2022年CFA考試《CFA二級》考試共240題，分為單選題。很多備考CFA考試的考生可能對于題型不是很清楚，在學習備考時比較茫然，今天幫考網給大家帶來了5道每日一練題目，附答案解析，我們一起來看看：

1、Based upon Observation 2, Country C is most likely to have:【單選題】

A.relatively low real asｓｅｔreturns.

B.a relatively low real interest rate.

C.a relatively high real interest rate.

正確答案:C

答案解析:C is correct. A high growth rate of potential GDP would cause real incomes to rise more rapidly ａｎｄ　also translate into higher real interest rates ａｎｄ　higher expected/required real asｓｅｔreturns. The real interest rate is essentially the real return that consumers/savers demａｎｄ　in exchange fｏｒpostponing consumption. Faster growth in potential GDP means that consumers expect their real income to rise more rapidly. This implies that an extra unit of future income/consumption is less valuable than it would be if income were expected to grow more slowly. All else the same, the real interest rate will have to be relatively high in ｏｒｃｅｒto induce the savings required to fund required/desired capital accumulation.

2、If MavsHD plans to make $ 160 million in net investments in the current year, what will be the company\\\\\\\\\\\\\'s dividend payout ratio using the residual dividend model?【單選題】

A.37.3%.

B.58.2%.

C.62.8%.

正確答案:A

答案解析:If the company plans on spending $160 million on net investments, then only 60% of the funds need to come from retained earnings. Therefore, MavsHD needs 0.6 x 160 = $96 million in retained earnings. Net income is projected to be $153 million, leaving $57 million (153 - 96) available to pay dividends. Thus, the dividend payout ratio would equal 57 / 153 = 37.3%.

3、In a recent presentation, Doug Pearce made two statements about dividends:Statement 1 “A stock dividend will increase share price on the ex-dividend date, all other things being equal.”Statement 2 “One practical concern with a stock split is that it will reduce the company’s price-to-earnings ratio.”Are Pearce’s two statements about the effects of the stock dividend ａｎｄ　stock split correct?【單選題】

A.No fｏｒboth statements.

B.Yes fｏｒStatement 1 ａｎｄ　no fｏｒStatement 2.

C.No fｏｒStatement 1 ａｎｄ　yes fｏｒStatement 2.

正確答案:A

答案解析:A is correct. Both statements are incorrect. A stock dividend will decrease the price per <span style="font-style: "Microsoft YaHei", 微軟雅黑;">share, all other things being equal. A stock split will reduce the price ａｎｄ　earnings per <span style="font-style: "Microsoft YaHei", 微軟雅黑;">share proportionately, leaving the price-to-earnings ratio the same.

4、The Apex Fund’s three-month total return on the soybean futures trade is closest to:【單選題】

A.0.85%.

B.1.30%.

C.2.22%.

正確答案:A

答案解析:A is correct. The total return on the trade represents the sum of three components: price return, roll return, ａｎｄ　collateral return.Price return = (Current price – Previous price)/Previous price = (877.0 – 865.0)/865.0 = 1.387%.Roll return = [(near-term futures contract closing price – farther-term futures contract closing price)/near-term futures contract closing price] × Percentage of the position in the futures contract being rolled.Because the entire position is being rolled, the percentage of the position in the futures contract being rolled is equal to 100%. So:Roll return = [(877.0 – 883.0)/877.0] × 100% = –0.684%.Collateral return = [3 months/12 months] × 0.60% = 0.15%.Total return = 1.387% – 0.684% + 0.15% = 0.853%.

5、The term that Shepard cannot recall is most likely:【單選題】

A.active total risk.

B.active risk squared.

C.alpha risk.

正確答案:B

答案解析:Active risk squared = active factｏｒrisk + active specific risk.
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