CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

( ~- R" y7 t" f+ aGourmet and Company has the following information:
Current market value = $250 million
2 l5 o$ m- ?7 J$ Y" m9 V4 M" {0 W+ OCurrent book value = $225 million
Sales = $750 million
Earnings = $75 million
: D* c2 Z' N6 I9 W' h, Z2 y! c8 fCash flow = $125 million
Stock price = $7.50
+ U$ \9 m9 @$ ]" A" Q( M" \  U0 hWhich of the following statements regarding Gourmet and Company is most accurate?
' M3 `# d" U8 K( eA)    The price/book ratio is 0.90.
6 \, y9 u) f/ D' a* R& K, kB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
' N* x% G/ w3 D/ g* j; B, mD)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：
3 B: @8 _+ a6 X, o' v; E8 D, U

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, `5 {% f4 c) v/ q; ZQuestion 97
An inverse floater is least accurately described as a floating-rate issue:
2 p4 m# ~0 B1 Q1 P& D' b, G9 hA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
8 x) }& @' |" bB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
% `' d/ M: P" ^5 BC)   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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, g' e! {: p- |! |0 D答案和详解如下：

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( m% P1 ~4 U3 J7 Z" ^6 u- cQuestion 98

1 q. k' w% u+ s. B& G, D% Y$ CWhich of the following statements about embedded call options is most accurate?
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.
) j  ?% R( N7 D( }2 c: ZC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
! L6 b* J9 K9 O: CD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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( O. i" d- x, R& h" E$ U5 b& ~答案和详解如下：

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Question 99

A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
8 j; x7 }$ h: q* rA)    6.5%.
B)   7.4%.
C)   8.6%.
$ Q: O* e: ?' v/ }/ tD)   8.0%.
. W  o) {& ~2 C) r. i
答案和详解如下：

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0 T. x; C2 ~* x" dQuestion 100

All other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
; g5 K  _8 B" I$ g! k/ T1 \1 ~B)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
) q8 @7 T/ D* n! u4 V% K0 b- B9 ]D)   15-year, 8% coupon bond.

答案和详解如下：
; i0 ^4 I$ b; `- u1 b, f7 M

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Daissmention

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