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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q96-100

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发表于 2015-7-21 08:59:22 | 显示全部楼层 |阅读模式
Question 96- V: w8 l! _% u& B1 g3 |
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Gourmet and Company has the following information:# C2 `3 M/ ]' m0 `. x2 T
Current market value = $250 million
" n0 j0 N( Q* f$ ^0 q1 e5 E8 U9 n! tCurrent book value = $225 million1 b3 M: f/ d" F7 d5 p! y
Sales = $750 million
: h) x8 ^  g+ Q+ @1 IEarnings = $75 million0 V/ g' |" P, l7 V4 }. O
Cash flow = $125 million
: b! {- m( Z' Q3 O! l. SStock price = $7.509 F2 H1 E! o1 c5 j- s0 ]6 L7 l
Which of the following statements regarding Gourmet and Company is most accurate?: y1 P0 t0 {3 n! x2 n$ l( o
A)    The price/book ratio is 0.90.
+ ?0 Z+ z6 Q( a  g! R1 rB)   The price/cash flow ratio is 0.50.' `# l+ f: Q! j4 E
C)   The price/sales ratio is 0.33.( w4 y, i% U3 v+ K
D)   The price to earnings (P/E) ratio is 33.3.4 h9 o2 a. `4 |& t1 n* `: _+ g
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答案和详解如下:: r6 @' a: ]( {# k0 t. t2 Z
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3 L. Q3 Q' Y" W9 Y1 ~, T6 |  i& _* {Question 970 ~0 t5 D* z3 H6 |. A% {/ j
An inverse floater is least accurately described as a floating-rate issue:
* ~+ [* n" T, l& z4 z! m0 |- w# qA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.; H9 A4 b  H. x& C
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
3 d2 s+ C/ v. I: ?! }C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
+ x$ p" x3 n  R) _" B% ]% AD)   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:/ P% m- D$ }+ z: V4 D0 L
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8 O) d' C6 `+ o. |  m# DQuestion 98- v0 i3 P( _0 P, F; G  e
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Which of the following statements about embedded call options is most accurate?
& q. O; d4 q; [$ k7 uA)    The call price acts as a floor on the value of a callable bond.
& @5 W) T, l' Y+ yB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.& q+ h0 Q9 r; }9 \) E
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.; ?" a8 C5 u5 }( S7 S  S
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下:
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:4 _, y* G0 i* W" ?" j5 t# L- C# b
A)    6.5%.
* x7 C$ h9 \9 h# w% a9 t7 |B)   7.4%.% u, h( l& P$ e; y8 y
C)   8.6%.4 A$ }1 s/ n: G8 X
D)   8.0%.: r* c3 y, d# w

4 Y! m, l9 y# h# I: S# E答案和详解如下:9 ^9 O0 f& F9 ^* l+ J3 Q& N. ]
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$ T4 s, X% B! F7 kQuestion 100
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. _, `- p" c8 j4 W, F3 W# AAll other things being equal, which of the following bonds has the greatest duration?, F- a1 \( U9 y5 I% S
A)    5-year, 8% coupon bond.7 J5 N! U+ I+ A7 p1 G5 u6 R* t
B)   15-year, 12% coupon bond.
- L) k2 \/ V: l  B2 b/ m: oC)   5-year, 12% coupon bond.
6 c0 i, ~6 [' @( f/ RD)   15-year, 8% coupon bond.) Q4 h  i& H7 ]! O. r
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答案和详解如下:, J) _6 Q. Y$ g- z! X. B! s
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发表于 2015-7-26 20:31:16 | 显示全部楼层
好东西一定要看看!
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发表于 2019-5-14 11:05:04 | 显示全部楼层
谢谢谢谢
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发表于 2019-5-20 09:25:40 | 显示全部楼层
。。。。。。。。。。
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发表于 2020-12-4 14:38:08 | 显示全部楼层
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