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Question 96
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. E& m- |. v& b# SGourmet and Company has the following information:
; S* A5 |9 j9 T7 g3 M5 W4 K+ \# ?& qCurrent market value = $250 million
. |2 J r! ^0 a2 h! JCurrent book value = $225 million ]- y& u4 P: A, `
Sales = $750 million
$ `+ {2 O l' `* s( ?Earnings = $75 million
j. Z. w z- @. c8 X; ^Cash flow = $125 million
/ D: ?( c" \( A" T `0 i* \- uStock price = $7.50
% P: C, w% F# WWhich of the following statements regarding Gourmet and Company is most accurate?# h8 L1 t4 i- {" u; p
A) The price/book ratio is 0.90.$ A; M7 B3 } c( G& s3 |8 k0 U
B) The price/cash flow ratio is 0.50.
7 A* y9 Q: K1 dC) The price/sales ratio is 0.33.2 U1 b6 z L8 K6 Q4 E1 V# I, N* Q5 Q
D) The price to earnings (P/E) ratio is 33.3." P) l) s# j3 ]$ A5 d3 a9 X
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答案和详解如下：4 N3 M& ]* [$ G6 i0 p
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8 o+ d$ N* n& a4 X7 @, Y& KQuestion 97
. y1 x$ i2 u; cAn inverse floater is least accurately described as a floating-rate issue:3 |: N, b8 \. f
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
. z6 B+ x% r8 U! t" @B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
! U4 _6 T# i/ i8 \+ BC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
- w8 t8 w* y+ `- ED) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.- F, @8 n/ I1 H$ V" ^) O8 {% Q" s
) P C! L. Y# q答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?% ^6 i3 X. l4 [7 `. l( {4 |
A) The call price acts as a floor on the value of a callable bond.
6 r) @$ q- L& }1 q: N: ^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.
4 p6 z* O0 N+ X% f$ [C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond." x2 e0 z5 V: u: N1 B9 D4 x, c# _
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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8 X% R$ n" j- T& B) P' L5 d答案和详解如下：
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3 C9 P" R! D! S6 e- fQuestion 998 N: n& f4 i+ g4 Q1 Y
; h9 Z6 Z% o' `( t ?0 E2 E7 mA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:+ l: U5 d" |, ?3 R9 ]
A) 6.5%.) W1 x# X5 o- |" R
B) 7.4%.
5 P+ n2 a/ X' D) \; `1 V. rC) 8.6%.
) s; k4 `, e$ `5 V/ Z5 rD) 8.0%.
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# p7 r/ y/ j5 ]. K* O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?
+ }! K4 a) ]+ a/ h4 K- O6 VA) 5-year, 8% coupon bond.9 ^4 W8 f9 e- u- @
B) 15-year, 12% coupon bond.. {5 m# O Z' I/ e( w- M% ]1 m4 p$ E; o
C) 5-year, 12% coupon bond.- |, Z n' y* W: ]3 \
D) 15-year, 8% coupon bond." V$ z. ]! a, X/ H) D* K/ h! c
! o( C. B0 ?3 i" o答案和详解如下：
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发表于 2015-7-21 08:59:22
