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、The category of bonds whose spreads can be expected to widen the most during an economic downturn are bonds from the:【单选题】

A.cyclical sector with low credit ratings.

B.cyclical sector with high credit ratings.

C.non-cyclical sector with low credit ratings.

正确答案:A

答案解析:A is correct. During an economic downturn, the spreads of corporate bonds can be expected to widen, as the risk premium that investors demand on risky financial assets will increase. When spreads widen, the spreads on bonds issued by corporations with a low credit rating and that are part of the cyclical sector will tend to widen most.

2、Stewart has been hired by Goodner Industries, Inc., to manage its pension fund. Stewart’s duty of loyalty, prudence, and care is owed to:【单选题】

A.The management of Goodner.

B.The participants and beneficiaries of Goodner’s pension plan.

C.The shareholders of Goodner.

正确答案:B

答案解析:The correct answer is B. Under Standard III(A)–Loyalty, Prudence, and Care, members and candidates who manage a company’s pension fund owe these duties to the participants and beneficiaries of the pension plan, not the management of the company or the company’s shareholders.

3、In his follow-up analysis relating to Conclusion 3, Martinez should focus on Stellar’s:【单选题】

A.total accruals.

B.discretionary accruals.

C.non-discretionary accruals.

正确答案:B

答案解析:B is correct. Martinez concluded that the accruals component of Stellar’s earnings was large relative to the cash component (Conclusion 3). Earnings with a larger component of accruals are typically less persistent and of lower quality. An important distinction is between accruals that arise from normal transactions in the period (called non-discretionary) and accruals that result from transactions or accounting choices outside the normal (called discretionary accruals). The discretionary accruals are possibly made with the intent to distort reported earnings. Outlier discretionary accruals are an indicator of possibly manipulated—and thus low quality earnings. Thus, Martinez is primarily focused on discretionary accruals, particularly outlier discretionary accruals (referred to as abnormal accruals).

4、At a significance level of 1%, which of the following is the best interpretation of the regression coefficients with regard to explaining ROE?【单选题】

A.ESG is significant, but tenure is not.

B.Tenure is significant, but ESG is not.

C.Neither ESG nor tenure is significant.

正确答案:C

答案解析:C is correct. The t-statistic for tenure is 2.308, indicating significance at the 0.027 level but not the 0.01 level. The t-statistic for ESG is 1.201, with a p-value of 0.238, which means we fail to reject the null hypothesis for ESG at the 0.01 significance level.

5、【单选题】

A.1.85% lower than the local currency revenue growth rate.

B.3.62% higher than the local currency revenue growth rate.

C.3.45% lower than the local currency revenue growth rate.

正确答案:A

答案解析:AUD revenue growth rate = (870 / 765)1/2 - 1 = 6.64%