CFA Level 1 － 模考试题(3)（PM）－Q116-120 following, regarding, 考试题, style

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Question 116 

Given the following data regarding Printer, Inc.’s call options, which of the following statements is least accurate?

Stock Price	Expiration	Strike	Option Prem. (Last)
50	June	45	6
50	June	50	2
50	June	55	0.50

A) The June $45.00 call is an in-the-money option.

B) The June $50.00 call is an at-the-money option.

C) The intrinsic value of the June $45.00 call is $5.00.

D) The June $55.00 call is an in-the-money option.

 

Question 117 

Jill Booton is evaluating an apartment building as a possible investment to add to her portfolio. She has been told that real estate is a good addition to a portfolio for diversification purposes. Jill will not be able to handle the maintenance issues at the complex and thus must hire a full-time maintenance employee at $35,000 per year. She will also hire a full-time manager at $40,000 per year. Property taxes are expected to be $75,000 per year and insurance will be another $25,000. If fully occupied, the gross rental income from the property will be $850,000. Due to the location of the building, Jill estimates a very low vacancy rate of 3.5 percent annually. The net operating income of the property is closest to:

A) $4,963,462.

B) $825,250.

C) $6,348,077.

D) $645,250.

 

Question 118 

Harold Moore, CFA, wants to establish a collateralized futures position in an investable commodity index. Which of the following actions would correctly implement such a position? 

A) Sell index futures contracts with an expected future value of $30 million and buy Treasury securities with an expected future value of $30 million.

B) Buy index futures contracts with an expected future value of $30 million and buy Treasury securities with a market value of $30 million.

C) Sell index futures contracts with $30 million in underlying value and buy Treasury securities with an expected future value of $30 million.

D) Buy index futures contracts with $30 million in underlying value and buy Treasury securities with a market value of $30 million.

 

Question 119 

Compared to traditional equity investments, hedge funds face unique risks, including: 

A) higher standard deviation of returns, counterparty risk, and illiquidity.

B) potential mispricing, higher standard deviation of returns, and illiquidity.

C) counterparty credit risk, liquidity risk, and potential for mispricing. 

D) potential mispricing, counterparty risk, and higher volatility of returns.

 

Question 120 

A fund manager predicts that a recession is imminent. He believes this will cause automobile sales and the stock prices of auto manufacturers to decline. Since his fund is required to maintain a large stock position in auto manufacturers, he is looking for a way to offset some of the fund’s exposure to the risk facing the auto industry. Which of the following strategies would least effectively accomplish this goal? 

A) Sell steel futures.

B) Buy steel futures.

C) Buy utility stocks.

D) Buy put options on an auto industry ETF.

 

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答案和详解如下：

Answer 116 

The correct answer was D) The June $55.00 call is an in-the-money option. 

The June $55.00 call option is out-of-the money. It gives the purchaser the right to buy Printer, Inc. for $55.00 when they would only have to pay $50.00 in the market. 

This question tested from Session 17, Reading 73, LOS a, (Part 1)

 

Answer 117 

The correct answer was D)

NOI = $850,000 – ($850,000 x 0.035) – $35,000 – $40,000 – $25,000 – $75,000 = $645,250.

This question tested from Session 18, Reading 76, LOS f, (Part 1)

 

Answer 118 

The correct answer was D) Buy index futures contracts with $30 million in underlying value and buy Treasury securities with a market value of $30 million. 

A collateralized commodity futures position is established by going long a futures contract and collateralizing this position by buying Treasury securities with a market value equal to the futures contract value. 

This question tested from Session 18, Reading 76, LOS r

 

Answer 119 

The correct answer was C) counterparty credit risk, liquidity risk, and potential for mispricing. 

Hedge funds face a number of unique risks, including liquidity risk, potential mispricing, counterparty credit risk, settlement errors, forced covering of short positions, and margin calls. Hedge fund returns actually have exhibited a lower standard deviation than traditional equity investments. 

This question tested from Session 18, Reading 76, LOS k

 

Answer 120 

The correct answer was B) Buy steel futures. 

In times of recession, commodity prices tend to decline by a larger percentage than finished goods prices. Buying steel futures will only magnify the funds’ expected losses. However, selling steel futures may provide a partial hedge. Buying utility stocks can diversify the fund’s risk exposure as utilities are less cyclical and should be less affected by the recession. Buying put options can hedge the fund’s exposure to the auto industry because a decline in the prices of auto stocks will increase the value of the put options. 

This question tested from Session 18, Reading 76, LOS p 

 

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