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:
Current market value = $250 million
Current book value = $225 million
+ ?# p# R. {6 }! L& }Sales = $750 million
- W" t9 n3 i* O  j/ W9 ^3 V1 {Earnings = $75 million
* h7 ^3 s; r4 G8 g  W) _2 o$ QCash flow = $125 million
6 I  n+ n- i6 D4 `Stock price = $7.50
% J1 Z  y( u3 N- C. v' @Which of the following statements regarding Gourmet and Company is most accurate?
  |! ]0 @6 X! o' n2 m7 A: n$ {A)    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.
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Question 97
An inverse floater is least accurately described as a floating-rate issue:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
4 j2 y) ~; t- L& |5 y/ gB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
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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Question 98

Which of the following statements about embedded call options is most accurate?
. d: e9 K; p# w6 c& @A)    The call price acts as a floor on the value of a callable bond.
) R+ V$ g7 z( g4 S5 Q  l: OB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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6 I8 E/ o, o; b' n& _1 ^: w5 T答案和详解如下：

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Question 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:
A)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.

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4 q, a/ P* C, b7 MQuestion 100

All other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
1 [1 f4 N) ^. K4 x9 g% x6 X8 iC)   5-year, 12% coupon bond.
# Y9 G: R1 _; q6 WD)   15-year, 8% coupon bond.
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Daissmention

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