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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q106-110

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发表于 2015-7-21 09:05:10 | 显示全部楼层 |阅读模式
本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
- \! h; G) p: z3 YThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
& o7 K3 E/ g3 P8 r+ p  m# \( m9 jA)    unpredictable for both variable rate and convertible bonds.$ Y9 K- A! P# b. Y  q
B)   predictable for both convertible bonds and bonds with sinking fund provisions.
1 k' }1 }6 `  |: [; }  kC)   unpredictable for variable rate bonds and predictable for callable bonds.
7 d; e3 O3 P' ~/ B9 P* l+ u- yD)   predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
$ a8 V* S/ U9 X! P
+ C5 [& l1 [* x0 `! X0 b. k6 CQuestion 107
( L0 P5 @' u5 XWhich of the following statements regarding callable bonds is most accurate? Callable bonds:, {# H  s/ _; s5 z4 B. k: d$ j: V
A)    are likely to be called when interest rates have increased.1 l; y' I& S/ c' s
B)   that have a deferred call feature allow the bondholder to defer the call for up to 5 years.9 [. ]$ e; z/ s( y
C)   may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.
9 e& P$ V% S+ j  s# }5 w& BD)   typically require that the issuer pay a premium above par to call the issue, and the amount of this premium usually declines as the bond approaches maturity.* Y! l2 y, Y5 s* }. F

3 ?. p$ m7 `. ^1 E7 TQuestion 108
  Q: `- x2 [2 xWhich of the following statements regarding debentures is most accurate? Debentures:# K0 }( C; n6 U! i4 c# k: A5 d' J
A)    are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.( }1 |, g% g5 R/ t
B)   may not be issued by government sponsored entities.2 y9 Z* x4 M, e- X) N
C)   are often called first mortgage bonds.0 |% E% o( K1 G' l* t. `6 j
D)   are free from default risk if issued by federally related or government sponsored entities.. ]2 h: j' b# C  q; D  I

& |" }8 S2 i0 Y8 s& s. j6 ZQuestion 1099 l; \- D# k& g9 f# s8 {' ?6 s
Three corporate bonds are identical in all respects except that one is callable by the issuer, one is putable to the issuer, and one is option-free. Which of these three bonds is likely to have the greatest and least spread to Treasuries?
* I  \/ x- ^( q: U; s       Greatest spread     Least spread1 U/ |/ K0 w) U& x0 ]' ]) O
A)    Callable              Putable# r! t) o8 p$ p- a5 Q6 h- c4 M
B)   Callable              Option-free* V/ M* ^. l! o
C)   Option-free          Putable1 a- N6 c# y4 e- ?2 i
D)   Option-free          Callable
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" u' i) B) S5 o1 GQuestion 1103 b6 y+ }: ~/ C" J
In the United States, an income bond not currently paying interest and a bond of the highest quality would be assigned the following quality ratings (by Standard & Poors), respectively:
& l; _4 Z- h$ ]% U" f$ vA)    B, A
' N/ U+ z- F7 {, d9 ]7 |% W- uB)   CI, AAA3 M( `& T) p/ J8 `
C)   D, AA6 A; l' d3 V6 G+ G1 [
D)   F, AAA
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 楼主| 发表于 2015-7-21 09:06:20 | 显示全部楼层
缺答案和详解,如有欢迎补充,谢谢!
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这套模考试题完结了!
CFA,你好!
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发表于 2015-7-24 10:17:05 | 显示全部楼层
楼主太好了,太感谢了!
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发表于 2015-7-25 05:41:15 | 显示全部楼层
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发表于 2015-7-28 00:37:29 | 显示全部楼层
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发表于 2015-8-19 17:09:36 | 显示全部楼层
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发表于 2016-1-2 01:31:17 | 显示全部楼层
106)a 107)a 108)c 109)d 110)a
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