CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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" j, W$ ]$ d) hGourmet and Company has the following information:
) [7 B  a  C" R  `0 E, o/ B2 rCurrent market value = $250 million
Current book value = $225 million
4 U3 V. ?& g8 ?Sales = $750 million
Earnings = $75 million
  X3 C% @2 D: B. JCash flow = $125 million
& r/ X6 `- x% X# ~5 z/ v4 MStock price = $7.50
7 G( u5 I) A4 mWhich of the following statements regarding Gourmet and Company is most accurate?
A)    The price/book ratio is 0.90.
B)   The price/cash flow ratio is 0.50.
! _# p$ z" ?4 D% a! u; C6 R# s( pC)   The price/sales ratio is 0.33.
" ~2 {5 o% G. U; ~D)   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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Question 97
An inverse floater is least accurately described as a floating-rate issue:
6 `  i8 @& B! N( W0 ]A)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
7 G  j8 s/ J8 g  F; _B)   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

9 C  W) K7 O+ ?4 xWhich 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.
. _! T0 {) Q! i5 K; s) L0 nC)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
( h) z# ]- x$ G9 |0 @D)   The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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Question 99

$ I$ b6 j, I% ~3 g2 mA 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:
) a4 b+ d8 P+ K) V" wA)    6.5%.
B)   7.4%.
C)   8.6%.
D)   8.0%.
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答案和详解如下：

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5 r9 n( M& N. R, VQuestion 100
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& Z  J2 n% |# B" T' f2 cAll other things being equal, which of the following bonds has the greatest duration?
. X! @3 S2 w+ U, i# I. w4 `2 }A)    5-year, 8% coupon bond.
/ |: J. O' @' SB)   15-year, 12% coupon bond.
7 z7 m4 o( f1 @8 Z* w# A$ GC)   5-year, 12% coupon bond.
: K' N( W' _& Y# {+ MD)   15-year, 8% coupon bond.
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9 I4 W: a. @% S/ }答案和详解如下：

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Daissmention

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fanfan

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