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Question 96
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$ r5 Q2 N( t. i6 a, |9 c- IGourmet and Company has the following information:9 s1 a7 l" W; F4 L/ p
Current market value = $250 million
, ?# e6 R0 O/ C0 n! nCurrent book value = $225 million
$ I6 l/ `% \0 X, uSales = $750 million# A; p- V) P& s, O2 M7 K" Q
Earnings = $75 million
9 \* X1 t9 c- U; K' k! K4 ICash flow = $125 million
- d" A( |$ P1 \' m @Stock price = $7.50: F! A( n6 B: g
Which of the following statements regarding Gourmet and Company is most accurate?
# |) D& m6 S3 | i P; w6 [A) The price/book ratio is 0.90.
; M E3 W, v: Z8 R* \# ^1 WB) The price/cash flow ratio is 0.50.) ?4 j- n) X q; @$ e8 @
C) The price/sales ratio is 0.33.
% r5 c% [ f6 A4 FD) The price to earnings (P/E) ratio is 33.3.
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+ l) o7 a2 d0 k3 {; V答案和详解如下：7 b) m+ y: n' A
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Question 978 K% i' E& y! O' a" Q5 V, C! A0 S# {
An inverse floater is least accurately described as a floating-rate issue:: t! i. u. b& N$ }- \# X
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
) |/ ~' Z0 C6 C# U$ p& P7 z ZB) that may, under certain circumstances, require the bondholder to make payments to the issuer.* o* e: L( M1 ^# W
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.$ g3 [9 F' r* X8 D+ P: ^! n, D
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.) p' o7 u: y& a' }/ S- L
/ s) g+ j2 w- N: ?. |" A答案和详解如下：, r) b. C3 |# k7 [8 Q4 V |
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Question 98% I; _, {; j/ J+ p) `/ x
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Which of the following statements about embedded call options is most accurate? I7 v `$ }5 S8 r( x
A) The call price acts as a floor on the value of a callable bond.
/ o4 |. j v2 F4 C8 vB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
/ f4 `' T! y( h/ S/ j9 O9 PC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
5 A1 |4 ^2 `5 f" uD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：
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, u) [, m6 c5 P% [7 DQuestion 99, w5 K: w, j- Q, e" P" E
0 S( p; ^+ b3 s9 |7 }1 G# `7 eA 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:
- w, M. V: |4 l; I/ rA) 6.5%.
, ?1 F. @- F' z% }4 C* ^B) 7.4%.& E: a+ |0 F' d
C) 8.6%.
$ p* D$ R, s& j/ U, ~D) 8.0%.
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$ Q$ N+ C6 k3 v1 l$ F答案和详解如下：
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0 m0 @- F0 u6 w q9 dQuestion 100
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* u5 D* o- `2 P5 _# O. SAll other things being equal, which of the following bonds has the greatest duration?+ g: U' d* |7 p* t1 q
A) 5-year, 8% coupon bond./ m7 l- f; b( P' z8 P) }: }) Y3 \
B) 15-year, 12% coupon bond.
$ s" E7 @7 D5 L4 tC) 5-year, 12% coupon bond.
: d2 M# C1 i9 U# K2 [D) 15-year, 8% coupon bond.
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% f& m6 [ H$ l9 X答案和详解如下：
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发表于 2015-7-21 08:59:22
