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、How much did Iron Parts contribute to its pension plan during 20X8?【单选题】

A.$31 million.

B.$36 million.

C.$53 million.

正确答案:C

答案解析:$327 beginning balance plan assets + $37 actual return + contributions - $22 benefits paid = $395 ending balance plan assets. Solving for the contributions, we get $53.

2、For this question only, a careful evaluation of YD's financial statement reveals that the decrease in value of available-for-sale securities has been reported in the other comprehensive income (OCI) section of stockholder's equity. The most likely impact on the computation of residual income due to accounting for available-for-sale securities would be:【单选题】

A.a reduction in residual income due to lower net income.

B.a reduction in residual income due to lower ROE and book value.

C.an increase in residual income due to higher net income.

正确答案:C

答案解析:A decrease in the value of available-for-sale securities that bypasses the income statement would artificially increase net income and, consequently, ROE. Book value is unaffected as the decrease is accounted for in the OCI section of shareholders' equity.

3、Based on each firm's forecasts of the estimated NPV of synergies from a merger between Alertron and Carideo, what payment method is each firm likely to prefer in the deal?【单选题】

A.Both firms prefer a cash deal.

B.Only Alertron prefers a cash deal.

C.Only Carideo prefers a cash deal.

正确答案:A

答案解析:

4、Which of the following statements regarding the choice between government bond yield curves and swap-rate curves as a benchmark interest rate curve is most accurate?【单选题】

A.The swap-rate curve is preferred because swap curves are comparable across countries since they reflect similar levels of credit risk.

B.Government bond yield curves are preferred because they are based on a more complete set of market yields.

C.Government bond yield curves are preferred because the lack of a liquid secondary market can distort swap yields compared with government bond yields.

正确答案:A

答案解析:Market participants typically prefer to use the swap-rate curve as a benchmark (rather than a government bond yield curve) for the following reasons:

5、Based on Exhibit 1 and assuming annual compounding, the arbitrage profit on the bond futures contract is closest to:【单选题】

A.0.4158.

B.0.5356.

C.0.6195.

正确答案:B

答案解析:B is correct.