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、Based upon Exhibits 1 and 3, the estimated value of Property #1 using the sales comparison approach (assigning equal weight to each comparable) is closest to:【单选题】

A.40,050,000.

B.40,300,000.

C.44,500,000.

正确答案:C

答案解析:C is correct. The estimate of the value of Property #1 using the sales comparison approach is:

2、Which of the bonds that Hamilton analyzes in Exhibit 1 is most likely to outperform given Harding’s expectations?【单选题】

A.NexTec

B.CommCo

C.StorageTech

正确答案:C

答案解析:C is correct. StorageTech is most likely to outperform given the put feature, which is valuable to investors during a period of rising interest rates because they can put the bond back to the issuer and reinvest at higher rates. The call feature is of benefit to the issuer and does not provide any protection to investors in a period of rising rates.

3、What is the best response to Question 1?【单选题】

A.Yes

B.No, because it would reduce organic sales growth

C.No, because it would reduce net price realization and mix

正确答案:A

答案解析:A is correct. Net sales growth equals organic sales growth plus or minus the effects of acquisitions, divestitures, and foreign exchange. A foreign currency translation loss would reduce net sales growth. Thus the answer to Question 1 is yes.

4、Which of Wu’s three observations is least likely correct?【单选题】

A.Observation 3

B.Observation 1

C.Observation 2

正确答案:A

答案解析:A is correct. Observation 3 regarding consumption hedging is incorrect. Because of the pro-cyclicality of economies and corporate profits, equities are not a good hedge against bad consumption outcomes, which is one of the reasons equity investors require a risk premium.

5、When LUW, Inc., was sold by Shoshone, which part of its capital structure most likely decreased in size?【单选题】

A.Debt

B.Preference shares

C.Common equity

正确答案:A

答案解析:A common source of value creation in leveraged buyouts is debt reduction.