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、Based on Exhibit 2 and the Fama-French model, the required return for RSTU is closest to:【单选题】

A.4.42%.

B.6.56%.

C.6.52%.

正确答案:C

答案解析:C is correct. RSTU's required return using the Fama—French model is 6.52%, as shown in the following table:

2、Based on the Modigliani and Miller (MM) propositions with corporate taxes, Aquarius’s WACC is closest to:【单选题】

A.3.38%.

B.7.87%.

C.11.25%.

正确答案:B

答案解析:

3、The surprise in which of the following had the greatest effect on fund returns?【单选题】

A.Inflation on Fund B

B.GDP growth on Fund A

C.GDP growth on Fund C

正确答案:C

答案解析:C is correct. Surprise in a macroeconomic model is defined as actual factor minus predicted factor. For inflation, the surprise factor is 2.2% – 2.0% = 0.2%; for GDP growth, the surprise factor is 1.0% – 1.5% = –0.5%. The effect on returns is the product of the surprise and the factor sensitivity.

4、On the basis of the Wall Street analyst’s comments about AMC’s corporate governance system, which of the following would be most effective for AMC to attract investors’ 【单选题】

A.Implement a corporate governance system in which business activity is encouraged 

B.Establish a corporate governance system that overcomes inherent conflicts of 

C.Provide full transparency of all material information on a timely basis to all 

正确答案:B

答案解析:B is correct. The Wall Street analyst is concerned with conflicts of interest. AMC should establish a corporate governance system that overcomes inherent conflicts of interest.

5、The multiple of expected proceeds at exit to invested funds for JRR’s Stoneham LBO investment is closest to:【单选题】

A.2.77×.

B.2.89×.

C.2.98×.

正确答案:B

答案解析:B is correct. The investment exit value is $15 million. The expected payoff to JRR is calculated as (all amounts in millions):