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, which of Arndt’s goals and constraints are least likely consistent with each other?【单选题】

A.Goal 2 and Constraint 1

B.Goal 1 and Constraint 3

C.Goal 2 and Constraint 3

正确答案:C

答案解析:C is correct. Goal 2, which defines the maximum annual loss of 5% under normal circumstances, and Constraint 3, which defines the long time horizon before funds will first be needed, are least consistent with each other. The long time horizon would normally indicate a higher-than-average ability to take risk, making Goal 2—which limits the annual unrealized loss—inconsistent with Constraint 3.

2、【单选题】

A.Priority of Transactions.

B.Communication with Clients.

C.Communication with Clients.

正确答案:C

答案解析:Standard III (B) Fair Dealing requires members and candidates to deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. When Kostecka informs clients of the upcoming investment recommendation by Forkson, he has treated all clients fairly because this disclosure is provided to all of his current clients.

3、Yu’s determination regarding Transaction 2 should be based on the currency of the:【单选题】

A.loan.

B.bank.

C.borrower.

正确答案:C

答案解析:C is correct. The currency of Ngcorp as the borrowing foreign subsidiary, relative to that of Ambleu, determines Ambleu’s choice of translation method for Transaction 2. Because Ngcorp’s functional currency is the Bindiar franc and Ambleu’s presentation currency is the Norvoltian krone, the current rate method rather than the temporal method should be used. Regardless of the currency in which the loan is denominated, the loan is first recorded in Ngcorp’s financial statements. Then, Ngcorp’s financial statements, which include the bank loan, are translated into Ambleu’s consolidated financial statements.

4、Which of Gasfs comments about the PEG ratio comparison is the most accurate?【单选题】

A.

B.

C.The comment about non-linearity.

正确答案:A

答案解析:A is correct. Gast is correct about the risk differences. PEG does not factor in differences in risk, an important determinant of P/E.

5、Which one of the following actions will help to ensure the fair treatment of brokerage firm clients when a new investment recommendation is made?【单选题】

A.Informing all people in the firm in advance that a recommendation is to be disseminated.

B.Distributing recommendations to institutional clients prior to individual accounts.

C.Minimizing the time between the decision and the dissemination of a recommendation.

正确答案:C

答案解析:The correct answer is C. This question, which relates to Standard III(B)–Fair Dealing, tests the knowledge of the procedures that will assist members and candidates in treating clients fairly when making investment recommendations. The step listed in C will help ensure the fair treatment of clients. Answer A may have negative effects on the fair treatment of clients. The more people who know about a pending change, the greater the chance that someone will inform some clients before the information’s release. The firm should establish policies that limit the number of people who are aware in advance that a recommendation is to be disseminated. Answer B, distributing recommendations to institutional clients before distributing them to individual accounts, discriminates among clients on the basis of size and class of assets and is a violation of Standard III(B).