CFA固定收益证券 知到智慧树答案2024 z9396

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:liquidity risk premium
B:maturity risk premium
C:expected inflation premium
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:semi-annually
B:quarterly
C:daily
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:$113,330
C:$113,733
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:97500
B:97561
C:97532
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:$1,336
B:$1,389
C:$1,625
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
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:3847
C:3957
答案: 3867

8、
Which of the following provisions is a benefit to the issuer?

A:Call provision
B:Conversion provision
C:Put provision
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:64341
B:68201
C:60699
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
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:tenor is six years
B:nominal rate is 5%
C:redemption value is 102% of the par value
答案: redemption value is 102% of the par value

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:debenture
B:covenant
C:indenture
答案: indenture

3、
Which of the following is a type of external credit enhancement?

A:Overcollaterization
B:Covenants
C:A surety bond
答案: A surety bond

4、
An affirmative covenant is most likely to stipulate:

A:the maximum percentage of the issuers gross assets that can be sold
B:limits on the issuer’s leverage ratio
C:how the proceeds of the bond issue will be used
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:prohibited from investing in risky projects
B:required to pay taxes as they come due
C:required to maintain its current lines of business
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:Eurobonds
B:global bonds
C:foreign bonds
答案: foreign bonds

7、
If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by

A:credit risk
B:contraction risk
C:extension risk
答案: contraction risk

8、
Which of the following provisions is a benefit to the issuer?

A:Put provision
B:Call provision
C:Conversion provision
答案: Call provision

9、
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
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:credit quality
B:tax status
C:maturity dates
答案: credit quality

2、
Compared with developed markets bonds, emerging markets bonds most likely

A:exhibit higher risk
B:benefit from lower growth prospects
C:offer lower yields
答案: exhibit higher risk

3、
In an underwritten offering, an investment bank that underwrites a bond issue most likely

A:acts as a broker and receives a commission for selling the bonds to investors
B:buys and resells the newly issued bonds to investors or dealers
C:incurs less risk associated with selling the bonds than in a best efforts offering
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:auction
B:private placement
C:best efforts offering
答案: auction

5、
A liquid secondary bond market allows an investor to sell a bond at

A:the desired price
B:a price at least equal to the purchase price
C:a price close to the bond’s fair market value
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
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
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:bondholder put provision
B:term maturity structure
C:serial maturity structure
答案: serial maturity structure

9、
Which of the following is a source of wholesale funds for banks?

A:Demand deposits
B:Negotiable certificates of deposit
C:Money market accounts
答案: Negotiable certificates of deposit

10、
The repo margin on a repurchase agreement is most likely to be lower when

A:the underlying collateral is in short supply
B:the maturity of the repurchase agreement is long
C:the credit risk associated with the underlying collateral is high
答案: the underlying collateral is in short supply

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