CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96

! S* c& n/ @% H0 {) g' DGourmet and Company has the following information:
' y3 q) K. E! g5 U/ [. g5 tCurrent market value = $250 million
Current book value = $225 million
Sales = $750 million
Earnings = $75 million
% y: x& K; R6 ?! [, ~) XCash flow = $125 million
Stock price = $7.50
Which of the following statements regarding Gourmet and Company is most accurate?
& I. ^6 o$ Y  sA)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
. i3 N, y( K! e; h# E7 C( rD)   The price to earnings (P/E) ratio is 33.3.

9 P* r$ f: `+ |" L答案和详解如下：

游客，如果您要查看本帖隐藏内容请回复

$ d) h2 l/ ^! DQuestion 97
An inverse floater is least accurately described as a floating-rate issue:
A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
B)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
3 a& o4 H  P" ]9 h) l4 v: X4 `% _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.

答案和详解如下：
* }! a/ W2 P; |: o: p' u

游客，如果您要查看本帖隐藏内容请回复

Question 98

Which 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.
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.
2 T5 A( i: U# Y; KC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* E1 q. E1 ?8 l- e/ g; P& CD)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
8 y# w/ Q( \4 _- U& L, ?9 `% S# ?
/ V$ x+ q5 J& f. q7 _答案和详解如下：
! X3 ~/ [9 @! G1 k2 \3 }

游客，如果您要查看本帖隐藏内容请回复

& g# f' @' T, K" kQuestion 99
0 u/ B2 k+ Z3 [  [
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
A)    6.5%.
6 e1 h3 Z& K/ J" l1 ~% r$ sB)   7.4%.
+ `- G6 N0 x' l- R5 M3 [% U0 o4 @$ m, V* kC)   8.6%.
' v# b3 e+ H" n$ H4 u( z$ t1 [5 }9 SD)   8.0%.
+ f! z1 R( p1 d% o
答案和详解如下：
. y% w4 a6 ?, V- l# p' ?

游客，如果您要查看本帖隐藏内容请回复

. ?5 ]& Q) Y, j9 O* G- F
) Z3 m' H' o( l& d1 n: BQuestion 100
8 `* N3 J% \0 Y6 i" s* |
All other things being equal, which of the following bonds has the greatest duration?
A)    5-year, 8% coupon bond.
! [2 e$ H2 j2 {0 h* x7 ~B)   15-year, 12% coupon bond.
+ i+ k" q7 B! MC)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.

7 N- M* y  B3 L: n6 ?1 s答案和详解如下：
; [; w) N# P0 E

游客，如果您要查看本帖隐藏内容请回复

Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

lxyz061524

。。。。。。。。。。

hlbt930

66666666666666666666666666666666666666666666666666666666666666