时，所有的滤镜都不可以使用（假设图象是8位/通道）：D A． CMYK B．灰度C．多通道D．索引颜色 12．若想增加一个图层，但在图层调色板的最下面NEW LAYER（创建新图层）的按钮是灰色不可选，原因是下列选项种的哪一个（假设图象 是8位/通道）：D 2010年9月份全国计算机二级考试公共基础复习知识120题 一、选择题 (1) 下面叙述正确的是______。(C) A. 算法的执行效率与数据的存储结构无关 B. 算法的空间复杂度是指算法程序中指令（或语句）的条数 C. 算法的有穷性是指算法必须能在执行有限个步骤之后终止 D. 以上三种描述都不对 (2) 以下数据结构中不属于线性数据结构的是______。(C) A. 队列 B. 线性表 C. 二叉树 D. 栈 (3) 在一棵二叉树上第5层的结点数最多是______。(B) A. 8 B. 16 C. 32 D. 15 (4) 下面描述中，符合结构化程序设计风格的是______。(A) A. 使用顺序、选择和重复三种基本控制结构表示程序的控制逻辑 B. 模块只有一个入口，可以有多个出口 C. 注重提高程序的执行效率 D. 不使用goto语句 (5) 下面概念中，不属于面向对象方法的是______。(D) A. 对象 B. 继承 C. 类 D. 过程调用 (6) 在结构化方法中，用数据流程图（DFD）作为描述工具的软件开发阶段是______。(B) A. 可行性分析 B. 需求分析 C. 详细设计 D. 程序编码 (7) 在软件开发中，下面任务不属于设计阶段的是______。(D) A. 数据结构设计 B. 给出系统模块结构 C. 定义模块算法 D. 定义需求并建立系统模型 (8) 数据库系统的核心是______。(B) A. 数据模型 B. 数据库管理系统 C. 软件工具 D. 数据库 (9) 下列叙述中正确的是______。(C) A. 数据库是一个独立的系统，不需要操作系统的支持 B. 数据库设计是指设计数据库管理系统 C. 数据库技术的根本目标是要解决数据共享的问题 D. 数据库系统中，数据的物理结构必须与逻辑结构一致 (10) 下列模式中，能够给出数据库物理存储结构与物理存取方法的是______。(A) A. 内模式 B. 外模式 C. 概念模式 D. 逻辑模式 (11) 算法的时间复杂度是指______。(C) A. 执行算法程序所需要的时间 B. 算法程序的长度 C. 算法执行过程中所需要的基本运算次数 D. 算法程序中的指令条数 (12) 下列叙述中正确的是______。(A) A. 线性表是线性结构 B. 栈与队列是非线性结构 C. 线性链表是非线性结构 D. 二叉树是线性结构 (13) 设一棵完全二叉树共有699个结点，则在该二叉树中的叶子结点数为______。(B) 计算机二级考试题库下载 2016上半年的计算机考试时间越来越近，gkstk小编为大家整理了关于计算机二级的考试试题，希望能为大家的复习带来帮助! 【计算机二级C语言】 1、下列选项中属于面向对象设计方法主要特征的是( )。 A.继承 B.自顶向下 C.模块化 D.逐步求精 2、计算机高级语言程序的运行方法有编译执行和解释执行两种，以下叙述中正确的是( )。 A.C语言程序仅可以编译执行 B.C语言程序仅可以解释执行 C.C语言程序既可以编译执行又可以解释执行 D.以上说法都不对 3、在E-R图中，用( )来表示实体之间联系。 A.矩形 B.菱形 C.椭圆形 D.正方形 4、数据流图用于抽象描述一个软件的逻辑模型，数据流图由一些特定的图符构成。下列图符名标识的图符不属于数据流图合法图符的是( )。 A.控制流 B.加工 C.存储文件 D.源和潭 5、下列选项中属于软件生命周期开发阶段任务的是( )。 A.可行性研究 B.需求分析 C.详细设计 D.软件维护 6、下列关于线性链表的叙述中，正确的是( )。计算机二级考试题库下载计算机二级考试题库下载。 A.各数据结点的存储空间可以不连续，但它们的存储顺序与逻辑顺序必须一致 B.各数据结点的存储顺序与逻辑顺序可以不一致，但它们的存储空间必须连续 C.进行插入与删除时，不需要移动表中的元素 D.以上三种说法都不对 7、下列叙述中正确的是( )。 A. 循环队列是队列的一种顺序存储结构 B. 循环队列是队列的一种链式存储结构 C. 循环队列是非线性结构 D. 循环队列是一直逻辑结构 8、下列数据结构中，能用二分法进行查找的是( )。 A.无序线性表 B.线性链表 C.二叉链表 D.顺序存储的有序表 9、下面不属于软件设计原则的是( )。 [1] 数据111H 的最左边的1相当于2的( )次方。[参考答案A] [A] 8 [B] 9[C] 11[D] 2 [2] 下列各进制数中最大的数是( )。[参考答案D] [A] 227O [B] 1FFH [C] 1010001B[D] 789D [3] ( )不是微型计算机必须的工作环境。 [参考答案A] [A] 恒温 [B] 良好的接地线路 [C] 远离强磁场 [D] 稳定的电源电压 [4] ( )不是文件。 [参考答案D] [A] 设备 [B] 文档 [C] 应用程序 [D] 窗口 [5] ( )不属于Word97的文档打开方式。 [参考答案D] [A] 读写方式 [B] 只读方式 [C] 备份方式 [D] 系统方式 [6] ( )菜单中含有设置字体的命令。 [参考答案A] [A] 格式 [B] 编辑 [C] 视图 [D] 工具 [7] ( )操作可以确保打开一个很久以前，又记不清用何种程序建立的文档。 [参考答案C] [A] 用建立该文档的应用程序打开 [B] 用“开始”菜单中的“查找”命令找到该文档，并单击 [C] 用“开始”菜单中的“文档”命令打开 [D] 用“开始”菜单中的“运行”命令运行 [8] ( )的功能是将计算机外部的信息送入计算机。 [参考答案A] [A] 输入设备[B] 输出设备 [C] 软盘 [D] 电源线 [9] ( )的主要功能是使用户的计算机与远程主机相连，从而成为远程主机的终端。 [参考答案C] [A] E-mail[B] FTP [C] Telnet [D] BBS [10] ( )视图方式可对文档不进行分页处理。 [参考答案B] [A] 普通 [B] 联机版式 [C] 页面视图 [D] 大纲 [11] ( )是控制和管理计算机硬件和软件资源，合理地组织计算机工作流程以及方便用户的程序集合。 [参考答案C] [A] 监控程序 [B] 编译系统 [C] 操作系统 [D] 应用程序 [12] ( )是微型计算机的外存。 [参考答案C] [A] RAM [B] ROM [C] 磁盘 [D] 虚拟盘 [13] ( )是用来存储程序及数据的装置。 [参考答案B] [A] 输入设备 [B] 存储器 [C] 控制器 [D] 输出设备 [14] NOVELLNETWARE 是( )。 [参考答案A] [A] 网络操作系统 [B] 通用操作系统 [C] 实时操作系统 [D] 分时操作系统 [15] 预防计算机病毒的手 段，错误的是( )。 [参考答案D] [A] 要经常地对硬盘上的文件进行备份 [B] 凡不需要再写入数据的磁盘都应有写保护 [C] 将所有的.COM 和.EXE 文件赋以“只读”属性 [D] 对磁盘进行清洗 [16] “32位微型计算机”中的32指的是( )。 [参考答案D] [A] 微机型号 [B] 内存容量 [C] 存储单位 [D] 机器字长 [17] “奔腾”微型计算机采用的微处理器的型号是( ) [参考答案D] [A] 80286 [B] 80386 [C] 80486 [D] 80586 [18] “画图”程序是WINDOWS98的一个附件程序，能进行简单的图形处理，产生的文件为位图文件，扩展名为( )。 [参考答案A] [A] .BMP [B] .CRH [C] .EXE 『D] .GPH [19] “开始”菜单中，注销命令将( )。 [参考答案C] [A] 关闭系统 [B] 关闭当前窗口上的程序 [C] 关闭所有打开的程序 [D] 以上都不对 [20] “文件”下拉菜单底部所显示的文件名是( )。 [参考答案D] [A] 扩展名为DOC 的全部文件 2010最新计算机二级考试题库 站长提醒广大考生：下面的138道题目，在二级考试中命中率极高。 一、选择题 (1) 下面叙述正确的是(C) A. 算法的执行效率与数据的存储结构无关 B. 算法的空间复杂度是指算法程序中指令（或语句）的条数 C. 算法的有穷性是指算法必须能在执行有限个步骤之后终止 D. 以上三种描述都不对 (2) 以下数据结构中不属于线性数据结构的是(C) A. 队列 B. 线性表 C. 二叉树 D. 栈 (3) 在一棵二叉树上第5层的结点数最多是(B) 注：由公式2k-1得 A. 8 B. 16 C. 32 D. 15 (4) 下面描述中，符合结构化程序设计风格的是(A) A. 使用顺序、选择和重复（循环）三种基本控制结构表示程序的控制逻辑 B. 模块只有一个入口，可以有多个出口 C. 注重提高程序的执行效率 D. 不使用goto语句 (5) 下面概念中，不属于面向对象方法的是 (D) 注：P55-58 A. 对象 B. 继承 C. 类 D. 过程调用 (6) 在结构化方法中，用数据流程图（DFD）作为描述工具的软件开发阶段是(B) A. 可行性分析 B. 需求分析 C. 详细设计 D. 程序编码 (7) 在软件开发中，下面任务不属于设计阶段的是(D) A. 数据结构设计 B. 给出系统模块结构 C. 定义模块算法 D. 定义需求并建立系统模型 (8) 数据库系统的核心是(B) A. 数据模型 B. 数据库管理系统 C. 软件工具 D. 数据库 (9) 下列叙述中正确的是(C) A.数据库是一个独立的系统，不需要操作系统的支持 B.数据库设计是指设计数据库管理系统 C.数据库技术的根本目标是要解决数据共享的问题 D.数据库系 统中，数据的物理结构必须与逻辑结构一致 (10) 下列模式中，能够给出数据库物理存储结构与物理存取方法的是(A) 注：P108 A. 内模式 B. 外模式 C. 概念模式 D. 逻辑模式 (11) 算法的时间复杂度是指(C) A. 执行算法程序所需要的时间 B. 算法程序的长度 C. 算法执行过程中所需要的基本运算次数 D. 算法程序中的指令条数 (12) 算法的空间复杂度是指(D) A. 算法程序的长度 B. 算法程序中的指令条数 C. 算法程序所占的存储空间 D. 算法执行过程中所需要的存储空间 (13) 设一棵完全二叉树共有699个结点，则在该二叉树中的叶子结点数为(B) 注：利用公式n=n0+n1+n2、n0=n2+1和完全二叉数的特点可求出 A. 349 B. 350 C. 255 D. 351 (1)下面叙述正确的是______。(C) A. 算法的执行效率与数据的存储结构无关 B. 算法的空间复杂度是指算法程序中指令（或语句）的条数（指的是算法所占用的空间） C. 算法的有穷性是指算法必须能在执行有限个步骤之后终止 D. 以上三种描述都不对 (2) 以下数据结构中不属于线性数据结构的是______。(C) A. 队列 B. 线性表 C. 二叉树 D. 栈 (3) 在一棵二叉树上第5层的结点数最多是______。(B)2n-1 A. 8 B. 16 C. 32 D. 15 (4) 下面描述中，符合结构化程序设计风格的是______。(A) A. 使用顺序、选择和重复（循环）三种基本控制结构表示程序的控制逻辑 B. 模块只有一个入口，可以有多个出口(可以有0个入口) C. 注重提高程序的执行效率 D. 不使用goto语句（只是限制使用） (5) 下面概念中，不属于面向对象方法的是______。(D) A. 对象 B. 继承 C. 类 D. 过程调用 (6) 在结构化方法中，用数据流程图（DFD）作为描述工具的软件开发阶段是______。 (B) A. 可行性分析 B. 需求分析 C. 详细设计 D. 程序编码 (7) 在软件开发中，下面任务不属于设计阶段的是______。(D) A. 数据结构设计 B. 给出系统模块结构 C. 定义模块算法 D. 定义需求并建立系统模型 (8) 数据库系统的核心是______。(B) A. 数据模型 B.数据库管理系统 C. 软件工具 D. 数据库 (9) 下列叙述中正确的是______。(C) A. 数据库是一个独立的系统，不需要操作系统的支持 计算机二级ps考试题库 1．下列哪个是photoshop图象最基本的组成单元： C A．节点 B．色彩空间 C．象素D．路径2．下面对矢量图和象素图描述正确的是： C A．矢量图的基本组成单元是象素 B．象素图的基本组成单元是锚点和路径 C． Adobe Illustrator 9图形软件能够生成矢量图 D． Adobe photoshop 6 能够生成矢量图 3．图象分辨率的单位是：B A． dpi B． ppi C． lpi D． pixel 4．色彩深度是指在一个图象中什么的数量：A A．颜色 B．饱和度C．亮度 D．灰度 5．图象必须是何种模式，才可以转换为位图模式：B A． RGB B．灰度C．多通道 D．索引颜色 6．在双色调模式中双色调曲线的作用是什么：A A．决定专色在图象中的分布 B．决定陷印在图象中的分布 C．决定CMYK Profile（概貌）在图象中的分布 D．决定超出色域范围的色彩如何在图象中校正 7．下面哪种色彩模式色域最大：D A． HSB模式 B． RGB模式C． CMYK模式D． Lab模式 8．索引颜色模式的图象包含多少种颜色：B A． 2 B． 256 C．约65，000 D． 1670万 9．当将CMKY模式的图象转换为多通道时，产生的通道名称是什么：D A．青色、洋红和黄色B．四个名称都是Alpha通道 C．四个名称为Black（黑色）的通道D．青色、洋红、黄色和黑色 10．什么色彩模式的图象转换为多通道模式时，建立的通道名称均为Alpha：C A． RGB模式 B． CMYK模式C． Lab模式D． Multichannel 模式 11．当图象是何种模式时，所有的滤镜都不可以使用（假设图象是8位/通道）：D A． CMYK B．灰度C．多通道D．索引颜色 12．若想增加一个图层，但在图层调色板的最下面NEW LAYER（创建新图层） 的按钮是灰色不可选，原因是下列选项种的哪一个（假设图象 是8位/通道）：D A．图象是CMYK模式B．图象是双色调模式全国计算机2级考试试题
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