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知到appCFA固定收益证券单元测试答案
绪论
单元测试
1
、
The nominal risk-free rate is best described as the sum of the real risk-free rate and a
A:expected inflation premium
B:liquidity risk premium
C:maturity risk premium
正确答案
:
【
expected inflation premium
】
2
、
A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.08%, then the bank is compounding interest
A:quarterly
B:daily
C:semi-annually
正确答案
:
【
daily
】
3
、
The value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to
A:$112,555
B:$113,733
C:$113,330
正确答案
:
【
$113,733
】
4
、
a client requires $100,000 one year from now. If the stated annual rate is 2.50% compounded weekly, the deposit needed today is closest to
A:97532
B:97500
C:97561
正确答案
:
【
97532
】
5
、
An investment pays $300 annually for five years, with the first payment occurring today. The present value of the investment discounted at a 4% annual rate is closest to
A:$1,625
B:$1,389
C:$1,336
正确答案
:
【
$1,389
】
6
、
A sweepstakes winner may select either a perpetuity of $2,000 a month beginning with the first payment in one month or an immediate lump sum payment of $350,000. If the annual discount rate is 6% compounded monthly, the present value of the perpetuity is
A:equal to the lump sum
B:less than the lump sum
C:greater than the lump sum
正确答案
:
【
greater than the lump sum
】
7
、
A sports car, purchased for $200,000, is financed for five years at an annual rate of 6% compounded monthly. If the first payment is due in one month, the monthly payment is closest to
A:3867
B:3957
C:3847
正确答案
:
【
3867
】
8
、
Which of the following provisions is a benefit to the issuer?
A:Call provision
B:Put provision
C:Conversion provision
正确答案
:
【
Call provision
】
9
、
Grandparents are funding a newborn
’
s future university tuition costs, estimated at $50,000/year for four years, with the first payment due in 18 years. Assuming a 6% effective annual rate, the required deposit today is closest to
A:60699
B:68201
C:64341
正确答案
:
【
64341
】
10
、
Given a stated annual interest rate of 6% compounded quarterly, the level amount that
，
deposited quarterly, will grow to $25,000 at the end of 10 years is closest to
A:474
B:836
C:461
正确答案
:
【
461
】
第一章
单元测试
1
、
A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bonds
A
:
redemption value is 102% of the par value
B
:
nominal rate is 5%
C
:
tenor is six years
正确答案
:
【
tenor is six years
】
2
、
The legal contract that describes the form of the bond, the obligations of the issuer, and the rights of the bondholders can be best described as a bond
’
s
A:covenant
B:indenture
C:debenture
正确答案
:
【
indenture
】
3
、
Which of the following is a type of external credit enhancement?
A:A surety bond
B:Overcollaterization
C:Covenants
正确答案
:
【
A surety bond
】
4
、
An affirmative covenant is most likely to stipulate
:
A:how the proceeds of the bond issue will be used
B:the maximum percentage of the issuers gross assets that can be sold
C:limits on the issuer
’
s leverage ratio
正确答案
:
【
how the proceeds of the bond issue will be used
】
5
、
Which of the following best describes a negative bond covenant? The issuer is
A:required to maintain its current lines of business
B:prohibited from investing in risky projects
C:required to pay taxes as they come due
正确答案
:
【
prohibited from investing in risky projects
】
6
、
A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom. These bonds can be best described as
A:global bonds
B:foreign bonds
C:Eurobonds
正确答案
:
【
foreign bonds
】
7
、
If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a
A
:
contraction risk
B
:
credit risk
C
:
extension risk
正确答案
:
【
contraction risk
】
8
、
Which of the following provisions is a benefit to the issuer?
A:Put provision
B:Conversion provision
C:Call provision
正确答案
:
【
Call provision
】
9
、
Investors seeking some general protection against a poor economy are most likely to select a
A
:
credit-linked coupon bond
B
:
payment-in-kind coupon bond
C
:
deferred coupon bond
正确答案
:
【
credit-linked coupon bond
】
10
、
Relative to an otherwise similar option-free bond. a
A:putable bond will trade at a higher price
B:callable bond will trade at a higher price
C:convertible bond will trade at a lower price
正确答案
:
【
putable bond will trade at a higher price
】
第二章
单元测试
1
、
The distinction between investment grade debt and non-investment grade debt is best described by
A:tax status
B:maturity dates
C:credit quality
正确答案
:
【
credit quality
】
2
、
Compared with developed markets bonds, emerging markets bonds most likely
A:benefit from lower growth prospects
B:exhibit higher risk
C:offer lower yields
正确答案
:
【
exhibit higher risk
】
3
、
In an underwritten offering, an investment bank that underwrites a bond issue most likely
A:incurs less risk associated with selling the bonds than in a best efforts offering
B:buys and resells the newly issued bonds to investors or dealers
C:acts as a broker and receives a commission for selling the bonds to investors
正确答案
:
【
buys and resells the newly issued bonds to investors or dealers
】
4
、
In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n)
A:best efforts offering
B:private placement
C:auction
正确答案
:
【
auction
】
5
、
A liquid secondary bond market allows an investor to sell a bond at
A:the desired price
B:a price close to the bond
’
s fair market value
C:a price at least equal to the purchase price
正确答案
:
【
a price close to the bond
’
s fair market value
】
6
、
A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes
A:a shelf registration
B:a private placement
C:the grey market
正确答案
:
【
a shelf registration
】
7
、
Which of the following statements relating to commercial paper is most accurate?
A:There is no secondary market for trading commercial paper
B:Commercial paper is a source of interim financing for long-term projects
C:Only the strongest, highly rated companies issue commercial paper
正确答案
:
【
Commercial paper is a source of interim financing for long-term projects
】
8
、
For the issuer, a sinking fund arrangement is most similar to a
A:term maturity structure
B:bondholder put provision
C:serial maturity structure
正确答案
:
【
serial maturity structure
】
9
、
Which of the following is a source of wholesale funds for banks?
A:Negotiable certificates of deposit
B:Money market accounts
C:Demand deposits
正确答案
:
【
Negotiable certificates of deposit
】
10
、
The repo margin on a repurchase agreement is most likely to be lower when
A:the credit risk associated with the underlying collateral is high
B:the maturity of the repurchase agreement is long
C:the underlying collateral is in short supply
正确答案
:
【
the underlying collateral is in short supply
】
第三章
单元测试
1
、
A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to
A:106.43
B:101.36
C:98.65
正确答案
:
【
101.36
】
2
、
a bond offers an annual coupon rate of 4%, with interest paid semiannually. The bond matures in two years. At a market discount rate of 6%, the price of this bond per 100 of par value is closest to
A:96.28
B:103.81
C:100
正确答案
:
【
96.28
】
3
、
Two bonds A and B both have 5 years to maturity. Bond A
’
s coupon rate is 6% and Bond B
’
s coupon rate is 8%. Both bonds are currently trading at par value. Relative to Bond B, for a 200 basis points decreases in the yield, Bond A will most likely exhibit a(n)
:
A:smaller percentage price change
B:greater percentage price change
C:equal percentage price change
正确答案
:
【
greater percentage price change
】
4
、
Bond A is a semi-annual coupon bond with a coupon rate of 5%. It pays interest on April 10 and October 10 each year and its maturity date is Oct 10, 2020. If its YTM is 4% and 30/360 day-count convention method is used, what is its full price on June 16, 2018?
A:103.10
B:103.65
C:102.36
正确答案
:
【
103.10
】
5
、
The accrued interest per 100 of par value for Bond A in Question 4 on 16 June 2018 is closest to
A:0.46
B:0.92
C:0.73
正确答案
:
【
0.92
】
6
、
The flat price for Bond A in Question 4 on 16 June 2018 is closest to
A:102.18
B:103.10
C:104.02
正确答案
:
【
102.18
】
7
、
Matrix pricing allows investors to estimate market discount rates and prices for bonds
A:with different coupon rates
B:that are not actively trade
C:with different credit quality
正确答案
:
【
that are not actively trade
】
8
、
A two-year floating-rate note pays 6-month Libor plus 80 basis points. The floater is priced at 97 per 100 of par value. Current 6-month Libor is 1.00%. Assume a 30/360 day-count convention and evenly spaced periods. The discount margin for the floater in basis points is closest to
A:236 bps
B:420 bps
C:180 bps
正确答案
:
【
236 bps
】
9
、
The bond equivalent yield of a 180-day banker
’
s acceptance quoted at a discount rate of 4.25% for a 360-day year is closest to
A:4.31%
B:4.34%
C:4.4%
正确答案
:
【
4.4%
】
10
、
The 2-year and 4-year spot rates are 3.5% and 4.2%, respectively. What is the implied 2-year forward rate 2-year from now, if the rate is semi-annually compounded?
A:0.04902
B:0.04905
C:0.05025
正确答案
:
【
0.04902
】
第四章
单元测试
1
、
Securitization benefits financial markets by
A:increasing the role of intermediaries
B:establishing a barrier between investors and originating borrowers
C:allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs
正确答案
:
【
allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs
】
2
、
In a securitization, the special purpose entity (SPE) is responsible for the
A:issuance of the asset-backed securities
B:collection of payments from the borrowers
C:recovery of underlying assets from delinquent borrowers
正确答案
:
【
issuance of the asset-backed securities
】
3
、
In a securitization, time tranching provides investors with the ability to choose between
A:fully amortizing and partially amortizing loans
B:extension and contraction risks
C:senior and subordinated bond classes
正确答案
:
【
extension and contraction risks
】
4
、
If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a
A
:
extension risk
B
:
contraction risk
C
:
credit risk
正确答案
:
【
contraction risk
】
5
、
The tranches in a collateralized mortgage obligation (CMO) that are most likely to provide protection for investors against both extension and contraction risk are
A:sequential-pay tranches
B:planned amortization class (PAC) tranches
C:support tranches
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发表于 2025-5-24 16:30:43
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