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Question 96
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4 X4 V! B% w4 _! QGourmet and Company has the following information:
6 u1 O9 T3 P W7 M/ FCurrent market value = $250 million' Q# ]8 `) D0 d; D3 r/ w5 ~
Current book value = $225 million- J9 M1 t2 ]8 K; q) i! P' Q5 W
Sales = $750 million
/ m7 v( G) T2 b6 }- s: BEarnings = $75 million' m; A. |4 H. b( f
Cash flow = $125 million+ H" A- W2 d2 Y# T1 [& ~
Stock price = $7.50
" w& w. [ s3 i1 vWhich of the following statements regarding Gourmet and Company is most accurate?
h# u$ }/ K6 \9 o$ K, j ]% ~) NA) The price/book ratio is 0.90.
( X! U+ f3 }; F- q5 Y: hB) The price/cash flow ratio is 0.50.$ t& U+ Y" _8 J% F3 e" r
C) The price/sales ratio is 0.33. h+ b7 k; _3 b3 J1 ]7 Z+ T
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：5 J6 S2 y# p% E! ]+ F" ^! y8 z3 C7 Y
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5 T, m F( b' bQuestion 97
! p1 t7 k; k- ~* e& hAn inverse floater is least accurately described as a floating-rate issue:
+ ]3 j* G6 E4 {) j1 {A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
- s& N$ D4 J% s; A( n+ `B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
& _& G0 e2 w5 D t7 q8 F0 b' ~5 [C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
m. A7 Q+ f& y. `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：1 i# ]. n8 v8 N" _ `0 Z% F
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( r6 a: C" v$ V5 `& m6 E/ U# @5 m. ]& wQuestion 98) e" k3 |' U- ]# I0 W+ c
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Which of the following statements about embedded call options is most accurate?
/ |5 ^& a6 \3 {A) The call price acts as a floor on the value of a callable bond.
1 _* s6 e5 d& H( EB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
8 u/ z6 A9 E$ y3 z2 eC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.( A* h! ^5 Y- v* E* H+ N& u& {! b
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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- z! E3 f" ^2 b答案和详解如下：
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Question 99& X! y5 T* A7 Y7 T( i7 F
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:* T. w. [5 `) G) W; @. ^
A) 6.5%.
: g% r$ o! l& u6 O8 {B) 7.4%.; ^- ?4 j8 D4 ]5 P8 g
C) 8.6%.
7 Z! l: Y! _( w' bD) 8.0%., b, K8 G8 u* A+ _7 Q$ _; @5 L
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答案和详解如下：
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Question 100: _2 ^$ m6 S- P, Y* C
% z& A! d) p9 F( c$ XAll other things being equal, which of the following bonds has the greatest duration?
# m9 x8 l: Z* M8 }/ CA) 5-year, 8% coupon bond.
) W. O8 K2 w# V4 h N3 qB) 15-year, 12% coupon bond.
( [* w) A0 D C% l$ {: T. J/ T/ RC) 5-year, 12% coupon bond.
+ q2 |0 Q! p j5 A" o! R0 R, WD) 15-year, 8% coupon bond.
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答案和详解如下：6 c e! D) ?# D e
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发表于 2015-7-21 08:59:22
