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 property in Exhibit 1 is most likely to be affected by import and export activity?【单选题】

A.Property A

B.Property B

C.Property C

正确答案:C

答案解析:C is correct. Property C is a warehouse, and is most likely affected by import and export activity in the economy. Property A (office) and Property B (retail) would typically be less dependent on import and export activity when compared to a warehouse property.

2、According to the relative version of purchasing power parity (PPP) and based on the spot rate bid quote in Exhibit 1, the one-year forward exchange rate for the Canadian dollar per U.S. dollar is closest to:【单选题】

A.C$1.2187.

B.C$1.2089.

C.C$1.2053.

正确答案:B

答案解析:The relative version of PPP states that the percentage change in the spot exchange rate will be completely determined by the difference between the foreign and domestic inflation rates. In this case, the difference in the inflation rates is 1.90%-2.30% =-0.4%. Subtracting 0.4% from the current bid gives the answer 1.2089. The calculation is 1.2138 -（0.004 x 1.2138) = 1.2089.

3、Which of Castovan’s reasons best justifies the use of a residual income model to value PTU?【单选题】

A.Reason 1

B.Reason 2

C.Reason 3

正确答案:A

答案解析:A is correct. Dividend payments are forecasted to be unpredictable over Castovan’s five-year forecast horizon. A residual income model is appropriate when a company does not pay dividends or when its dividends are not predictable, which is the case for PTU.

4、The exit route for a venture capital investment is least likely to be in the form of a(n):【单选题】

A.initial public offering (IPO).

B.sale to other venture funds targeting the same sector.

C.buyout by the management of the venture investment.

正确答案:C

答案解析:C is correct. Leverage needed to finance a management buyout is not readily available to firms with limited history.

5、2.Based on Exhibits 1 and 2, YD's weighted average cost of capital (WACC) is closest to:【单选题】

A.12%

B.13%

C.15%

正确答案:C

答案解析: