CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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Gourmet and Company has the following information:
6 y5 \, K8 a6 }' vCurrent market value = $250 million
Current book value = $225 million
Sales = $750 million
Earnings = $75 million
Cash flow = $125 million
% l6 m) l) O/ a% Z5 I0 k8 L, s2 EStock price = $7.50
8 |0 q  J& p" x8 E7 G! @& w4 ~' B7 c2 SWhich of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
6 ~9 i) E) T& V$ T- }; _! \: ?B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
) I+ k+ j! V; V& x9 z; L2 XD)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：

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Question 97
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.
8 ~" W/ E2 E& D: rB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 d. f5 v! r2 {/ r2 s  JC)   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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+ \. ~% R# ]7 Y$ I7 y; e7 e9 yQuestion 98
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Which of the following statements about embedded call options is most accurate?
A)    The call price acts as a floor on the value of a callable bond.
( t) u( O$ C* ?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.
4 w/ _$ K. D) RD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

9 @* m0 R) y- i$ W* U答案和详解如下：

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# x  r: ?: E- i+ EQuestion 99

5 @2 ~# m% |4 jA 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:
# x9 [. M" q- i0 \4 i. u6 Z6 rA)    6.5%.
B)   7.4%.
C)   8.6%.
1 [2 _  q( T7 T, oD)   8.0%.

答案和详解如下：
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Question 100

& l8 ~% ~' A0 z! o' QAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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' O" t6 @1 ^& X! {. L, A答案和详解如下：

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Daissmention

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fanfan

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