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2019年CFA考试《CFA一级》章节练习题精选
帮考网校2019-11-11 09:05
2019年CFA考试《CFA一级》章节练习题精选

2019年CFA考试《CFA一级》考试共240题,分为单选题。小编为您整理Fixed Income Investments5道练习题,附答案解析,供您备考练习。


1、The bonds of Whakatane and Co. are priced for settlement on 15 July 2014 and have the following features.On the basis of this information, the difference between the full and flat prices is closest to:【单选题】

A.1.333.

B.2.667.

C.0.917.

正确答案:A

答案解析:The difference between the full and flat prices is the accrued interest, which is computed as follows. Based on the Actual/Actual day convention, the number of days between the coupon periods is 183 days. Also, using the Actual/Actual day count convention, the number of days between 15 May 2014 and 15 July 2014 is 16 days remaining in May + 30 days in June + 15 days in July = 61 days. Accrued interest (per $100 par value) = (61/183)(8.00/2) = 1.333.Section 3.1

2、Which embedded option is most beneficial to a bond issuer?【单选题】

A.A conversion privilege.

B.A floor on a floating rate bond.

C.An accelerated sinking fund provision.

正确答案:C

答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFAAn accelerated sinking fund provision gives the issuer an option to retire more than the sinking fund requirement. The other embedded options benefit bondholders.

3、If the price of a U.S. Treasury security is higher than its arbitrage-free value, a dealer can generate an arbitrage profit by:【单选题】

A.shorting the U.S. Treasury security and calling it from the issuer.

B.shorting the U.S. Treasury security and reconstituting it from strips.

C.buying the U.S. Treasury security, stripping it and selling the strips.

正确答案:B

答案解析:“Introduction to the Valuation of Debt Securities,” Frank J. Fabozzi, CFAB is correct because strips can be purchased to create a synthetic U.S. Treasury security to cover the short at a price lower than the price at which the U.S. Treasury security was shorted, generating a profit.

4、A "junk" bond is most likely a:【单选题】

A.bond with credit rating above BBB–.

B.high-yield bond.

C.supranational bond.

正确答案:B

答案解析:High-yield bonds are bonds with credit ratings below investment-grade levels, also known as speculative or junk bonds.Section 2.1

5、The type of residential mortgage least likely to contain a "balloon" payment is a(n):【单选题】

A.fully amortizing mortgage.

B.interest-only mortgage.

C.partially amortizing mortgage.

正确答案:A

答案解析:A fully amortizing mortgage is least likely to contain a balloon payment because the sum of all thescheduled principal repayments during the mortgage's life is such that when the last mortgagepayment is made the loan is paid in full.Section 4.3

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