CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

2 d% T1 F- Z: y  [% a. jGourmet and Company has the following information:
Current market value = $250 million
Current book value = $225 million
% ~5 b  ]# \: I% s+ _# TSales = $750 million
Earnings = $75 million
Cash 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.
% F& C7 A. m" i" Q/ @2 a1 L- TB)   The price/cash flow ratio is 0.50.
C)   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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& `7 Y4 S  D$ |0 q4 m$ N4 R6 y# PQuestion 97
9 T2 M0 W: N/ l) Z/ HAn inverse floater is least accurately described as a floating-rate issue:
4 B4 u( L1 k, @7 KA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
8 C! G( E1 h% V' ]( Y8 ~1 s) iB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
$ l. {1 P9 C0 |  a- i  k( p; n( w$ D9 ND)   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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: f* I+ P3 H$ F3 u' Y6 o! G" i4 n5 }; ~Question 98

4 a. _- C) _3 d5 ]% _! t% H2 A1 T2 X. CWhich 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.
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.
1 M' f3 m' y! X* V$ j+ IC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 y! u7 e+ D# 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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, r+ X6 `7 ?6 b9 g1 |/ ?. D答案和详解如下：

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Question 99

' A# F2 H; G. Z2 O5 aA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
. q. E% D" b( YB)   7.4%.
, I5 H6 @" L/ Y  Z2 S1 o- ~C)   8.6%.
D)   8.0%.
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2 n( h$ S$ }7 {答案和详解如下：
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: d( O6 S. g3 [9 e7 |( b' P' MQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
" L! C2 b# `6 P8 |/ TB)   15-year, 12% coupon bond.
5 F/ [6 D: i6 U# B5 |C)   5-year, 12% coupon bond.
+ A9 Y3 u/ l; g3 m2 n4 @% r9 @D)   15-year, 8% coupon bond.

  ]4 L5 O7 j0 ]$ I答案和详解如下：
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Daissmention

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fanfan

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