CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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1 a+ a7 F% x+ B4 SGourmet and Company has the following information:
6 s+ s1 c1 m3 k' R7 C0 FCurrent market value = $250 million
; H+ N2 @* C, ^3 ACurrent book value = $225 million
3 b* F- W! @( @3 D  q9 u4 l% hSales = $750 million
1 }! D# G: \! m( J8 UEarnings = $75 million
+ c: c% H! J4 K% A4 X/ JCash flow = $125 million
Stock price = $7.50
5 ~# q. x, v: a) Q. g/ {Which of the following statements regarding Gourmet and Company is most accurate?
7 `3 l: T7 B: s  a+ i' xA)    The price/book ratio is 0.90.
3 T, E& i$ l# g5 x2 WB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
D)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：
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: o8 W  U6 H, v7 AQuestion 97
; u) c1 k" |4 bAn inverse floater is least accurately described as a floating-rate issue:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
C)   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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答案和详解如下：

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* R6 r' _  _9 Y6 DQuestion 98

! Y3 g0 t+ O( v0 B  w- F  cWhich of the following statements about embedded call options is most accurate?
2 S" U. B/ F4 h) f5 ^9 hA)    The call price acts as a floor on the value of a callable bond.
- d7 F( S" q! P0 z" YB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
, b  k2 V: F7 s4 qC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

答案和详解如下：
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/ {& t5 J+ z) FQuestion 99
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/ R: e( ?3 I7 q! W; b4 LA 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:
A)    6.5%.
B)   7.4%.
C)   8.6%.
  s/ X/ y/ R; m. X- L* P& jD)   8.0%.

答案和详解如下：
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7 E% w$ |# n7 Z' T- ?8 \5 SQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
. g% g9 l; B- i0 ?- R+ P) jA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
( J$ r5 o+ [; h$ Y  \3 KD)   15-year, 8% coupon bond.

答案和详解如下：
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Daissmention

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fanfan

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