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Question 962 I, c; @7 e9 U8 s
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Gourmet and Company has the following information:
8 |( j3 @% R7 B+ c N6 r( U4 j1 j5 @Current market value = $250 million5 X2 }! k1 l: L+ [
Current book value = $225 million& S1 B4 X- ~# v% b" ?9 [! F
Sales = $750 million
9 {% K/ u8 {' s- dEarnings = $75 million) A+ n5 ^# Q6 H; v0 H/ J( ?
Cash flow = $125 million
+ x w0 `4 @, y/ A) z9 a7 KStock price = $7.500 N. V. d9 [8 u4 @" Z, |$ @( ?
Which of the following statements regarding Gourmet and Company is most accurate?
; k8 ~8 w( J5 D Z% e, iA) The price/book ratio is 0.90.* ^2 z4 ]! V6 }- ~
B) The price/cash flow ratio is 0.50.
6 P$ |8 g; z# E5 N7 \) NC) The price/sales ratio is 0.33.& x9 f9 K8 z! \8 B
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：+ q! t* m* [0 w
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Question 97, K& W8 X0 M$ V& Z+ ]8 w
An inverse floater is least accurately described as a floating-rate issue:) h H: S2 Q: H' P
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.6 M1 w. k0 U5 e6 y1 C
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 v5 J7 b3 e& x8 PC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
9 D/ }) ?6 r" I$ G5 GD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.1 b$ H _8 R' W) d$ V9 _7 M
6 F( B4 T7 D* l2 j1 o0 B答案和详解如下：" \" F; O* A7 }; u
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5 u* P! ^$ X8 O, T( L8 N7 s. VQuestion 986 Z, L8 a; h) D7 M9 B: D. l
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Which of the following statements about embedded call options is most accurate?
* E; g- S) V' q( Z1 mA) The call price acts as a floor on the value of a callable bond.8 _5 }/ O1 H, D
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.7 f3 @4 _! x% i3 p9 [1 r2 i
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.: m1 }# A: _% Q3 J$ G# ]# P
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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答案和详解如下：
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Question 999 P1 O, z4 P. u1 H1 Y% x0 ~
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:" Z) c1 u) w$ R( b' Z! }
A) 6.5%.7 A6 s5 ^" I4 U& ~
B) 7.4%.- d& w: l; r( i O' d, s
C) 8.6%.- g5 O7 Q9 ?8 Y; X! l. A! M8 u
D) 8.0%.: q' C* z5 E/ Y/ S
+ \7 b+ B0 _* ^" \6 }) ^ \答案和详解如下：
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Question 100
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. x0 s% u/ r2 Y$ h( e7 v& R2 NAll other things being equal, which of the following bonds has the greatest duration?7 y2 X+ r+ X/ v3 @* F
A) 5-year, 8% coupon bond.
& V' |5 W- f1 `/ H0 u! O8 \6 kB) 15-year, 12% coupon bond.* ?5 E: d; X2 u6 g
C) 5-year, 12% coupon bond.
: w) g J. J. k7 Y! p; K; {( m3 kD) 15-year, 8% coupon bond. {8 ?% ~+ H2 t2 |; F+ r) r
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答案和详解如下：
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发表于 2015-7-21 08:59:22
