CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

- H0 _0 C% P4 RGourmet and Company has the following information:
Current market value = $250 million
, [7 b. O% r/ h  c# \' VCurrent book value = $225 million
Sales = $750 million
( K# f2 r! w' ^, y5 L+ J% g$ E9 DEarnings = $75 million
Cash flow = $125 million
Stock price = $7.50
; u1 `5 U& j2 J9 S! aWhich of the following statements regarding Gourmet and Company is most accurate?
; a9 e4 R- _" s! y5 LA)    The price/book ratio is 0.90.
! W8 A6 x6 }% ?$ S! x; c" CB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
D)   The price to earnings (P/E) ratio is 33.3.

+ I4 ~, x' l: }8 H8 e5 ^4 j) g答案和详解如下：

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Question 97
. F! ]3 H, n1 O9 q: T+ ?An 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.
! o2 Q# e+ B! }5 |: K% oB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
$ C0 x4 n( o4 f% t2 _7 FC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
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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. \# P  m: I# w5 f+ ?, T* JQuestion 98

% Y3 X/ B' w  n3 kWhich of the following statements about embedded call options is most accurate?
) E; _; g3 q- MA)    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.
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

答案和详解如下：
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6 Y" z5 W' j/ j; N1 Y3 a: mQuestion 99

  I" g8 f6 ~+ y! VA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
' `0 ~$ l4 `1 K6 ^B)   7.4%.
C)   8.6%.
D)   8.0%.

% M. e% d: Y3 B. e; d' q答案和详解如下：
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Question 100

All other things being equal, which of the following bonds has the greatest duration?
7 T1 x# a; V3 s! `/ kA)    5-year, 8% coupon bond.
7 K0 {" j8 T' @% q3 z, dB)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

/ }+ p8 X0 V% ]7 A+ }答案和详解如下：

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Daissmention

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fanfan

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