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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q96-100

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发表于 2015-7-21 08:59:22 | 显示全部楼层 |阅读模式
Question 96
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Gourmet and Company has the following information:6 w9 s+ j# x/ p1 p# G& M
Current market value = $250 million- F; A8 q6 o1 X( \- H4 G+ {
Current book value = $225 million
. K+ A7 W5 s* x. A. N' Y( }$ kSales = $750 million1 E- l# `, F0 I
Earnings = $75 million
! J9 F, P% a- P4 v# U& e. iCash flow = $125 million
" e2 h8 O# T7 [; [; D3 rStock price = $7.50- T7 R1 r: F7 R: J; q# i1 m- t. H/ r
Which of the following statements regarding Gourmet and Company is most accurate?" v7 _" T$ d0 Q; ~5 |* f
A)    The price/book ratio is 0.90.7 w) J8 f+ j/ ~6 U9 v9 A0 w5 a
B)   The price/cash flow ratio is 0.50., W. H" ?/ P3 b
C)   The price/sales ratio is 0.33.
0 L( B: s4 o, ]3 T% q- ^' B) J7 AD)   The price to earnings (P/E) ratio is 33.3.7 p5 @- d3 j# F

4 W) _- Z  W; S- d% x" [4 e答案和详解如下:
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- Q, c9 L+ O1 W: r4 x6 z2 CQuestion 97
2 U4 j# k- t3 ]7 T0 q8 kAn inverse floater is least accurately described as a floating-rate issue:8 b" a' V9 m6 n; S& J* Z. C7 Q
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.9 ]  p1 q/ `& o; P0 n& U& U
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
; L0 H( w/ }6 H8 ]+ BC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
0 ~* z7 E$ Z/ ]2 q2 AD)   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:; q4 j( x0 n* A9 o
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Question 98
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! W0 b7 T- K/ H% ?8 V8 T! GWhich of the following statements about embedded call options is most accurate?
$ L) n- {8 A( [5 H/ E. E/ g" `A)    The call price acts as a floor on the value of a callable bond.
1 S- Q& X! G# E4 \/ i! VB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.+ Z$ E  i6 X, B: x
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
! C; x& q  Z& J, J1 A# A. rD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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! }9 V, Q6 O0 O" b2 Z1 n答案和详解如下:. C' T& }$ q: `' j5 }: I* o( h
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
5 M) t9 U* w. ^+ [* xA)    6.5%./ R) I, l) Q/ e7 {7 E
B)   7.4%.
" a- C5 R9 u  U& K! A( K( L/ eC)   8.6%.
( f: _/ J1 B! p7 ^9 f" aD)   8.0%.
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& F- t) ^+ b$ r8 A3 ]答案和详解如下:  O, }: C) y( ^  A+ L5 T0 W. u  ?5 `1 b
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( c/ O7 y; r% J! X0 MQuestion 100! Z4 R' O9 L5 q% G7 I

$ q4 l6 r' D! LAll other things being equal, which of the following bonds has the greatest duration?* g6 B: k. I% s+ C- U4 ?. D7 R1 D1 U
A)    5-year, 8% coupon bond.
+ s2 O+ K. ?. B- Y9 p! I/ DB)   15-year, 12% coupon bond.4 R( v6 ~, q7 \9 e
C)   5-year, 12% coupon bond.( X3 l- ]: V) f3 j
D)   15-year, 8% coupon bond.
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% `0 i# T" {6 V3 E答案和详解如下:
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发表于 2015-7-26 20:31:16 | 显示全部楼层
好东西一定要看看!
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发表于 2019-5-14 11:05:04 | 显示全部楼层
谢谢谢谢
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发表于 2019-5-20 09:25:40 | 显示全部楼层
。。。。。。。。。。
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发表于 2020-12-4 14:38:08 | 显示全部楼层
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