CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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Gourmet and Company has the following information:
Current market value = $250 million
Current book value = $225 million
5 U- [' P, G+ _+ j3 x5 d/ ^: \6 l. bSales = $750 million
Earnings = $75 million
) I# k. R' s  QCash flow = $125 million
Stock price = $7.50
- D9 L, C* {7 {& L. m+ A# oWhich of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
9 I7 x# j/ n# Y; `B)   The price/cash flow ratio is 0.50.
1 @4 p7 _# g% ~- f2 Z! G$ |7 VC)   The price/sales ratio is 0.33.
' k) ~2 I% A& Q' x9 ?D)   The price to earnings (P/E) ratio is 33.3.

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:
) m- @1 F& n6 J' ~+ \  _A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
) ?  G, ?7 s+ k1 l, q: e: X. eB)   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.
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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/ F8 q$ C# l& }/ IQuestion 98

9 a3 u% k4 I( d$ Y0 Y, xWhich of the following statements about embedded call options is most accurate?
" g# M5 H# x- u6 @3 `( h" l2 z; PA)    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.
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
7 K# ^1 ?2 H2 @9 C' {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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Question 99
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- b6 Y7 q9 B7 YA 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:
# f( B& h. o, B) r) |A)    6.5%.
B)   7.4%.
C)   8.6%.
" d9 D! {+ a5 ^( p) rD)   8.0%.

答案和详解如下：
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5 }9 P" y2 d) x. iQuestion 100
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0 ?' D" a0 @6 e  x) U! QAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
4 t. n6 C; }5 I: Q3 c( E) K/ f2 UD)   15-year, 8% coupon bond.
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Daissmention

好东西一定要看看！

fanfan

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