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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q96-100

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发表于 2015-7-21 08:59:22 | 显示全部楼层 |阅读模式
Question 966 \3 D2 P% s' J4 G. j

* X) _" j) I9 u2 ~Gourmet and Company has the following information:
5 R/ X5 l: p% YCurrent market value = $250 million6 ^/ b  H0 S/ q: p- Y9 a
Current book value = $225 million
) F' ]2 a% r) D6 y7 x( u! LSales = $750 million( b$ n4 X  Z! Z
Earnings = $75 million
* j5 V2 D1 v+ ~$ b4 ?! F0 f2 U/ ~Cash flow = $125 million
" v5 @0 {+ S0 F% Z  I5 yStock price = $7.50
9 }6 Y2 K0 r3 [9 [1 sWhich of the following statements regarding Gourmet and Company is most accurate?
7 r6 K1 V: z  j9 [5 k% p0 FA)    The price/book ratio is 0.90.
. r& ^. g* y( a- H/ dB)   The price/cash flow ratio is 0.50.& d* z" c2 s( L# T8 J  O
C)   The price/sales ratio is 0.33.
. C$ r  _' u- L4 M. W- q( A/ bD)   The price to earnings (P/E) ratio is 33.3.
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答案和详解如下:
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9 c7 t  }1 e1 RQuestion 979 s2 m/ w9 S4 w3 q& w5 N
An inverse floater is least accurately described as a floating-rate issue:6 f* A  @1 V* o( N
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
' S- \( u/ x8 ~: z$ w5 FB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
' i- D; y7 F* J7 RC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
" q& e' d9 L& A& B* E7 iD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate., `/ H- q) @. |9 Y+ ?( R
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答案和详解如下:
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Question 985 C7 v: j& D7 D6 b2 R! N5 w* d/ u* ^

7 F$ w7 a; D8 ~; fWhich of the following statements about embedded call options is most accurate?
( V( `, J8 p5 m1 L9 ^  I+ n* GA)    The call price acts as a floor on the value of a callable bond.
- b- a0 Y/ z; _3 FB)   The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
+ j1 p6 d8 U! ^9 z, sC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.9 y" b$ n# v  [4 S6 S' r
D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.8 q# D. }; ?8 y0 j+ D* r: ^
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答案和详解如下:
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Question 99" }9 O7 q5 V2 V9 E
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:, }  d% y# g5 ]' f
A)    6.5%.* j  _( K2 l2 ^" z2 x! i
B)   7.4%.
* |  ], j+ q# z( Q* w* VC)   8.6%.5 R0 C: R" k) W3 C  ~
D)   8.0%.
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答案和详解如下:% E# H2 p( L' V+ q( r6 G: ^
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' Z% W: _& U$ ^Question 100) x* O- E( V9 q% |$ L+ u3 x
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All other things being equal, which of the following bonds has the greatest duration?
8 T% L! K* u* n. vA)    5-year, 8% coupon bond.% b) E+ u$ m4 Z
B)   15-year, 12% coupon bond.0 z" Z- \- ?6 y1 w: `' b" @) z/ ^
C)   5-year, 12% coupon bond.
) [) M$ N6 F6 b! f, X6 Y) qD)   15-year, 8% coupon bond.$ N. {% T2 i! Y& n. e6 H
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答案和详解如下:/ ~( v1 d# `- C
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发表于 2015-7-26 20:31:16 | 显示全部楼层
好东西一定要看看!
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发表于 2019-5-14 11:05:04 | 显示全部楼层
谢谢谢谢
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发表于 2019-5-20 09:25:40 | 显示全部楼层
。。。。。。。。。。
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发表于 2020-12-4 14:38:08 | 显示全部楼层
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