CFA一級每日一練(含詳細解析)64

1、1、A moral obligation bond is also known as:單選題】A.a prerefunded bond.B.a general obligation debt.C.an appropriation-backed obligation正確答案 :C答案解析 :“Overview of Bond Sectors and Instruments,2010 Modular Level I, Vol. 5, pp. 321-323Study Session 15-62-gCFA 級每日一練（含詳細解析）”Frank J. Fabozzi64Describe the typ

2、es of securities issued by municipalities in the United States and distinguish between tax-backed debt and revenue bonds.Some municipal bonds include a nonbinding pledge of additional tax revenue to make up any shortfalls; however legislative approval is required for the additional appropriation. Th

3、eseare known as moral obligation bonds. They are a form of general obligation debt, but most general obligation debt does not include such a pledge. In contrast, a prerefunded bond isbacked by a trust of riskless securities that provide cash flows sufficient to pay the interest and principal payment

4、s of the bond.2、If an investor uses derivatives to make a long investment in commodities, the return earned on margin is best described as:單選題】A.price return.B.collateral yield.C.convenience yield.1B is correct. Enterp rise value (EV) = Market cap italizatio n + MV of debt + MV of p referred stock-C

5、ash and short-term inv estme nts.正確答案:B答案解析:Investing in Commodities,” Ronald G. Layard-Liesching 2013 Modular Level I, Vol. 6, Read ing 67, Sectio n 1Study Session 18-67-bDescribe the sources of return and risk for a commodity inv estme nt and the effect on a po rtfolio of add ing an allocatio n to

6、 commodities.B is correct. Collateral yield is the return on cash used as margin on derivatives used to gai n commodity expo sure.3、An inv estor who wants to estimate the enterp rise value multi pie (EV/EBITDA) of a company has gathered the followi ng data:Market value of debt$10 millionMarket capit

7、alization$45 millionCash and short-term investments$2.5 millionEBITDA$15 millionFirm's marginal tax rate40%The company 'EV/EBITDA mult ip le is closest to:【單選題】A. 2.5.B. 3.5.C. 5.8.正確答案:B 答案解析：Equity Valuation: Concepts and Basic Tools, ” John J. Nagorniak, CFA and Stephen E. Wilcox, CFA 201

8、3 Modular Level I, Vol. 5, Readi ng 51, Sectio n 5.4Study Session 14-51-iExp la in the use of enterp rise value mult ip les in equity valuati on and dem on strate the use of enterp rise value mult ip les to estimate equity value.5EV = 45 + 10-2.5 = 52.5; EV/EBITDA = 52.5/15 = 3.5【單選4、An an alyst doe

9、s research about debt cove nan ts.Which of the followi ng leastlikely lowers the risk to creditors? A debt cove nant sp ecify ing a mi nimum level ofthe borrower's:題】A. curre nt ratio.B. divide nd p ayout ratio.C. i nterest coverage ratio.正確答案:B 答案解析:current ratio = current assets/current liabil

10、ities in terest coverage ratio = earnings before in terest and taxes/i nterest p ayme nts設定流動比率(current ratio )和利息保障倍數(shù)(interest coverage ratio)的最小值，有利于保持發(fā)行人的償債能力，降低了債權人的風險；而設定最低的派息率，會將更多的股利分配給股東，從而 減少了公司現(xiàn)金，增加了債權人的風險。5、An analyst does research about cash conversion cycle and gathers the followinginformation about two companies from the same industry:A. less than that of company 2.B. equal to that of company 2.C. more than that of company 2.正確答案 :B答案解析 :現(xiàn)金周轉期( cash conversion cycle )(Company 1 ) = 應收賬款回