CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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8 V8 g6 _0 |9 r( ?& DGourmet and Company has the following information:
3 r: R7 O0 b: W, l9 G. ~/ iCurrent market value = $250 million
2 N* G/ Y. s7 pCurrent book value = $225 million
# p* @3 p7 y- \: _Sales = $750 million
( l/ u" Z' _* Z0 G! m: S! }' EEarnings = $75 million
+ z2 `' i& R+ B4 S5 a/ }Cash flow = $125 million
- ^4 h) S2 `. f$ j& ?, r$ cStock price = $7.50
1 m9 ^+ _; ?' Y4 l9 cWhich of the following statements regarding Gourmet and Company is most accurate?
* m- ~' H, T& n: aA)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
" R1 n6 W2 ^$ [4 A* }) CC)   The price/sales ratio is 0.33.
D)   The price to earnings (P/E) ratio is 33.3.

: q/ F- y$ {2 H% ~答案和详解如下：
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Question 97
: ^9 A7 n1 o* }! G# Q7 t8 |& HAn inverse floater is least accurately described as a floating-rate issue:
$ ~4 z, p: D5 U6 N" H+ GA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
/ l6 d; _/ ~' h9 l( NB)   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.
9 j6 k) r% w5 {4 {  I, X8 H8 {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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6 N# Z3 j2 L5 N$ E1 g% T7 A# HQuestion 98
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Which of the following statements about embedded call options is most accurate?
A)    The call price acts as a floor on the value of a callable bond.
+ V6 o: I, a6 V' U9 cB)   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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答案和详解如下：
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Question 99

A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
+ S4 H& l4 X0 a  K$ C8 I4 |% j2 mB)   7.4%.
C)   8.6%.
5 P" L6 X4 `, t1 B+ nD)   8.0%.

. r5 T" [" M; u7 ~# J; M答案和详解如下：
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Question 100

0 o& A( U( m3 `" z$ w& v! B- A  hAll other things being equal, which of the following bonds has the greatest duration?
. s$ x  n1 ~5 V0 rA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
  Z' ]0 O2 f9 P  [* C6 YC)   5-year, 12% coupon bond.
$ ^) c2 Z8 F- b7 AD)   15-year, 8% coupon bond.
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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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