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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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" k- P. L" m& {% YGourmet and Company has the following information:
: F9 L6 [8 p' J& ]& u5 p1 A4 bCurrent market value = $250 million3 W( @% }; ]3 M. Z: K6 I
Current book value = $225 million
. B" T/ r5 N  ESales = $750 million
' X, Z$ v4 E' `0 f9 UEarnings = $75 million' z  w8 W# J( U/ a& @
Cash flow = $125 million! q( y, \. X. E
Stock price = $7.50& g7 Y0 l" `( [  \
Which of the following statements regarding Gourmet and Company is most accurate?
3 ]" X; H, L. R8 E1 S$ W$ a& tA)    The price/book ratio is 0.90.3 n- T# A; ~7 w! }7 U0 i
B)   The price/cash flow ratio is 0.50., D% J2 y6 L" B4 E, y
C)   The price/sales ratio is 0.33.( {" M' {! Q) o+ r$ G- j
D)   The price to earnings (P/E) ratio is 33.3.
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答案和详解如下:0 m8 F& J- T+ O+ b" M
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) f6 X7 k/ M" IQuestion 97' y; ~9 T9 o( q# z$ c: z2 y
An inverse floater is least accurately described as a floating-rate issue:% v9 I5 l& @9 S# y0 d" z
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.7 C/ v! P! f/ o+ ^8 K3 f
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.3 u0 T2 o& d7 |9 W0 Y0 s7 k
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.. m2 e4 D  U  ]) Z% }
D)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.' Z7 w' ]2 w: u7 o2 C7 S, M9 T3 k
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答案和详解如下:
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Question 98: _! k  e  E' |# _; ?  t, j
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Which of the following statements about embedded call options is most accurate?
7 [3 }# p  S( AA)    The call price acts as a floor on the value of a callable bond.
( U2 H6 S: G( `! Q: F( @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.& k* P: f5 D+ J
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
! s3 y- N# @" A2 b0 fD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.9 P' l' `9 V, b" a
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答案和详解如下:
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  E0 |# \4 s. t0 Y1 OQuestion 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:
, D. S' i( t& Z3 b& E- zA)    6.5%.
$ p# k5 C8 f* U6 g! w' Q/ c/ f. K$ gB)   7.4%.$ G$ }$ d% I0 U8 `: y
C)   8.6%.
/ l' i: X- a+ r% \D)   8.0%.7 \" a* Q* G5 D  H
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答案和详解如下:
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$ U2 n: }0 z. W4 _" tQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?! C7 [* q" c2 r) F3 H, t
A)    5-year, 8% coupon bond.
1 O* j# H; \! L/ ?' }, b, G/ J! oB)   15-year, 12% coupon bond.
& h9 b. C! x  c( N& pC)   5-year, 12% coupon bond.
7 ^9 \+ R3 K$ p" Z% F4 D4 HD)   15-year, 8% coupon bond.8 V( f. p9 m" W' C5 O; M

$ `; j$ \) ?. b" C" L; ^9 q答案和详解如下:
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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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