CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

Gourmet and Company has the following information:
Current market value = $250 million
Current book value = $225 million
+ m) Q% S6 j4 L. N. _Sales = $750 million
' ^9 D2 _! l, b' V8 }Earnings = $75 million
9 p! Q$ }$ O+ b: y2 u5 {) ^% gCash flow = $125 million
Stock price = $7.50
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.
) D5 _7 P. Y) R' [& a3 hC)   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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( H( G, k, D, }Question 97
$ d: F+ d  J9 VAn 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.
# G5 h$ Z7 R- P" r8 SB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 H8 W* D! W9 D, |2 u% t& fC)   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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2 f1 E: S3 K8 z) Y: i& I+ f9 Q8 FQuestion 98
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Which of the following statements about embedded call options is most accurate?
' h2 |2 [- F+ [; L8 DA)    The call price acts as a floor on the value of a callable bond.
$ |& k$ q" v; q9 e! {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.
C)   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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答案和详解如下：

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* v2 x- a2 Z5 j& n" ~Question 99
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$ T$ q9 C4 L  ]! qA 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%.
: v0 b: u! b: O8 }# A" {. w0 HC)   8.6%.
; d9 P2 ^/ E& W8 V. ]) c5 vD)   8.0%.
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! z' r+ ~) G, i3 j( W* W答案和详解如下：

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Question 100
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- M- T4 K6 G  |% [All other things being equal, which of the following bonds has the greatest duration?
! J2 P1 p  y  YA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
! a' h2 Z% |0 M3 X* ]C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

4 i  \- W- P1 ~答案和详解如下：

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Daissmention

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fanfan

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