|
|
Question 96
' c) V1 H# K' m( ~5 H7 H
, i* C1 [" U2 ?4 ^Gourmet and Company has the following information:
8 f) T7 f- |, ]$ |/ v% PCurrent market value = $250 million
I9 h' g* ^: x+ ]/ T! JCurrent book value = $225 million' T' Y2 e$ M$ L0 @* o9 I7 z
Sales = $750 million3 `0 N8 V @0 ^( ]$ W+ T
Earnings = $75 million5 R; ]6 W9 ^5 ]1 l: \# l- u& `( c4 z
Cash flow = $125 million( {* d% B2 u2 R, i3 u' A) K' T
Stock price = $7.50
- Y; q# _7 S5 Y' M) v& r* o$ g( UWhich of the following statements regarding Gourmet and Company is most accurate?5 f& |& d1 O, b ?
A) The price/book ratio is 0.90.- R& g5 z7 [. v: b* S* X9 T [
B) The price/cash flow ratio is 0.50.3 J4 O- w, }# }
C) The price/sales ratio is 0.33.! X% U. m- k9 s" w" X4 B3 [% J: i
D) The price to earnings (P/E) ratio is 33.3.
1 A' ^8 V% x2 T. Z7 w
4 k5 A+ o( o% v+ U' `' z- y; m答案和详解如下：$ f( G7 V3 i2 j" [' d
% m" w, C: H. `1 F6 C' ]
, N* l' K4 K$ S v1 TQuestion 97
) u) m. m2 N8 J* ]An inverse floater is least accurately described as a floating-rate issue:
8 b A. C9 m- rA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
# Q, q1 D/ _/ B# G/ T# \+ v JB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
$ o- R9 v5 k5 w$ _6 zC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.. H3 {9 i0 ^. S: ]% T$ m1 a
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
v5 [. h* R' J# H( H9 r1 N4 C B! ^6 U& g0 a
答案和详解如下：
1 y6 `% T: O9 S4 u% S0 c9 }1 P) H U4 l+ n( M
7 i3 O! c2 o( }2 _Question 98
. E7 n- }3 A$ L% ^0 n
8 o3 g3 a4 m& tWhich of the following statements about embedded call options is most accurate? r* d ?$ l0 R7 h$ F" W
A) The call price acts as a floor on the value of a callable bond.
; b' S0 x; k- d; f- w- w( y2 zB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
1 `4 Z* q1 Z+ j9 H1 V5 x6 rC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.+ Q& V% F$ p! l; t; D
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
( B7 N/ T% _& U5 F, P8 M! R! {- S: ]" @7 i0 W) b
答案和详解如下：" C1 E( c! @. }- S
" q) d' ]7 y- x, V
9 ?8 p" M, b. J9 x sQuestion 99
6 n" Q" F- n+ Z, j- V
) k2 @( E- t! m$ d3 lA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- j& ]# N) R' w# O' zA) 6.5%.7 x. p/ p/ w' |1 L* e/ d( e8 ~
B) 7.4%.$ x4 X l( Q6 v3 C: X8 ^2 h' i. f
C) 8.6%.
6 g" @! b, Z- H4 }- jD) 8.0%.; S) y5 [& l% W" P; F+ | b. V
. D' l8 a5 W7 U% n答案和详解如下：
! {) A+ P7 @0 m- M. g/ D1 w+ ]' J) L$ ^& U) B/ ]
" x. x9 _) E- l7 _* z* Z. ]% E
Question 100
/ N8 x. e5 V- A9 k7 i0 D$ a; X% N6 }, h1 I# K8 p( z
All other things being equal, which of the following bonds has the greatest duration?
8 ~$ p6 P$ @4 @) HA) 5-year, 8% coupon bond.4 A# o4 ^9 i! m, I2 J" p
B) 15-year, 12% coupon bond.
# T* W! R1 r0 g' R& U+ {# nC) 5-year, 12% coupon bond.
1 \+ A6 K: `8 \& D0 q- K& u9 GD) 15-year, 8% coupon bond./ ~ R& l2 z& a
* h$ C. I: X1 { y
答案和详解如下： y; T1 {& p& w
|
|
发表于 2015-7-21 08:59:22
