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:
2 v' k' E7 Y5 S, @/ @/ k! DCurrent market value = $250 million
Current book value = $225 million
Sales = $750 million
Earnings = $75 million
( i6 H# s' ]" f: L2 e, D. eCash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
( G* g0 O/ z1 k& l) l0 A7 wA)    The price/book ratio is 0.90.
B)   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.

! ~5 {" [  O* C: Q: f答案和详解如下：

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Question 97
+ s; z. c& j9 d; g: c  P& NAn inverse floater is least accurately described as a floating-rate issue:
( d5 y0 Y: r; m$ ]A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
& @$ z7 E# j' W. q8 D2 n2 xB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
7 @9 I& x; O: @" U! {: BC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
  L& X& @3 K% Q# gD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

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Question 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.
; V0 g: z- M/ h. b* X' Y4 w9 m  TB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
, y% H; P7 y, Z# z# qC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
0 A8 @6 _1 s# j2 I& x7 d- pD)   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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# C* T, l1 W$ q& a! {6 `) bA 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:
% j4 y" u) b- B% m% _  `. |A)    6.5%.
  q: J1 E: K4 V" kB)   7.4%.
C)   8.6%.
D)   8.0%.
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( U( f9 k" ~; f# ]' b答案和详解如下：
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. ~5 d, X0 M  L- }Question 100

All other things being equal, which of the following bonds has the greatest duration?
/ E/ M$ {. O( r( \5 cA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
' ]: b$ v. i4 CC)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

7 e  Y0 X$ A" m# x答案和详解如下：
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Daissmention

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fanfan

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