MOOC CFA固定收益證券-首都經(jīng)濟(jì)貿(mào)易大學(xué) 中國大學(xué)慕課答案

MOOCCFA固定收益證券-首都經(jīng)濟(jì)貿(mào)易大學(xué)中國大學(xué)慕課答案緒章測試題1、問題：Thenominalrisk-freerateisbestdescribedasthesumoftherealrisk-freerateanda選項(xiàng)：A、maturityriskpremiumB、liquidityriskpremiumC、expectedinflationpremiumD、空正確答案:【expectedinflationpremium】2、問題：Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest選項(xiàng)：A、dailyB、quarterlyC、semi-annuallyD、空正確答案:【daily】3、問題：Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto選項(xiàng)：A、$112,555B、$113,330C、$113,733D、空正確答案:【$113,733】4、問題：Aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto選項(xiàng)：A、$97,500B、$97,532C、$97,561D、空正確答案:【$97,532】5、問題：Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto選項(xiàng)：A、$1,336B、$1,389C、$1,625D、空正確答案:【$1,389】6、問題：Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis選項(xiàng)：A、lessthanthelumpsumB、equaltothelumpsumC、greaterthanthelumpsumD、空正確答案:【greaterthanthelumpsum】7、問題：Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto選項(xiàng)：A、$3,847B、$3,867C、$3,957D、空正確答案:【$3,867】8、問題：Whichofthefollowingriskpremiumsismostrelevantinexplainingthedifferenceinyieldsbetween30-yearbondsissuedbytheUSTreasuryand30-yearbondsissuedbyasmallprivateissuer?選項(xiàng)：A、LiquidityB、MaturityC、InflationD、空正確答案:【Liquidity】9、問題：Grandparentsarefundinganewborn'sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto選項(xiàng)：A、$60,699B、$64,341C、$68,201D、空正確答案:【$64,341】10、問題：Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto選項(xiàng)：A、$461B、$474C、$836D、空正確答案:【$461】第一章測試題1、問題：A10-yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi-annually,andiscurrentlypricedat102%ofpar.Thebonds選項(xiàng)：A、tenorissixyearsB、nominalrateis5%C、redemptionvalueis102%oftheparvalueD、空正確答案:【tenorissixyears】2、問題：Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s選項(xiàng)：A、covenantB、indentureC、debentureD、空正確答案:【indenture】3、問題：Whichofthefollowingisatypeofexternalcreditenhancement?選項(xiàng)：A、CovenantsB、AsuretybondC、OvercollaterizationD、空正確答案:【Asuretybond】4、問題：Anaffirmativecovenantismostlikelytostipulate:選項(xiàng)：A、limitsontheissuer'sleverageratioB、howtheproceedsofthebondissuewillbeusedC、themaximumpercentageoftheissuersgrossassetsthatcanbesoldD、空正確答案:【howtheproceedsofthebondissuewillbeused】5、問題：Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris選項(xiàng)：A、prohibitedfrominvestinginriskyprojectsB、requiredtopaytaxesastheycomedueC、requiredtomaintainitscurrentlinesofbusinessD、空正確答案:【prohibitedfrominvestinginriskyprojects】6、問題：ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas選項(xiàng)：A、EurobondsB、globalbondsC、foreignbondsD、空正確答案:【foreignbonds】7、問題：Ifinterestratesareexpectedtoincrease,thecouponpaymentstructuremostlikelytobenefittheissuerisa選項(xiàng)：A、step-upcouponB、inflation-linkedcouponC、capinafloating-ratenoteD、空正確答案:【capinafloating-ratenote】8、問題：Whichofthefollowingprovisionsisabenefittotheissuer?選項(xiàng)：A、PutprovisionB、CallprovisionC、ConversionprovisionD、空正確答案:【Callprovision】9、問題：Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta選項(xiàng)：A、deferredcouponbondB、credit-linkedcouponbondC、payment-in-kindcouponbondD、空正確答案:【credit-linkedcouponbond】10、問題：Relativetoanotherwisesimilaroption-freebond.a選項(xiàng)：A、putablebondwilltradeatahigherpriceB、callablebondwilltradeatahigherpriceC、convertiblebondwilltradeatalowerpriceD、空正確答案:【putablebondwilltradeatahigherprice】第二章測試題1、問題：Thedistinctionbetweeninvestmentgradedebtandnon-investmentgradedebtisbestdescribedby選項(xiàng)：A、taxstatusB、creditqualityC、maturitydatesD、空正確答案:【creditquality】2、問題：Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely選項(xiàng)：A、offerloweryieldsB、exhibithigherriskC、benefitfromlowergrowthprospectsD、空正確答案:【exhibithigherrisk】3、問題：Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely選項(xiàng)：A、buysandresellsthenewlyissuedbondstoinvestorsordealersB、actsasabrokerandreceivesacommissionforsellingthebondstoinvestorsC、incurslessriskassociatedwithsellingthebondsthaninabesteffortsofferingD、空正確答案:【buysandresellsthenewlyissuedbondstoinvestorsordealers】4、問題：Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)選項(xiàng)：A、auctionB、privateplacementC、besteffortsofferingD、空正確答案:【auction】5、問題：Aliquidsecondarybondmarketallowsaninvestortosellabondat選項(xiàng)：A、thedesiredpriceB、apriceatleastequaltothepurchasepriceC、apriceclosetothebond'sfairmarketvalueD、空正確答案:【apriceclosetothebond'sfairmarketvalue】6、問題：Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes選項(xiàng)：A、thegreymarketB、ashelfregistrationC、aprivateplacementD、空正確答案:【ashelfregistration】7、問題：Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?選項(xiàng)：A、ThereisnosecondarymarketfortradingcommercialpaperB、Onlythestrongest,highlyratedcompaniesissuecommercialpaperC、Commercialpaperisasourceofinterimfinancingforlong-termprojectsD、空正確答案:【Commercialpaperisasourceofinterimfinancingforlong-termprojects】8、問題：Fortheissuer,asinkingfundarrangementismostsimilartoa選項(xiàng)：A、termmaturitystructureB、serialmaturitystructureC、bondholderputprovisionD、空正確答案:【serialmaturitystructure】9、問題：Whichofthefollowingisasourceofwholesalefundsforbanks?選項(xiàng)：A、DemanddepositsB、MoneymarketaccountsC、NegotiablecertificatesofdepositD、空正確答案:【Negotiablecertificatesofdeposit】10、問題：Therepomarginonarepurchaseagreementismostlikelytobelowerwhen選項(xiàng)：A、theunderlyingcollateralisinshortsupplyB、thematurityoftherepurchaseagreementislongC、thecreditriskassociatedwiththeunderlyingcollateralishighD、空正確答案:【theunderlyingcollateralisinshortsupply】第三章測試題1、問題：Aportfoliomanagerisconsideringthepurchaseofabondwitha5.5%couponratethatpaysinterestannuallyandmaturesinthreeyears.Iftherequiredrateofreturnonthebondis5%,thepriceofthebondper100ofparvalueisclosestto選項(xiàng)：A、98.65B、101.36C、106.43D、空正確答案:【101.36】2、問題：abondoffersanannualcouponrateof4%,withinterestpaidsemiannually.Thebondmaturesintwoyears.Atamarketdiscountrateof6%,thepriceofthisbondper100ofparvalueisclosestto選項(xiàng)：A、96.28B、100C、103.81D、空正確答案:【96.28】3、問題：TwobondsAandBbothhave5yearstomaturity.BondA’scouponrateis6%andBondB’scouponrateis8%.Bothbondsarecurrentlytradingatparvalue.RelativetoBondB,fora200basispointsdecreasesintheyield,BondAwillmostlikelyexhibita(n):選項(xiàng)：A、equalpercentagepricechangeB、greaterpercentagepricechangeC、smallerpercentagepricechangeD、空正確答案:【greaterpercentagepricechange】4、問題：BondAisasemi-annualcouponbondwithacouponrateof5%.ItpaysinterestonApril10andOctober10eachyearanditsmaturitydateisOct10,2020.IfitsYTMis4%and30/360day-countconventionmethodisused,whatisitsfullpriceonJune16,2018?選項(xiàng)：A、102.36B、103.10C、103.65D、空正確答案:【103.10】5、問題：Theaccruedinterestper100ofparvalueforBondAinQuestion4on16June2018isclosestto選項(xiàng)：A、0.46B、0.73C、0.92D、空正確答案:【0.92】6、問題：TheflatpriceforBondAinQuestion4on16June2018isclosestto選項(xiàng)：A、102.18B、103.10C、104.02D、空正確答案:【102.18】7、問題：Matrixpricingallowsinvestorstoestimatemarketdiscountratesandpricesforbonds選項(xiàng)：A、withdifferentcouponratesB、thatarenotactivelytradeC、withdifferentcreditqualityD、空正確答案:【thatarenotactivelytrade】8、問題：Atwo-yearfloating-ratenotepays6-monthLiborplus80basispoints.Thefloaterispricedat97per100ofparvalue.Current6-monthLiboris1.00%.Assumea30/360day-countconventionandevenlyspacedperiods.Thediscountmarginforthefloaterinbasispointsisclosestto選項(xiàng)：A、180bpsB、236bpsC、420bpsD、空正確答案:【236bps】9、問題：Thebondequivalentyieldofa180-daybanker'sacceptancequotedatadiscountrateof4.25%fora360-dayyearisclosestto選項(xiàng)：A、4.31%B、4.34%C、4.40%D、空正確答案:【4.40%】10、問題：The2-yearand4-yearspotratesare3.5%and4.2%,respectively.Whatistheimplied2-yearforwardrate2-yearfromnow,iftherateissemi-annuallycompounded?選項(xiàng)：A、4.902%B、4.905%C、5.025%D、空正確答案:【4.902%】第四章測試題1、問題：Securitizationbenefitsfinancialmarketsby選項(xiàng)：A、increasingtheroleofintermediariesB、establishingabarrierbetweeninvestorsandoriginatingborrowersC、allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneedsD、空正確答案:【allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneeds】2、問題：Inasecuritization,thespecialpurposeentity(SPE)isresponsibleforthe選項(xiàng)：A、issuanceoftheasset-backedsecuritiesB、collectionofpaymentsfromtheborrowersC、recoveryofunderlyingassetsfromdelinquentborrowersD、空正確答案:【issuanceoftheasset-backedsecurities】3、問題：Inasecuritization,timetranchingprovidesinvestorswiththeabilitytochoosebetween選項(xiàng)：A、extensionandcontractionrisksB、seniorandsubordinatedbondclassesC、fullyamortizingandpartiallyamortizingloansD、空正確答案:【extensionandcontractionrisks】4、問題：Ifinterestratesincrease,aninvestorwhoownsamortgagepass-throughsecurityismostlikelyaffectedby選項(xiàng)：A、creditriskB、extensionriskC、contractionriskD、空正確答案:【extensionrisk】5、問題：Thetranchesinacollateralizedmortgageobligation(CMO)thataremostlikelytoprovideprotectionforinvestorsagainstbothextensionandcontractionriskare選項(xiàng)：A、plannedamortizationclass(PAC)tranchesB、supporttranchesC、sequential-paytranchesD、空正確答案:【plannedamortizationclass(PAC)tranches】6、問題：Creditriskisanimportantconsiderationforcommercialmortgage-backedsecurities(CMBS)becausetheCMBSarebackedbymortgageloansthat選項(xiàng)：A、arenon-recourseB、havecallprotectionC、haveprepaymentpenaltypointsD、空正確答案:【arenon-recourse】7、問題：Whichofthefollowingbestdescribesthecashflowthatownersofcreditcardreceivableasset-backedsecuritiesreceiveduringthelockoutperiod?選項(xiàng)：A、NocashflowB、OnlyprincipalpaymentscollectedC、OnlyfinancechargescollectedandfeesD、空正確答案:【Onlyfinancechargescollectedandfees】8、問題：Adebtsecuritythatiscollateralizedbyapoolofthesovereigndebtofseveraldevelopingcountriesismostlikelya選項(xiàng)：A、CMBSB、CDOC、CMOD、空正確答案:【CDO】9、問題：ResidentialmortgagesthatmaybeincludedinagencyRMBSareleastlikelyrequiredtohave選項(xiàng)：A、aminimumloan-to-valueratioB、insuranceonthemortgagedpropertyC、aminimumpercentagedownpaymentD、空正確答案:【aminimumloan-to-valueratio】10、問題：Supporttranchesaremostappropriateforinvestorswhoare選項(xiàng)：A、concernedabouttheirexposuretoextensionriskB、concernedabouttheirexposuretoconcentrationriskC、willingtoacceptprepaymentriskinexchangeforhigherreturnsD、空正確答案:【willingtoacceptprepaymentriskinexchangeforhigherreturns】第五章測試題1、問題：A“buy-and-hold”investorpurchasesafixed-ratebondatadiscountandholdsthesecurityuntilitmatures.Whichofthefollowingsourcesofreturnisleastlikelytocontributetotheinvestor’stotalreturnovertheinvestmenthorizon,assumingallpaymentsaremadeasscheduled?選項(xiàng)：A、CapitalgainB、PrincipalpaymentC、ReinvestmentofcouponpaymentsD、空正確答案:【Capitalgain】2、問題：Whichofthefollowingsourcesofreturnismostlikelyexposedtointerestrateriskforaninvestorofafixed-ratebondwhoholdsthebonduntilmaturity？選項(xiàng)：A、CapitalgainorlossB、RedemptionofprincipalC、ReinvestmentofcouponpaymentsD、空正確答案:【Reinvestmentofcouponpayments】3、問題：Aninvestorpurchasesabondatapriceaboveparvalue.Twoyearslater,theinvestorsellsthebond.Theresultingcapitalgainorlossismeasuredbycomparingthepriceatwhichthebondissoldtothe:選項(xiàng)：A、carryingvalue.B、originalpurchaseprice.C、originalpurchasepricevalueplustheamortizedamountofthepremium.D、空正確答案:【carryingvalue.】4、問題：Aninvestorbuysathree-yearbondwitha5%couponratepaidannually.Thebond,withayield-to-maturityof3%,ispurchasedatapriceof105.657223per100ofparvalue.Assuminga5-basispointchangeinyield-to-maturity,thebond’sapproximatemodifieddurationisclosestto:選項(xiàng)：A、2.78B、2.86C、5.56D、空正確答案:【2.78】5、問題：Aninvestorbuysa6%annualpaymentbondwiththreeyearstomaturity.Thebondhasayield-to-maturityof8%andiscurrentlypricedat94.845806per100ofpar.Thebond’sMacaulaydurationisclosestto:選項(xiàng)：A、2.62B、2.78C、2.83D、空正確答案:【2.83】6、問題：Whichofthefollowingismostappropriateformeasuringabond’ssensitivitytoshapingrisk?選項(xiàng)：A、keyratedurationB、effectivedurationC、modifieddurationD、空正確答案:【keyrateduration】7、問題：Theinterestrateriskofafixed-ratebondwithanembeddedcalloptionisbestmeasuredby:選項(xiàng)：A、EffectivedurationB、ModifieddurationC、MacaulaydurationD、空正確答案:【Effectiveduration】8、問題：Assumingnochangeinthecreditriskofabond,thepresenceofanembeddedputoption:選項(xiàng)：A、reducestheeffectivedurationofthebond.B、increasestheeffectivedurationofthebond.C、doesnotchangetheeffectivedurationofthebond.D、空正確答案:【reducestheeffectivedurationofthebond.】9、問題：Alimitationofcalculatingabondportfolio’sdurationastheweightedaverageoftheyielddurationsoftheindividualbondsthatcomposetheportfolioisthatit:選項(xiàng)：A、assumesaparallelshifttotheyieldcurve.B、islessaccuratewhentheyieldcurveislesssteeplysloped.C、isnotapplicabletoportfoliosthathavebondswithembeddedoptions.D、空正確答案:【assumesaparallelshifttotheyieldcurve.】10、問題：Abondwithexactlynineyearsremaininguntilmaturityoffersa3%couponratewithannualcoupons.Thebond,withayield-to-maturityof5%,ispricedat85.784357per100ofparvalue.Theestimatedpricevalueofabasispointforthebondisclosestto:選項(xiàng)：A、0.0086B、0.0648C、0.1295D、空正確答案:【0.0648】第六章測試題1、問題：Theriskthatabond’screditworthinessdeclinesisbestdescribedby:選項(xiàng)：A、creditmigrationriskB、marketliquidityriskC、spreadwideningriskD、空正確答案:【creditmigrationrisk】2、問題：StedsmartLtdandFignermoLtdarealikewithrespecttofinancialandoperatingcharacteristics,exceptthatStedsmartLtdhaslesspubliclytradeddebtoutstandingthanFignermoLtd.StedsmartLtdismostlikelytohave選項(xiàng)：A、nomarketliquidityriskB、lowermarketliquidityriskC、highermarketliquidityriskD、空正確答案:【highermarketliquidityrisk】3、問題：Intheeventofdefault,debentures’claimswillmostlikelyrank:選項(xiàng)：A、abovethatofsecureddebtholdersB、belowthatofsecureddebtholdersC、thesameasthatofsecureddebtholdersD、空正確答案:【belowthatofsecureddebtholders】4、問題：Intheeventofdefault,therecoveryrateofwhichofthefollowingbondswouldmostlikelybethehighest?選項(xiàng)：A、FirstmortgagedebtB、SeniorunsecureddebtC、JuniorsubordinatedebtD、空正確答案:【Firstmortgagedebt】5、問題：Duringbankruptcyproceedingsofafirm,thepriorityofclaimswasnotstrictlyadheredto.Whichofthefollowingistheleastlikelyexplanationforthisoutcome?選項(xiàng)：A、SeniorcreditorscompromisedB、ThevalueofsecuredassetswaslessthantheamountoftheclaimsC、Ajudge’sorderresultedinactualclaimsnotadheringtostrictpriorityofcla