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 new accounting policy adopted in 2013 for the customer acquisition cost (Note 1d) most likely increases CCCL's:【单选题】

A.Quality of earnings.

B.Cash from operations.

C.Debt-to-asset ratio.

正确答案:B

答案解析:In 2013, CCCL started capitalizing the discount offered (from selling the handsets at a lower price) instead of recording it in the period it is incurred. This change in the policy would increase net income (by lowering expenses) and cash from operations. The amounts capitalized would be recorded as cash outflows for investing activities, compared with cash from operations if they were expensed.

2、Which of the three methods suggested by Smith would best capture the ability of the Morningstar rating system to predict mutual fund performance?【单选题】

A.Method 1

B.Method 2

C.Method 3

正确答案:C

答案解析:C is correct. Using dummy variables to distinguish among n categories would best capture the ability of the Morningstar rating system to predict mutual fund performance. We need n – 1 dummy variables to distinguish among n categories. In this case, there are five possible ratings and we need four dummy variables. Adding an independent variable that has a value equal to the number of stars in the rating of each fund is not appropriate because if the coefficient for this variable is positive, this method assumes that the extra return for a two-star fund is twice that of a one-star fund, the extra return for a three-star fund is three times that of a one-star fund, and so forth, which is not a reasonable assumption.

3、Based on data in Exhibit 2 and using the information ratio as the criterion for evaluating performance, which subportfolio had the best performance in the period 1996–2015?【单选题】

A.The bond subportfolio.

B.The equities subportfolio.

C.The real estate subportfolio.

正确答案:B

答案解析:B is correct. The information ratio for a portfolio can be expressed as follows:

4、Golden's action to respond to Silver's takeover can be regarded as which of the following type of takeover defense tactic?【单选题】

A.Pac-mandefense

B.Just-say-nodefense

C.White-Squire defense

正确答案:C

答案解析:A takeover defense of seeking an investor who bought a substantial minority stake of its stock-enough to block the hostile takeover bid—is consistent with the white squire defense. A is incorrect because Golden does not intend to takeover Silver. B is incorrect because Golden does not use any public commentary and put pressure on Silver to stop the takeover. 

5、Based on Exhibit 1, the trailing P/E for Centralino as of 1 January 2015, ignoring any business-cycle influence, is closest to:【单选题】

A.8.3.

B.8.9.

C.9.9.

正确答案:B

答案解析:B is correct. The trailing P/E ratio is calculated as follows: