2020年CFA考试《CFA二级》考试共240题，分为单选题。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、As previously mentioned, Ibarra is considering a future interest rate volatility of 20% and an upwardsloping yield curve, as shown in Exhibit 2. Based on her analysis, the fair value of bond B2 is closest to:【单选题】

A.€1,101.24.

B.€1,141.76.

C.€1,144.63.

正确答案:A

答案解析:

2、Based on Exhibit 1, the maximum loss of Strategy 1 is:【单选题】

A.￥210.44.

B.￥225.76.

C.￥232.34.

正确答案:A

答案解析:A is correct. Strategy 1 is a covered call position using SMTC July 240 calls. A covered call position is a combination of a long position in the shares and a short call option. For this covered call position on SMTC, YCM would have a long position in SMTC shares and a short position in the July 240 call option on SMTC shares. The maximum loss for this covered call position would occur if the SMTC share price fell to zero. The loss on the shares would be reduced by the amount of the premium received from selling the call option. Therefore, the maximum loss of Strategy 1 is the difference between the original share price (S0) and the option premium (c

3、The optimal subset of the six projects that Schoeman is considering consists of Projects:【单选题】

A.1 and 5.

B.2, 3, and 4.

C.2, 4, 5, and 6.

正确答案:A

答案解析:

4、Determine whether the translated total asset turnover for YTC for 2016 would be higher under the current rate method or under the temporal method.【单选题】

A.Temporal method.

B.Current rate method.

C.No difference between temporal and current rate methods.

正确答案:B

答案解析:

5、Is Collin’s statement about LBO firms and VC firms correct?【单选题】

A.Yes.

B.No, because he is wrong with respect to VC firms.

C.No, because he is wrong with respect to LBO firms.

正确答案:B

答案解析:B is correct. LBO firms generally invest in firms with a predictable cash flow pattern (EBITDA or EBIT growth) and experienced management teams. In contrast, venture capital firms tend to invest in new firms and new technologies with high revenue growth. Also, VC investments tend to be characterized as having exits that are difficult to anticipate.