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Question 96
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Gourmet and Company has the following information:3 M7 j$ j. `! k2 j
Current market value = $250 million/ b: h! O4 U" h! q
Current book value = $225 million
^8 @6 u8 x# FSales = $750 million
; B$ Z0 G3 _" c( ~' {Earnings = $75 million
' E0 P U; I" T: a; j* nCash flow = $125 million
: I2 J' X1 X" D- k7 MStock price = $7.50' p, B; e/ P' N1 Z8 L% `, |
Which of the following statements regarding Gourmet and Company is most accurate?
7 `& f. |) Y# BA) The price/book ratio is 0.90.
& D' A9 o) w- _, ] N0 L' q& }B) The price/cash flow ratio is 0.50.
# U: n* X" \9 H3 ]( hC) The price/sales ratio is 0.33.
! U( G' ?4 C& |D) The price to earnings (P/E) ratio is 33.3.8 Y9 F8 z: y1 m0 \2 o, @9 x9 D
1 K( \. r! U4 c! c$ K% H. t答案和详解如下：' L) V* h, d4 U% q5 q3 w
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Question 97
1 Z; z o7 V" zAn inverse floater is least accurately described as a floating-rate issue:
* x* a8 |8 w8 ^0 h& zA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.6 b9 a" \( L/ M3 O
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.1 v( M4 }- b* N0 z& K' B1 l; K
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
; B/ Y/ ]$ P: [0 RD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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8 c$ w3 u; O) ^$ h9 t答案和详解如下：
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Question 98
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- d, o1 C( d# ?Which of the following statements about embedded call options is most accurate?
* ]3 V' @# X6 s1 _A) The call price acts as a floor on the value of a callable bond.
% C) l+ W# [1 l8 x a- e- FB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.* f9 M7 b v" K
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.- j1 [* f w; N9 |* h" K4 P- @
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.! R1 n R- Q1 a
P$ C9 Q5 }; }答案和详解如下：
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8 \+ b0 H9 @5 R; XQuestion 99' V& L+ @. d- ?$ o
! Y" r v6 j- h( i" R EA 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:
$ h5 j$ h) r$ E3 _4 R+ M6 `A) 6.5%.
: @: r" n3 `. ]8 n# h/ _B) 7.4%.
/ y2 `6 A( H; MC) 8.6%.# j. c6 Y4 x5 @5 J) N; @' `2 p; E
D) 8.0%.% f1 r9 j: v2 a4 Q( p3 \5 I# I
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答案和详解如下：; Y8 b" Z! s0 u; ^% {1 W
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1 l: p: h+ v- ~+ W! |/ l, |Question 100
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! V) I, Z' B4 T% m7 _" s7 {All other things being equal, which of the following bonds has the greatest duration?
9 l6 ?# j6 r3 W R: eA) 5-year, 8% coupon bond.
. v, E: ~& O# O; y; c/ T, D Q$ uB) 15-year, 12% coupon bond.
5 V" \0 s7 _! \" v( A9 r( XC) 5-year, 12% coupon bond.
/ z0 n8 g( G! v+ L, o4 n4 hD) 15-year, 8% coupon bond.6 B( z# p+ j ~8 H) B
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答案和详解如下：
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发表于 2015-7-21 08:59:22
