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Question 96
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Gourmet and Company has the following information:
y& R# ^# E) BCurrent market value = $250 million
# ]( I/ F& L$ M; u u$ v, eCurrent book value = $225 million! E( D5 T. m2 Y1 O. _* K7 w
Sales = $750 million: l# o+ N9 {4 O3 f: K
Earnings = $75 million0 t2 s. r; g6 z8 a$ ~
Cash flow = $125 million% y% I( `, H2 G- K0 Q& Q
Stock price = $7.50* |+ W: n' W; H! {1 H2 r+ J- J
Which of the following statements regarding Gourmet and Company is most accurate?5 k! z7 X( Q5 f' H* U, k( y- B7 {
A) The price/book ratio is 0.90.
( |$ B. F3 p) V1 FB) The price/cash flow ratio is 0.50.( V1 J8 v) \' {/ B
C) The price/sales ratio is 0.33.
. d& _4 \3 N4 u. pD) The price to earnings (P/E) ratio is 33.3.
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/ _! }3 k1 z/ s# D* O" N6 H' B答案和详解如下：
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; ] N" ~. L) p* G8 `3 OQuestion 973 ]7 ^6 e, w" S3 _% ^( B# O4 V
An inverse floater is least accurately described as a floating-rate issue:% S+ {+ e3 C% Q/ x6 N. D) L. d
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.5 M) a/ s( j J# v) Z
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" q- Z+ x1 g# A+ R& {C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
3 ^! Q! T0 N2 |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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4 j9 X' e4 A3 z2 k6 f答案和详解如下：
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H( R; X# i: cQuestion 98( ?- M' M* Q4 @% x" \+ U
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Which of the following statements about embedded call options is most accurate?; w5 B' T: e: s. w& Q( W! X- v
A) The call price acts as a floor on the value of a callable bond.1 ~3 ^& w1 }; c1 c3 u. Y
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.& H5 ^6 H. f7 f/ B6 g% ~
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
; B6 h1 b4 U! `* MD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.' x, z8 D" @0 A% J$ N' w4 k0 q
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答案和详解如下：
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" U* d5 J6 D* r( i. y5 z0 \Question 99/ l( s. _3 p' j; ^6 V
6 \' u% f9 h9 V7 |1 e# \' Y0 \A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:6 O1 x& R" ^( M- c1 U0 d a4 a9 J
A) 6.5%.( B' `! O; t! p1 h0 f
B) 7.4%.$ k( L o/ s1 _0 [, j3 h1 _! q
C) 8.6%.1 B3 b" n. j( Z# Y5 |5 ?
D) 8.0%.
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9 U8 ~ S" L& t8 x答案和详解如下：8 | w0 T5 {% d G
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Question 1007 E9 k' L0 g) F6 `( _! E5 B4 f& t
" {9 {# Y: h+ F' R7 QAll other things being equal, which of the following bonds has the greatest duration?
, u. [8 W v3 j; K" `- }A) 5-year, 8% coupon bond.- X& L: ~* r- G- H" p
B) 15-year, 12% coupon bond.# }- D' _( _9 W7 z
C) 5-year, 12% coupon bond.
3 X- r$ l" ?6 @& HD) 15-year, 8% coupon bond.' a: I( C ^# D
- `0 i' J0 I2 H( C答案和详解如下：
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发表于 2015-7-21 08:59:22
