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Question 96
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. p2 z3 ^; A; L) aGourmet and Company has the following information:
! U' e4 S7 }2 u3 H: Y3 ^Current market value = $250 million4 Q6 H5 k. b: F' o- D
Current book value = $225 million+ C M3 U+ z. Y- K1 _9 L" Q- I: _
Sales = $750 million( f2 o7 V- G8 \
Earnings = $75 million
8 K; o; g. f6 { Z* w+ YCash flow = $125 million7 A0 ? P/ H- o0 i% m2 |
Stock price = $7.50
8 I! ^- P( |+ G& Z. X$ lWhich of the following statements regarding Gourmet and Company is most accurate?9 Q2 M. `: U$ i$ K6 R1 ]8 `# D
A) The price/book ratio is 0.90.
& Z; q4 n- i/ S: |, |- yB) The price/cash flow ratio is 0.50.
. U3 D0 ~9 d$ a- cC) The price/sales ratio is 0.33.
) [2 e0 O8 b1 ?; Z! wD) The price to earnings (P/E) ratio is 33.3.
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5 t7 b' U2 @/ C4 v" [( i答案和详解如下：
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Question 97
# a: P; U" X- g( fAn inverse floater is least accurately described as a floating-rate issue:" h7 P! D7 q& J8 q& a) F! o0 q% y
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.- b4 m! W! c8 ?& I% W( ~
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
6 z" V& U3 e2 ]% ]C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.( }& C" F3 W2 b' _0 f6 w
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate." A' k/ C8 I9 ~) f8 x% N
9 c6 Z" C. @% c% R S) k答案和详解如下：
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2 [6 b$ O6 h" s' I! H6 s% E( n! fQuestion 98
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Which of the following statements about embedded call options is most accurate?8 A; {; s1 t6 }) U9 F! b3 o
A) The call price acts as a floor on the value of a callable bond.: c, c1 I' I% e! D
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.+ d; R4 w+ B; Q% ?0 p6 z* u% U
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond." R, ` G$ s% T0 e0 u, I
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.. n/ c7 q" I1 P' v0 S
0 E. C5 @6 X3 S3 L1 R* J" O答案和详解如下：. d* B( s$ L6 C2 j6 E# T6 G
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" G, C" H8 q9 t' I: z F3 GQuestion 99
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8 A8 z+ T# l. u7 H rA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- O& I/ S0 m* Q) |8 DA) 6.5%.
, g3 ~; g0 o& y K+ _: |, uB) 7.4%." i+ d' t8 k5 z* R
C) 8.6%., I9 y2 n7 c' k) y z
D) 8.0%.
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答案和详解如下：
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Question 100$ V _0 P' k( @3 U, i
P$ a' {( u' K f: YAll other things being equal, which of the following bonds has the greatest duration?$ M L/ W, l4 v- ]- M
A) 5-year, 8% coupon bond.; D+ C$ j$ K; H4 O
B) 15-year, 12% coupon bond.
1 n2 C( l) E4 d& _C) 5-year, 12% coupon bond.' }8 Q7 T* k8 z5 K4 M% u
D) 15-year, 8% coupon bond.
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答案和详解如下：2 W" Z! @6 a1 s+ ~: |
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发表于 2015-7-21 08:59:22
