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 following best describes how GigaTech should implement scenario analysis to analyze the Tera Project?【单选题】

A.Generate a base case, high, and low estimate of NPV by changing only the most sensitive cash flow variable.

B.Generate a base case, high, and low estimate of NPV by changing only the discount rate applicable to the project.

C.Generate a base case, high, and low estimate of NPV by simultaneously changing sales, expense, and discount rate assumptions for each case.

正确答案:C

答案解析:In scenario analysis, the analyst simultaneously changes several key variables to generate several different scenarios. Generally, three scenarios are created: (1) worst case, (2) most likely, and (3) optimistic. For the worst case scenario, for example, the analyst will use the slowest growth in sales, highest growth in expenses, and highest discount rate to derive an NPV under the worst of all possible situations. A similar approach is used to generate the optimistic scenario, but the best possible growth in each of the variables is used. The most likely is simply what the analyst thinks are the most reasonable assumptions for the discounted cash flow forecast under normal conditions. Using the different cases, the analyst can assess the risk of the project.

2、If Carlisle’s prediction about the economy of Country #3 is realized, the yield curve in Country #3 will most likely:【单选题】

A.remain flat.

B.become upward sloping.

C.become downward sloping.

正确答案:B

答案解析:B is correct. The yield curve in Country #3 is currently flat (Exhibit 1), and Carlisle predicts a recession. During a recession, short-term rates tend to be lower because central banks tend to lower their policy rate in these times. However, the impact of monetary policy on longer-term rates will not be as strong because the central bank will usually be expected to bring short-term rates back to normal as the recession recedes. Thus, the slope of the yield curve will likely become upward sloping during the recession.

3、For countries with high expected economic growth, it is least likely that:【单选题】

A.real risk-free rates will be high.

B.inter-temporal rate of substitution will be high.

C.investors will save less.

正确答案:B

答案解析:For countries with high expected economic growth rates, real rates will be high. Investors will

4、Kazmaier's total score on the corporate governance report is closest to:【单选题】

A.25%

B.50%

C.75%

正确答案:A

答案解析:

5、The scenario analysis that Hamilton prepares for the committee is most likely a:【单选题】

A.stress test.

B.historical scenario.

C.hypothetical scenario.

正确答案:C

答案解析:C is correct. A hypothetical scenario analysis allows the risk manager to estimate the likely effect of the scenario on a range of portfolio risk factors. A sovereign ratings downgrade would affect Hiram’s India equity and corporate bond exposures as well as the government bond exposure. In addition, the assumptions used in constructing the scenario analysis can specifically address the effect of a need to sell large position sizes under decreased liquidity conditions resulting from a ratings downgrade. VaR alone does not accurately reflect the risk of large position sizes, which may be difficult to trade.