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Question 96
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. R/ p1 h; s, m6 q. _Gourmet and Company has the following information:7 K" k0 L& _% W$ |
Current market value = $250 million
* G0 s1 I5 ^+ d6 V7 c8 E/ z# I" gCurrent book value = $225 million# c. ]: s/ A& G1 Z' j! T
Sales = $750 million
& h+ ]$ z3 B' s5 i0 ^Earnings = $75 million/ Z2 J6 |0 c7 z, G; \8 |4 J
Cash flow = $125 million
; a0 Y1 m+ z7 L- }Stock price = $7.50
0 U. ~8 v0 y0 _/ T OWhich of the following statements regarding Gourmet and Company is most accurate?4 O& A5 J4 J: x2 q
A) The price/book ratio is 0.90.
. m- P' S ]* O# C/ Y/ bB) The price/cash flow ratio is 0.50.5 Q! J* e( b t
C) The price/sales ratio is 0.33.
[% ^* y8 {. m0 q2 i' ?, aD) The price to earnings (P/E) ratio is 33.3.1 ~4 M7 P/ Z4 X6 M6 {$ ~/ X- l' R
, w' e* J- Y5 Z7 \; [8 T+ h答案和详解如下：
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Question 97+ |; c! @" a" p, m3 H% D' | D' f
An inverse floater is least accurately described as a floating-rate issue:
; a z! a3 D# k9 ]+ MA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.* [9 f; @! [* U4 l1 g7 F0 A
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
8 ]- P& c0 x. BC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.' j/ h" n6 o8 O
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：0 g: x0 O& T( K8 F, t
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Question 98* Q6 M5 b+ ^& b
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Which of the following statements about embedded call options is most accurate?
, Q6 l8 t, S7 \! WA) The call price acts as a floor on the value of a callable bond.8 ?1 ^2 B: `# o. I
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.
6 _1 ~2 N a1 m4 |1 k" tC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.' U( i9 k4 A' W9 @8 O7 b( \( S7 B
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.1 Q& o2 ]" \9 G: Q. o2 K$ G1 x
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答案和详解如下：( x/ \9 {. X2 A) d* [
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Question 99: M, Y3 \5 J3 _* a
$ i o% P5 \' A% t* R6 _A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
& A! }$ _2 |( ]A) 6.5%.
( `- C1 w' u0 n! Y% h9 X/ _1 UB) 7.4%.* `$ A) o( P, e" V5 }! `
C) 8.6%.
^5 E- f! b, x4 Q& K" PD) 8.0%.
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3 W. `8 | h. a答案和详解如下：
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( }5 X, U- H2 a; i! b& vQuestion 100
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) S! t" c/ j% f1 Q' @/ } FAll other things being equal, which of the following bonds has the greatest duration?
7 E" ?) Z' `; s3 \4 vA) 5-year, 8% coupon bond.
& |- }3 W) i, F* ?4 N" {9 VB) 15-year, 12% coupon bond.( I" T3 e& ]2 G1 _- k6 s
C) 5-year, 12% coupon bond.
8 y/ `* B( c- T8 s+ t& BD) 15-year, 8% coupon bond.
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答案和详解如下：' a' m+ }9 T& P; f
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发表于 2015-7-21 08:59:22
