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 = $250 million
, ]) g$ q4 Y$ b' n+ v! {Current book value = $225 million
Sales = $750 million
$ p( c' ?) f) ]+ T4 q; HEarnings = $75 million
Cash flow = $125 million
1 \# E% L" r, q* d9 tStock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
2 X: e! {$ m. Q: b8 L( S% C2 WB)   The price/cash flow ratio is 0.50.
  b- W, C1 ^6 }( {/ VC)   The price/sales ratio is 0.33.
3 E4 I% s) m. l) Y- i; _( I: ~# JD)   The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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: p* ]) d: K+ a7 Z- E1 hQuestion 97
: q' V# i! t; a2 t& @( [An 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.
) Q* @# d( [9 X/ F5 v  z- z! {B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
. h# m# K/ B4 d- |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.

答案和详解如下：
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# w" |' Y: P; c& l4 S9 y% A6 DQuestion 98

Which of the following statements about embedded call options is most accurate?
% m  _: r5 g$ h& {* c3 K2 n' _  kA)    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.
! A1 s: p: D6 WC)   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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' F# u& p: Q2 e' t6 z. l答案和详解如下：
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% I, a/ i4 h0 C0 OQuestion 99
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$ {. |6 I+ [% r- t$ r/ W! OA 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:
7 d2 d' P& j! _+ P% T; pA)    6.5%.
B)   7.4%.
, j; J( [" u+ OC)   8.6%.
D)   8.0%.

  R2 ]. U. i: b! P. G答案和详解如下：
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Question 100

All other things being equal, which of the following bonds has the greatest duration?
7 J$ a0 d2 k  R+ }) z- XA)    5-year, 8% coupon bond.
! l3 i2 Z- P. \, fB)   15-year, 12% coupon bond.
! `  p: ^+ F( |/ m9 x5 i) }+ E; i6 RC)   5-year, 12% coupon bond.
, i- p$ e" Z# G+ e) X& ~! \# E2 @D)   15-year, 8% coupon bond.

. E: w8 N" x6 W% D7 v5 j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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