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 of the assumptions in Exhibit 2 would most likely result in a lower reported post-employment benefit obligation for Euronet as compared with ZipTech?【单选题】

A.Near-term health care trend rate

B.Ultimate health care cost trend rate

C.

正确答案:B

答案解析:B is correct. Other things equal, a lower assumed ultimate health care trend rate would result in a lower benefit obligation and a lower periodic cost. Euronet’s 3.1% rate is lower than ZipTech’s 3.2% rate. A higher assumed near-term health care cost trend rate or a greater number of years until the ultimate trend rate is reached would result in a higher benefit obligation and a higher periodic cost. Both of these assumptions are higher for Euronet.

2、With regard to poison pills and puts, Lee’s comments are:【单选题】

A.correct.

B.incorrect with regard to the poison put.

C.incorrect with regard to the poison pill.

正确答案:B

答案解析:B is correct. The first comment about the poison pill is correct, but the second comment is incorrect. Shareholders do not “put” their shares to the company; rather bondholders can exercise the put in the event of a hostile takeover. Bondholders have the right to sell their bonds back to the target at a redemption price that is pre-specified in the bond indenture, typically at or above par value.

3、【单选题】

A.volatility.

B.time to expiration.

C.the risk-free rate.

正确答案:C

答案解析:lacocca is incorrect about the risk-free rate. Higher risk-free rates result in higher call option prices and lower put option prices. She is correct about the impact of time to expiration and volatility on put and call option prices.

4、Based on the historical record of surprises in inflation and productivity, the historical equity risk premium for the US equity market, if it is used as an estimate of the forward-looking equity risk premium, should most likely be:【单选题】

A.left unchanged.

B.adjusted upward.

C.adjusted downward.

正确答案:C

答案解析:C is correct. A string of favorable inflation and productivity surprises may result in a series of high returns that increase the historical mean estimate of the equity risk premium. To mitigate that concern, the analyst may adjust the historical estimate downward based on an independent forward-looking estimate.

5、In her interpretation of VaR, Matten is most likely:【单选题】

A.correct regarding the $225,000 but incorrect regarding the maximum loss.

B.incorrect regarding the $225,00 but correct regarding the maximum loss.

C.incorrect regarding the $225,000 and the maximum loss.

正确答案:C

答案解析:The $225,000 is a minimum loss that will be exceeded 5% of the time. The maximum possible loss is the value of the portfolio.