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Question 96
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Gourmet and Company has the following information:0 S' H+ f2 X" _% {6 l
Current market value = $250 million
, Y; u+ i( ]+ h, ~' C0 jCurrent book value = $225 million6 X4 r. _) Z6 R! K4 y! z
Sales = $750 million: d* C) K; G( y$ s, V4 I
Earnings = $75 million
3 L. e& o2 a' MCash flow = $125 million4 d9 [7 p b- Q8 ~. F P. K, P
Stock price = $7.508 b) d2 F: X; e7 E' U' S
Which of the following statements regarding Gourmet and Company is most accurate?
& _- z( c1 w5 s3 h0 K1 ]+ E# ?A) The price/book ratio is 0.90.4 n: X- ?- D; n. `
B) The price/cash flow ratio is 0.50.
( ^2 Q% }! J5 ~/ e7 Q- WC) The price/sales ratio is 0.33.
% }8 ~# S4 W4 u G1 W7 y! {1 XD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：* Q+ f O) B$ E" F/ S4 o
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Question 97* y' n5 H v2 p: |* g, s3 T- }$ E, o
An inverse floater is least accurately described as a floating-rate issue:
6 S# p" v/ R j5 o! ?A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.3 _$ [# X8 ?" `" _6 {! c
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.! Y1 i i% |* A- X' V8 |+ [" ]' r$ y# Z
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
9 c) p: _0 ] E! [4 z3 {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：
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7 S! b/ q1 c# t% S. Q0 pQuestion 98: Y' C& x" S# c1 @' @/ u
. c+ `( e; C4 l$ z7 i7 FWhich of the following statements about embedded call options is most accurate?
5 M) G( }8 f1 r$ o" wA) The call price acts as a floor on the value of a callable bond.& s( l% L' ?. p0 G
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. G! V# {! Z. Y' n" D8 J8 y' x
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
. e& K5 V, ^" ^& ED) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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9 u" ]% M4 V, Z8 `0 Y6 r答案和详解如下：
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Question 999 I3 z( [( Y. k8 w' b* Z
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:. R* _6 b, o1 N2 a2 m
A) 6.5%.) i& o% G% c+ l( n( d5 }+ V* ]
B) 7.4%.7 f+ B2 P b) t" ], H
C) 8.6%.
9 @4 m* g; d; Y& y$ }/ }D) 8.0%.- G. s* f+ A9 l7 D7 U6 Q
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答案和详解如下：6 I% X7 F2 h4 w
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Question 1005 A/ A* @6 X0 W/ U! _+ o# g2 A' `2 @
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All other things being equal, which of the following bonds has the greatest duration?
( z& U- m% n3 z! x: @& a) P/ ^A) 5-year, 8% coupon bond.) T+ M: p$ R' [; C9 ?' p+ |
B) 15-year, 12% coupon bond.
9 b$ L/ F# O, @0 w* @C) 5-year, 12% coupon bond.9 H0 ~7 s+ a6 j$ [1 `
D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
