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Question 96
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Gourmet and Company has the following information:9 S* y" C* S, b F7 x- D* x
Current market value = $250 million
$ r" V5 S% }0 G% BCurrent book value = $225 million8 I- V) r# E& M% N4 y
Sales = $750 million
0 E& V0 Q0 Z- y0 LEarnings = $75 million
# l1 R( }! h$ ]6 f8 n+ eCash flow = $125 million( R( X1 Z$ }, v3 @: \0 i; S5 G
Stock price = $7.50
$ j& t. T! B# X; tWhich of the following statements regarding Gourmet and Company is most accurate?, e9 {% W# J. C; X. w. Z
A) The price/book ratio is 0.90.
3 |0 ~7 w v6 `8 x8 {B) The price/cash flow ratio is 0.50.
- W% c/ u& h- w& V' h& UC) The price/sales ratio is 0.33.' f% e( J! W% u, L; a( M( n
D) The price to earnings (P/E) ratio is 33.3.
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& A, V8 B& w1 I# n答案和详解如下：
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& {: ~7 H( e& ^; U- N6 {Question 97
$ V4 c! @8 g' `' p; wAn inverse floater is least accurately described as a floating-rate issue:% B* E: Q3 \7 @7 K u
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* _. m, `; l K& P4 Y H o9 I1 fB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
* T# C4 x& \) ~( e0 o! W$ |% W8 M; BC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.. ~) L) @) ^' }. {( j) t* v
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：
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; B( R. | ^) w% ]3 p/ _% YQuestion 98/ f6 O* _* T* n- A
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Which of the following statements about embedded call options is most accurate?; M4 f. v# f- f) B, O8 z
A) The call price acts as a floor on the value of a callable bond.* b+ Z4 |: P% H; E k9 F7 `
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.
" U( b; q9 m( L* v6 L7 L& _2 aC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 Z% j) w; p8 s+ `6 MD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.& j: L: d6 h% g
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答案和详解如下： s& s9 N/ z4 x* ]
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) I a; ?+ I5 Y4 l. Y9 SQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
; E2 u- `& E* @4 sA) 6.5%.% e1 s) }- K: k( J
B) 7.4%.
, q( S" j' N4 V- R7 a( FC) 8.6%.$ X/ s3 T; C, L7 P7 R, g
D) 8.0%.5 o* d: |" _7 _0 [5 C# m
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答案和详解如下：
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Question 1005 d2 }2 e, d1 K: s1 R. s9 s# |( l
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All other things being equal, which of the following bonds has the greatest duration?4 {. ?$ [$ X" c2 r7 z9 J
A) 5-year, 8% coupon bond.* g3 x+ n3 i+ L
B) 15-year, 12% coupon bond.
/ Y; k; N+ t3 p; a5 bC) 5-year, 12% coupon bond.! [; q2 `# v* y; t! T; F5 l
D) 15-year, 8% coupon bond.
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8 ^0 m0 w" Y: f, \( j" v答案和详解如下：8 `2 t% t; Y" x1 Y8 z* o# V
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发表于 2015-7-21 08:59:22
