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、Which statement by Hermansky is the least valid?【单选题】

A.Statement 1.

B.Statement 2.

C.Statement 3.

正确答案:A

答案解析:A is correct. Statement 1 is the least likely to be valid.

2、A potential weakness of Johansson’s approach to estimating the required return on equity for Twin Industries is that the return estimate:【单选题】

A.does not include a size premium.

B.may overstate potential returns over the long-term.

C.does not consider systematic risk arising from the economics of the industry.

正确答案:A

答案解析:A is correct. Johansson intends to estimate a required return on equity using a modified CAPM approach. Twin Industries is stated to be smaller than the chosen proxy benchmark being used and there is no size premium adjustment in the CAPM framework; the framework adjusts the beta for leverage differences but this does not adjust for firm size differences. The build-up method may be more appropriate as it includes the equity risk premium and one or more additional premia, often based on factors such as size and perceived company-specific risk.

3、Economic income during year one is closest to:【单选题】

A.23,186.

B.29,287.

C.46,101.

正确答案:B

答案解析:B is correct.. Economic income = Cash flow – Economic depreciation

4、Honoré is concerned about the consequences of heteroskedasticity. Is she correct regarding the effect of heteroskedasticity on the reliability of the F-test and t-tests?【单选题】

A.Yes.

B.No, she is incorrect with regard to the F-test

C.No, she is incorrect with regard to the t-tests

正确答案:A

答案解析:A is correct. Heteroskedasticity causes the F-test for the overall significance of the regression to be unreliable. It also causes the t-tests for the significance of individual regression coefficients to be unreliable because heteroskedasticity introduces bias into estimators of the standard error of regression coefficients.

5、Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?【单选题】

A.DDM

B.FCFE

C.FCFF

正确答案:B

答案解析:B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.