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各位要参加11月22日中文CMA考试的考生们整理分享最新Part2的考试经验，在这里分享给即将准备考试的你们，希望能够给大家带来帮助，立信CMA同时预祝各位考生顺利通过考试!
　　选择题
　　1.ethic 考到了3道，一道是关于FCPA反腐败法的，一个manager为了谈生意，贿赂了国外ZF官员，问这违反了什么?
　　一道是要制定compliance政策，给出了几个选项问哪个可行，比如职工问卷调查什么的
　　2.financial statement
　　2-1问了下列哪个不是US GAAP 和IFRS 关于financial position的共同点。BS 应该按照流动性大小排列。都是应按照historical 计量。都应该至少每年准备资产负债表。还有一个记不清了。
　　2-2.问financial statement的limitation
　　3.问prefered stock的特点。 comprehensive,convertible,callable, cumulative等
　　4.
　　companyA companyb
　　asset 16800 16200
　　liability 10000 9800
　　ROCE 2.15 2.12
　　based on the above information, company a outsells company b. the following which is right
　　a. company a has a higher leverage than company b
　　b. company a has a higher profit margin than company b
　　c.company a has a higher asset turnover
　　d. company a has a lower equity multiper
　　答案应该是b
　　5. 公司购买2年的短期投资，今年股利0.5. 股票价格20. 要求回报率10%。 问股票的现值
　　6.curreny题目。 今天1美元=30.2个印度。 第二年1印度=0.029美元，问哪个国家的出口多。算一下发现美元升值，那么印度国家的出口多。
　　7.有一道股利增长模型的计算
　　8.如果beta=1.2， 那么market rate变化对required rate 有什么影响
　　9. 考了2道价格弹性的计算。 提醒不要那差值去除哦!!要先各自除加权平均数再去除!!!
　　10. 给出2个项目各自的权重，SD， COV,计算2个项目的SD
　　11.一道问那几个是可以增加diversifiable程度
　　A. 历史数据表明他们的retrun 不相关
　　B。他们各自是正的Beta和负的beta
　　C. 来自不同行业
　　D。
　　多选题
　　12.duration题目。
　　一个bonds期限10年，YTD是10%。 第一年manager算了它的duration。 如果YTD不变，那么问晚一年算那么bonds的PV 和duraton有什么变化
　　13.risk还有一道是讲一家公司位于洪水频发区，但是从技术上讲，购买洪水保险并不可行，CEO让manager采取措施，manager仍然购买了洪水保险并报告给CEO，问他这么做有什么影响。答案应该是risk has been shared but it does not reduce the redisual risk of the firm.
　　14.option。以公司为了防止投资价格下滑。 他应该做什么?
　　A。 buy put option 和write call option
　　B. Buy and write put option
　　C. buy call option and write put option
　　D.buy and write call option
　　15.WACC的计算， 很多题目不是很直接，都是几个项目一起，然后选择
　　16. 公司现在有gross margin， 然后要投资50m。 给出4个option。 问哪个EPS 最大
　　a. issue 2m股 $25 common stock
　　b.issue 50m bonds, YTD9%
　　c. issue 50m bonds morgated by fixed asset, YTD8%
　　d. issue 一些bonds， 并同时issue common stock
　　17. EOQ 题目，问下列哪个decrease 会增加EOQ. 答案是carring cost
　　18.Megatech Inc. is a large publicly-held firm. The treasurer is making an analysis of the short-term financing options available for the third quarter, as the company will need an average of $8 million for the month of July, $12 million for August, and $10 million for September. The following options are available.

　　I. Issue commercial paper on July 1 in an amount sufficient to net Megatech $12 million at an effective rate of 7% per year. Any temporarily excess funds will be deposited in Megatech’s investment account at First City Bank and earn interest at an annual rate of 4%.

　　II. Utilize a line of credit from First City Bank with interest accruing monthly on the amount utilized at the prime rate, which is estimated to be 8% in July and August and 8.5% in September.

　　Based on this information, which one of the following actions should the treasurer take?

　　a. Issue commercial paper, since it is approximately $35,000 less expensive than the line of credit.

　　b. Issue commercial paper, since it is approximately $14,200 less expensive than the line of credit.

　　c. Use the line of credit, since it is approximately $15,000 less expensive than issuing commercial paper.

　　d. Use the line of credit, since it is approximately $5,800 less expensive than issuing commercial paper.

　　19.Eagle Brand Inc. produces two products. Data regarding these products are presented below.

　　Product X Product Y
　　Selling price per unit $100 $130
　　Variable costs per unit $80 $100
　　Raw materials used per unit 4 lbs. 10 lbs.
　　Eagle Brand has 1,000 lbs. of raw materials which can be used to produce Products X and Y.

　　Which one of the alternatives below should Eagle Brand accept in order to maximize contribution margin?
　　a. 100 units of product Y.
　　b. 250 units of product X.
　　c. 200 units of product X and 20 units of product Y.
　　d. 200 units of product X and 50 units of product Y.

　　20.Cervine Corporation makes motors for various products. Operating data and unit cost information for its products are presented below.

　　Product A Product B
　　Annual unit capacity 10,000 20,000
　　Annual unit demand 10,000 20,000
　　Selling price $100 $80
　　Variable manufacturing cost 53 45
　　Fixed manufacturing cost 10 10
　　Variable selling & administrative 10 11
　　Fixed selling & administrative 5 4
　　Fixed other administrative 2 -
　　Unit operating profit $ 20 $10
　　Machine hours per unit 2.0 1.5
　　Cervine has 40,000 productive machine hours available. What is the maximum total contribution margin that Cervine can generate in the coming year?
　　a. $665,000.
　　b. $689,992.
　　c. $850,000.
　　d. $980,000.
　　21.Harper Products’ cost information for the normal range of output in a month is shown below.
　　Output in units Total Cost
　　20,000 $3,000,000
　　22,500 3,325,000
　　25,000 3,650,000
　　What is Harper’s short-run marginal cost?
　　a. $26.
　　b. $130.
　　c. $146.
　　d. $150.
　　22.At the long-run profit maximizing equilibrium of a firm in a perfectly competitive market, all of the following are correct except that
　　a. price equals marginal cost.
　　b. price equals average total cost.
　　c. economic profits are positive.
　　d. marginal cost equals marginal revenue
　　23. 之后就是很多IRR, RISK, NPV ， payback 结合在一起，但题目不是直接让你去求的，给你好几个选择，让你去选。这样的题目很多。 make or buy等各种决策
　　24. product mix 的BEP
　　essay 就是之前总结的
　　CMA认证的秘诀是坚持，坚持，再坚持!前一段时间在网上看有人写了一句话“再NB的理想，也敌不过最SB的坚持”，话糙理不糙。多看书，看懂书。其实书上有些内容阐述的是比较笼统、概括的，必须结合例题来理解，但如果不看书，光做题，只能一题一题的独立的理解，做不到触类旁通、举一反三的效果。还有此次CMA考试最大的感受就是一定要理解题目的意思，很多题目都很长，从问题出发去找数据这个能力很重要，还有有些题目没有必要去算，因为去算很花时间，这是就要靠猜了，但猜也要有依据的猜，这需要平时大量的做题目找感觉。 反正考试就是考的很泛， 每个知识点都会涉及， 所以平时多做题，多总结，并回归课本找自己的薄弱点，认证的准备，相信一定可以过的。

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关键词：cma考试 PART ART Contribution alternatives position manager 选择题 共同点 流动性