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Question 96
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Gourmet and Company has the following information:
6 k# k" o/ a( K6 VCurrent market value = $250 million
8 f/ W2 R2 x3 ^0 K" B2 ~, nCurrent book value = $225 million: x) r, V1 f7 n4 h6 t5 L/ z$ g# O
Sales = $750 million
7 U/ _- \! G6 {* wEarnings = $75 million
7 @( X4 l! z7 i1 F7 k3 n! d0 mCash flow = $125 million
! d A, e6 j+ P) C7 a1 G9 DStock price = $7.50
0 _2 r* Y! X% \. @9 UWhich of the following statements regarding Gourmet and Company is most accurate?! K! K- q7 h6 O) Z% L5 T
A) The price/book ratio is 0.90.
. x/ v5 S. h2 K- UB) The price/cash flow ratio is 0.50.
4 A+ }4 I& S9 JC) The price/sales ratio is 0.33.
7 [3 S, O- E% t! k2 xD) The price to earnings (P/E) ratio is 33.3.* k# s7 b1 p, m" G; }* S- k
4 ^; i9 G2 g) k6 q' f) w" `答案和详解如下：' p4 X8 x" p& T( {" F2 j
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# z# V( f+ ~ AQuestion 97
' Q- M4 l1 ]' m5 X2 ^An inverse floater is least accurately described as a floating-rate issue:& S, _6 H$ i! M1 c( H1 q
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
% K$ e7 S5 e4 ]# L9 eB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
2 r- M8 K0 b; E% CC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.1 N; C) S* U* m/ Z `% Q
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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Question 982 F7 O' m/ V* U& d' b5 \
x$ G d# k" @; ^6 qWhich of the following statements about embedded call options is most accurate?
3 _' B: C4 U! [9 C- O( rA) The call price acts as a floor on the value of a callable bond.
8 p) |8 K; D* \- @9 `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./ s& I, D5 E8 l* b: p: ^
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
& E8 c" `% V4 C0 OD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：
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Question 995 m# K; r0 j3 y+ B( ]
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:+ h' E0 h8 T Q) x( p6 J
A) 6.5%.
+ s, o' [1 j) gB) 7.4%.
; e$ C4 Y9 k; L6 TC) 8.6%.
4 f6 d" c# J/ H) J/ L& W7 r5 a: O, XD) 8.0%.& H6 l0 F; d: |/ r" n$ R
9 o/ ?1 Z1 q, t$ A& y! D; ]答案和详解如下：
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3 b2 A# T1 o5 B9 k, FQuestion 100/ Q2 U' l- U9 g+ B0 }$ u' l
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All other things being equal, which of the following bonds has the greatest duration?
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8 j' a( p, z& [. ~9 jB) 15-year, 12% coupon bond.5 V* X! r' M q4 R) j9 A2 W
C) 5-year, 12% coupon bond.( r; z% o. ~% ]3 j6 R, s: `
D) 15-year, 8% coupon bond.
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4 C: j4 L) I. P/ m答案和详解如下：
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发表于 2015-7-21 08:59:22
