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、Epstein’s concern regarding the relationship between the dividend yield and the reinvestment rate variables is most appropriately addressed by evaluating the:【单选题】

A.R and t-statistics.

B.Durbin–Watson statistic.

C.Breusch–Pagan test results.

正确答案:A

答案解析:A is correct. The concern that Epstein has in regard to the relationship between the dividend yield and the reinvestment rate is that the two independent variables are likely highly correlated with one another—which is referred to as multicollinearity. There is no specific test for multicollinearity. However, it can be identified by large R

2、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.

3、Compared with using the Singapore dollar as Acceletron’s functional currency for 2007, if the US dollar were the functional currency, it is most likely that Redline’s consolidated:【单选题】

A.inventories will be higher.

B.receivable turnover will be lower.

C.fixed asset turnover will be higher.

正确答案:C

答案解析:C is correct. If the US dollar is the functional currency, the temporal method must be used. Revenues and receivables (monetary asset) would be the same under either accounting method. Inventory and fixed assets were purchased when the US dollar was stronger, so at historical rates (temporal method), translated they would be lower. Identical revenues/lower fixed assets would result in higher fixed-asset turnover.

4、What is EP during Year 1?【单选题】

A.–12,101.

B.–6,000.

C.6,000.

正确答案:B

答案解析:B is correct.

5、Would data from Multifam Equity Partners be more useful than data from Golden Age Equity Partners for the construction of a hedonic price index?【单选题】

A.Yes

B.No, because Golden Age Equity Partners can more easily supply NOI data

C.No, unless the data from Multifam Equity Partners were adjusted for the appraisal lag

正确答案:A

答案解析:A is correct. A hedonic index is a transaction-based real estate index, which relies on a single sale of a property as opposed to repeat sales of the same property. Multifam Equity Partners will be selling multiple newly constructed apartment buildings and have sales data for each transaction individually. It would not be contributing appraisal data, because its activities consist of single sales of multiple newly built properties. Golden Age Partners is engaged in building, but not selling, of properties. NOI is a component of return in an appraisal-based index.