2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、At the end of the most recent year, the total value to paid-in capital (TVPI) ratio for the Venture Holdings fund was closest to:【单选题】

A.0.29×.

B.1.34×.

C.1.63×.

正确答案:C

答案解析:

2、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.

3、Based on Exhibit 2, Billingsley' s roll return on his investment in wheat futures contracts on 14 December is:【单选题】

A.zero.

B.positive.

C.negative.

正确答案:B

答案解析:

4、AIP's estimated return on equity on Property #1 using leverage as compared to return on equity without using any leverage will most likely be:
【单选题】

A.lower.

B.greater.

C.the same. 

正确答案:B

答案解析:AIP should earn a higher return on equity by financing part of its purchase price with a mortgage because the cost of mortgage funds (5.5%) is less than the required return on equity (9.5%). Including the mortgage funding in a weighted-average cost of capital (WACC) will increase the value over the purchase price required if only equity funding is used. 

5、Based on Exhibit 2, the growth rate of Property #1 is closest to:【单选题】

A.0.75%

B.1.25%.

C.2.00%.

正确答案:C

答案解析:C is correct. There is a constant growth rate in income and value; growth rate = discount rate (7.25%)  going-in cap rate (5.25%) = 2.00%.