2020年CFA考试《CFA二级》考试共240题，分为单选题。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、For the projects described in Exhibit 1, under a deal-by-deal method with a clawback provision and true-up every three years, the cumulative dollar amount the GP receives by the end of the three years is equal to:【单选题】

A.one million.

B.two million.

C.three million.

正确答案:B

答案解析:B is correct. On a cumulative basis for three years, the fund earns $10 million, of which $2 million goes to the GP. The $2 million earned by the GP corresponds to 20 percent of the difference between total three-year proceeds and three-year invested capital, or 0.2[(25 + 35 + 65) ? (20 + 45 + 50)].

2、Based on Exhibits 2 and 3, the valuation for Property #1 based on the discounted cash flow approach will be closest to:【单选题】

A.$22,798,000.

B.$24,295,000.

C.$24,633,000.

正确答案:B

答案解析:DCF valuation based on a required return of 9.5% is:

3、【单选题】

A.$22,798,000.

B.$24,295,000.

C.$24,633,000.

正确答案:B

答案解析:DCF valuation based on a required return of 9.5% is:

4、Unexpected inflation and rising interest rates would have the greatest negative short-term impact on the earnings of:【单选题】

A.Timbrian Equity Partners.

B.Multifam Equity Partners.

C.Golden Age Equity Partners.

正确答案:B

答案解析:B is correct. Multifam Equity Partners would likely see the greatest negative impact from unexpected inflation because of rising ongoing construction costs, which would reduce profit potential from property sales whose sale prices have already been agreed upon. Rising interest rates would increase financing costs since Multifam Debt Partners’ financing is floating-rate debt. As a private investment, Golden Age Equity Partners would probably not see its income affected as much by unexpected inflation or higher interest rates because these property investments would be expected to have stable cash flows and longer time horizons than those of Multifam Equity Partners. Timbrian Partners could actually benefit from unexpected inflation since it would be in a position to sell more timber at higher prices due to higher inflation.

5、When LUW, Inc., was sold by Shoshone, which part of its capital structure most likely decreased in size?【单选题】

A.Debt

B.Preference shares

C.Common equity

正确答案:A

答案解析:A common source of value creation in leveraged buyouts is debt reduction.