2020年CFA考试《CFA二级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Ignoring the potential impact of any accounting change and excluding the investment in associates, the net profit margin for Colorful Concepts would be closest to:【单选题】

A.6.0%.

B.7.2%.

C.7.5%.

正确答案:B

答案解析:B is correct. The investment in Exotic Imports is accounted for using the equity method and 

2、Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:【单选题】

A.0.67.

B.0.74.

C.0.77.

正确答案:C

答案解析:C is correct. Enterprise value (EV) is calculated as follows:

3、【单选题】

A.Yes.

B.No, both statements are incorrect.

C.

正确答案:C

答案解析:Statement 1: McDonnell is correct. Private firms are usually smaller than public firms and, thus, thought to be riskier.

4、The estimated value of the office building (Option 1) using the discounted cash flow approach is closest to:【单选题】

A.WL$ 89 million.

B.WL$ 93 million.

C.WL$ 99 million.

正确答案:C

答案解析:There are two components to this valuation. The first component is the cash flows for the first seven years. The second component is the terminal value.

5、In replying to Hextall’s recollection of the financial crisis, Klink most likely considered which risk measure?【单选题】

A.VaR

B.Scenario analysis

C.Sensitivity analysis

正确答案:B

答案解析:B is correct. Scenario analysis is used for estimating how a portfolio might perform under conditions of market stress. Scenario risk measures estimate the portfolio returns that would result from a hypothetical change in markets. Stress tests and reverse stress tests are closely related to scenario risk measures. In addressing the possibility of direct exposure to extreme, negative events, Klink is describing a reverse stress test in which specific exposures of the portfolio (10 in this example) are identified. A hypothetical stress test (“reverse stress test”) is designed to measure its effect on each of these exposures.