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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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Gourmet and Company has the following information:$ x, P( }+ R0 K- r7 }
Current market value = $250 million( h" h+ d/ F: ~
Current book value = $225 million
5 h. V1 G6 O$ E1 w( jSales = $750 million- B: M( |2 X# P* m/ m8 V( n
Earnings = $75 million
6 a  Q2 h7 t& E9 P2 h) s6 x' bCash flow = $125 million
1 U- n6 }$ R% _& ~' HStock price = $7.50
# L9 q* r; Y# S) i( A0 n+ N. JWhich of the following statements regarding Gourmet and Company is most accurate?! Q! a& X" L4 M, C
A)    The price/book ratio is 0.90.1 j" ^) F5 f/ g& J
B)   The price/cash flow ratio is 0.50.& o) o  D1 X9 m
C)   The price/sales ratio is 0.33.: Q* ?9 G& T; V$ w' j# f4 A# ^6 ~
D)   The price to earnings (P/E) ratio is 33.3.
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9 k- a+ g8 t$ B答案和详解如下:
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Question 97- O3 P, N/ e/ D% M+ G2 t
An inverse floater is least accurately described as a floating-rate issue:, h" i  L, H. r0 e5 L$ t% I
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase., b% T9 a3 ^" E' L6 \7 y& @
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.* c+ _2 B/ @6 u! g: \8 P" O! _$ n  F
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.0 m5 f! ^$ E! W
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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答案和详解如下:
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; F* M6 s+ L5 h$ nQuestion 98/ w% g$ Z8 m# w' ~. y2 f& ~( z3 Y" Y$ v
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Which of the following statements about embedded call options is most accurate?
2 d3 J; \; i* D1 U7 S7 z/ dA)    The call price acts as a floor on the value of a callable bond.
& {  P# |7 D0 C/ |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.
# E/ D6 t/ Q& [* r, \% h4 XC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
+ k! R2 o+ W! }) k  O+ W# o# O+ hD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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- Q$ `  W! A4 L$ k* G' t答案和详解如下:
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Question 99
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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:5 T/ a: d3 ]) P4 [4 e9 N
A)    6.5%./ @! b* R: q1 }
B)   7.4%." D4 z% F/ Q7 Z2 {# B) d3 Z
C)   8.6%.
. M6 m6 c5 U6 h+ m) I4 dD)   8.0%.4 ~2 @& `9 x  ~4 c

" j  L4 K9 J: \. I答案和详解如下:- @2 E% F6 o: W+ [" s0 e
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" w1 F! a; }+ Y* {: J! @Question 100
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All other things being equal, which of the following bonds has the greatest duration?, W2 {! o; b4 u" V# X
A)    5-year, 8% coupon bond." W2 J# m' U! x6 A+ q" D( V
B)   15-year, 12% coupon bond.$ u, ?. F% W$ D$ T6 J
C)   5-year, 12% coupon bond.4 m8 f2 L. V! e' v6 P& L
D)   15-year, 8% coupon bond.& ^& j' \" [4 c: f$ G8 Z# i5 I

$ z4 z- {6 O. j: c答案和详解如下:2 N% T# g2 R2 J8 X. F1 j6 k
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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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