CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

Gourmet and Company has the following information:
Current market value = $250 million
" n0 j0 N( Q* f$ ^0 q1 e5 E8 U9 n! tCurrent book value = $225 million
Sales = $750 million
: h) x8 ^  g+ Q+ @1 IEarnings = $75 million
Cash flow = $125 million
: b! {- m( Z' Q3 O! l. SStock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
+ ?0 Z+ z6 Q( a  g! R1 rB)   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.

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3 L. Q3 Q' Y" W9 Y1 ~, T6 |  i& _* {Question 97
An inverse floater is least accurately described as a floating-rate issue:
* ~+ [* n" T, l& z4 z! m0 |- w# qA)    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.
3 d2 s+ C/ v. I: ?! }C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
+ x$ p" x3 n  R) _" B% ]% AD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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8 O) d' C6 `+ o. |  m# DQuestion 98

Which of the following statements about embedded call options is most accurate?
& q. O; d4 q; [$ k7 uA)    The call price acts as a floor on the value of a callable bond.
& @5 W) T, l' Y+ 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.
C)   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.
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
* x7 C$ h9 \9 h# w% a9 t7 |B)   7.4%.
C)   8.6%.
D)   8.0%.

4 Y! m, l9 y# h# I: S# E答案和详解如下：

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$ T4 s, X% B! F7 kQuestion 100
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. _, `- p" c8 j4 W, F3 W# AAll other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
- L) k2 \/ V: l  B2 b/ m: oC)   5-year, 12% coupon bond.
6 c0 i, ~6 [' @( f/ RD)   15-year, 8% coupon bond.

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Daissmention

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fanfan

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