CFA二级练习题精选及答案0601-5

CFA二级模拟试题及解析Reading 7Correlation and RegressionThe following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance FRegression10.0290.02900063.810 Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.Suppose that you deleted several of the observations that had small residual values. If you re-estimated the regression equation using this reduced sample, what would likely happen to the standard error of the estimate and the R-squared?Standard Error of the Estimate R-SquaredA Decrease DecreaseB Decrease IncreaseC Increase Decreaseis the correlation between X and Y?−0.7436.0.7436.0.8623.Where did the F-value in the ANOVA table come from?You look up the F-value in a table. The F depends on the numerator and denominator degrees of freedom.Divide the “Mean Square” for the regression by the “Mean Square” of the residuals.The F-value is equal to the reciprocal of the t-value for the slope coefficient.If the ratio of net income to sales for a restaurant is 5 percent, what is the predicted ratio of cash flow from operations to sales?0.007 + 0.103(5.0) = 0.524.0.077 −0.826(5.0) = −4.054.0.077 + 0.826(5.0) = 4.207.Is the relationship between the ratio of cash flow to operations and the ratio of net income to sales significant at the 5 percent level? No, because the R-squared is greater than 0.05.No, because the p-values of the intercept and slope are less than 0.05.Yes, because the p-values for F and t for the slope coefficient are less than 0.05.The following information relates to Questions 11–16Howard Golub, CFA, is preparing to write a research report on Stellar Energy Corp. common stock. One of the world’s largest companies, Stellar is in the business of refining and marketing oil. As part of his analysis, Golub wants to evaluate the sensitivity of the stock’s returns to various economic factors. For example, a client recently asked Golub whether the price of Stellar Energy Corporation stock has tended to rise following increases in retail energy prices. Golub believes the association between the two variables to be negative, but he does not know the strength of the association.Golub directs his assistant, Jill Batten, to study the relationships between Stellar monthly common stock returns versus the previous month’s percent change in the US Consumer Price Index for Energy (CPIENG), and Stellar monthly common stock returns versus the previous month’s percent change in the US Producer Price Index for Crude Energy Materials (PPICEM). Golub wants Batten to run both a correlation and a linear regression analysis. In response, Batten compiles the summary statistics shown in Exhibit 1 for the 248 months between January 1980 and August 2000. All of the data are in decimal form, where 0.01 indicates a 1 percent return. Batten also runs a regression analysis using Stellar monthly returns as the dependent variable and the monthly change in CPIENG as the independent variable. Exhibit 2 displays the results of this regression model.Exhibit 1.Descriptive StatisticsMonthly Return Stellar Common StockLagged Monthly ChangeCPIENG PPICEMMean0.01230.00230.0042Standard0.07170.01600.0534 DeviationCovariance,−0.00017Stellar vs. CPIENGCovariance,−0.00048Stellar vs. PPICEMCovariance,0.00044CPIENG vs. PPICEMCorrelation,−0.1452Stellar vs. CPIENGExhibit 2.Regression Analysis with CPIENGRegression StatisticsMultiple R0.1452R-squared0.0211Standard error ofthe estimate0.0710Observations248CoefficientsStandardErrort-StatisticIntercept0.01380.0046 3.0275Slope coefficient−0.64860.2818−2.3014Batten wants to determine whether the sample correlation between the Stellar and CPIENG variables (−0.1452) is statistically significant. The critical value for the test statistic at the 0.05 level of significance is approximately 1.96. Batten should conclude that the statistical relationship between Stellar and CPIENG is: significant, because the calculated test statistic has a lower absolute value than the critical value for the test statistic.significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.not significant, because the calculated test statistic has a higher absolute value than the critical value for the test statistic.Did Batten’s regression analyze cross-sectional or time-series data, and what was the expected value of the error term from that regression?Data Type Expected Value of Error TermA Time-series0B Time-seriesεiC Cross-sectionalBased on the regression, which used data in decimal form, if the CPIENG decreases by 1.0 percent, what is the expected return on Stellar common stock during the next period?0.0073 (0.73 percent).0.0138 (1.38 percent).0.0203 (2.03 percent).Based on Batten’s regression model, the coefficient of determination indicates that:Stellar’s returns explain 2.11 percent of the variability in CPIENG.Stellar’s returns explain 14.52 percent of the variability in CPIENG.Changes in CPIENG explain 2.11 percent of the variability in Stellar’s returns.For Batten’s regression model, the standard error of the estimate shows that the standard deviation of:the residuals from the regression is 0.0710.values estimated from the regression is 0.0710.Stellar’s observed common stock returns is 0.0710.For the analysis run by Batten, which of the following is an incorrect conclusion from the regression output?The estimated intercept coefficient from Batten’s regression is statistically significant at the 0.05 level.In the month after the CPIENG declines, Stellar’s common stock is expected to exhibit a positive return.Viewed in combination, the slope and intercept coefficients from Batten’s regression are not statistically significant at the 0.05 level.习题答案The following information relates to Questions 5–10Kenneth McCoin, CFA, is a fairly tough interviewer. Last year, he handed each job applicant a sheet of paper with the information in the following table, and he then asked several questions about regression analysis. Some of McCoin’s questions, along with a sample of the answers he received to each, are given below. McCoin told the applicants that the independent variable is the ratio of net income to sales for restaurants with a market cap of more than $100 million and the dependent variable is the ratio of cash flow from operations to sales for those restaurants. Which of the choices provided is the best answer to each of McCoin’s questions?RegressionStatisticsMultiple R0.8623R-squared0.7436Standard error0.0213Observations24ANOVA df SS MSS F Significance F Regression10.0290.02900063.810Residual220.0100.000455Total230.040CoefficientsStandardErrort-Statisticp-ValueIntercept0.0770.00711.3280 Slope0.8260.1037.9880What is the value of the coefficient of determination?0.8261.0.7436.0.8623.答案：B is correct. The coefficient of determination is the same as R-squared.解析：R2=0.7436,即为coefficient of determination。

1、区分国内生产和国外生产一般以“常住居民”为标准，常住居民是指( )。

A.居住在本国的公民B.暂居外国的本国公民C.长期居住在本国但未加入本国国籍的居民D.暂居在本国的外国居民2、收入总量调控政策可以通过( )来实施。

A.财政机制B.货币机制C.行政机制D.法律调整3、在我国当前证券市场中，( )并存，其风险类型各不相同，风险度也有较明显的高低之分。

A.坐庄式的价值挖掘型投资理念B.价值增加型投资理念C.价值培养型投资理念D.价值发现型投资理念4、( )是上市公司建立健全公司法人治理机制的关键。

A.规范的股权结构B.建立有效的股东大会制度C.董事会权力的合理界定与D.完善的独立董事制度5、14元;复利：106、价值发现型投资理念所依靠的工具不是市场分析和证券基本面的研究，而是大量的市场资金，其投资理念确立的主要成本是研究费用。

( )7、完全垄断市场结构的特点是( )。

A.市场被独家企业所控制，其他企业不可以或不可能进入该行业B.产品没有或缺少相近的替代品C.垄断者能够根据市场的供需情况制定理想的价格和产量，在高价少销和低价多销之间进行选择，以获取最大的利润D.垄断者在制定产品的价格与生产数量方面的自由性是有限度的，要受到反垄断法和政府管制的约束8、建立有效的股东大会制度是上市公司建立健全公司法人治理机制的关键。

( )9、市场占有率是指一个公司的产品销售量占该类产品整个市场销售总量的比例。

( )10、证券分析师仅包括基于企业调研进行单个证券分析评价的分析师。

( )11、一国的国际储备除了外汇储备外，还包括该国在( )的储备头寸。

A.世界银行B.美国联邦储备银行C.国际货币基金组织D.瑞士银行12、传统证券组合管理方法对证券组合进行分类所依据的标准是( )。

A.证券组合的期望收益率B.证券组合的风险C.证券组合的投资目标D.证券组合的分散化程度13、一般来说，可以将技术分析方法分为如下常用类别( )。

cfa二级考试2019年答案1. 问题：在CFA二级考试中，关于投资组合管理的哪一项是正确的？A. 投资组合管理只关注资产的回报B. 投资组合管理包括资产配置、选择和交易C. 投资组合管理不考虑风险因素D. 投资组合管理是单一资产的决策过程答案：B2. 问题：在2019年CFA二级考试中，关于固定收益证券的以下哪个陈述是错误的？A. 固定收益证券的收益率与市场利率呈反向变动B. 债券的久期是衡量债券价格对利率变动敏感度的指标C. 信用利差是衡量债券信用风险的指标D. 债券的到期收益率总是高于其票面利率答案：D3. 问题：在2019年CFA二级考试中，关于衍生品的以下哪个陈述是正确的？A. 衍生品总是用于投机目的B. 衍生品可以用于对冲风险C. 衍生品市场只涉及金融工具D. 衍生品交易不需要保证金答案：B4. 问题：在2019年CFA二级考试中，关于行为金融学的以下哪个陈述是错误的？A. 行为金融学研究投资者的非理性行为B. 行为金融学认为所有投资者都是理性的C. 行为金融学可以帮助解释市场异常现象D. 行为金融学考虑了心理学因素对投资决策的影响答案：B5. 问题：在2019年CFA二级考试中，关于国际投资的以下哪个陈述是正确的？A. 国际投资总是涉及货币风险B. 国际投资不涉及政治风险C. 国际投资只涉及发达国家市场D. 国际投资总是能获得更高的回报答案：A6. 问题：在2019年CFA二级考试中，关于公司金融的以下哪个陈述是错误的？A. 公司金融涉及公司的资本结构决策B. 公司金融不包括公司的投资决策C. 公司金融考虑了公司的运营决策D. 公司金融包括公司的股利政策答案：B7. 问题：在2019年CFA二级考试中，关于经济学的以下哪个陈述是正确的？A. 经济学只研究宏观经济问题B. 经济学包括微观经济和宏观经济两个领域C. 经济学不涉及市场结构和价格机制D. 经济学只关注价格和产出的决定答案：B8. 问题：在2019年CFA二级考试中，关于伦理和职业标准的以下哪个陈述是错误的？A. CFA协会的伦理和职业标准旨在提高投资行业的专业水平B. CFA协会的伦理和职业标准只适用于CFA持证人C. CFA协会的伦理和职业标准包括对投资者的公平对待D. CFA协会的伦理和职业标准要求披露潜在的利益冲突答案：B结束语：以上是2019年CFA二级考试的一些典型问题及答案，希望能够帮助考生更好地准备考试。

2024cfa 二级题库审计风险评估审计风险是审计师在审计结论中发出不恰当意见的风险，从而对财务报表使用者的依赖性造成损害。

审计风险评估是审计过程的重要组成部分，它为审计师提供了一种确定审计重点和分配资源的方法。

固有风险评估固有风险评估涉及对财务报表中固有错误发生的可能性进行评估。

审计师考虑与行业、实体规模和复杂性相关的因素，以及财务报表中固有错误的可能性。

例如，当涉及复杂交易、频繁的管理层变动或财务困难时，固有风险通常较高。

审计师会进行行业分析、风险评估程序和分析性程序来评估固有风险。

控制风险评估控制风险评估涉及对控制措施有效性的评估，这些措施旨在防止或发现和纠正财务报表中的错误。

审计师考虑控制环境、风险评估、控制活动、信息和沟通、以及内部和外部监督。

例如，当内部控制薄弱或存在控制缺陷时，控制风险通常较高。

审计师会执行控制测试程序来评估控制风险。

查错风险评估查错风险评估涉及对审计程序是否能发现财务报表中的重要错误进行评估。

审计师考虑审计方法、取样风险和计划的范围。

例如，当审计程序非常有限或取样风险较高时，查错风险通常较高。

审计师会设计和执行实质性程序来评估查错风险。

审计风险与审计程序审计风险评估的结果用于确定适当的审计程序。

审计师会增加或减少审计程序的范围和性质，以应对较高的审计风险。

例如，如果固有风险或控制风险较高，审计师可能会执行额外的分析性程序或扩大取样规模。

如果查错风险较高，审计师可能会修改审计计划以包括额外的程序。

持续评估审计风险评估是一个持续的过程，可能会随着审计的进展而改变。

审计师会通过对获得的额外证据和信息进行评估来更新审计风险评估。

例如，如果审计师发现重大的控制缺陷，他们可能会提高控制风险评估，并相应地调整审计程序。

结论审计风险评估对于确保审计结论的可靠性至关重要。

通过仔细评估固有风险、控制风险和查错风险，审计师可以确定适当的审计程序并降低发出不恰当意见的风险。

CFA二级课后题2024随着金融市场的不断发展，CFA（Chartered Financial Analyst）资格证书的价值日益凸显，成为越来越多金融从业者和机构的追求。

CFA考试分为三个级别，涵盖了投资组合、财务报表分析、估值等多个领域的知识和技能。

本文将针对2024年CFA二级课后题进行分析和解答，帮助考生更好地备战CFA考试。

一、估值理论1. 企业价值估算在进行企业价值估算时，需要考虑公司的未来盈利能力、成长潜力、市场风险等因素。

主要的估值方法包括比较公司估值法、折现现金流量法和权益残值法。

2. 股票估值股票估值是考察投资者对公司未来盈利的预期，主要的估值方法包括市盈率法、股利折现模型和自由现金流量估值法。

二、固定收益1. 市场利率市场利率对固定收益证券的价格有着重要的影响。

假设市场利率上升，债券价格会下降，反之亦然。

2. 利率风险管理债券组合的利率风险管理至关重要，可以通过套期保值和利率互换等方法来降低利率风险。

三、风险管理1. 风险测度风险测度是评估投资组合风险的重要工具，主要包括标准差、协方差和价值atr-risk等方法。

2. 风险管理策略风险管理策略包括对冲、多元化和风险控制等方法，有助于降低投资组合的波动性和损失。

四、衍生品1. 期货合约期货合约是一种标准化的金融工具，包括商品期货和金融期货，能够用于对冲和投机。

2. 期权合约期权合约分为认购期权和认沽期权，可以通过标的资产的价格涨跌来获利，是一种灵活的金融工具。

五、投资组合管理1. 资产配置资产配置是指在不同资产类别之间进行分配，以达到投资组合的最佳风险收益平衡。

2. 绩效评估投资组合的绩效评估是评估投资经理的能力和投资策略的有效性，主要包括夏普比率、特雷诺比率和信息比率等指标。

六、伦理和专业标准1. CFA准则CFA准则包括道德准则、专业准则和继续教育准则，要求CFA持有人遵守职业道德和专业标准进行工作。

2. 道德决策框架道德决策框架主要包括辨别、分析、决策和行动四个步骤，帮助CFA持有人正确处理道德问题和纠纷。

CFA二级练习题精选及答案0601-51、In regard to calculating Wadgett's FCFF, the comment that is most appropriate is the one dealing with:【单选题】A.working capital adjustments.B.treatment of all non-cash charges.C.treatment of net borrowing.正确答案:A答案解析:A is correct. Cash flow from operations (CFO) already reflects changes in working capital items, therefore Paschel's first comment is correct. EBITDA has the non-cash charges ofdepreciation and amortization added back, so Covey's statement is incorrect, not all non-cash charges will need to be added back. Net borrowing is added back for FCFE not FCFF, so Paschel's second statement is incorrect.B is incorrect. Depreciation has already been added back to EBITDA, though there may be other items that still need to be added back.C is incorrect. Adjusting for net borrowing is not necessary for FCFF (just FCFE).2、Honorédescribes three potential consequences of multicollinearity. Are all three consequences correct?【单选题】A.Yes.B.No, 1 is incorrectC.No, 2 is incorrect正确答案:B答案解析:B is correct. The R2 is expected to increase, not decline, with a new independent variable. The other two potential consequences Honorédescribes are correct.3、Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:【单选题】A.108 bps.B.101 bps.C.225 bps.正确答案:A答案解析:A is correct. The corporate bond’s fair value iscomputed in the solution to Question 8 as €1,101.24The YTM can be obtained by solving the following equation for IRR:The solution to this equation is 3.26%.Valuation of a four-year, 6% coupon bond under no default (VND) is computed in the solution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation for IRR:The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is3.26% – 2.18% = 1.08%, or 108 bps.B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.4、Based on Exhibit 1, which independent variables in Varden’s model are significant at the 0.05 level?【单选题】A.ESG onlyB.10.957%.C.Tenure onlyD.Neither ESG nor tenure正确答案:C答案解析:B is correct. The t-statistic for tenure is 2.308, which is significant at the 0.027 level. The t-statistic for ESG is 1.201, with a p-value of 0.238. This result is not significant at the 0.05 level.5、Based on Exhibit 1 and Tyo’s expectations, which country’s term structure is currently best for traders seeking to ride the yield curve?【单选题】A.Country AB.Country BC.Country C正确答案:A答案解析:A is correct. Country A’s yield curve is upward sloping—a condition for the strategy—and more so than Country B’s.6、To correct the problem Hake encounters when using a Monte Carlo simulation, he would most likely:【单选题】A.adjust the volatility assumption.B.increase the number of simulations.C.add a constant to all interest rates on all paths.正确答案:C答案解析:Using a Monte Carlo simulation, the model will produce benchmark bond values equal to the market prices only by chance. A constant is added to all interest rates on all paths such that the average present value for each benchmark bond equals its market value.A is incorrect because adjusting the volatility assumption will generate another random value not equal to the benchmark bond value. The benchmark bond is option-free, so its value should not be affected by interest rate volatility.B is incorrect because increasing the model beyond 2000 paths will not lead to a different average value for the benchmark bond.7、Which forward rate cannot be computed from the one-, two-, three-, and four-year spot rates? The rate for a:【单选题】A.one-year loan beginning in two years.B.two-year loan beginning in two years.C.three-year loan beginning in two years.正确答案:C答案解析:C is correct. There is no spot rate information to provide rates for a loan that terminates in five years. That is f(2,3) is calculated as follows: The equation above indicates that in order to calculate the rate for a three-year loan beginning at the end of two years you need the five year spot rate r(5) and the two-year spot rate r(2). However r(5) is not provided.8、Cannan has been working from home on weekends and occasionally saves correspondence with clients and completed work on her home computer. Because of worsening market conditions, Cannan is one of several employees released by her firm. While Cannan is looking for a new job, she uses the filesshe saved at home to request letters of recommendation from former clients. She also provides to prospective clients some of the reports as examples of her abilities.【单选题】A.Cannan violated the Code and Standards because she did not receive permission from her former employer to keep or use the files after her employment ended.B.Cannan did not violate the Code and Standards because the files were created and saved on her own time and computer.C.Cannan violated the Code and Standards because she is prohibited from saving files on her home computer.正确答案:A答案解析:Answer A is correct. According to Standard V(C)–Record Retention, Cannan needed the permission of her employer to maintain the files at home after her employment ended. Without that permission, she should have deleted thefiles. All files created as part of a member’s or candidate’s professional activity are the property of the firm, even those created outside normal work hours. Thus, answer B is incorrect. Answer C is incorrect because the Code and Standards do not prohibit using one’s personal computer to complete work for one’s employer.9、Based on the data in Exhibit 1, current real short-term interest rates would most likely be highest in:【单选题】A.Country #1.B.Country #2.C.Country #3.正确答案:B答案解析:B is correct. Real short-term interest rates arepositively related to both real GDP growth and the volatility of real GDP growth. Country #1 and Country #2 have the highest real GDP growth, as estimated by the difference between nominal GDP growth and average inflation (6.5% – 4.0% = 2.5% and 5.0% – 2.5% = 2.5%, respectively), while Country #3 has the lowest real GDP growth (3.5% – 2.0% = 1.5%). Looking at the volatility of real GDP growth, Country #2 has high real GDP growth volatility, whereas Country #1 and Country #3 have low real GDP growth volatility. Therefore, Country #2 would most likely have the highest real short-term interest rates.10、Which approach would an appraiser most likely use for valuing Property #2?【单选题】A.Cost approach.B.Income approach.C.Sales comparison approach.正确答案:B答案解析:Property #2 is an older office building with unique characteristics that could not be easily reproduced using current architectural designs and materials. Therefore, the cost approach would be less appropriate than the income approach as a basis for appraisal. The sales comparison approach would also be less suitable as the property is relatively unique.。

CFA 2024年二级原版书课后题一、公司金融和财务报告分析1.1 企业金融报告的意义企业金融报告是企业向外界公开披露的财务信息，包括企业的资产负债状况、经营成果、现金流量以及股东权益等信息。

通过对企业金融报告的分析，可以帮助投资者了解企业的财务状况，评估企业的经营风险和盈利能力，为投资决策提供重要的参考依据。

1.2 企业金融报告分析的方法企业金融报告分析主要采用财务比率分析、财务趋势分析、现金流量分析、股票市场指标分析等方法。

其中，财务比率分析是最常用的方法之一，通过计算企业的财务比率，包括盈利能力、偿债能力、运营能力、收益能力等指标，来评估企业的财务状况。

1.3 财务报表分析的注意事项在进行财务报表分析时，需要注意一些问题，包括财务信息的准确性和真实性、企业的会计政策和会计估计的合理性、行业和竞争对手的情况、宏观经济环境等因素对企业财务状况的影响。

二、固定收益投资2.1 固定收益投资的特点固定收益投资是指投资者通过购物债券、债务工具等金融资产获得固定的利息收入。

与股票投资相比，固定收益投资具有收益稳定、风险较低的特点，适合风险偏好较低的投资者。

2.2 债券投资的评价指标在进行固定收益投资时，债券的评价指标是十分重要的。

包括债券的到期收益率、债券的久期和凸性、信用评级等指标，可以帮助投资者评估债券的风险和回报。

2.3 固定收益投资组合的管理固定收益投资组合的管理包括资产配置、收益再投资、久期匹配等内容，通过对固定收益投资组合的管理，可以实现风险的分散和收益的最大化。

三、权益投资3.1 权益投资的特点权益投资是指投资者通过购物股票等金融资产获得股息收入和资本收益。

权益投资具有较高的收益潜力，但也伴随着较高的风险。

3.2 股票投资的评价指标在进行权益投资时，股票的评价指标包括市盈率、市净率、股息率、股票的盈利增长率等指标，可以帮助投资者评估股票的估值和风险。

3.3 权益投资组合的管理权益投资组合的管理包括资产配置、股票选择、风险控制等内容，通过对权益投资组合的管理，可以实现风险的分散和收益的最大化。

CFA考试历年真题精选5（附详解）1、An increase in which of the following items will most likely result in a wider confidence interval for the population mean?【单选题】A.Degrees of freedomB.Sample sizeC.Reliability factor正确答案:C答案解析:An increase in the reliability factor (the degree of confidence) increases the width of the confidence interval. Increasing the sample size and increasing the degrees of freedom both shrink the confidence interval.Sections 4.2, 4.32、The market demand function for item X is a function of its price, household income, and the price of item Y.Given the above elasticity coefficients for the two items, which of the following statements is most accurate?【单选题】A.X and Y are substitutes.B.Demand for X is elastic.C.Item X is an inferior good.正确答案:A答案解析:“Demand and Supply Analysis: Introduction,” Richard V. Eastin and Gary L. Arbogast, CFAA is correct. The cross-price elasticity is positive, indicating that as the price of Y increases, more of X is demanded, making X and Y substitutes.3、A company entered into a three-year construction project with a total contract price (all figures in ‘000s) of $5,300 and expected costs of $4,400. The company recognizes revenue using the percentage of completion method. The data below relate to the contract.The amount of revenue (in $‘000s) the company will recognize in Year 2 is closest to:【单选题】A.1,766.B.2,409.C.3,000.正确答案:B答案解析:“Understanding Income Statements,” Elaine Henry, CFA and Thomas R. Robinson, CFA[1663201704061-image/0396.jpg]4、Using the company’s income statement presented, its degree of operating leverage is closest to:[1664201704061-image/0249.jpg]【单选题】A.1.1.B.1.7.C.2.4.正确答案:C答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor[1664201704061-image/0250.jpg]5、A futures trader takes a long position of 10 contracts. The initial margin requirement is $10 per contract and the maintenance margin requirement is $7 per contract. She deposits the required initial margin on the trade date. On Day 3, her margin account balance is $40. What is the variation margin on Day 4?【单选题】A.$30B.$60C.$70正确答案:B答案解析:“Futures Markets and Contracts,” Don M. ChanceB is correct because on any day when the balance in the margin account falls below the maintenance margin, the trader must deposit sufficient funds to bring the balance back up to the initial margin requirement. This additional amount is called the “variation margin.” Therefore, $100 – $40 = $60 variation margin.6、Lynn Hampton, CFA, is a well-respected private wealth manager in her communitywith a diversified client base.The local government decides to construct alarge factory manufacturing chemical raw materials near her community, whichresults in a demonstration protesting the decision.She is arrested and convincedof her conduct, and immediately released.After she pays a fine, she returns towork.She is most likely violated the Professional Conduct Standards?【单选题】A.No.B.Yes, relating to misconduct.C.Yes, relating to knowledge of the law.正确答案:A答案解析:错误行为主要针对个人专业行为，与个人的意识形态、宗教信仰等都没有关系，所以Hampton 没有违反任何标准。

下面的数据可用于第14至16题：H&A公司为多经理管理的W养老基金管理着3000万美元的股票资产组合。

W 养老基金的财务副主管杰森·琼斯〔Jason Jones〕注意到H&A在W养老基金的六个股票经理人中持续保持着最优的记录。

在过去的5年中有4年H&A公司管理的资产组合的表现明显优于标准普尔500指数，唯一业绩不佳的一年带来的损失也是为微缺乏道的。

H&A公司是一个“倒行逆施〞的管理者。

该公司尽量防止在对市场的时机预测上做任何努力，它把精力主要放在对个股的选择上，而不是对行业好坏的评估上。

六位管理者之间没有明显一致的管理模式。

除了H&A之外，其余的五位经理共计管理着由150种以上的个股组成的2.5亿美元的资产。

琼斯相信H&A可以在股票选择上表现出出众的能力，但是受投资的高度分散化的限制，达不到高额的收益率。

这几年来，H&A公司的资产组合一般包含40―50种股票，每种股票占基金的2%―3%。

H&A公司之所以在大多数年份里表现还不错的原因在于它每年可以找到10到20种获得高额收益率的股票。

基于以上情况，琼斯向W养老基金委员会提出以下方案：让我们把H&A公司管理的资产组合限制在20种股票以内。

H&A会对其真正感兴趣的股票投入加倍的精力，而取消其他股票的投资。

如果没有这个新的限制，他们认为H&A公司就会像以前那样自由的管理资产组合。

基金委员会的大多数成员都同意琼斯的观点，他们认为H&A公司确实表现出了在股票选择上的卓越能力。

但是该建议与以前的实际操作相背离，几个委员对此提出了质疑。

请根据上述情况答复以下问题。

14．a. 20种股票的限制会增加还是减少资产组合的风险？请说明理由。

b. H&A公司有没有方法使股票数由40种减少到20种，而同时又不会对风险造成很大的影响，请说明理由。

选择资产组合期望收益〔%〕标准差〔%〕a W 15 36b X 12 15c Z 5 7d Y 9 21 18．下面对资产组合分散化的说法哪些是正确的？a.适当的分散化可以减少或消除系统风险。

特许金融分析师(CFA)测试题与答案1.以下理解或做法符合金融理财定义的是( )。

A.赵先生认为金融理财是有钱人考虑的事情，自己收入微薄不需要金融理财服务B.贺先生认为金融理财的目的是为了追求每个生命周期收入均大于支出C.理财师小王每遇客户就推荐所在机构新推出的理财产品D.理财师小张分析所在机构新推出的理财产品很符合客户吴先生的需求，于是向吴先生推荐该产品正确答案：D2.根据FPSBChina的规定，完成AFP或CFP资格认证后，每( )必须再认证一次。

A.2年B.3年C.4年D.5年正确答案：A3.根据FPSBChina对金融理财的定义，下列说法错误的是( )。

A.金融理财不是产品推销，是一种综合金融服务B.金融理财强调由专业理财人员为客户提供综合财务规划C.金融理财强调由专业理财人员通过规范的操作流程，帮助客户实现人生各阶段的目标D.金融理财的目标是帮助客户迅速致富正确答案：D解析：根据FPSBChina对金融理财的定义，金融理财的目标是追求一生财务资源收支的平衡、追求支出的合理控制、财务风险的控制及进行财富管理。

帮助客户迅速致富不是金融理财的目标，因此D是错误的。

4.根据《金融理财师资格认证办法》，2010年12月31日，下列情形符合AFP资格认证工作经验时间要求的是( )。

A.张某1997年大专毕业，在律师事务所为客户做离婚和遗产筹划，2001年初开始一直从事行政管理工作B.王某2008年本科毕业，一直在银行从事文秘工作C.李某2009年硕士研究生毕业，一直在保险公司从事客户寿险的规划工作D.赵某2010年博士研究生毕业，一直在证券公司从事人力资源管理工作正确答案：C解析：根据《金融理财师资格认证办法》，AFP资格认证对于工作经验的要求包括：必须在金融理财相关行业从事金融理财的相关工作，研究生需相关工作经验1年，本科2年，大专3年，工作经验的有效期为最近10年。

A中张某虽然从事理财的相关工作，也达到了大专3年的标准，但是其1997～2000年的工作经验已经超出了认定的有效期;B、D中的王某和赵某虽然在金融机构工作，但从事的均不是与金融理财相关的工作。

选择题关于有效市场假说，以下哪个描述是正确的？A. 在有效市场中，投资者可以通过分析信息来获得超额收益。

B. 有效市场假说认为市场总是错误的，因此投资者应忽视市场信息。

C. 有效市场假说认为市场价格反映了所有可用信息，因此无法通过分析获得超额收益。

（正确答案）D. 有效市场仅适用于股票市场，不适用于债券市场。

在评估公司的资本结构时，以下哪个因素不是考虑的重点？A. 公司的债务与股权比例。

B. 公司的盈利能力。

C. 公司的行业特点。

（正确答案）D. 公司的现金流稳定性。

以下哪个是衡量公司运营效率常用的财务指标？A. 市盈率B. 存货周转率（正确答案）C. 资本充足率D. 杠杆比率在进行股票估值时，以下哪个模型是基于公司未来现金流的贴现值？A. 市盈率模型B. 市净率模型C. 贴现现金流模型（正确答案）D. 相对估值模型关于固定收益证券，以下哪个描述是错误的？A. 固定收益证券的收益率与市场利率变动呈反向关系。

B. 固定收益证券的信用风险通常低于股票。

C. 固定收益证券的价格波动通常小于股票。

（正确答案）D. 固定收益证券的到期收益率考虑了利息再投资的风险。

在投资组合管理中，以下哪个策略旨在通过分散投资来降低风险？A. 市场时机选择策略B. 资产配置策略（正确答案）C. 股票选择策略D. 集中投资策略以下哪个不是衡量投资组合风险的常用指标？A. 标准差B. β系数C. 夏普比率D. 跟踪误差（正确答案）关于期权定价，以下哪个模型是最常用的？A. 费雪方程式B. 黑-斯科尔斯模型（正确答案）C. 有效市场假说D. 卡普兰-米尔斯模型在进行宏观经济分析时，以下哪个指标不是常用的先行指标？A. 制造业订单B. 失业率（正确答案）C. 建筑许可D. 消费者预期指数。

CFA考试二级模拟试题精选0401-60(附详解）1、The appropriate factor used to describe the type of models mentioned in Statement 3 is:【单选题】A.inflation.B.price level changes.C.risk premium adjustments.正确答案:B答案解析:C is correct. Risk premiums are more closely associated with the portfolio-balance approach. The portfolio balance approach addresses the impact of a country’s net foreign asset/liability position. Under the portfolio balance approach, investors are assumed to hold a diversified portfolio of assets including foreign and domestic bonds. Investors will hold a country’s bonds as long as they are compensated appropriately. Compensation may come in the form of higher interest rates and/or higher risk premiums.2、Which of Multifam Equity Partners’ properties listed in Exhibit 2 most likely has the highest assumed growth rate?【单选题】A.Multifam IB.Multifam IIC.Multifam III正确答案:C答案解析:C is correct. Multifam III has the highest assumed growth rate. According to the discounted cash flow method approach to valuation, the relationship between the discount rate and the cap rate is3、Which of the following financial assets is likely to offer the most effective hedge against bad consumption outcomes?【单选题】A.Equities.B.Short-dated, default-free government bonds.C.Long-dated, default-free government bonds.正确答案:B答案解析:B is correct. The relative certainty about the real payoff from short-dated, default-free government bonds, and therefore the relative certainty about the amount of consumption that the investor will be able to undertake with the payoff, indicates that an investment in such bonds would be a good hedge against bad consumption outcomes.4、Which of the following is an example of a conflict of interest that an effective corporate governance system would mitigate or eliminate?【单选题】A.A majority of the board is independent of management.B.Directors identify with the managers’ interests rather than those of the shareholders.C.Directors have board experience with companies regarded as having sound governance practices.。

2016年6月CFA二级考试模拟题CFA二级考试对于CFA考生来说尤为重要，为了方便大家更好地复习16年6月的CFA 二级考试，小编在百度文库定期传一些考试资料，如有需要请关注我的百度文库。

QUESTION 1 HAS TWO PARTS (A，B) FOR A TOTAL OF 6 MINUTES.Vacations Unlimited Inc. (VU)，a U.S.-based tourism company，has a majority stake in Yucatan Resorts，a Mexican firm that owns and operates luxury resorts along Mexico…s Caribbean coast.Because most of its client base consists of U.S. tourists，Yucatan Resorts‟ revenues are denominated in U.S. dollars. Yucatan Resorts converts all U.S. dollar receipts into Mexican pesos through the foreign exchange market. Yucatan Resorts… operating costs are all denominated in pesos and assumed to increase in line with the Mexican inflation rate，and the firm‟s assets and liabiliti es are all denominated in pesos. Yucatan Resorts… shares trade on the Mexican stock exchange and are also denominated in pesos.George Davies，VU‟s Chief Financial Officer，is considering increasing VU…s investment in Yucatan Resorts. He is aware，however，that the Mexican inflation rate has been higher than the inflation rate in the U.S. and that the Mexican peso has been depreciating against the U.S. dollar.Davies is concerned that a continuation of these trends might reduce Yucatan Resorts‟ profitability. He asks Iris Hamson，a financial analyst at VU，to investigate the relationship between Yucatan Resorts… share price，nominal exchange rates between the peso and the dollar，and inflation rates in Mexico and the U.S. Hamson states：“Based on Yucatan Resorts‟ sources of revenues and costs，and given that purchasing power parity is unlikely to hold，I conclude that Yucatan Resorts… local currency exposure will be characterized by a negative correlation between Yucatan‟s share price (measured in pesos) and the value of the peso.”A. Define local currency exposure.(3 minutes)B. State whether Hamson…s conclusion about Yucatan Resorts‟ local currency exposure iscorrect or incorrect. Justify your response with one reason.(3 minutes)QUESTION 2 HAS TWO PARTS (A，B) FOR A TOTAL OF 9 MINUTES.Iris Hamson is evaluating international fixed income investments for Vacations Unlimited Inc.She notes that Standard & Poor…s (S&P) assigns separate and distinct credit ratings to each national government‟s local cu rrency debt and foreign currency debt.A. State whether a national government…s local currency debt credit rating or foreign currency debt credit rating is generally lower. Justify your response with one reason why the default risk is higher on the type of debt that is generally lower-rated.(3 minutes)S&P uses several risk factor categories in determining sovereign credit ratings. Hamson contends that three S&P risk factor categories are most important：1) income and economic structure，2) fiscal flexibility，and 3) price stability. Based on her country research，she has compiled the following list of characteristics of Mexico：1. National，regional，and local governments that generally possess competitive tax structures and the ability to control spending2. A strong banking sector that reflects conservative lending practices and generally high asset quality3. A history of prudent monetary and exchange-rate policies pursued by an independent central bank4. An external balance sheet that is conservatively structured and an excellent track record of timely debt service payments5. A recent Presidential election that was marked by wide voter participation in response to a popular platform of economic reforms6. Favorable trends in foreign direct investment and export growth that appears to be sufficient to lessen any potential balance-of-payments pressures in the future7. A market economy that exhibits average wealth levels overall but a concentration of wealth that results in a large difference between the rich and the poorB. Select from Hamson‟s list the characteristic of Mexico that most directly relates to each of the three S&P risk factor categories.Note：Your selections should NOT include any characteristic more than once；only the characteristic reference numbers (1 through 7) are needed for your selections. QUESTION 3 HAS THREE PARTS (A，B，C) FOR A TOTAL OF 20 MINUTES.While valuing the equity of Rio National Corp.，Katrina Shaar is considering the use of either cash flow from operations (CFO) or free cash flow to equity (FCFE) in her valuation process.A. State two adjustments that Shaar should make to cash flow from operations to obtain free cash flow to equity. Explain why it is necessary to make each of the two adjustments when valuing the equity of a firm.Note：No calculations are required.(4 minutes)Shaar decides to calculat e Rio National…s FCFE for the year 2002，starting with net income.B. Determine，for each of the five supplemental notes given in Exhibit 5-3：i. Whether a net positive adjustment，a net negative adjustment，or no adjustment should be made to net incom e to calculate Rio National‟s free cash flow to equity for the year 2002ii. The dollar amount of the adjustment，if anyNote：The five supplemental notes given in Exhibit 5-3 are reproduced in the Template for Question 6-B.(10 minutes)C. Calcula te Rio National…s free cash flow to equity for the year 2002. Show your calculations.Note：Your calculations should start with net income.(6 minutes)QUESTION 4 HAS TWO PARTS (A，B) FOR A TOTAL OF 10 MINUTES.The management of Rio National Corp. has now announced the signing of a new marketing agreement that will allow the company to sell its products in Southeast Asia. Sophie Delourme，an analyst at Euro-International Co.，is analyzing the effect of this announcement on her estimated value of Rio Na tional…s equity. She uses the H-model in her valuation process and has identified the following inputs：Rio National‟s earnings growth rate is expected to be 30.0 percent in 2003，declining over a five-year period to a constant growth rate of 12.0 percent in 2008 and thereafter.Because of the change in risk，the required rate of return (cost of equity) for Rio National is expected to be 13.5 percent.The dividend per share for 2002 was $0.20.The dividend payout ratio is expected to be constant.A. Calculate the estimated value of a share of Rio National…s equity on 31 December 2002，using the H-model. Show your calculations.(6 minutes)Delourme presents her analysis to her supervisor and concludes：“Except in rare circumstances，the H-model‟s estimated value will be a close approximation to estimated values generated by multi-stage dividend growth models that explicitly forecast dividends each year.”B. State whether Delourme…s conclusion is correct or incorrect. Justify your response with one reason.(4 minutes)QUESTION 5 HAS ONE PART FOR A TOTAL OF 6 MINUTES.After Rio National Corp. announced the new marketing agreement to sell its products in Southeast Asia，several analysts revised their 2003 outlook for Rio National. Reflecting the new marketing agreement，the current consensus 2003 earnings per share is $2.19 and the current consensus 12-month target share price is $50.00.Sophie Delourme observes that Rio National…s share price rose from $25.00 to $37.00 after the new agreeme nt was announced. She believes that Rio National‟s required rate of return (cost ofequity) is 13.5 percent.Calculate the present value of growth opportunities (PVGO) reflected in Rio National…s share price after the agreement was announced. Show your calculations.(6 minutes)QUESTION 6 HAS TWO PARTS (A，B) FOR A TOTAL OF 8 MINUTES.Michael Weber，CFA，is analyzing several aspects of option valuation，including the determinants of the value of an option，the characteristics of various models used to value options，and the potential for divergence of calculated option values from observed market prices.A. State，and justify with one reason for each case，the expected effect on the value of a call option on common stock if each of the following changes occurs：i. The volatility of the underlying stock price decreasesii. The time to expiration of the option increases(4 minutes)Using the Black-Scholes option-pricing model，Weber calculates the price of a three-month call option and notices the option…s calculated value is different from its market price. A colleague verifies that Weber‟s methodology and results are correct.B. With respect to Weber…s use of the Black-Scholes option-pricing model，and given that his methodology and results are correct：i. Discuss one reason why the calculated value of an out-of-the-money European option may differ from that same option‟s market price.ii. Discuss one reason why the calculated value of an American option may differ from that same option…s market price.(4 minutes)。

2023年CFA考试复习题集及参考答案第一章：量化方法题目1：某公司的资产价值在过去一年中发生了波动。

下列哪项指标最适合用于衡量该公司的资产波动程度？A. 平均绝对偏差（MAD）B. 方差C. 标准差D. 回归系数参考答案：C. 标准差解析：标准差是衡量一组数据的离散程度的常用指标，它可以有效衡量公司资产价值的波动程度。

题目2：假设市场上有两支资产，资产A与资产B。

根据下列数据，计算两支资产的协方差：资产A的回报率：-0.02、0.05、0.03、0.06、0.01资产B的回报率：0.03、0.08、0.02、0.07、0.01参考答案：0.000286解析：首先计算资产A和资产B的平均回报率，分别为0.026和0.042。

然后按照协方差的计算公式分别计算资产A和资产B的离差乘积的平均值，并将结果相加，最后得到协方差为0.000286。

第二章：财务报表分析题目1：下列哪个指标用于评估公司的偿债能力？A. 负债率B. 总资产周转率C. 现金流量比率D. 销售毛利率参考答案：A. 负债率解析：负债率是衡量公司债务占总资产的比例，是评估公司偿债能力的重要指标。

题目2：某公司的净利润为50,000美元，总资产为200,000美元，资产负债率为75%。

根据这些数据，计算该公司的净资产收益率（ROE）。

A. 10%B. 15%C. 20%D. 25%参考答案：B. 15%解析：净资产收益率（ROE）等于净利润除以净资产，再乘以100%。

根据题目中的数据，计算可得净资产收益率为15%。

第三章：投资组合管理题目1：根据资本市场线理论，投资者最佳组合的特点是什么？A. 高风险、高回报B. 低风险、低回报C. 高风险、低回报D. 低风险、高回报参考答案：D. 低风险、高回报解析：根据资本市场线理论，投资者最佳组合是在给定风险水平下能够实现最高可能回报的投资组合。

题目2：根据马可维茨资产组合理论，投资组合的优化是指什么？A. 最大化回报B. 最小化风险C. 最大化夏普比率D. 最小化方差参考答案：C. 最大化夏普比率解析：马可维茨资产组合理论中，优化的目标是最大化夏普比率，夏普比率是投资组合的风险调整回报率。

cfa考试题及答案1. 以下哪项是CFA考试中经常考察的财务分析指标？A. 市盈率（P/E Ratio）B. 市净率（P/B Ratio）C. 股息率（Dividend Yield）D. 所有上述选项答案：D. 所有上述选项2. 在CFA考试中，下列哪个选项不是有效市场假说（Efficient Market Hypothesis, EMH）的类型？A. 弱式有效市场B. 半强式有效市场C. 强式有效市场D. 完全有效市场答案：D. 完全有效市场3. CFA考试中，关于投资组合理论，以下哪个说法是不正确的？A. 投资组合可以降低非系统性风险B. 投资组合的预期收益是其组成资产预期收益的加权平均C. 投资组合的总风险是其组成资产风险的总和D. 投资组合的最优权重取决于投资者的风险偏好答案：C. 投资组合的总风险是其组成资产风险的总和4. 在CFA考试中，以下哪个财务报表分析方法不涉及比较分析？A. 水平分析B. 垂直分析C. 比率分析D. 趋势分析答案：B. 垂直分析5. CFA考试中，关于宏观经济学，以下哪个因素不是影响货币供给的因素？A. 基础货币B. 货币乘数C. 利率D. 银行准备金答案：C. 利率6. 在CFA考试中，下列哪个不是固定收益证券的特点？A. 利息收入稳定B. 价格波动性较低C. 与经济周期相关性高D. 到期还本付息答案：C. 与经济周期相关性高7. CFA考试中，关于衍生品，以下哪个说法是错误的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约涉及两个方在特定日期交换现金流D. 衍生品总是用于投机目的答案：D. 衍生品总是用于投机目的8. 在CFA考试中，以下哪个不是企业价值评估中常用的方法？A. 折现现金流（DCF）分析B. 市盈率（P/E）比较C. 经济增加值（EVA）分析D. 资产负债表比较答案：D. 资产负债表比较9. CFA考试中，关于行为金融学，以下哪个不是常见的认知偏差？A. 过度自信B. 代表性启发C. 风险规避D. 锚定效应答案：C. 风险规避10. 在CFA考试中，以下哪个不是国际投资中的风险类型？A. 汇率风险B. 利率风险C. 政治风险D. 系统性风险答案：D. 系统性风险。

CFA备考之CFA二级习题精选及解析CFA备考之CFA二级习题精选及解析CaseRhine Claus Petersen, a pension fund equity analyst, is preparing an analysis of Rhine AG for the upcoming quarterly fund meeting. Rhine is a Germany-based manufacturer that operates three distinct divisions: children’s products (infant car seats, strollers, cribs, etc.), recreational products (bicycles, bicycle trailers, etc.), and home furnishings (contemporary furniture). All three divisions sell through retail outlets around the world.The company has been pursuing an aggressive growth strategy, achieved through both foreign acquisitions and organic growth. Petersen is interested in determining how well Rhine is allocating its resources between the three divisions and the effects of the foreign acquisitions on overall performance. Exhibit 1 summarizes selected divisional and corporate data for 2013 and 2012.Petersen’s preferred method to determine which division is becoming less significant over time is to review the relationship between capital expenditures and total assets by operating division. He plans to base his conclusion on the assumption that 2013’s investme nt behavior is representative of future investment patterns.Petersen knows t hat revenues in the children’s products division have suffered because of declining birth rates in Europe and North America, but he believes that if Rhine can maintain the operating margin for this division then overall company profitability should not be affected.Corinna Berg, another analyst with the fund, reminds Petersen that during 2013, the U.S. dollar weakened against theeuro by 4% and that 50% of the sales in the recreational products division are sold in the United States.Petersen recalls that some of the recent global expansion was aimed at establishing operations in Ireland because its statutory corporate tax rate is lower than the German rate of 29.8%. If Petersen assumes that other tax credits were the same in 2013 as 2012, he can analyze cha nges in Rh ine’s effective tax rate to determine whether the geographic mix of the company’s profits has changed in 2013.Petersen finally examines the company’s liquidity ratios, which are shown in Exhibit 2. Even though the company’s current and quick ratio have improved, his interpretation of the changes in the company’s cash conversion cycle is that the company’s liquidity position has deteriorated.Worried that the balance sheet–based and cash flow–based accruals ratios (not shown) raise some concerns about the possible use of accruals to manage earnings, Petersen asks Berg for advice on what further type of analysis he should do as a follow-up on this issue.1. Using Petersen's preferred method and 2013 divisional data, the best conclusion Peterson can make about which division will potentially become less significant in the future is that it。

CFA考试《CFA二级》历年真题精选及详细解析1007-51、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.parable 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.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 risksthat 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.1B.2C.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。