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Question 96
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Gourmet and Company has the following information:- f* x; q& H2 c, |6 [& Q1 n* _
Current market value = $250 million
6 ^/ h/ n: e- V0 f: A: a1 WCurrent book value = $225 million# V" B0 V! Y3 t/ q/ F
Sales = $750 million2 E9 W% l) }+ j3 i9 J% \
Earnings = $75 million
7 I, z( E. q4 b+ @; g9 h; {! s+ iCash flow = $125 million3 P) o( @ y$ T, w
Stock price = $7.50
, J- c* r6 _% r x! vWhich of the following statements regarding Gourmet and Company is most accurate?" X. t8 y+ c0 q% g) Y" |
A) The price/book ratio is 0.90.
& D7 Q; I: @0 I+ ZB) The price/cash flow ratio is 0.50.
) E {. {9 {+ r n( M( o6 TC) The price/sales ratio is 0.33.7 F: K; {: [# h/ G f) u B
D) The price to earnings (P/E) ratio is 33.3.
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$ Z1 t% w5 V! B7 z0 T: `" N4 @5 E答案和详解如下：
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Question 97
) x7 ^% {' C# K# l" UAn inverse floater is least accurately described as a floating-rate issue:. H' g6 Y8 R' \, N
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.1 Y& p: a. V- }' j0 ?
B) that may, under certain circumstances, require the bondholder to make payments to the issuer., \6 l1 G( p: a6 E l5 S5 S* d
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
# U. r" I8 u" {& p" i. x1 j( XD) 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：* _( W$ E, f K3 P g
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1 _8 N( L* w5 L# a0 Z6 S2 }3 H$ SQuestion 98
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. U. x9 r G/ i/ H& L6 b& \; WWhich of the following statements about embedded call options is most accurate?
; I) Y5 H/ p! f3 k7 o5 GA) The call price acts as a floor on the value of a callable bond.& x/ z. s B 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.3 A( B( C0 @. Z2 `0 P$ Q
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
+ E8 N8 \2 Q5 v3 aD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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6 I {* A, l6 @4 D答案和详解如下：
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& c7 d" P! z d+ Y7 SQuestion 99
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* ^. P* ]+ d! b: W+ ?! o7 rA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:, i- {* V( U+ L: m$ s _
A) 6.5%.& `* m; y# s! F- i
B) 7.4%.
8 {+ H' ^3 q1 \8 VC) 8.6%.
& S& k% J8 Z, R2 s5 ^6 r* wD) 8.0%./ K. g% X- S G* _- O# D2 J
4 V1 @% L7 y* ]9 i% I; T Y. Y答案和详解如下： \9 T, H9 s8 T
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Question 100
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1 ^; L( o' o- H; N1 w7 e0 qAll other things being equal, which of the following bonds has the greatest duration?; j8 T/ {: F3 u6 X$ s% l
A) 5-year, 8% coupon bond.
* A: @* w2 h1 g, H7 C2 |2 C0 R2 eB) 15-year, 12% coupon bond.
3 L: ?4 s0 i1 ]/ r$ [, RC) 5-year, 12% coupon bond.: y3 C/ w. }$ I( f
D) 15-year, 8% coupon bond.) p/ ~5 U' _( ?" D4 {: I8 q+ h) _6 I
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答案和详解如下：3 T2 z* M3 T6 W+ z% D7 g
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发表于 2015-7-21 08:59:22
