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Question 96
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Gourmet and Company has the following information:8 K# {1 g( n0 U( r* K, t X7 d
Current market value = $250 million+ S1 m( y5 G8 `4 [0 Z. }* w
Current book value = $225 million% O& s3 ^ V! L7 \
Sales = $750 million
; C) U+ n! X: S t- \$ h2 JEarnings = $75 million& p$ [4 \5 Q- t
Cash flow = $125 million
3 k; Y3 W' K: {. @7 c+ S/ RStock price = $7.50
7 t- Z2 n8 U6 l( UWhich of the following statements regarding Gourmet and Company is most accurate?
/ h+ C7 c V. b4 wA) The price/book ratio is 0.90.
7 ^+ y. g( [6 QB) The price/cash flow ratio is 0.50." k# `4 l! \' M
C) The price/sales ratio is 0.33.+ R1 y5 B5 J5 J
D) The price to earnings (P/E) ratio is 33.3.* n" X# ~/ Y0 ]1 k
# E0 | x& l3 Q答案和详解如下：! j4 W3 R# T! v G
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0 c5 F7 v) h$ U4 {6 r3 l9 q& jQuestion 97
( v$ U- B! m' u/ H8 x& k; oAn inverse floater is least accurately described as a floating-rate issue:
% L* X+ a- {/ |7 XA) whose coupon rate will increase as market rates decrease and decrease as market rates increase./ `- e+ f4 q! R8 R; K$ |
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.; u* Z' z5 R/ Z4 c- \! t1 {
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
& c p$ k* X* G3 iD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate./ G% n- K# {) n C
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答案和详解如下：9 p0 C l ], n
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Question 98
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Which of the following statements about embedded call options is most accurate?6 i" @# Q2 a; e/ t& j
A) The call price acts as a floor on the value of a callable bond.9 f1 }0 K( a3 T2 r1 k/ ?' B
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.' v1 l& {; F! T( Q2 y' l2 V" E
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.7 u+ d O. w7 O; j5 Z
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond./ c% d" z) ^0 a0 b
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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 $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:8 y& P1 R ~ ^7 {( F. d
A) 6.5%., t( p* p, s1 l0 ~" K1 X, h2 p
B) 7.4%.
) F3 ~! j# K& Y8 h8 QC) 8.6%.
4 `, [* e8 Q! @% nD) 8.0%.& U; o4 M7 V- p l$ C! h( |
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答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?% Y1 t, f* N3 l% |$ N4 p
A) 5-year, 8% coupon bond.8 D5 {# A) K8 {$ a a
B) 15-year, 12% coupon bond./ v; k2 V5 a, E$ Y! A
C) 5-year, 12% coupon bond.
& O# D1 U% L$ a5 M; w! D! ^D) 15-year, 8% coupon bond.) J1 s: L9 |4 g) M
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答案和详解如下：1 X: Q3 W7 c, ~2 h& H: q! r
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发表于 2015-7-21 08:59:22
