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、Is evermore correct in her analysis of the effect of a change in yield volatility?【单选题】

A.Incorrect on the putable bond only.

B.Incorrect on the put option only.

C.Incorrect on both the bond and the option.

正确答案:C

答案解析:The value of a putable bond is equal to the value of an otherwise equivalent option-free bond plus the value of the embedded put option. The value of the embedded put option will decrease if yield volatility decreases. The value of the option-free bond will not be affected by changes in yield volatility, so the value of the putable bond will also decrease. Evermore is incorrect in her analysis of both effects.

2、Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?【单选题】

A.Free cash flow

B.Dividend discount

C.P/E relative valuation

正确答案:A

答案解析:A is correct. The broad criteria for model selection are that a valuation model be consistent with the characteristics of the company being valued, appropriate given the availability and quality of the data and consistent with the purpose of the valuation. VEGA currently has negative earnings, making the use of P/E relative valuation difficult if not impossible. As VEGA does not pay a dividend and is not expected to for the foreseeable future; this would make the application of a dividend discount model problematic. However, the lack of a dividend would not be an obstacle to free cash flow valuation. Furthermore, the director of research has advised that the possibility that competitors may seek to acquire VEGA be taken in to account in valuing VEGA. The reading states that free cash flow valuation can be appropriate in such circumstances. Thus, the director of research would be most likely to recommend free cash flow valuation.

3、If the shape of the yield curve changes in the way predicted in the chief economist’s interest rate forecast and the price of Bond A does not change, the price of Bond C will most likely:
【单选题】

A.decrease.

B.increase.

C.not change.

正确答案:B

答案解析:

4、Given Ruiz’s belief about the direction of exchange rates, Eurexim’s gross profit margin would be highest if it accounts for the Ukraine subsidiary’s inventory using:【单选题】

A.FIFO and the temporal method.

B.FIFO and the current rate method.

C.weighted-average cost and the temporal method.

正确答案:B

答案解析:B is correct. Ruiz expects the EUR to appreciate against the UAH and expects some inflation in the Ukraine. In an inflationary environment, FIFO will generate a higher gross profit than weighted-average cost. For either inventory choice, the current rate method will give higher gross profit to the parent company if the subsidiary’s currency is depreciating. Thus, using FIFO and translating using the current rate method will generate a higher gross profit for the parent company, Eurexim SA, than any other combination of choices.

5、With regards to investments in Sandhirst stock and retail ETF, Dutt most likely violated:【单选题】

A.

B.Standard II(A) - Material and Nonpublic Information 

C.Standard II(A) - Material and Nonpublic Information in 

正确答案:B

答案解析:By transacting in Sandhirst stock, Dutt did not rely on any material nonpublic information and, therefore, is not in violation