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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q96-100

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发表于 2015-7-21 08:59:22 | 显示全部楼层 |阅读模式
Question 96
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Gourmet and Company has the following information:& F0 a, |8 r  ^7 `: F2 r+ ^
Current market value = $250 million( H3 {" c2 T" O; ]4 J. B
Current book value = $225 million
& _3 ~$ j6 u8 u! ^! ^. D1 |7 Z7 |Sales = $750 million
' F" r, ], H8 Z9 `2 cEarnings = $75 million
7 o. J! F" k6 W. ~4 wCash flow = $125 million" M# H0 y, G( _0 U- O2 r$ y1 @% _
Stock price = $7.50
) o7 i7 E; ?4 V9 w4 ~) TWhich of the following statements regarding Gourmet and Company is most accurate?
4 k5 N5 e' A) a1 SA)    The price/book ratio is 0.90.
% a+ S4 x+ n# \% M5 YB)   The price/cash flow ratio is 0.50.' T3 @6 Q& d+ r) C
C)   The price/sales ratio is 0.33.
6 ~9 r5 }9 }# bD)   The price to earnings (P/E) ratio is 33.3.. I) `. X/ N- f* P5 a: J) z5 Z. u8 E
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答案和详解如下:
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Question 97# g: \/ M$ D  ~! O
An inverse floater is least accurately described as a floating-rate issue:
- Z* x# b" I6 \: e) o& |A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
! e3 a9 q" D3 m9 x2 s( yB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.2 N7 t. R+ w  P% l6 A3 @5 q" n
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.% M! }# A7 i$ z9 H- R' e
D)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.5 [$ J+ I6 c& h3 g

5 t. T$ `+ h) T) ]  m答案和详解如下:
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$ s* m4 n! ^. sQuestion 98) o3 N8 U) p% s6 d6 R3 A7 m6 u
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Which of the following statements about embedded call options is most accurate?' a( `) P2 n; V8 T: n( }- s3 j+ y
A)    The call price acts as a floor on the value of a callable bond.8 f$ Y" \, w7 c3 M
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.
1 N* S4 G& d8 `( G9 ZC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.9 g( S' E" v) `
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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答案和详解如下:
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:) }& _" |, V# B* \1 W
A)    6.5%.$ `4 b/ J9 o5 l3 _" I1 A4 t
B)   7.4%.* x- q$ P  W& Q9 x6 L6 S/ ]+ I; M5 p
C)   8.6%.! P# G- I% o/ J8 G3 ^
D)   8.0%.
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( B' Y/ Z* N2 t) [' O" L  N0 z答案和详解如下:
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6 u1 ?! R& ~. ^: a+ T6 ~Question 100% J: A1 y/ b) l1 B4 U) P- G

0 }# @3 }! d* W- }) NAll other things being equal, which of the following bonds has the greatest duration?3 u9 m0 [" m' c2 u/ o) s" A# F# a1 R
A)    5-year, 8% coupon bond., z* n5 I, A& b$ n  M
B)   15-year, 12% coupon bond.% v  M& A" U6 d4 P: b
C)   5-year, 12% coupon bond.. j0 \1 h9 T4 ^
D)   15-year, 8% coupon bond.! I4 V" Z2 h; i9 g" v+ U( s

. i/ I; P% J3 e& R* d答案和详解如下:0 e- p) E. Y' V" E) `# \
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发表于 2015-7-26 20:31:16 | 显示全部楼层
好东西一定要看看!
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发表于 2019-5-14 11:05:04 | 显示全部楼层
谢谢谢谢
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发表于 2019-5-20 09:25:40 | 显示全部楼层
。。。。。。。。。。
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发表于 2020-12-4 14:38:08 | 显示全部楼层
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