CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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% W+ l  @- ~" d. PGourmet and Company has the following information:
Current market value = $250 million
Current book value = $225 million
Sales = $750 million
Earnings = $75 million
Cash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
; f) I5 u" d$ M* C3 e, iA)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
. {5 W" x" q8 j9 }: J9 y% [D)   The price to earnings (P/E) ratio is 33.3.

8 k7 j4 Q  v( z7 i; H7 l" ?0 S5 c答案和详解如下：

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Question 97
' f% F7 H$ w# ]$ y. |An inverse floater is least accurately described as a floating-rate issue:
  X6 z$ f) }6 e3 [3 k- P6 DA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
B)   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.
2 y' V: h  }( t6 G" c# T4 [, ^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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Question 98
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Which of the following statements about embedded call options is most accurate?
) M/ c& U+ ^7 q! KA)    The call price acts as a floor on the value of a callable bond.
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.
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.
7 Z. H0 y6 c$ C
答案和详解如下：
0 U5 Q$ g+ s8 [6 A

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! ^7 V$ T1 T: n( Z. x' H0 lQuestion 99
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, l0 A, p) R* Y7 Y7 V9 K9 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:
A)    6.5%.
B)   7.4%.
1 n( W, w* n( t: V' y: AC)   8.6%.
D)   8.0%.

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% n/ T1 Z! [- R% H1 |Question 100

All other things being equal, which of the following bonds has the greatest duration?
2 t) V: T+ d* K3 Q- M3 o1 C  kA)    5-year, 8% coupon bond.
* s5 l, [3 N' I- B- U) e2 EB)   15-year, 12% coupon bond.
- D& j3 c. K; @! e# {2 rC)   5-year, 12% coupon bond.
% j% f7 F0 J! b2 l: V9 F7 E  [D)   15-year, 8% coupon bond.
5 R! e& @0 K  @; Y+ c2 M
8 g% |9 R) U; b* B答案和详解如下：

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Daissmention

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fanfan

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