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、Which fund’s due diligence report will least likely contain the listed sections from the summary page?【单选题】

A.Timbrian Equity Partners

B.Multifam Equity Partners

C.Golden Age Equity Partners

正确答案:A

答案解析:A is correct. Due diligence for Timbrian Equity Partners would not emphasize structural engineering issues or zoning compliance. Golden Age Equity Partners invests in and operates facilities for senior living. Due diligence would include structural inspection, compliance with local zoning ordinances, operating expenses (such as utilities), and property taxes. These would not be necessary for Timbrian’s timberlands and would be necessary only to a small extent for the new construction being done by Multifam Equity Partners.

2、Which of the following is closest to the FCFF that McDonnell should estimate for Balanced Metals?【单选题】

A.$117,800.

B.$344,120.

C.$722,120.

正确答案:A

答案解析:In a strategic transaction, a firm is acquired based in part on the synergies it brings to the acquirer.

3、If the team uses the dividend discount model, the current intrinsic value of Company XYZ stock would be closest to:【单选题】

A.US$19.58.

B.US$20.36.

C.US$21.54.

正确答案:C

答案解析:C is correct. The current value of XYZ stock would be calculated as follows:

4、Based on Exhibit 3, Ho’s FCFF sensitivity analysis should conclude that Colanari’s value is most sensitive to the:【单选题】

A.FCFF growth rate.

B.before-tax cost of debt.

C.required rate of return for equity.

正确答案:C

答案解析:C is correct. Colanari’s valuation is most sensitive to the cost of equity (r

5、Using the H-model, the information in Exhibits 1 and 2, and Jatin’s estimates for growth and required return on the stock, the intrinsic value of CRN’s stock as of 2013 is closest to:【单选题】

A.$22.22.

B.$17.55.

C.$18.38.

正确答案:C

答案解析:C is correct. The H-model is