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Question 96
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' i& `: L1 [& A! |2 ?Gourmet and Company has the following information:) I$ a. E' g! K
Current market value = $250 million
9 y- y. O3 i( x0 qCurrent book value = $225 million& w: o; p! x& y0 u+ s( {
Sales = $750 million
h* K$ `) H8 P4 ?Earnings = $75 million$ y' ?% D" Z1 O, X
Cash flow = $125 million; {) K1 m0 P1 O
Stock price = $7.50! e5 s6 B2 \, C: S" g, I3 Q
Which of the following statements regarding Gourmet and Company is most accurate?) Z: {5 O0 {$ {
A) The price/book ratio is 0.90.: Z7 g2 c4 G' S
B) The price/cash flow ratio is 0.50.
A- X% J& n: h5 F/ L% e% eC) The price/sales ratio is 0.33.
3 S; p$ }% e) q8 O, t$ mD) The price to earnings (P/E) ratio is 33.3.0 L0 E! F$ s5 s) S2 r+ b. I
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答案和详解如下：
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' v2 G" I( m' X! hQuestion 97. V3 W4 l1 G& ]3 a `
An inverse floater is least accurately described as a floating-rate issue:/ s \" ~7 G+ Q- A
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.7 c0 s- T6 B: f2 A
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.$ v8 q% b6 h0 v, O3 `0 Y
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.$ q: U4 [, [" w0 n. D* h# ]$ {6 M
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 98
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% [$ s' E+ c2 q4 xWhich of the following statements about embedded call options is most accurate?' W5 q+ c9 Z3 ~) [8 U% P7 d
A) The call price acts as a floor on the value of a callable bond.
. ]8 W2 ?7 e! W5 }) rB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.4 w5 w9 a' z8 d+ A, }3 j9 H* V
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
0 Q; @, ?* S) M6 K7 ?* dD) 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：: C3 U5 ~! T4 `. R* P
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: F* P2 f) v* q1 M+ YQuestion 99
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j7 y6 Z3 }1 K) k) I5 @7 f+ k, CA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
# D5 x* D: p; L# Y7 _% ^/ mA) 6.5%." c2 o! e" O4 ~
B) 7.4%.
+ Y# e3 d% Y. h7 d5 j2 b9 {C) 8.6%.. d" \1 U& y9 I5 T% T2 v
D) 8.0%.
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答案和详解如下：
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Question 100$ M: @9 _* c f- s* g
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All other things being equal, which of the following bonds has the greatest duration?
& w8 u- |7 R' I2 `6 PA) 5-year, 8% coupon bond.% w. }4 P4 T9 p
B) 15-year, 12% coupon bond.
, [. M1 ?4 X; }C) 5-year, 12% coupon bond.
! U+ D0 Y$ @5 R: M% uD) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
