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Question 96
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Gourmet and Company has the following information:
6 v1 q' t4 w. n' k) xCurrent market value = $250 million
2 m. Q7 C4 y; r: uCurrent book value = $225 million, H4 p0 Q( D- }8 b
Sales = $750 million( I; a# p" K( b- B* e
Earnings = $75 million
: J q3 ^* q7 W3 B: WCash flow = $125 million9 q: ]0 D$ h( T6 q4 a+ I9 G
Stock price = $7.50
$ x% ]- o$ n. S; b8 L' G8 mWhich of the following statements regarding Gourmet and Company is most accurate?" \9 i K& E1 O+ E5 P- r
A) The price/book ratio is 0.90.: {% G/ q( [9 f1 _' o% ^
B) The price/cash flow ratio is 0.50.
4 s4 Z& w& H, r( qC) The price/sales ratio is 0.33. q! w+ U6 h' J; I$ s: h% m
D) The price to earnings (P/E) ratio is 33.3.# U. v. ^3 M! G0 N
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答案和详解如下：
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' X# |$ L' c( G+ Y2 A. q; w9 GQuestion 97
/ l- B+ u% z. o) h3 B! oAn inverse floater is least accurately described as a floating-rate issue:
- M) e- Q- Q! UA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* a9 a% B0 `0 K: QB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
4 U/ y: J; Q) a, y2 ^C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
X$ y" x- I2 pD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.2 B. h. B4 u1 ]* r2 l0 Y
0 e* |2 J% @4 ?& i; Y+ L答案和详解如下：
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Question 98
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* f4 h" {1 x3 N4 d5 oWhich of the following statements about embedded call options is most accurate?
, D8 k2 S/ @4 f7 f/ L1 JA) The call price acts as a floor on the value of a callable bond.- i. ?, B4 G& p3 M7 q. g. 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.. p, H- p& ^; u/ Y7 _8 N
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.5 N* D1 L' ^+ `4 N3 k6 Q
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.0 G3 ^" e0 k, U9 j: V- S: x
) q, j" l1 Z" N% R# n# D0 A答案和详解如下：7 }# X5 B$ G/ Y/ E% \
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Question 99
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# ^- V, _$ H, c' |: A7 `) xA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:( b- y, e! K. u) R6 e
A) 6.5%.: H$ K* E: r: b8 ]& R- b
B) 7.4%.
; Q! [) ^. S' r; ^& u! _C) 8.6%., w5 ]. D4 l3 A; Y
D) 8.0%.! E1 }' r8 m$ G7 S! f& b1 {
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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?
3 v. A4 \# v- iA) 5-year, 8% coupon bond.+ Z+ n. m1 Y, Z r6 }
B) 15-year, 12% coupon bond.
9 W+ R. r. d5 Y$ v/ `1 }& Q) MC) 5-year, 12% coupon bond.. @8 j+ P/ x& t O$ |/ K
D) 15-year, 8% coupon bond.* v; H6 H/ Y+ W0 c' A
; Z( g3 `& h" F# N: \答案和详解如下：
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发表于 2015-7-21 08:59:22
