CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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' a% }8 `7 U6 y2 E* T+ DGourmet and Company has the following information:
, C1 m' s( d* Z9 T  R! n3 q" jCurrent market value = $250 million
Current book value = $225 million
/ Y& p" z& s% ~4 ^7 j+ VSales = $750 million
$ d) ]2 T' \/ J% |7 YEarnings = $75 million
* G, A/ o8 m# {4 \9 sCash flow = $125 million
Stock price = $7.50
8 ~5 M8 G% g1 j& J1 \Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
) q: @; e% \3 g+ j" l8 \2 i9 CC)   The price/sales ratio is 0.33.
D)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：

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Question 97
+ k7 Q4 G: D5 {0 Z; ^" E7 XAn 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.
/ p, p4 X. h0 R* U% {8 nB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 {4 C$ v. X2 V2 G0 p2 k9 j$ qC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
5 [! f" M" V0 d! YD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

9 c' C6 [9 h) W6 l3 X答案和详解如下：
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Question 98

6 i2 X8 v' E6 s- t: V7 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.
; T$ z5 L5 y  {3 ]0 AB)   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.
6 F# E8 ]8 ~: L/ w2 X. AD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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6 ^' H& j& b# ?1 e$ ~答案和详解如下：
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9 q2 [/ j6 ]! ?Question 99

: x0 }. B) [: w! AA 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:
: u) Q9 m% ^3 C. s1 JA)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.
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答案和详解如下：

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$ \! P! `8 _7 j( }Question 100
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All other things being equal, which of the following bonds has the greatest duration?
6 G4 q8 `8 u2 P- t# G! B6 g* vA)    5-year, 8% coupon bond.
, _$ z8 ^  x: ?% |. z" gB)   15-year, 12% coupon bond.
3 n- Q7 B8 j# z3 w' U' W' J9 x" ]C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

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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