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、Koning realizes that an increase in the recovery rate would lead to an increase in the bond's fair value, whereas an increase in the probability of default would lead to a decrease in the bond's fair value. He is not sure which effect would be greater, however. So, he increases both the recovery rate and the probability of default by 25% of their existing estimates and recomputes the bond's fair value. The recomputed fair value is closest to:【单选题】

A.€843.14.

B.€848.00.

C.€855.91.

正确答案:B

答案解析:The recovery rate to be used now in the computation of fair value is 30% x 1.25 = 37.5%, whereas the hazard rate to be used is 1.50% x 1.25 = 1.875%.

2、Willier is the research analyst responsible for following Company X. All the information he has accumulated and documented suggests that the outlook for the company’s new products is poor, so the stock should be rated a weak “hold.” During lunch, however, Willier overhears a financial analyst from another firm whom he respects offer opinions that conflict with Willier’s forecasts and expectations. Upon returning to his office, Willier releases a strong “buy” recommendation to the public. Willier:【单选题】

A.Violated the Standards by failing to distinguish between facts and opinions in his recommendation.

B.Violated the Standards because he did not have a reasonable and adequate basis for his recommendation.

C.Was in full compliance with the Standards.

正确答案:B

答案解析:The correct answer is B. This question relates to Standard V(A)–Diligence and Reasonable Basis. The opinion of another financial analyst is not an adequate basis for Willier’s action in changing the recommendation. Answer C is thus incorrect. So is answer A because, although it is true that members and candidates must distinguish between facts and opinions in recommendations, the question does not illustrate a violation of that nature. If the opinion overheard by Willier had sparked him to conduct additional research and investigation that justified a change of opinion, then a changed 

3、Which factor considered by Marchand and Palmeiro best justifies the use of the five-year forecast horizon in the Darwin model?【单选题】

A.Factor 2

B.Factor 1

C.

正确答案:A

答案解析:A is correct. Industry cyclicality can influence the analyst’s choice of timeframe because the forecast period should be long enough to allow the business to reach an expected mid-cycle level of sales and profitability. Factor 2 best justifies the use of a five-year forecast horizon given that the industry’s performance is closely tied to the business cycle.

4、【单选题】

A.correct only with regard to the convertible bonds.

B.correct only with regard to the putable bonds.

C.incorrect with regard to both securities.

正确答案:C

答案解析:Decreasing volatility of common stock prices would devalue any options related to the stock. The convertible bond 

5、Stephenson’s willingness and ability to accept risk can be best characterized as:【单选题】

A.Willingness to accept risk: Below average; Ability to accept risk: Above average.

B.

C.Willingness to accept risk: Abbove average; Ability to accept risk: Above average.

正确答案:C

答案解析:C is correct. Even though Stephenson describes his risk tolerance as “average,” his present investment portfolio and his desire for large returns indicate an above-average willingness to take risk. His financial situation (large asset base, ample income to cover expenses, lack of need for liquidity, and long time horizon) indicates an above-average ability to accept risk.