2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、Unexpected inflation and rising interest rates would have the greatest negative short-term impact on the earnings of:【单选题】

A.Timbrian Equity Partners.

B.Multifam Equity Partners.

C.Golden Age Equity Partners.

正确答案:B

答案解析:B is correct. Multifam Equity Partners would likely see the greatest negative impact from unexpected inflation because of rising ongoing construction costs, which would reduce profit potential from property sales whose sale prices have already been agreed upon. Rising interest rates would increase financing costs since Multifam Debt Partners’ financing is floating-rate debt. As a private investment, Golden Age Equity Partners would probably not see its income affected as much by unexpected inflation or higher interest rates because these property investments would be expected to have stable cash flows and longer time horizons than those of Multifam Equity Partners. Timbrian Partners could actually benefit from unexpected inflation since it would be in a position to sell more timber at higher prices due to higher inflation.

2、The events on 1 October most likely caused December wheat's convenience yield to:【单选题】

A.Increase.

B.Decrease.

C.Remain the same.

正确答案:A

答案解析:Convenience yield is the monetary benefit from holding a commodity physically instead of being long the respective futures, and is affected in large part by inventory levels. Supply shortages increase the spot price and provide profit opportunities for holders of the commodities, thus increasing the convenience yield. Supply surpluses, on the other hand, decrease the spot price and the convenience yield.

3、Which of Multifam Equity Partners’ properties listed in Exhibit 2 most likely has the highest assumed growth rate?【单选题】

A.Multifam I

B.Multifam II

C.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 is

4、Which factor would most likely affect the supply or demand of all four sectors of the Apex Fund?【单选题】

A.Weather

B.Spoilage

C.Government actions

正确答案:C

答案解析:C is correct. Government actions can affect the supply or demand of all four sectors of the Apex Fund. With respect to energy, environmental mandates imposed by governments have tightened pollution standards, which have led to increasing processing costs that negatively affect demand. The supply of livestock, such as hogs and cattle, is affected by governmentpermitted use of drugs and growth hormones. Softs, or cash crops, can be affected by government actions, such as the attempt to maintain strategic stockpiles to control domestic prices. The level of demand and relative value of a precious metal, such as gold, is directly linked to government actions associated with managing to inflation targets.

5、Based upon Exhibit 1, the property expected to be most highly leveraged is:【单选题】

A.Property A

B.Property B

C.Property C

正确答案:C

答案解析:C is correct. Property C has an expected loan to value ratio of 80%, which is higher than the loan to value ratio for Property A (70%) or Property B (75%).