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Question 96
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Gourmet and Company has the following information:9 M7 N4 ]- t! T# j& Y* n( }) O5 B
Current market value = $250 million# m& u8 ^# i3 |/ S4 s6 O8 D- k2 H, a
Current book value = $225 million
0 z* [2 @! _. Y* Z0 M; eSales = $750 million" E" w! [7 j) o
Earnings = $75 million
7 T( G0 S! E5 q! o% e+ oCash flow = $125 million
; x: }$ B2 S% @2 BStock price = $7.500 R9 x9 x) ]2 k1 `' b: J/ X
Which of the following statements regarding Gourmet and Company is most accurate?. [+ Z* e$ i2 n! j& V" e u+ b
A) The price/book ratio is 0.90.; V( L0 v2 u% ~5 h
B) The price/cash flow ratio is 0.50.
8 N- b+ _3 Y0 s' r4 M: Z$ H4 m: rC) The price/sales ratio is 0.33., ^' w( Z- x. ?# m2 G
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：3 Q9 I/ _2 U \, Q
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Question 977 }- {' b! ^4 n: z4 q) d' h8 }& E
An inverse floater is least accurately described as a floating-rate issue:" v3 j8 K4 z& Z( T
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.3 Y. T+ [( G8 K
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
5 E8 g% R4 y9 L. M0 AC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
) o/ A0 I- K- |* R0 }* \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：' U: h7 x7 V: j' V& y( n
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Question 98/ a- q% Z( z' Q7 D* o
1 Z" C) F% ]! n C) t) ?& `Which of the following statements about embedded call options is most accurate?
$ Y' ^# F" j _% @2 p# UA) The call price acts as a floor on the value of a callable bond.
# j W( F0 z$ p" f1 y+ J1 bB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option. j2 }8 @6 _. G# \4 [& H6 c
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
3 x' B; C7 U6 U4 A9 K9 fD) 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：" q% g6 V+ D- M* \' D) U3 z# y
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5 S* Z6 K3 x t* F/ o9 G- _# g) fQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:$ h$ y, [% Q7 X G. e
A) 6.5%.
! i/ y) D7 y& F$ `" X+ |B) 7.4%.
+ ~( Y0 o5 B* N" r' u" KC) 8.6%.- O+ C! N; V, v; P" O
D) 8.0%.
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9 }% _) s* f9 f" D8 @答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?" {% U3 ~/ M9 A/ N3 o4 g0 X4 G
A) 5-year, 8% coupon bond.+ Q, C1 h. V9 s- c
B) 15-year, 12% coupon bond.* c. G9 q+ I8 R4 w/ r! w5 w
C) 5-year, 12% coupon bond.
2 C, a) U9 R9 |/ `2 C b- _D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
