2020年CFA考試《CFA二級》考試共題，分為。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、Using the results for the linear trend equation in Exhibit 1, the specialty retail industry sales forecast for Quarter 1 of 2009 is closest to:【單選題】

A.$26 million.

B.$976 million.

C.

正確答案:C

答案解析:Quarter 1 of 2009 is the 61st quarter (starting with Quarter 1 of 1994): sales = 10 + 16(61) = $986 million.

2、The effective duration of Bond #6 is:【單選題】

A.lower than or equal to 1.

B.higher than 1 but lower than 3.

C.higher than 3.

正確答案:A

答案解析:A is correct. The effective duration of a floating-rate bond is close to the time to next reset. As the reset for Bond #6 is annual, the effective duration of this bond is lower than or equal to 1.

3、Which of the following options strategies is Ferrell most likely to recommend for the client’s portfolio?【單選題】

A.Long calls

B.Short calls

C.Short puts

正確答案:B

答案解析:B is correct. An index-tracking portfolio without options has a delta of 1. To achieve a delta of 0.9, the delta of the options position must be negative. Of the three choices, only short calls have a negative delta. Long call options have deltas ranging from 0 to 1. Short calls, therefore, have deltas ranging from 0 to -1. The short call position lowers the portfolio’s overall delta as desired.

4、Based on the three economic outlook statements, a profitable long/short trade would be to:【單選題】

A.go long a Canadian CDX IG and short a US CDX IG.

B.short an iTraxx Crossover and go long an iTraxx Main.

C.short electric car CDS and go long traditional car CDS.

正確答案:B

答案解析:B is correct. Based on Outlook 1, Chan and Smith anticipate that Italy’s economy will weaken. In order to profit from this forecast, one would go short (buy protection) a highyield Italian CDS (e.g., iTraxx Crossover) index and go long (sell protection) an investment-grade Italian CDS (e.g., iTraxx Main) index.

5、Which of the following policies would best address Genovia’s objective of promoting free trade on industrial goods?【單選題】

A.Imposing tariffs on foreign-produced goods

B.Allowing a floating currency

C.Providing subsidies to domestic companies

正確答案:B

答案解析:B is correct. A floating currency allows international trade in Genovia to be marketbased. International disputes about whether a country is manipulating or fixing its currency price often center on issues related to competitiveness.