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、Manager 1 has an information coefficient of 0.15, a transfer coefficient of 1.0, and invests in 50 securities. Manager 2 has a different strategy, investing in more securities, but is subject to investment constraints that reduce his transfer coefficient. Manager 2 has an information coefficient of 0.10, a transfer coefficient of 0.8, and invests in 100 securities. The investment selections of each manager are independent decisions. If both managers target an active risk of 5.0%, which manager will have the greater expected active return?【单选题】

A.Manager 1

B.Manager 2

C.Both managers will have the same active return.

正确答案:A

答案解析:A is correct. Manager 1’s IR = TC × IC × √BR = 1.0 × 0.15 × √50 = 1.06. Manager 2’s IR = 0.8 × 0.10 × √100 = 0.80. Manager 1’s active return is 1.06(5.0) = 5.3% and Manager 2’s expected active return is 0.80(5.0) = 4.0%. Manager 1 has the greater expected active return.

2、Using the least common multiple of lives approach, determine whether the Zeta Project or the Sigma Project will increase the value of GigaTech by a greater amount.【单选题】

A.Zeta Project.

B.Sigma Project.

C.Both projects increase GigaTech's value by the same amount.

正确答案:B

答案解析:The least common multiple of lives approach requires estimating the least common denominator between two mutually exclusive projects with unequal lives. Since the Zeta and Sigma projects have lives of 3 and 2, the least common multiple is 6. The cash flows must be stated over a 6-year period, repeating the cash flow pattern as often as necessaty (two times for Zeta and three times for Sigma). The cash flows are then discounted to find the net present value (NPV). The project with the highest NPV is selected. The cash flows are as follows:

3、Which feature discussed in the third section of “International Trade” will most likely help Genovia achieve its goal of encouraging foreign businesses to increase trade with domestic businesses?【单选题】

A.Only Feature 1

B.Only Feature 2

C.Both Feature 1 and Feature 2

正确答案:C

答案解析:C is correct. Genovia needs unambiguous laws concerning financial liability and bankruptcy to encourage foreign businesses to enter into contracts, particularly those that are long term and may involve sunk costs. The court decisions help Genovia achieve its goal. Also, clearly defined rules governing contracts, their interpretation, and each party’s legal rights under a contract are necessary. Thus, both features help Genovia achieve its goal.

4、The recent change in Country #3’s breakeven inflation rate suggests that the expected rate of inflation over the next three years is:【单选题】

A.less than 2.0%.

B.equal to 2.0%.

C.greater than 2.0%.

正确答案:A

答案解析:A is correct. The difference, or spread, between the yields on the country’s three-year default-free nominal and on the default-free real zero-coupon bonds is 2.0%. This spread is known as the breakeven rate of inflation (BEI), which is composed of the expected rate of inflation plus a risk premium for the uncertainty of future inflation. Because this risk premium component is most likely positive, because investors are unlikely to be very confident in their ability to predict inflation accurately, the expected rate of inflation component would be less than 2.0%.

5、Based on Exhibit 3, on the June settlement date, the party that is long the S&P GSCI total return swap will:【单选题】

A.owe a payment of $434,308.38.

B.receive a payment of $1,502,621.33.

C.receive a payment of $1,971,173.60.

正确答案:A

答案解析:A is correct. The total return swap involves a monthly cash settlement (reset) based on the performance of the underlying reference asset (S&P GSCI) given a notional amount of $25 million. If the level of the index increases between the two valuation dates (in this case, May and June), the long position (the swap buyer) receives payment. If the level of the index decreases between the two valuation dates, the swap seller receives payment.