|
|
Question 96
1 d$ t6 B" b. r3 x1 u Y8 i) M' O+ ]% X% m/ H( b
Gourmet and Company has the following information:# `! l- |1 \) {9 A) t1 ?
Current market value = $250 million/ _- `( L2 R" s1 g
Current book value = $225 million. t+ P7 K; m+ A5 r: w" f
Sales = $750 million9 t$ ?: ?2 z3 S3 Y$ h* {- p- }) z
Earnings = $75 million
; f9 k2 O4 f" O9 k, MCash flow = $125 million
5 @6 a( _, p& |. c$ ]Stock price = $7.50* y- k8 a. b9 H
Which of the following statements regarding Gourmet and Company is most accurate?! {+ a- N, M4 e4 M3 _
A) The price/book ratio is 0.90.
0 T1 |( f# a I; h2 i6 m) ~( MB) The price/cash flow ratio is 0.50. u! \- |; c2 S; o
C) The price/sales ratio is 0.33.
% H; C1 m7 N' U" v/ n* e- m) kD) The price to earnings (P/E) ratio is 33.3.! Y3 d* P; T. D. [) F X5 i
: d% C* w7 g; F6 ]# W1 @答案和详解如下：7 v+ [: W, Z ?
; ^. R; C/ X; d& C& O/ K% H4 y/ _$ X, j
Question 97% W+ H9 _$ C. F" u3 d7 E- u
An inverse floater is least accurately described as a floating-rate issue:$ q! T9 G1 F$ g1 B
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
7 f/ A' |' H3 j6 o% x- JB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
9 U, y: ^8 ?+ O$ e& oC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
- e0 [7 d" g+ L7 ]2 K0 Q: WD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.) K6 l. ]: n- e2 S
" A5 j; N: n* k: C, k答案和详解如下：* q) ~* g* G" s, c: I8 U
: k3 G# [ I0 C
% f! f2 E1 N2 sQuestion 982 {/ T' Y" ]3 M6 w
, T& m9 M2 f7 ?1 r% W6 `' [. H
Which of the following statements about embedded call options is most accurate?
5 z+ m2 X8 r! o; n: R4 v9 QA) The call price acts as a floor on the value of a callable bond.
" s3 l% F2 @. T' o Y6 k! t+ {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.
; g( h# [, b4 FC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.7 i$ f" }! @ A1 f2 J$ L
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.4 l2 t5 \2 v3 _, W8 `
: }+ _; L2 o ~ }3 f- W
答案和详解如下：
% {& W' @! g6 w! S3 m/ e( z7 O0 [% e
* s( c3 K; r8 f
Question 99( D' V7 L6 k# T g$ N# j. l
2 v- B% r* y% S4 I4 q. {& c. C
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
, @! T' [9 W1 i$ zA) 6.5%.
' u; H# L0 s7 H) Z) G$ S/ i# aB) 7.4%." f$ _3 ]3 w4 {
C) 8.6%.
9 u1 n5 C: V& ~1 x4 P& GD) 8.0%.
- c) o: c5 J9 X; L0 K6 U
: s/ Z2 I |" O8 u J& i' E/ O8 ?答案和详解如下：
# I7 F. h2 A9 Y( g% S' {0 z
$ v2 Z. N" ?$ s7 x0 ?1 O' j0 F( ]% `( }
Question 1009 E! B0 R" E% R8 j
6 C$ w) S. J. DAll other things being equal, which of the following bonds has the greatest duration?6 a& R# J6 s. h' U1 U
A) 5-year, 8% coupon bond.& a% m: T7 y" w' r# t! b8 s" i
B) 15-year, 12% coupon bond.
& p9 k; m- g0 b3 a3 \" w, M6 gC) 5-year, 12% coupon bond.
- h5 G. q4 Z% SD) 15-year, 8% coupon bond.
, J, v) Y8 H( v9 i* \' P6 `: J2 G! j9 x1 i/ y+ S
答案和详解如下：
7 ` @, q9 c& u$ A4 `+ H" Y |
|
发表于 2015-7-21 08:59:22
