CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

Gourmet and Company has the following information:
Current market value = $250 million
) ]- }  y/ O+ P) _' R4 l9 ECurrent book value = $225 million
Sales = $750 million
2 h+ f9 H) [/ I7 P2 }Earnings = $75 million
Cash flow = $125 million
Stock price = $7.50
( b- W" T9 _% O- }! ^3 Y. IWhich of the following statements regarding Gourmet and Company is most accurate?
) [2 K. V* M+ H. Q$ H. NA)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
( `! }! J) l5 l" u; m& VD)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：

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& N6 u6 {% `7 H0 S, G" RQuestion 97
; d& S7 }: q) O( `An inverse floater is least accurately described as a floating-rate issue:
& @6 ^- r' e" ?A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
1 y7 `/ Q1 K: e. ~# s& X8 `B)   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.
D)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

答案和详解如下：

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9 m4 s; W+ o. u6 Q" v* ]Question 98

Which of the following statements about embedded call options is most accurate?
6 [) u/ a( b, s, ~A)    The call price acts as a floor on the value of a callable bond.
4 \5 w  U# M; h! F) ]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.
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9 M; \) a7 V6 {6 ~5 j答案和详解如下：

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5 L" g4 G8 f- z2 d& BQuestion 99
. I+ V& U  C( T0 [' c4 e
A 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:
# P6 i. V9 F- @  n0 o6 C0 S7 MA)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.

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?
8 b4 @: f6 K* ~3 l7 [8 UA)    5-year, 8% coupon bond.
$ }1 m& ~7 ~! Y/ M5 x% DB)   15-year, 12% coupon bond.
0 @5 R) q8 s4 k2 O+ t  ?C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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0 d& j9 Y; ?9 N- f+ H+ I- ]答案和详解如下：
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Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

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