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Question 96
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Gourmet and Company has the following information:
: B- D' t- a9 J8 M |Current market value = $250 million2 J) R' n5 {7 I+ I% |
Current book value = $225 million, _; q7 H) }) b* N2 \
Sales = $750 million
* A0 i8 @! x6 b0 T. y$ Y/ y6 K1 fEarnings = $75 million8 @! d' O! K: e; X4 X( g
Cash flow = $125 million- c3 k* f; [0 X3 ^) b# R, z5 a
Stock price = $7.50
2 n/ G% _- ^5 X- j9 Z0 v0 [Which of the following statements regarding Gourmet and Company is most accurate?
) C$ T9 [8 ]7 b: K5 }A) The price/book ratio is 0.90.. a% ~+ h, F4 W) x1 t' u
B) The price/cash flow ratio is 0.50.1 C- E8 n) v, H7 z2 m( Q6 j
C) The price/sales ratio is 0.33.) G- e4 [4 f% v: Q- b+ }% d& v
D) The price to earnings (P/E) ratio is 33.3.
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3 o4 ]/ a$ a# l+ o' g答案和详解如下：2 V3 m, g# E# }) h; v: L! i
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Question 97
% W) S0 U/ k, kAn inverse floater is least accurately described as a floating-rate issue:# J4 K. _' K, R1 d( o& P
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
, @' T8 Q. M. \B) that may, under certain circumstances, require the bondholder to make payments to the issuer.. u& X5 c% @7 t
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.7 ~6 I3 M- L. N& E l& r
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.6 a# X E% r3 D: Y: w/ s% p
/ {1 w: Y8 z; d/ u答案和详解如下：5 G7 S7 N7 M; M5 `; F! n
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Question 981 w- A( @4 r" N" X! R! h% ?' G, m
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Which of the following statements about embedded call options is most accurate?1 t' ~5 n" s6 p. \$ N6 O! f
A) The call price acts as a floor on the value of a callable bond.
% s) _8 A8 W/ U+ mB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.2 C' ?8 w& U; f# S
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.. g% Y' E; Z0 X$ {; C$ m2 B
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.5 ?# ~! \& o, r
: U! C# w4 X* d2 c5 `* R答案和详解如下：! a, W0 G+ c+ @& P
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Question 99
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( ~/ |: \! F0 PA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:- O% X4 m* P8 z5 |. {: y
A) 6.5%.
3 G: \" d- k" t+ r7 U8 B0 UB) 7.4%.
; \$ t5 g4 J/ L# h8 l5 q) e: PC) 8.6%.5 ^4 h/ N. u- T
D) 8.0%.
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: {0 \# R$ {5 S9 G; W答案和详解如下：8 v4 a! \7 d1 ?- r' W
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Z, t$ p( R/ |* s' fQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
* N; b* h: M' `% _A) 5-year, 8% coupon bond.' M2 [$ j: o6 a2 C: @0 M
B) 15-year, 12% coupon bond.
7 Z* F! t6 z1 U. a! aC) 5-year, 12% coupon bond.# U( E- d! Z4 c; ?+ e! G
D) 15-year, 8% coupon bond.4 L( Q) a3 ^' g4 q: t
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答案和详解如下：
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发表于 2015-7-21 08:59:22
