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、Assuming the forecast for interest rates is proven accurate, which bond in Exhibit 2 will likely experience the smallest price increase?【单选题】

A.Bond 1

B.Bond 3

C.Bond 4

正确答案:C

答案解析:C is correct. The consensus economic forecast is for interest rates to decrease. In an environment of decreasing interest rates, all bond prices should rise ignoring any price impact resulting from any embedded options. When interest rates fall, the value of the embedded call option in Bond 4 (callable) increases, causing an opposing effect on price. The put option of putable bonds, by contrast, increases in value when interest rates rise rather than decline.

2、Which of the following changes in market conditions best supports Carlisle’s comment regarding the equilibrium P/E for Country #3?【单选题】

A.An increase in the equity risk premium

B.A decrease in uncertainty about future inflation

C.A decrease in expectation of future real earnings growth

正确答案:B

答案解析:B is correct. Stock prices are a function of expected cash flows discounted by inflation expectations, the uncertainty of future inflation, and the equity risk premium, among other factors. Holding all else equal, a decline in the uncertainty of future inflation would result in lower discount rates and higher valuations. This result would support a higher equilibrium P/E, thus justifying Country #3’s current trailing P/E being higher than its historical average.

3、Townsend was recently appointed to the board of directors of a youth golf program that is the local chapter of a national not-for-profit organization. The program is beginning a new fund-raising campaign to expand the number of annual scholarships it provides. Townsend believes many of her clients make annual donations to charity. The next week in her regular newsletter to all clients, she includes a small section discussing the fundraising campaign and her position on the organization’s board.【单选题】

A.Townsend did not violate the Code and Standards.

B.Townsend violated the Code and Standards by soliciting donations from her clients through the newsletter.

C.Townsend violated the Code and Standards by not getting approval of the organization before soliciting her clients.

正确答案:A

答案解析:Answer A is correct. Townsend has not provided any information about her clients to the leaders or managers of the golf program; thus, she has not violated Standard III(E) –Preservation of Confidentiality. Providing contact information about her clients for a direct-mail solicitation would have been a violation. Answer B is incorrect because the notice in the newsletter does not violate Standard III(E). Answer C is incorrect because the golf program’s fund-raising campaign had already begun, so discussing the opportunity to donate was appropriate.

4、The beta of Tasty Foods stock of 1.10 used by Rae in computing the required return on equity was based on monthly returns for the last 10 years. If Rae uses daily returns for the last 5 years, the beta estimate is 1.25. If a beta of 1.25 is used, what would be Rae’s estimate of the value of the stock of Tasty Foods?【单选题】

A.$8.64.

B.$9.10.

C.$20.13.

正确答案:B

答案解析:

5、Rodriguez’s Conclusion 1 is:【单选题】

A.correct.

B.incorrect, because tax benefits do not apply to tax-exempt entities.

C.incorrect, because private real estate is highly correlated to stocks.

正确答案:A

答案解析:A is correct. Benefits of private equity real estate investments include owners’ ability to attain diversification benefits, to earn current income, and to achieve tax benefits.