CFA Level 1 － 模考试题(3)（AM）－Q96-100 investor, 考试题, style, class

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Question 96 

An investor bought a stock on margin. The margin requirement was 60%, the current price of the stock is $80, and the investor paid $50 for the stock 1 year ago. If margin interest is 5%, how much equity did the investor have in the investment at year-end? 

A) 67.7%.

B) 73.8%.

C) 60.6%.

D) 55.0%.

 

Question 97 

Starting with a flat Treasury yield curve and holding all else constant, what will the shape of the yield curve be if investors increase their preference for buying long-term Treasury securities relative to short-term Treasury securities? 

A) Slightly upward sloping.

B) Steeply upward sloping.

C) Downward sloping.

D) Flat.

 

Question 98 

An inverse or reverse floater is a bond where the coupon rate: 

A) varies directly with changes in the reference rate. 

B) moves in a direction opposite to that of the reference rate.

C) varies only if rates change by a substantial amount.

D) decreases in the early years and increases in the later years.

 

Question 99 

The six-year spot rate is 7% and the five-year spot rate is 6%. The implied one-year forward rate five years from now is closest to: 

A) 5.0%.

B) 6.5%.

C) 7.0%.

D) 12.0%.

 

Question 100 

 

Which of the following statements about a bond with a call feature is least accurate? 

A) The call feature exposes investors to additional reinvestment rate risk.

 

B) The call feature increases the bond's duration, increasing price risk.

C) The cash flow pattern of callable bonds cannot be known with certainty.

D) The call feature reduces the bond's capital appreciation potential.

 

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答案和详解如下：

Question 96 

The correct answer was B) 73.8%. 

Margin debt = 40% × $50 = $20; Interest = $20 × 0.05 = $1.

Equity % = [Value – (margin debt + interest)] / Value

$80 - $21 / $80 = 73.8% 

This question tested from Session 13, Reading 52, LOS g, (Part 1)

 

Question 97 

The correct answer was C) Downward sloping. 

Greater demand for long-term securities, all else constant, would put upward pressure on the price of long-term securities and put downward pressure on long-term yields, causing the yield curve to invert. 

This question tested from Session 15, Reading 65, LOS c, (Part 2)

 

Question 98 

The correct answer was B) moves in a direction opposite to that of the reference rate. 

An inverse or reverse floater is a bond where the coupon rate moves in a direction opposite to that of the reference rate. 

This question tested from Session 15, Reading 62, LOS b, (Part 3)

 

Question 99 

 

The correct answer was D) 12.0%. 

₁r₅= [(1 + R₆)⁶ / (1 + R₅)⁵] - 1 = [(1.07)⁶/(1.06)⁵] – 1 = [1.5 / 1.338] - 1 = 0.12 

This question tested from Session 16, Reading 68, LOS h, (Part 1)

 

Question 100 

The correct answer was B) 

A call feature decreases a bond's duration.

This question tested from Session 15, Reading 63, LOS c

 

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