智慧树2021CFA固定收益证券答案

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