CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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Gourmet and Company has the following information:
) Y) u1 e: ?2 @( l- b  nCurrent market value = $250 million
+ V2 K# Q2 [# s/ N0 n/ Q- |( RCurrent book value = $225 million
Sales = $750 million
Earnings = $75 million
# R1 u- R3 y* _Cash flow = $125 million
! l: i/ h, ?# @0 _) X, P4 FStock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
8 Y' `1 r3 F& sD)   The price to earnings (P/E) ratio is 33.3.
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3 V6 Z9 a0 B- b' v答案和详解如下：
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Question 97
6 j2 X$ Z' U# V1 b! y9 ZAn inverse floater is least accurately described as a floating-rate issue:
/ K+ ]$ \6 v4 ^  U- u0 j7 u. X$ i) RA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
( w/ V! a. p4 k! d* f3 g2 dB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
C)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
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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' [$ C2 [2 z: K3 v* d9 cWhich of the following statements about embedded call options is most accurate?
A)    The call price acts as a floor on the value of a callable bond.
9 A! |& ?) f3 t& s+ D! LB)   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.
9 S. E. y+ W- F- ]( h5 [3 |D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.

答案和详解如下：
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( \0 g2 i3 ~3 T# T7 JQuestion 99

A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
B)   7.4%.
; Y3 f8 W& B0 v' b; m5 {9 B* dC)   8.6%.
D)   8.0%.
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答案和详解如下：
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Question 100
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  Y8 ^" O* z* ~; U% i, _All other things being equal, which of the following bonds has the greatest duration?
4 G# {6 ?/ Q  j4 M# A1 xA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
- U+ y$ J) R8 `. Z1 _C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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  L" ]" t5 O$ H; ]: G答案和详解如下：

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Daissmention

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fanfan

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