CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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3 k( r! }! B# t) O7 R8 C$ IGourmet and Company has the following information:
. H+ h0 L0 Z7 ]* N/ D/ H: iCurrent market value = $250 million
Current book value = $225 million
9 M* j% K' p2 P( GSales = $750 million
Earnings = $75 million
$ g- b' c  Y3 n3 H& eCash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
: g1 r- L8 w& v+ wA)    The price/book ratio is 0.90.
  l7 ]) h# C3 G7 t& \2 r2 {B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
) Z9 E2 a( ~/ r! x+ x) N) `7 MD)   The price to earnings (P/E) ratio is 33.3.

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.
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
9 J+ z8 I: s( W) M$ E3 o) |: rC)   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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1 q) A8 T. b* RQuestion 98
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6 B' }" u( z. m0 X5 w: YWhich of the following statements about embedded call options is most accurate?
' q% d6 X$ G; cA)    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.
0 z- k: I4 @& A" Y2 |0 VC)   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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- Q  E% {3 {3 A) bQuestion 99

A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
B)   7.4%.
6 c1 d' Z; R3 c$ H6 K# Q8 O) d  {, qC)   8.6%.
$ Z: v& X# E3 q. KD)   8.0%.

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/ n7 `8 O0 E1 t  _" W2 pQuestion 100
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: [' E; J3 Q( ~% sAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
+ I, g7 ^8 X% }" ^B)   15-year, 12% coupon bond.
) k% v& m( |5 E: O! t) {0 W" ~C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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. N. j! H+ A9 M7 P* q6 ^答案和详解如下：

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Daissmention

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fanfan

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