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Question 96
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% f; m& o5 F+ k& z: S) j) w2 @9 ?Gourmet and Company has the following information:
/ b( y8 E) ]/ g1 U7 WCurrent market value = $250 million
; I! j: y/ Q& q* J V9 S3 yCurrent book value = $225 million2 L% W' S2 T4 {2 T+ J
Sales = $750 million
' ]9 O* |. \4 u+ [9 J I0 e* s1 tEarnings = $75 million6 P0 _8 i+ |6 o3 x9 T" u- y) E# R
Cash flow = $125 million' G6 B0 @5 L3 V6 S) C7 ^
Stock price = $7.50
6 s A) a* Z! ^1 W% TWhich of the following statements regarding Gourmet and Company is most accurate?
1 ]3 q) X. Q' o6 c zA) The price/book ratio is 0.90.% z: N' p- Y+ D. l. E
B) The price/cash flow ratio is 0.50.' x: i* N! v6 r, ^) F% B
C) The price/sales ratio is 0.33." ]3 g& k; |. {& J( {# p: V# j; E
D) The price to earnings (P/E) ratio is 33.3.) S( L" ~8 ]6 ?% F$ d; X8 f
6 j! S& ~1 I* y, E& o( P6 _答案和详解如下：
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Question 97
' Z! `$ {9 E4 c; H! s: C- hAn inverse floater is least accurately described as a floating-rate issue:
' ` L! K1 T( a% t, s# z7 b' HA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( P0 W; M( C, [! d
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
* ~* K4 r$ ~3 v, UC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
" J: t; w& _$ f; c7 QD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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+ L8 A8 r% x& `! p答案和详解如下：5 X! m5 [" u; R3 B6 n7 ^
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9 ^& H" z) h# I! T4 ^Question 98
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Which of the following statements about embedded call options is most accurate?1 y9 U$ J3 W; t2 F, e& L
A) The call price acts as a floor on the value of a callable bond./ J+ s/ K6 `; q. M+ ?
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.
/ M7 r8 U/ [+ T1 _2 u/ u" E eC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
H0 E$ v5 l9 iD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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" w8 V+ x3 K+ G. j答案和详解如下：
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Question 991 z' N* g( q& _+ G+ P F
& o% N# F `1 x! V- q6 cA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
* G! a0 Z3 m$ BA) 6.5%." @ f9 N' u, r2 |# L
B) 7.4%.
2 [1 O; T, t6 p F* p/ ~7 cC) 8.6%.
& g' m: t; C) I' ~" R8 n! ?D) 8.0%.0 U& J& p0 }9 u. |6 E' g e
% c8 B6 F) p" b( P1 `: V' `答案和详解如下：
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( |* e( ~4 X& D2 y9 z+ ]& }2 m5 r- DQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?6 I0 {1 ~8 ~+ f/ `7 y+ p2 l
A) 5-year, 8% coupon bond.2 g4 Y2 |5 |) |7 Y
B) 15-year, 12% coupon bond.3 o! @3 @( |2 U/ g b5 j2 A
C) 5-year, 12% coupon bond.
" U. p/ l K4 S3 w" jD) 15-year, 8% coupon bond.
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答案和详解如下：3 B: a- u( C. x* B
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发表于 2015-7-21 08:59:22
