CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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  K- ~; E8 o/ ~Gourmet and Company has the following information:
Current market value = $250 million
+ W$ x2 J! Q$ t; P- X7 T. |Current book value = $225 million
% K' ~9 K6 p( d  s0 E- ]Sales = $750 million
3 |8 y4 m: t! z* n+ I& hEarnings = $75 million
Cash flow = $125 million
4 N, {/ Q: r# N  T# Q2 P9 G8 kStock price = $7.50
# B" G% T+ x, [. E4 v& |Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
; j# N1 y* t6 d6 fC)   The price/sales ratio is 0.33.
D)   The price to earnings (P/E) ratio is 33.3.
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9 u1 {# N6 N, p: h答案和详解如下：

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Question 97
An inverse floater is least accurately described as a floating-rate issue:
, D& L8 x( @7 E( L8 mA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
1 C4 Q: f' p+ qB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
/ I; A( N  Q" X& r# `4 ]* pD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

  q" w  F( O9 z" @' ~" l答案和详解如下：
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+ l, ]  ^% T1 G( V5 S. o$ ZQuestion 98

$ d: H6 I6 `$ d# o5 xWhich of the following statements about embedded call options is most accurate?
  r* f. f! a" @# G9 M+ kA)    The call price acts as a floor on the value of a callable bond.
8 V9 {' O* \% {3 i8 O/ s$ @B)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
2 \9 U7 K6 Y5 o6 R+ J9 }" C7 @C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

. v% s" x8 X; ?+ t: f" j$ T: l6 I答案和详解如下：
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Question 99

& z% m$ d5 ?# m& S/ J; Y6 Q, WA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.

答案和详解如下：
  p. B; o6 D! H

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Question 100
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All other things being equal, which of the following bonds has the greatest duration?
  _1 S2 ?' m. _1 P: dA)    5-year, 8% coupon bond.
- t- M7 V6 D% AB)   15-year, 12% coupon bond.
# a9 V/ y  y, \& ]0 z8 S3 C2 K2 BC)   5-year, 12% coupon bond.
; I) m& h$ W8 fD)   15-year, 8% coupon bond.
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答案和详解如下：
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Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

lxyz061524

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