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 1, the maximum profit from executing Position 3 using APR $45.00 options is:【单选题】

A.$38.15.

B.$51.85.

C.unlimited.

正确答案:C

答案解析:C is correct. The maximum profit from executing Position 3, a long straddle, is unlimited. A long straddle is implemented when an investor buys both puts and calls, with the same exercise price (X0) on the same underlying asset. The maximum profit on the long call portion of the long straddle is unlimited, because the stock price could rise to any level. Therefore, the maximum profit on the long straddle position is unlimited.

2、Quinn sat for the Level III CFA exam this past weekend. He updates his resume with the following statement: “In finishing the CFA Program, I improved my skills related to researching investments and managing portfolios. I will be eligible for the CFA charter upon completion of the required work experience.”【单选题】

A.Quinn violated the Code and Standards by claiming he improved his skills through the CFA Program.

B.Quinn violated the Code and Standards by incorrectly stating that he is eligible for the CFA charter.

C.Quinn did not violate the Code and Standards with his resume update.

正确答案:B

答案解析:Answer B is correct. According to Standard VII(B)–Reference to CFA Institute, the CFA Designation, and the CFA Program, Quinn cannot claim to have finished the CFA Program or be eligible for the CFA charter until he officially learns that he has passed the Level III exam. Until the results for the most recent exam are released, those who sat for the exam should continue to refer to themselves as “candidates.” Thus, answer C is incorrect. Answer A is incorrect because members and candidates may discuss areas of practice in which they believe the CFA Program improved their personal skills.

3、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

4、Based on Exhibit 6 and the three-month US dollar Libor at expiration, the payment amount that the bank will receive to settle the 6 × 9 FRA is closest to:【单选题】

A.$19,945.

B.$24,925.

C.$39,781.

正确答案:A

答案解析:A is correct. Given a three-month US dollar Libor of 1.10% at expiration, the settlement amount for the bank as the receive-floating party is calculated as

5、Regarding the intern’s Question 1, is the regression model as a whole significant at the 0.05 level?【单选题】

A.No, because the calculated F-statistic is less than the critical value for F.

B.Yes, because the calculated F-statistic is greater than the critical value for F.

C.Yes, because the calculated χ2 statistic is greater than the critical value for χ2.

正确答案:B

答案解析:B is correct.