|
|
Question 96& Q5 M) g5 W2 U- X6 C6 \( f
7 Q: D$ C) C9 |. D3 P) u5 d3 [1 uGourmet and Company has the following information:
/ p6 _5 k0 l3 E( _: d, c. p, Q9 DCurrent market value = $250 million
! }/ i& u0 n7 w4 E7 D! G& Q$ bCurrent book value = $225 million, f' }" E) J, o2 N7 ^! ~
Sales = $750 million
" V2 f0 a7 I$ N* Z3 pEarnings = $75 million ?8 M" a- D% Z7 N
Cash flow = $125 million
4 _) \3 l4 _0 k+ w, N8 A* o+ QStock price = $7.50- L+ R7 t* @ q# z5 ?
Which of the following statements regarding Gourmet and Company is most accurate?. j; w8 h3 K, P+ Q
A) The price/book ratio is 0.90.
9 t8 D# F; z5 M0 k- F% X$ g7 xB) The price/cash flow ratio is 0.50.4 m! k& s3 k' T- f+ p% E
C) The price/sales ratio is 0.33.' l: P9 ~9 ~4 Q9 k7 ]) e' Q( M
D) The price to earnings (P/E) ratio is 33.3.+ |! }3 _% y& N* z( z
" u i( h( K$ V& m$ ?. Q+ U答案和详解如下：: f2 @3 y0 \0 W* [
9 t- d( _: K5 x, V! e7 }- N; c
( a( d' w) v7 |! v& DQuestion 97
X' a( D0 F2 M5 l" S% B" U, d' lAn inverse floater is least accurately described as a floating-rate issue:
+ x$ ~* C# @, b, K TA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( ]$ p8 c2 _/ T9 I3 O4 I
B) that may, under certain circumstances, require the bondholder to make payments to the issuer./ {' n p1 O, H
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
. k) f3 Q! p: ~D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
& Z; P! n% f1 f7 G% h* M% l5 Z% ?- }' V- o8 U: z
答案和详解如下：
$ Z% _' f# i. U q1 R$ [
8 y+ e+ e4 w) b' v; A- S3 K4 k
# k4 v2 C5 v" M1 z0 x7 bQuestion 98
$ s$ d& |' n: m! T& u/ p; W7 h& [' F6 n W
Which of the following statements about embedded call options is most accurate?
7 r$ {' u7 w8 n$ zA) The call price acts as a floor on the value of a callable bond.- s2 `+ h" R9 y% J+ Y2 v
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.
# w' ^9 H6 S$ C* y1 g5 eC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.7 k" g6 w3 l" G, ], q& O
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.% z \' E4 Y9 p# U
1 W1 @7 m$ }, A; h答案和详解如下：
6 z% f) ]: c0 l
6 Y4 K$ W7 h% L7 Y 6 x, k9 @ z- b9 S
Question 994 ^: Q8 D& q, @9 n1 D
! `* x& Y z, E9 D# f( S
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
2 W. K4 V9 z4 U: Q- B8 E5 m! }; pA) 6.5%.
6 a2 S5 K, S1 H0 h- FB) 7.4%.8 _6 ^3 p+ I% d& w5 ]* {' k
C) 8.6%.
+ a$ N4 L' ?9 v: B% Z VD) 8.0%.
! n7 W1 o$ f/ `( S% p! p# m0 c/ h1 i$ e* A
答案和详解如下：4 C$ v% k3 j. {* Q3 n9 _* `. W Y! r
. u9 s3 q$ g0 D$ c+ {3 [8 k- w; |
Question 100
|' Y! K; [, Q3 }! I T v
% d5 I! C4 a% ?3 S& k5 oAll other things being equal, which of the following bonds has the greatest duration?1 l. `8 J+ m0 t9 }* z+ x$ l, B
A) 5-year, 8% coupon bond." s! O* e4 m- k% K: x1 N/ N
B) 15-year, 12% coupon bond.0 w4 D$ ~# j6 h- {
C) 5-year, 12% coupon bond.
6 D/ [) m: m$ E/ o$ m8 RD) 15-year, 8% coupon bond.
0 j z5 i2 ]4 L" X9 j5 _2 J& v
) ~5 b( d9 M# l7 y4 i答案和详解如下：% O; i' G t& X8 R
|
|
发表于 2015-7-21 08:59:22
