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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
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/ j3 k, N# h. ~" R& ?  UGourmet and Company has the following information:
7 ?% x  v# M9 q! E. SCurrent market value = $250 million/ y8 A+ ~* r$ h
Current book value = $225 million
* V6 e" \: o- ]- {! Y- d$ a9 ^Sales = $750 million' ]# _0 A$ p% K8 _* N" |
Earnings = $75 million4 ^+ f% `% C1 N; j* a2 Q
Cash flow = $125 million
5 I+ ^8 S4 |/ LStock price = $7.50
4 s. ~! y9 h3 T3 VWhich of the following statements regarding Gourmet and Company is most accurate?
( F4 C1 ]( _' b/ }" jA)    The price/book ratio is 0.90.
( X% N8 D  Z: t, \" C& DB)   The price/cash flow ratio is 0.50.! I% N( t/ o' f( K8 x/ i
C)   The price/sales ratio is 0.33.
) g6 r/ C% i! `; z% x2 b0 BD)   The price to earnings (P/E) ratio is 33.3.
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! \% t; ?$ U* z3 k9 `答案和详解如下:- M/ A: O! g% o" k4 o
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1 {9 A8 V5 F) m  f+ |Question 97
, z; `' v. _8 Y1 UAn inverse floater is least accurately described as a floating-rate issue:" W2 N3 A7 D- f4 a5 k% F
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
2 ]" h* o) k* ?B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.6 z2 z) ^+ @+ S- f
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.( u! R- }7 d. k- I0 n7 X5 S
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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9 J2 s& e- t& u  @" J5 P答案和详解如下:
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Question 987 Q1 @3 m) L/ f4 s6 a& x

+ H4 y6 I+ j$ m# r5 V$ X! hWhich of the following statements about embedded call options is most accurate?# Q( o) z+ d' {. j& \
A)    The call price acts as a floor on the value of a callable bond.& J6 b. p3 e0 S/ e8 A% r
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.6 L' B* {  h* k3 e* d: \( x
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 z! R8 Q2 z, X3 AD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.2 c% n+ e# k" m% v5 v( a0 f6 L2 d

- K& x. V: J& G2 {/ W& E答案和详解如下:
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4 j9 E& j! z. I6 pQuestion 99& u! J7 x* V0 e, E' [
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- h9 W- y7 M7 Y  ?9 fA)    6.5%.0 l3 u: a5 ~* m
B)   7.4%.: y; J  K1 \% }0 ]0 X  s4 c
C)   8.6%.5 o) z  Z0 I( w( v; U
D)   8.0%.
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答案和详解如下:; [6 q( }8 E/ ~6 O( j
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- [5 B: M" k$ o" ?) EQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?+ Q& r% O3 `0 M" J/ I
A)    5-year, 8% coupon bond.
5 i9 [' Z4 m& n( O) _; b/ BB)   15-year, 12% coupon bond.; x% @5 @+ |5 ^
C)   5-year, 12% coupon bond.
, @$ Z% o+ U! }; d3 n4 \D)   15-year, 8% coupon bond.4 y) f9 S, o+ g" c
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答案和详解如下:9 E6 D( ~- j7 k# e2 b7 W) p+ L0 [0 b7 P
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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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