CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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: a/ F6 R6 [' y- W6 t8 X3 yGourmet and Company has the following information:
% u: @2 o! L3 o1 L" {! q8 }Current market value = $250 million
Current book value = $225 million
8 ^: h( c2 P1 b% g  USales = $750 million
Earnings = $75 million
) N: Y! }, J2 G2 Q# i* QCash flow = $125 million
6 z5 N  `$ M+ B' ~Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
: D" V8 o5 l$ `1 t% G" \A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
5 K( |$ g; ]4 m8 J8 MC)   The price/sales ratio is 0.33.
0 B! W' F3 \) o- C) m  ]" ]* o* nD)   The price to earnings (P/E) ratio is 33.3.
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Question 97
8 I6 K8 m6 s2 q0 b2 CAn inverse floater is least accurately described as a floating-rate issue:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
- O3 i1 s$ W# D' L; F! Z. n7 _+ BB)   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.
6 `( s- h( }- K. [D)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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. t0 p1 y' f# I1 @1 u4 G答案和详解如下：

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Question 98
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Which of the following statements about embedded call options is most accurate?
" e* a& j1 m5 E4 \9 X$ \A)    The call price acts as a floor on the value of a callable bond.
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.
0 H0 l, h6 i. W1 p$ ^+ AC)   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.
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7 U9 [3 x' C9 ~+ o% |0 L9 Y+ n6 |答案和详解如下：

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3 k6 Z' C9 s0 R. b/ B5 V4 AQuestion 99

A 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%.
) {# Z5 l* Q1 e: X, }( _B)   7.4%.
C)   8.6%.
' W2 Z2 ^) x9 x& WD)   8.0%.

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Question 100
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2 _5 y) M) F& q2 w) L  e2 S  Z# Y) tAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
2 Z# f" a2 S5 b3 Q' M9 {. eB)   15-year, 12% coupon bond.
; z1 X$ X4 c% Y/ K8 CC)   5-year, 12% coupon bond.
& {) w9 }# h$ h7 ~D)   15-year, 8% coupon bond.
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Daissmention

好东西一定要看看！

fanfan

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