CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
8 q: P4 ~- G0 J/ v  I
' {0 f, p# X; aGourmet and Company has the following information:
$ e# |. Q2 B6 Z/ `8 s, I5 N9 VCurrent market value = $250 million
/ [# m; |; I7 J7 CCurrent book value = $225 million
Sales = $750 million
Earnings = $75 million
) c: `5 d% F. ?1 }" B0 z2 s: }, aCash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
- ]2 C! j$ v6 ?1 E* J) @D)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：

游客，如果您要查看本帖隐藏内容请回复

Question 97
! a9 b% V( ~. b% h+ WAn inverse floater is least accurately described as a floating-rate issue:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* D; _' |% G9 u8 }+ j& ^- KB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
2 f% ]3 {$ s* m; MC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
0 t4 e: C  |# H# r- n' {0 Q# PD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

答案和详解如下：

游客，如果您要查看本帖隐藏内容请回复

' P$ U* W6 {, _: j% j
, d  C0 D4 ~# i/ R" x" m+ OQuestion 98
, g. B' [0 Z' j$ q
Which of the following statements about embedded call options is most accurate?
' o& U: b% w2 A: U' B2 yA)    The call price acts as a floor on the value of a callable bond.
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.
' D8 R2 F1 r+ D$ ^7 ~' {C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
5 I, N) }! t" C* L/ n, d! B: eD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

  v8 U8 W' ~# Y* O答案和详解如下：
! H6 O" e& n- T5 p* I1 k

游客，如果您要查看本帖隐藏内容请回复

Question 99
5 [2 C: I2 E) S- g; {; b
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
B)   7.4%.
C)   8.6%.
4 |; D! k* e# DD)   8.0%.
; L8 k0 e1 J# t4 X
- H' T) i$ U& e答案和详解如下：

游客，如果您要查看本帖隐藏内容请回复

Question 100
+ {1 q1 ^3 M" a% B5 D
All other things being equal, which of the following bonds has the greatest duration?
) B- ~: u4 y+ dA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
6 {1 \* C( Q+ v) }: n. b$ zC)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
7 F6 @+ Z$ Z0 `4 K( g( k. R
) I' ^1 [4 O- H) c& i& }; y答案和详解如下：

游客，如果您要查看本帖隐藏内容请回复

Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

lxyz061524

。。。。。。。。。。

hlbt930

66666666666666666666666666666666666666666666666666666666666666