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Question 96
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Gourmet and Company has the following information:
6 x! c" i& H# h. |7 TCurrent market value = $250 million
- J& I* O. p7 E0 i0 Y, }Current book value = $225 million
6 V' J1 p5 C1 e. CSales = $750 million& W. p0 n: u7 @6 j' J# r' |
Earnings = $75 million
2 l* m9 |% ~- o9 v' n3 I8 X/ hCash flow = $125 million
; K$ V5 i. T( {( z1 `: p/ x/ xStock price = $7.50! k* v3 {* L# K6 [2 Z+ l
Which of the following statements regarding Gourmet and Company is most accurate?
7 z- F" t; V( C# J/ A2 t2 d# Q/ RA) The price/book ratio is 0.90.5 m9 d$ }+ H# n- Q$ W2 E
B) The price/cash flow ratio is 0.50.
; K: i& b: n7 FC) The price/sales ratio is 0.33.1 V- ^+ ?3 U8 u1 w& C
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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$ r1 Z4 a- |6 \% n$ ?Question 97* ?0 J$ }' `# c5 t' K
An inverse floater is least accurately described as a floating-rate issue:7 P8 Y: a K! q8 }; ^
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
) T* | D$ V' cB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
# g4 Y8 H; r% }4 G! | k* \C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.3 b6 y4 Z \1 P1 e# s3 j3 v. s0 ~
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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# w% R0 {1 o; q7 a8 v答案和详解如下：' d+ Z, K: k) e4 A
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: q2 }3 @7 {4 m$ L8 n# XQuestion 980 l& Y* y! ^& z5 K& B, p
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Which of the following statements about embedded call options is most accurate?7 f0 `" S8 I& y' R/ Q2 n
A) The call price acts as a floor on the value of a callable bond.2 o3 Z4 D2 e/ Z& g
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.) ]( _$ b& f9 t e1 d* N; U$ y4 _
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.+ X) S! l9 x% O0 ?' U- R% \
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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5 P @1 s6 y& N; W2 |- F答案和详解如下：4 U( }/ x, c* ]6 y; t
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; D, H$ j/ p/ eQuestion 99
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) l- d1 y, x- ^6 S7 t" u. F; MA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
& k' C- G) [' ^0 HA) 6.5%.
4 E' M. h N8 J4 ~B) 7.4%.+ F' y8 I2 ]' G1 m! I( m
C) 8.6%.
8 A6 S+ w8 Q2 y+ \; b5 pD) 8.0%.
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答案和详解如下：! s4 \/ o# G0 }$ I) U X
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9 i5 Q9 ]' ?6 kQuestion 1004 ]5 ?7 V' [, f! u3 s& R; M
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All other things being equal, which of the following bonds has the greatest duration?6 e5 z% z z5 W
A) 5-year, 8% coupon bond.9 l& a% p- j* ^% h" Y( A. f2 H
B) 15-year, 12% coupon bond.
& t" D3 }% Q6 N4 X6 wC) 5-year, 12% coupon bond.
2 r; p5 K% C* }# d% N" [) r* h7 i9 YD) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
