CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

0 i, s5 E% U, }2 eGourmet and Company has the following information:
6 I9 G' l+ l& T& [Current market value = $250 million
+ Q) s5 ?0 ?2 Y. m3 hCurrent book value = $225 million
& C" F1 R3 X/ b+ V9 X" }) G# ASales = $750 million
& M3 s# F2 N* t5 h! @  s0 o; \- e$ WEarnings = $75 million
Cash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
; @$ Q; h! l( ?A)    The price/book ratio is 0.90.
B)   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.

* R  C9 i1 n- o9 @答案和详解如下：

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Question 97
/ W# a- W: Y6 ?An inverse floater is least accurately described as a floating-rate issue:
/ u3 @& z. b0 L5 uA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
( Y0 y- P4 P6 Z* Y2 i6 F& h! rC)   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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8 C, F8 g# @' e# u; S6 \) s! l) y' i答案和详解如下：

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Question 98
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; z5 ]1 K3 g4 XWhich 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.
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.

3 g* J8 k. z; I* c4 e5 P! U5 M! b答案和详解如下：
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1 c0 q% r% J" L2 m; fQuestion 99

7 W; R3 p) I1 V( ^* yA 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:
: O! q, `0 p+ A: @+ X+ U. L) kA)    6.5%.
+ |& S' H' y5 _+ C2 WB)   7.4%.
C)   8.6%.
D)   8.0%.
) _  ?2 }' p, C
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Question 100
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1 R9 @" l9 v1 I1 x( C6 p6 N1 L. pAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
: h9 B1 ^( C- `% ^! VB)   15-year, 12% coupon bond.
! g6 u, ?/ n* J- bC)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

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Daissmention

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fanfan

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