CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

  D! X/ ~1 Z6 h/ dGourmet and Company has the following information:
- c. W8 q5 Z, w* I- I( XCurrent market value = $250 million
: r4 e$ ^7 c4 BCurrent book value = $225 million
7 s! p; x: T# t! U, DSales = $750 million
% g/ h/ R. g+ Z' r6 H' WEarnings = $75 million
4 A* g/ [7 s! O* U% ]+ MCash flow = $125 million
9 G! v8 x8 s4 z) N' v7 D/ DStock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
' T; V- I' F& j, }A)    The price/book ratio is 0.90.
6 }1 b: f: [# H7 vB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
4 F# l/ M( p6 @: ?D)   The price to earnings (P/E) ratio is 33.3.
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7 L" Y; x9 m  Q5 A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:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
/ Z+ f5 x& s# m' O0 S* qB)   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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答案和详解如下：
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. I2 z; @) b! f# V# g7 u6 ZQuestion 98

( N  v: ^. X( XWhich 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.
; K+ w, S$ G. T0 H5 U8 rB)   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.
8 y" O  s3 o* b0 g+ s, I, N& i7 {D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

答案和详解如下：
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. H* q% I6 y8 pQuestion 99

% X: {7 _6 I7 q$ ^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:
A)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.
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* N* A7 a3 R) M5 _4 U% t答案和详解如下：

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0 j) ^6 R( H6 `6 E3 |Question 100

All other things being equal, which of the following bonds has the greatest duration?
9 l0 c8 q3 D- _3 hA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
. F  D; b. F6 N1 XC)   5-year, 12% coupon bond.
$ S. A- f, \, A! m% jD)   15-year, 8% coupon bond.
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* N. w3 z. z4 _( c, g% z答案和详解如下：

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Daissmention

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fanfan

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