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、Calculate the percent change in YTC net income shown on the WMC financial statements from 2015 to 2016.【单选题】

A.-52.0%.

B.-55.2%.

C.-56.9%.

正确答案:C

答案解析:

2、What is Robinson’s best action with regard to the email he received from his client about the purchase of Paladin? Robinson should:【单选题】

A.liquidate the shares of Paladin in the client’s portfolio.

B.ask to meet with him to review and, if necessary, revise his investment policy statement.

C.advise him that the trades were reviewed by the firm’s chief compliance officer.

正确答案:B

答案解析:Standard III(C)-Suitability requires members in an advisory relationship to regularly update the client’s investment policy statement to reflect any changes in the client’s circumstances. Updating the investment policy statement should be repeated at least annually. Without efforts to update information concerning client factors, one or more factors could change without the investment manager’s knowledge.

3、Compared to the reported 2009 financial statements, if Stereo Warehouse had used the 2007 expected volatility assumption to value its employee stock options, it would have most likely reported higher:【单选题】

A.net income.

B.compensation expense.

C.deferred compensation liability.

正确答案:B

答案解析:B is correct. A higher volatility assumption increases the value of the stock option and thus the compensation expense, which, in turn, reduces net income. There is no associated liability for stock options.

4、A supply side estimate of the equity risk premium as presented by The Ibbotson–Chen earnings model is closest to:【单选题】

A.3.2 percent.

B.4.0 percent.

C.4.3 percent.

正确答案:C

答案解析:C is correct. According to this model, the equity risk premium is

5、Which of the following is least likely to be a real option available to GigaTech with regard to the Tera Project?【单选题】

A.Abandonment option.

B.Expansion option.

C.Flexibility option.

正确答案:C

答案解析:Once the Tera Project is begun, the project will be necessary for continuing operations. This is likely a result of the replacement nature of the project. If the equipment necessary for GigaTech's operations is replaced with newer equipment, abandoning the project is not really an option. Management does have the option of scaling up the project after initiation, which is known as an expansion option. Management can also wait up to nine months to make a decision on the Tera Project, giving them a timing option (note that this is not one of the answer choices). Finally, the equipment used in the Tera Project can support additional shifts if demand for GigaTech's products temporarily exceeds supply, giving them a flexibility option (specifically a production-flexibility option).