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Question 96
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/ Q7 U* T: u0 b& h) F) AGourmet and Company has the following information:9 _. R* W* u2 A" @8 s1 k x3 o
Current market value = $250 million |0 O; I; a' j- A( J
Current book value = $225 million
4 \$ [4 y* I, V) M3 w+ GSales = $750 million( f9 i f" ]8 F( Q
Earnings = $75 million
F- ?: n. L) w3 a4 D1 oCash flow = $125 million! C$ H) `" t2 a9 x, o b
Stock price = $7.50- W: t, s4 q0 f+ _+ N
Which of the following statements regarding Gourmet and Company is most accurate?
' \: M5 I- K7 ?/ xA) The price/book ratio is 0.90.
" n1 j a3 U* c1 d, y1 Q2 ]" UB) The price/cash flow ratio is 0.50.
; U# S. r2 T+ t, FC) The price/sales ratio is 0.33.
6 p# Q0 ~' A5 t. l# n) W! JD) The price to earnings (P/E) ratio is 33.3.
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a8 c8 i# }) S# C O答案和详解如下：
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Question 976 e. z1 F, [8 B: L3 I2 r4 F2 t
An inverse floater is least accurately described as a floating-rate issue:
7 }4 c: O( t& wA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.- d0 R+ v# m: V
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 F) V( B# v1 B ~4 F; \3 sC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
; m5 p }* b& B/ t% I% wD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.% f6 h% W- ?9 p- |& n
) I8 w; y& [ \2 |/ v; H答案和详解如下：7 [0 N) r* Y% z* Y' }/ t1 b! x* K% ?
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Question 98 x% t% e9 F( l0 ~1 M& X9 o, |
2 p5 r. _+ b9 [Which of the following statements about embedded call options is most accurate?" Z1 H# g# M$ b2 |% Y% v* \8 K
A) The call price acts as a floor on the value of a callable bond.5 d$ u. ~# F ]. d& f q
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.+ Q! [* z: M# n! r" Y% a& w* f
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.6 B4 N M( P" n Y6 I- z# r+ n
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond. v' L$ @" [' [
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答案和详解如下：& K: s# ^; ?: a: x. S& K1 J
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Question 99 }/ A# D* }" t
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:- E! `+ k6 X q, n# _6 S
A) 6.5%.; Z6 W7 Y8 g! n% `1 f2 ]
B) 7.4%.
H+ y" w* S6 t/ j u* wC) 8.6%.' M V6 |! ^$ a/ Z& I+ y
D) 8.0%.
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. G& n$ h6 p( |. j- d& B* z; z答案和详解如下：( u( d# B+ `! |
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Question 100
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9 E5 f, r3 Q1 k6 w, p$ TAll other things being equal, which of the following bonds has the greatest duration?
1 c; I- X1 q/ _# H- R9 ^& i. k9 h- rA) 5-year, 8% coupon bond.+ x9 t, @. H+ d
B) 15-year, 12% coupon bond.
; G8 W! _/ r# e: k) SC) 5-year, 12% coupon bond.( R! L- Z. [5 N. K) i0 e
D) 15-year, 8% coupon bond.. N% r. Y2 g$ K4 f3 q# y( W& J% f
! H2 h' d; p4 _4 R% M* q! ~答案和详解如下：- Q1 B# O |- {1 Z5 N, \$ Q
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发表于 2015-7-21 08:59:22
