2020年CFA考试《CFA二级》每日一练

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 statement by Hermansky is the least valid?【单选题】

A.Statement 1.

B.Statement 2.

C.Statement 3.

正确答案:A

答案解析:A is correct. Statement 1 is the least likely to be valid.

2、The standard error of estimate of the regression model shown in Exhibit 1 is closest to:【单选题】

A.0.0031

B.0.1802

C.0.0557

正确答案:C

答案解析:Calculate and interpret the standard error of estimate, the coefficient of determination, and a confidence interval for a regression coefficient.

3、Kostecka’s performance presentation most likely conforms to CFA Institute Standard III(D)–Performance Presentation with regard to:【单选题】

A.disclosure in the footnote.

B.composites representing similar discretionary investment portfolios.

C.fair and accurate representation of performance.

正确答案:B

答案解析:B is correct. Kostecka’s performance presentation of his firm’s composite performance is in compliance with Standard III(D)–Performance Presentation.

4、Using the quotes in Exhibit 1, the amount received by Goldsworthy from converting JPY 225,000,000 will be to:【单选题】

A.GBP 1,200,448.

B.GBP 1,200,448.

C.GBP 1,200,704.

正确答案:A

答案解析:

5、Which of the funds listed in Exhibit 1 would most likely enable investors to meet all three of the benefits?【单选题】

A.Timbrian Equity Partners

B.Multifam Equity Partners

C.Golden Age Equity Partners

正确答案:C

答案解析:C is correct. An investor in Golden Age Equity Partners would most likely enjoy all three benefits. All three (Timbrian Equity, Multifam Equity, and Golden Age Equity) are diversified geographically, and their returns should not be highly correlated with the equity markets. Both Golden Age and Timbrian would generate income—Golden Age from resident fees and Timbrian from the periodic sale of timber. Because trees grow over time and become increasingly valuable (owing to the longer growing cycle before the product is sellable), depreciation would not be a reason to invest. Multifam Equity investors would hope primarily to realize period capital gains from periodic sales expected to occur within 14–24 months of each project initiation. Depreciation is not a primary goal for Multifam Equity but is not impossible if properties do not sell. Only investors in Golden Age, which intentionally owns properties subject to depreciation, could typically pass those tax benefits on to investors and would explicitly seek all three benefits.