2020年CFA考试练习题精选4(含解析).docx

PAGE 1 2020年CFA考试练习题精选4(含解析) 　 　　 1、A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】 A.$4.8 million. B.$5.5 million. C.$5.9 million. 正确答案:A 答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.Section 3.3 2、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】 A.first-stage financing. B.mezzanine financing. C.second-stage financing. 正确答案:A 答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeaveyVenture capital investments provided to initiate commercial manufacturing and sales is considered a form of first-stage financing. 3、The real estate valuation approach that uses a perpetuity discount type model is the:【单选题】 A.cost approach. B.income approach. C.sales comparison approach. 正确答案:B 答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFAB is correct. The income approach to real estate valuation values a property using a perpetuity discount type of model. 4、Which of the following statements regarding biases in hedge fund performance in hedge fund databases is least likely correct?【单选题】 A.Only hedge fund managers with good track records enter the database, creating a positive bias. B.The correlations between asset class returns are artificially low when underlying assets trade infrequently. C.Hedge fund database administrators decide which funds to include in the database to overcome self-selection bias. 正确答案:C 答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLea