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
: D4 }5 o" c3 x3 cCurrent book value = $225 million
Sales = $750 million
( N8 ^! |8 h* _8 gEarnings = $75 million
Cash flow = $125 million
0 j2 v# l$ \5 [2 I% y6 F7 dStock price = $7.50
6 k6 z% x7 A' n9 I, R3 S0 b  UWhich of the following statements regarding Gourmet and Company is most accurate?
- }! b$ H3 e6 h7 X* U$ C/ H% `6 Q- ^A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
; N7 G0 O, N, [: f! K$ [C)   The price/sales ratio is 0.33.
, s5 R2 M, X* N& \D)   The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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+ _7 v* a" I/ g/ V) d$ l* S+ hQuestion 97
An inverse floater is least accurately described as a floating-rate issue:
4 a: O* x+ J) ^, @6 eA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
# I+ d- w8 y+ J# `% f) f; V4 WB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
& M6 n- K3 ^) `$ J- c& RC)   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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& L- \, o7 {" h  ]' i答案和详解如下：
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Question 98

1 C" [% f) H- x" w3 AWhich of the following statements about embedded call options is most accurate?
A)    The call price acts as a floor on the value of a callable bond.
' F6 ?- p0 l% ^: f- v6 RB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
% ]0 e9 Q8 ^( h3 h$ U% a0 a5 ]C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
, |3 `! m' t( u% X" PD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

3 I1 g5 S! F6 S* P. r$ d答案和详解如下：

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2 |- I6 N; V; ]4 Z. TQuestion 99
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' R+ u0 }' f8 g+ L( _. q/ XA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
! z6 N8 {" ~% A* O$ sA)    6.5%.
" w9 [6 g1 ?( b: L9 dB)   7.4%.
9 i3 w; v7 A% u  d: y8 nC)   8.6%.
D)   8.0%.
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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?
0 Y  Q. `8 [* g6 |' WA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
4 i/ T1 B( t5 G9 L& t7 pC)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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# ~; m# Y" V' V, u& z答案和详解如下：
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Daissmention

好东西一定要看看！

fanfan

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