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、If Ishmael’s concern about ZipTech’s possible earnings manipulation is valid, the tactic the company is using is best described as:【单选题】

A.channel stuffing.

B.classification shifting.

C.contingent selling.

正确答案:A

答案解析:A is correct. Ishmael’s concern about manipulating income is based on the calls with analysts who follow ZipTech’s customers and those companies’ unusually high year-end purchases at favorable prices. Channel stuffing is the tactic of inducing customers to order products just before year-end that they would otherwise not order, or order at a later date, by offering them generous terms, such as favorable pricing.

2、Using information in Exhibit 1, the portfolio's sensitivity to inflation is closest to:【单选题】

A.-1.1.

B.- 1.7.

C.-2.2.

正确答案:B

答案解析:β=0.6(-2.2) + 0.4(-1.0) = -1.72

3、Which property in Exhibit 1 is most likely to have a percentage lease?【单选题】

A.Property A

B.Property B

C.Property C

正确答案:B

答案解析:B is correct. Property B is a shopping center, a type of retail property. A percentage lease is a unique aspect of many retail leases, which requires the tenant to pay additional rent once their sales reach a certain level. The lease will typically specify a “minimum rent” that must be paid regardless of the tenant’s sales. Percentage rent may be paid by the tenant once the tenant’s sales reach a certain level or breakpoint.

4、Based on Exhibit 4 and Gillette’s forecast regarding Raffarin’s share price, the return on the RI bond over the next year is most likely to be:【单选题】

A.lower than the return on Raffarin’s common shares.

B.the same as the return on Raffarin’s common shares.

C.higher than the return on Raffarin’s common shares.

正确答案:A

答案解析:A is correct. Over the next year, Gillette believes that Raffarin’s share price will continue to increase towards the conversion price but not exceed it. If Gillette’s forecast becomes true, the return on the RI bond will increase but at a lower rate than the increase in Raffarin’s share price because the conversion price is not expected to be reached.

5、Ibarra is interested in analyzing how a simultaneous decrease in the recovery rate and the probability of default would affect the fair value of bond B2. She decreases both the recovery rate and the probability of default by 25% of their existing estimates and recomputes the bond’s fair value. The recomputed fair value is closest to:【单选题】

A.€1,096.59.

B.€1,108.40.

C.€1,111.91.

正确答案:B

答案解析:B is correct. The recovery rate to be used now in the computation of fair value is 30% × 0.75 = 22.500%, whereas the hazard rate to be used is 1.50% × 0.75 = 1.125%.