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、Which policy of the Statement of Corporate Governance is least likely to ensure effective contributions from the board of directors?【单选题】

A.Policy 1.

B.Policy 2.

C.Policy 3.

正确答案:B

答案解析:B is correct. The second policy is least likely to ensure effective contributions from the board. The board through self-assessment, and not management, should assess the board’s performance.

2、Which of Hextall’s explanations regarding the three distinct methods of VaR is least likely correct?【单选题】

A.Historical

B.Parametric

C.Monte Carlo

正确答案:A

答案解析:A is correct. Hextall incorrectly explains the historical method by stating that it relies on the assumption that the distribution of returns on the risk factors is a normal distribution. The historical method is based on actual returns and, accordingly, is not constrained by the assumption of a normal distribution.

3、The mosaic theory holds that an analyst:【单选题】

A.Violates the Code and Standards if the analyst fails to have knowledge of and comply with applicable laws.

B.Can use material public information and nonmaterial nonpublic information in the analyst’s analysis.

C.Should use all available and relevant information in support of an investment recommendation.

正确答案:B

答案解析:The correct answer is B. This question deals with Standard II(A)–Material Nonpublic Information. The mosaic theory states that an analyst may use material public information and nonmaterial nonpublic information in creating a larger picture than shown by any individual piece of information and the conclusions the analyst reaches become material only after the pieces are assembled. Answers A and C are accurate statements relating to the Code and Standards but do not describe the mosaic theory.

4、The current no-arbitrage futures price of the Nikkei 225 futures contract (Position 1) is closest to:【单选题】

A.15,951.81.

B.16,047.86.

C.16,112.21.

正确答案:B

答案解析:B is correct. The no-arbitrage futures price is

5、Using the data in Exhibit 4, Bourne's calculation of TCC's firm value ($ millions) is closest to:【单选题】

A.10,127.

B.9,892.

C.9,639. 

正确答案:A

答案解析:Because of the three different growth periods, it is necessary to use the three-stage FCFF model and calculate the FCFF for each of Years 1 to 4 and a terminal value at the end of Year 4.