2021知到答案【 CFA固定收益證券】智慧樹網(wǎng)課章節(jié)測試答案

1、第 頁2021知到答案【 CFA固定收益證券 】智慧樹網(wǎng)課章節(jié)測試答案 第三章 章節(jié)測試第五章 章節(jié)測試 1、選擇題:A “buy- and- hold” investor purchases a fixed- rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investors total return over the investment horizon,

2、 assuming all payments are made as scheduled?選項：A:Principal paymentB:Capital gainC:Reinvestment of coupon payments答案: 【Capital gain】2、選擇題:Which of the following sources of return is most likely exposed to interest rate risk for an investor of a fixed- rate bond who holds the bond until maturity？選項：A

3、:Reinvestment of coupon paymentsB:Capital gain or lossC:Redemption of principal答案: 【Reinvestment of coupon payments】3、選擇題:An investor purchases a bond at a price above par value. Two years later, the investor sells the bond. The resulting capital gain or loss is measured by com-paring the price at w

4、hich the bond is sold to the:選項：A:original purchase price value plus the amortized amount of the premium.B:carrying value.C:original purchase price.答案: 【carrying value.】4、選擇題:An investor buys a three- year bond with a 5% coupon rate paid annually. The bond, with a yield- to- maturity of 3%, is purch

5、ased at a price of 105.657223 per 100 of par value. Assuming a 5- basis point change in yield- to- maturity, the bonds approximate modified duration is closest to:選項：A:2.86B:2.78C:5.56答案: 【2.78】5、選擇題:An investor buys a 6% annual payment bond with three years to maturity. The bond has a yield- to- ma

6、turity of 8% and is currently priced at 94.845806 per 100 of par. The bonds Macaulay duration is closest to:選項：A:2.62B:2.78C:2.83答案: 【2.83】6、選擇題:Which of the following is most appropriate for measuring a bonds sensitivity to shaping risk?選項：A:key rate durationB:modified durationC:effective duration答

7、案: 【key rate duration】7、選擇題:The interest rate risk of a fixed-rate bond with an embedded call option is best measured by:選項：A:Modified durationB:Macaulay durationC:Effective duration答案: 【Effective duration】8、選擇題:Assuming no change in the credit risk of a bond, the presence of an embedded put option:

8、選項：A:does not change the effective duration of the bond.B:reduces the effective duration of the bond.C:increases the effective duration of the bond.答案: 【reduces the effective duration of the bond.】9、選擇題:A limitation of calculating a bond portfolios duration as the weighted average of the yield durat

9、ions of the individual bonds that compose the portfolio is that it:選項：A:assumes a parallel shift to the yield curve.B:is not applicable to portfolios that have bonds with embedded options.C:is less accurate when the yield curve is less steeply sloped.答案: 【assumes a parallel shift to the yield curve.

10、】10、選擇題:A bond with exactly nine years remaining until maturity offers a 3% coupon rate with annual coupons. The bond, with a yield- to- maturity of 5%, is priced at 85.784357 per100 of par value. The estimated price value of a basis point for the bond is closest to:選項：A:0.0086B:0.0648C:0.1295答案: 【0

11、.0648】 第六章 章節(jié)測試 1、選擇題:The risk that a bonds creditworthiness declines is best described by:選項：A:market liquidity riskB:spread widening riskC:credit migration risk答案: 【credit migration risk】2、選擇題:Stedsmart Ltd and Fignermo Ltd are alike with respect to financial and operating characteristics, except

12、that Stedsmart Ltd has less publicly traded debt outstanding than Fignermo Ltd. Stedsmart Ltd is most likely to have選項：A:no market liquidity riskB:higher market liquidity riskC:lower market liquidity risk答案: 【higher market liquidity risk】3、選擇題:In the event of default, debentures claims will most lik

13、ely rank:選項：A:below that of secured debt holdersB:the same as that of secured debt holdersC:above that of secured debt holders答案: 【below that of secured debt holders】4、選擇題:In the event of default, the recovery rate of which of the following bonds would most likely be the highest?選項：A:Senior unsecure

14、d debtB:Junior subordinate debtC:First mortgage debt答案: 【First mortgage debt】5、選擇題:During bankruptcy proceedings of a firm, the priority of claims was not strictly adhered to. Which of the following is the least likely explanation for this outcome?選項：A:Senior creditors compromisedB:The value of secu

15、red assets was less than the amount of the claimsC:A judges order resulted in actual claims not adhering to strict priority of claims答案: 【The value of secured assets was less than the amount of the claims】6、選擇題:A fixed income analyst is least likely to conduct an independent analysis of credit risk

16、because credit rating agencies:選項：A:may at times mis-rate issuesB:cannot foresee future debt- financed acquisitionsC:often lag the market in pricing credit risk答案: 【cannot foresee future debt- financed acquisitions】7、選擇題:If goodwill makes up a large percentage of a companys total assets, this most l

17、ikely indicates that:選項：A:the company has low free cash flow before dividendsB:there is a low likelihood that the market price of the companys common stock is below book valueC:a large percentage of the companys assets are not of high quality答案: 【a large percentage of the companys assets are not of

18、high quality】8、選擇題:In order to analyze the collateral of a company a credit analyst should assess the:選項：A:soundness of managements strategyB:value of the companys assets in relation to the level of debtC:cash flows of the company答案: 【value of the companys assets in relation to the level of debt】9、選擇題:In order to determine the capacity of a company, it would be most appropriate to analyze the:選項：A:aggressiveness of the companys