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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q96-100

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发表于 2015-7-21 08:59:22 | 显示全部楼层 |阅读模式
Question 96
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' a% }8 `7 U6 y2 E* T+ DGourmet and Company has the following information:
, C1 m' s( d* Z9 T  R! n3 q" jCurrent market value = $250 million" k5 T' c& `# {7 s- n3 q  X" `3 Q) d
Current book value = $225 million
/ Y& p" z& s% ~4 ^7 j+ VSales = $750 million
$ d) ]2 T' \/ J% |7 YEarnings = $75 million
* G, A/ o8 m# {4 \9 sCash flow = $125 million& {9 Y) w" T; J9 e$ K
Stock price = $7.50
8 ~5 M8 G% g1 j& J1 \Which of the following statements regarding Gourmet and Company is most accurate?, f& s: v4 L$ i' f' ~1 \) o" _* c
A)    The price/book ratio is 0.90.5 s. `' |9 N- {7 Y  U* V  N
B)   The price/cash flow ratio is 0.50.
) q: @; e% \3 g+ j" l8 \2 i9 CC)   The price/sales ratio is 0.33./ i6 n1 ?, u2 ]- r6 w
D)   The price to earnings (P/E) ratio is 33.3.; ]. O, L6 x8 N5 ^- n5 }1 \
  n& b' X/ j* i
答案和详解如下:7 ?+ A9 Z" X6 y! b7 S/ }* Z5 e1 ~
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Question 97
+ k7 Q4 G: D5 {0 Z; ^" E7 XAn inverse floater is least accurately described as a floating-rate issue:/ X7 _$ r) q# J* ~" m9 Q9 B
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
/ p, p4 X. h0 R* U% {8 nB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 {4 C$ v. X2 V2 G0 p2 k9 j$ qC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
5 [! f" M" V0 d! YD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.* V/ ?4 Y0 ]: F' q+ @

9 c' C6 [9 h) W6 l3 X答案和详解如下:
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Question 986 h0 [! K: D7 u+ r

6 i2 X8 v' E6 s- t: V7 xWhich of the following statements about embedded call options is most accurate?6 u( A9 t* b4 |* _
A)    The call price acts as a floor on the value of a callable bond.
; T$ z5 L5 y  {3 ]0 AB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option., ?" Y; X* F1 h& T! |- u& n& e# ~
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
6 F# E8 ]8 ~: L/ w2 X. 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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6 ^' H& j& b# ?1 e$ ~答案和详解如下:
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9 q2 [/ j6 ]! ?Question 99+ n" {% |$ |: L; D" q& J6 s

: x0 }. B) [: w! AA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
: u) Q9 m% ^3 C. s1 JA)    6.5%./ u5 a8 W- Y/ r* Z% t# S: n6 a& u
B)   7.4%.$ ]% t: r: G9 L5 W1 v( K; {2 W1 Z
C)   8.6%., B6 e/ ]9 G* \0 s, G
D)   8.0%.
7 h4 \6 m- l+ X0 K2 Q3 s1 R1 {% b# a% \* {& r! P$ ?
答案和详解如下:; B9 Q  g% N: n8 c  b- J
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$ \! P! `8 _7 j( }Question 100
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All other things being equal, which of the following bonds has the greatest duration?
6 G4 q8 `8 u2 P- t# G! B6 g* vA)    5-year, 8% coupon bond.
, _$ z8 ^  x: ?% |. z" gB)   15-year, 12% coupon bond.
3 n- Q7 B8 j# z3 w' U' W' J9 x" ]C)   5-year, 12% coupon bond.3 ]( ?! j+ d  T3 @
D)   15-year, 8% coupon bond.! M1 T+ V+ k$ x3 G6 r0 C+ z9 d; w5 i9 E
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答案和详解如下:
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发表于 2015-7-26 20:31:16 | 显示全部楼层
好东西一定要看看!
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发表于 2019-5-14 11:05:04 | 显示全部楼层
谢谢谢谢
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发表于 2019-5-20 09:25:40 | 显示全部楼层
。。。。。。。。。。
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发表于 2020-12-4 14:38:08 | 显示全部楼层
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