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、The most likely tax environment in which Wilson Chemical’s shareholders would prefer that Wilson repurchase its shares (share buybacks) instead of paying dividends is one in which:【单选题】

A.the tax rate on capital gains and dividends is the same.

B.capital gains tax rates are higher than dividend income tax rates.

C.capital gains tax rates are lower than dividend income tax rates.

正确答案:C

答案解析:C is correct. Shareholders would prefer that the company repurchase its shares instead of paying dividends when the tax rate on capital gains is lower than the tax rate on dividends.

2、Based on Exhibits 2 and 3, as well as Holmstead’s assumption about future health care inflation, the debt-to-equity ratio calculated by Rickards for XYZ should be closest to:【单选题】

A.2.69.

B.2.71.

C.2.73.

正确答案:C

答案解析:C is correct. To calculate the debt-to-equity ratio, both liabilities and total equity need to be adjusted for the estimated impact of a 100-bp increase in health care costs. The proposed increase in health care costs will increase total liabilities and decrease equity by the same amount. Consequently, the debt-to-equity ratio changes as follows:

3、Based on Exhibit 1&2, Golden's free cash flow to the firm (FCFF) (in millions) for 2016 is closest to:【单选题】

A.$565.

B.$575

C.$635.

正确答案:B

答案解析:FCFF = NI + NCC + Int(1 一Tax Rate) 一 AWCInv 一 AFCInv

4、【单选题】

A.Right to use the CFA designation.

B.Misrepresentation of the meaning of the designation.

C.Reference to candidacy in the CFA Program.

正确答案:B

答案解析:Statements overstating 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) Reference to CFA Institute, the CFA Designation, and the CFA Program. The Standard specifically states when referring to the 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 the CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

5、【单选题】

A.fairly priced.

B.selling at a discount.

C.selling at a premium.

正确答案:C

答案解析:NAVPS based on forecasted NOI: