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Question 96# z, Q' t7 h9 M! [8 B
# j" S% O- b. v# j" t7 M2 AGourmet and Company has the following information:# d+ Z. \) r! J/ l5 v/ X. i
Current market value = $250 million4 u! q4 H* R+ g: r7 r5 Q
Current book value = $225 million k: D$ F/ h5 p1 S8 x0 \: l
Sales = $750 million+ x. ^7 p/ Z1 _8 c) ?
Earnings = $75 million
% r5 c% ~2 g0 `Cash flow = $125 million
8 v, ^, [( W+ Y9 OStock price = $7.50
# M N- t1 L1 p3 d. oWhich of the following statements regarding Gourmet and Company is most accurate?& h% F4 G. _) z+ w5 T( r9 w9 |
A) The price/book ratio is 0.90.
_$ s" S1 h8 B: p9 v* yB) The price/cash flow ratio is 0.50., O# @8 z3 {' T( @& S9 z' ?
C) The price/sales ratio is 0.33.1 h& V( z: M; N
D) The price to earnings (P/E) ratio is 33.3.( _1 R% |! A: g0 D% C% A: E
0 P; E) |5 _' }. j7 f$ ^答案和详解如下：6 |! s$ h1 X5 X; C
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$ Z! e; t" r2 G$ \Question 97
3 s0 }7 b3 y S3 v% ~An inverse floater is least accurately described as a floating-rate issue:
8 `. k/ i6 ]! k, s0 {A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
2 k5 _2 n9 O/ c* NB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
, e0 x1 {3 O* @5 {! F* nC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.8 T+ H1 z5 p! q9 T: C" j: ^2 Q
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.' {6 A* C3 o( g' d4 w+ @; e, ~
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答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?; p7 E7 m4 r% p Z/ C' d0 }
A) The call price acts as a floor on the value of a callable bond.8 P0 |5 h( l+ C# i8 H" l# l& m. U
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.4 W* w9 d, F# M# L* \; f
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.- [0 U2 t5 \# ?3 |! S
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond., q$ [: c, T; F7 j* o* \7 T
) m- f; q: N9 |1 q- j# s答案和详解如下：) s( r' ^' I% r( k6 y1 g& M3 q
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& }% n! n/ D `3 t7 t# J3 X# m# SQuestion 99+ [1 }: |# |" V
8 v+ }' T z0 DA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:2 t% D9 o/ N% t8 E- J
A) 6.5%.
( z" S$ I: W0 E/ X: jB) 7.4%." I) B' e3 Q9 o& _
C) 8.6%.
, }# W0 @! l& ~4 S3 s# k* s8 h% vD) 8.0%. B7 w0 d6 X3 d
, Z6 @8 \' X# B, V) s答案和详解如下：6 }2 A& m) O$ r- l/ i0 ]- P# {
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Question 100) g2 n8 g( S8 S/ Q8 m8 Q0 v: T2 h
/ }# q7 g5 ], `* w8 xAll other things being equal, which of the following bonds has the greatest duration?
& s$ I% U) w; FA) 5-year, 8% coupon bond./ }% W0 w5 J( f1 }2 C# ~
B) 15-year, 12% coupon bond.
2 v% c U3 U% y, ^C) 5-year, 12% coupon bond.: m3 ~0 T. b0 T; [2 o( [9 v- A. t/ C
D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
