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Question 96
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Gourmet and Company has the following information:
, ~$ l% a z( N5 q9 JCurrent market value = $250 million. a! X7 M5 V4 [/ H
Current book value = $225 million
, Q3 t& R/ J o$ aSales = $750 million5 b( C, j& X" e! F
Earnings = $75 million! t7 `" u# D" G* z3 h
Cash flow = $125 million
3 y# q) S- l! l3 e, W& Z! AStock price = $7.50
$ U2 z/ c O" p! y+ `" mWhich of the following statements regarding Gourmet and Company is most accurate?! N( M% f2 {- d, O/ n7 N6 A6 S9 x- a
A) The price/book ratio is 0.90.' e2 T+ V; W& I. h8 z: R
B) The price/cash flow ratio is 0.50.
7 N4 Y3 X. |. b6 eC) The price/sales ratio is 0.33.2 }# D$ E6 y) b# k
D) The price to earnings (P/E) ratio is 33.3.5 o& i1 y1 _* k
* ]7 }4 H8 ]% |9 j; G0 L) C答案和详解如下：' c, E) C' w8 Y) p3 i% W- P
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6 f- I9 x6 ]) X8 P" FQuestion 978 M; {8 e. ~) y4 F$ J+ H5 h
An inverse floater is least accurately described as a floating-rate issue:' e+ K( } y/ G
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
" `: _6 ~' \2 m9 r' `! l7 U! a* A+ rB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
; E6 A2 a8 w. vC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
3 Q$ \, B' D7 V4 m) K* u& A% ~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：1 L7 w! G! D0 f4 Y7 C5 R: }: ^% x" Y
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Question 988 H H# ]" h v; v
6 R0 P" g k' LWhich of the following statements about embedded call options is most accurate?
& z9 }9 {7 A! w8 D dA) The call price acts as a floor on the value of a callable bond.
' I- f Y t8 H- o3 R4 N& y9 QB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.# t7 K3 X* {0 V; X @
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
' }& [ b) C3 R/ Z+ }: D; ~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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3 P/ b, V& @ X2 P A+ {% _/ T答案和详解如下：+ I7 o# B1 V) I
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4 q* w9 t1 V p* L& J' ]7 `Question 99$ Q( U% P3 s. v+ U4 E( U
( u' i& ^! ?& s( f+ \9 L3 X5 |. D- BA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
; _+ ^5 o2 o% u0 jA) 6.5%.; ?5 Y7 a. Y( x2 h. W- f7 x
B) 7.4%.
. P; ?+ U6 _, b- O6 b3 ]% l, V8 UC) 8.6%.
0 |* w- p5 j! S0 U5 c6 M8 M7 u, |D) 8.0%.
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答案和详解如下：4 g8 i. F: S) z8 J" d
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Question 100- J# @( `: [- i4 C; Y) p. n
! Y% D* V% ?( {" ? DAll other things being equal, which of the following bonds has the greatest duration? R* U& Z( S0 m. @( f. E3 J
A) 5-year, 8% coupon bond. F- Y' ^7 g( w7 d
B) 15-year, 12% coupon bond.
( |5 Q# i* A1 @. d* o, ^C) 5-year, 12% coupon bond." k1 v' F$ J& O7 i
D) 15-year, 8% coupon bond.
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7 ?" t6 I" \+ u* L8 C答案和详解如下：
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发表于 2015-7-21 08:59:22
