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 statements about Modigliani and Miller's theory is correct?【单选题】

A.Statement 1 is correct but Statement 2 is not.

B.Statement 2 is correct but Statement 1 is not.

C.Both are incorrect

正确答案:C

答案解析:Proposition I without tax, or the capital structure irrelevance theorem, states that the level of debt versus equity in the capital structure has no effects on company value in perfect markets. According to Modigliani and Miller's Proposition II with taxes, the cost of equity increases as the use of debt in the capital structure increases, and is a linear function of the company's debt/equity ratio. The value of the company is increasing as the amount of debt used and the optimal capital structure is all debt.

2、If the market price of Pro Star’s common stock falls from its level on 19 October 20X0, the price of the convertible bond will most likely:【单选题】

A.fall at the same rate as Pro Star’s stock price.

B.fall but at a slightly lower rate than Pro Star’s stock price.

C.be unaffected until Pro Star’s stock price reaches the conversion price.

正确答案:B

答案解析:B is correct. The conversion value of the bond is 31 × $37.50 or $1,162.50, which represents its minimum value. Thus, the convertible bond exhibits mostly stock riskreturn characteristics, and a fall in the stock price will result in a fall in the convertible bond price. However, the change in the convertible bond price is less than the change in the stock price because the convertible bond has a floor—that floor is the value of the straight (option-free) bond.

3、Based on the information in Exhibit 1 and assuming a 360-day year; the value of Sheroda's forward contract is closest to:【单选题】

A.$49.16.

B.$50.71.

C.$52.18.

正确答案:A

答案解析:V) = $1,447.80 - $1,398.64 = $49.16

4、The most appropriate treatment of the estimated restructuring charge, in response to Nkomo’s Question 3, would be:【单选题】

A.an upward adjustment to book value.

B.an upward adjustment to the cost of equity.

C.to exclude it from the estimate of net income.

正确答案:C

答案解析:C is correct. The restructuring charge is a nonrecurring item and not indicative of future earnings. In applying a residual income model, it is important to develop a forecast of future residual income based upon recurring items. Using the net income reported in Amersheen’s 2010 net income statement to model subsequent future earnings, without adjustment for the restructuring charge, would understate the firm’s future earnings. By upward adjusting the firm’s net income, by adding back the R2 million restructuring charge to reflect the fact that the charge is nonrecurring, future earnings will be more accurately forecasted.

5、The value of the American-style put option on Beta Company shares is closest to:【单选题】

A.4.53.

B.5.15.

C.9.32.

正确答案:B

答案解析:B is correct. Using the expectations approach, the risk-neutral probability of an up move is