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Question 96
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Gourmet and Company has the following information:% ?5 K7 z1 `! E' @$ H. U7 y& Y4 O
Current market value = $250 million
! i3 ], s* g' k, b7 N$ |) T7 RCurrent book value = $225 million' r. Y- z. p1 w' Y% I
Sales = $750 million
/ s6 ?4 a# Z4 ~* |" yEarnings = $75 million
. @+ K, v. E% w9 ]% m( fCash flow = $125 million- Q0 |$ V8 W. I& c
Stock price = $7.50
9 K$ k( F) [2 u/ P, j4 b/ @0 z) @Which of the following statements regarding Gourmet and Company is most accurate?: Z; i( @6 ]2 p0 |. W
A) The price/book ratio is 0.90.+ a8 K8 r5 B+ u: Y& ?- ?9 K
B) The price/cash flow ratio is 0.50.
8 o7 U O4 k7 I8 n$ L( kC) The price/sales ratio is 0.33.; c6 c; t: g+ t/ [3 [
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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* v3 s9 b0 J# l& U+ G$ h/ PQuestion 97
* q5 a9 ^& B3 B! P$ rAn inverse floater is least accurately described as a floating-rate issue:8 L2 N$ g: p0 _7 P
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.6 }- a4 c4 ]' v& ^
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
, ?$ R- M" g3 R' g( f5 a$ z$ NC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
9 P6 y" J$ ?& h! aD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate./ |* y. ]% c- C) E7 g- ~$ a
+ q/ k3 I4 U L. F# }! [答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?
% ^$ a0 u+ L* S5 C8 D0 x, z) ?A) The call price acts as a floor on the value of a callable bond.
8 j% s9 J: v; v3 u; QB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.7 P, J: n! J9 z
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* l. w& K3 N9 R5 S4 f% C0 _& c- WD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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8 k4 E! g' q* @6 h1 ?; u答案和详解如下：
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. _; A2 I6 u! k) L( w0 TQuestion 99) i1 c C; x$ m! O
* Z5 G& m5 a8 cA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:2 s( K/ I( D% G
A) 6.5%.4 H1 b; @) Z9 }: v) G6 v' T
B) 7.4%.
6 R y& ~$ J W+ W/ lC) 8.6%.. Y( q% q& [$ s/ _; Z2 E# x" Q
D) 8.0%.4 ~# f( T9 `1 y
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答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?& A! S% T5 k4 T; {$ J0 `' L# X
A) 5-year, 8% coupon bond.
1 u z! d! J1 J8 UB) 15-year, 12% coupon bond.; {0 ]. X) U9 q
C) 5-year, 12% coupon bond.( j$ H5 L3 b3 m4 [! T+ E8 v/ A
D) 15-year, 8% coupon bond.' d! \5 w0 c% T5 F1 G% E* r
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答案和详解如下：
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发表于 2015-7-21 08:59:22
