【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MOOC答案

【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MOOC答案緒章測試題1、【單選題】Thenominalrisk-freerateisbestdescribedasthesumoftherealrisk-freerateanda本題答案：【expectedinflationpremium】2、【單選題】Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest本題答案：【daily】3、【單選題】Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto本題答案：【$113,733】4、【單選題】Aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto本題答案：【$97,532】5、【單選題】Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto本題答案：【$1,389】6、【單選題】Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis本題答案：【greaterthanthelumpsum】7、【單選題】Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto本題答案：【$3,867】8、【單選題】Whichofthefollowingriskpremiumsismostrelevantinexplainingthedifferenceinyieldsbetween30-yearbondsissuedbytheUSTreasuryand30-yearbondsissuedbyasmallprivateissuer?本題答案：【Liquidity】9、【單選題】Grandparentsarefundinganewborn'sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto本題答案：【$64,341】10、【單選題】Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto本題答案：【$461】第一章測試題1、【單選題】A10-yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi-annually,andiscurrentlypricedat102%ofpar.Thebonds本題答案：【tenorissixyears】2、【單選題】Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s本題答案：【indenture】3、【單選題】Whichofthefollowingisatypeofexternalcreditenhancement?本題答案：【Asuretybond】4、【單選題】Anaffirmativecovenantismostlikelytostipulate:本題答案：【howtheproceedsofthebondissuewillbeused】5、【單選題】Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris本題答案：【prohibitedfrominvestinginriskyprojects】6、【單選題】ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas本題答案：【foreignbonds】7、【單選題】Ifinterestratesareexpectedtoincrease,thecouponpaymentstructuremostlikelytobenefittheissuerisa本題答案：【capinafloating-ratenote】8、【單選題】Whichofthefollowingprovisionsisabenefittotheissuer?本題答案：【Callprovision】9、【單選題】Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta本題答案：【credit-linkedcouponbond】10、【單選題】Relativetoanotherwisesimilaroption-freebond.a本題答案：【putablebondwilltradeatahigherprice】第二章測試題1、【單選題】Thedistinctionbetweeninvestmentgradedebtandnon-investmentgradedebtisbestdescribedby本題答案：【creditquality】2、【單選題】Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely本題答案：【exhibithigherrisk】3、【單選題】Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely本題答案：【buysandresellsthenewlyissuedbondstoinvestorsordealers】4、【單選題】Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)本題答案：【auction】5、【單選題】Aliquidsecondarybondmarketallowsaninvestortosellabondat本題答案：【apriceclosetothebond'sfairmarketvalue】6、【單選題】Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes本題答案：【ashelfregistration】7、【單選題】Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?本題答案：【Commercialpaperisasourceofinterimfinancingforlong-termprojects】8、【單選題】Fortheissuer,asinkingfundarrangementismostsimilartoa本題答案：【serialmaturitystructure】9、【單選題】Whichofthefollowingisasourceofwholesalefundsforbanks?本題答案：【Negotiablecertificatesofdeposit】10、【單選題】Therepomarginonarepurchaseagreementismostlikelytobelowerwhen本題答案：【theunderlyingcollateralisinshortsupply】第三章測試題1、【單選題】Aportfoliomanagerisconsideringthepurchaseofabondwitha5.5%couponratethatpaysinterestannuallyandmaturesinthreeyears.Iftherequiredrateofreturnonthebondis5%,thepriceofthebondper100ofparvalueisclosestto本題答案：【101.36】2、【單選題】abondoffersanannualcouponrateof4%,withinterestpaidsemiannually.Thebondmaturesintwoyears.Atamarketdiscountrateof6%,thepriceofthisbondper100ofparvalueisclosestto本題答案：【96.28】3、【單選題】TwobondsAandBbothhave5yearstomaturity.BondA’scouponrateis6%andBondB’scouponrateis8%.Bothbondsarecurrentlytradingatparvalue.RelativetoBondB,fora200basispointsdecreasesintheyield,BondAwillmostlikelyexhibita(n):本題答案：【greaterpercentagepricechange】4、【單選題】BondAisasemi-annualcouponbondwithacouponrateof5%.ItpaysinterestonApril10andOctober10eachyearanditsmaturitydateisOct10,2020.IfitsYTMis4%and30/360day-countconventionmethodisused,whatisitsfullpriceonJune16,2018?本題答案：【103.10】5、【單選題】Theaccruedinterestper100ofparvalueforBondAinQuestion4on16June2018isclosestto本題答案：【0.92】6、【單選題】TheflatpriceforBondAinQuestion4on16June2018isclosestto本題答案：【102.18】7、【單選題】Matrixpricingallowsinvestorstoestimatemarketdiscountratesandpricesforbonds本題答案：【thatarenotactivelytrade】8、【單選題】Atwo-yearfloating-ratenotepays6-monthLiborplus80basispoints.Thefloaterispricedat97per100ofparvalue.Current6-monthLiboris1.00%.Assumea30/360day-countconventionandevenlyspacedperiods.Thediscountmarginforthefloaterinbasispointsisclosestto本題答案：【236bps】9、【單選題】Thebondequivalentyieldofa180-daybanker'sacceptancequotedatadiscountrateof4.25%fora360-dayyearisclosestto本題答案：【4.40%】10、【單選題】The2-yearand4-yearspotratesare3.5%and4.2%,respectively.Whatistheimplied2-yearforwardrate2-yearfromnow,iftherateissemi-annuallycompounded?本題答案：【4.902%】第四章測試題1、【單選題】Securitizationbenefitsfinancialmarketsby本題答案：【allowinginvestorstotailorcreditriskandinterestrateriskexposurestomeettheirindividualneeds】2、【單選題】Inasecuritization,thespecialpurposeentity(SPE)isresponsibleforthe本題答案：【issuanceoftheasset-backedsecurities】3、【單選題】Inasecuritization,timetranchingprovidesinvestorswiththeabilitytochoosebetween本題答案：【extensionandcontractionrisks】4、【單選題】Ifinterestratesincrease,aninvestorwhoownsamortgagepass-throughsecurityismostlikelyaffectedby本題答案：【extensionrisk】5、【單選題】Thetranchesinacollateralizedmortgageobligation(CMO)thataremostlikelytoprovideprotectionforinvestorsagainstbothextensionandcontractionriskare本題答案：【plannedamortizationclass(PAC)tranches】6、【單選題】Creditriskisanimportantconsiderationforcommercialmortgage-backedsecurities(CMBS)becausetheCMBSarebackedbymortgageloansthat本題答案：【arenon-recourse】7、【單選題】Whichofthefollowingbestdescribesthecashflowthatownersofcreditcardreceivableasset-backedsecuritiesreceiveduringthelockoutperiod?本題答案：【Onlyfinancechargescollectedandfees】8、【單選題】Adebtsecuritythatiscollateralizedbyapoolofthesovereigndebtofseveraldevelopingcountriesismostlikelya本題答案：【CDO】9、【單選題】ResidentialmortgagesthatmaybeincludedinagencyRMBSareleastlikelyrequiredtohave本題答案：【aminimumloan-to-valueratio】10、【單選題】Supporttranchesaremostappropriateforinvestorswhoare本題答案：【willingtoacceptprepaymentriskinexchangeforhigherreturns】第五章測試題1、【單選題】A“buy-and-hold”investorpurchasesafixed-ratebondatadiscountandholdsthesecurityuntilitmatures.Whichofthefollowingsourcesofreturnisleastlikelytocontributetotheinvestor’stotalreturnovertheinvestmenthorizon,assumingallpaymentsaremadeasscheduled?本題答案：【Capitalgain】2、【單選題】Whichofthefollowingsourcesofreturnismostlikelyexposedtointerestrateriskforaninvestorofafixed-ratebondwhoholdsthebonduntilmaturity？本題答案：【Reinvestmentofcouponpayments】3、【單選題】Aninvestorpurchasesabondatapriceaboveparvalue.Twoyearslater,theinvestorsellsthebond.Theresultingcapitalgainorlossismeasuredbycomparingthepriceatwhichthebondissoldtothe:本題答案：【carryingvalue.】4、【單選題】Aninvestorbuysathree-yearbondwitha5%couponratepaidannually.Thebond,withayield-to-maturityof3%,ispurchasedatapriceof105.657223per100ofparvalue.Assuminga5-basispointchangeinyield-to-maturity,thebond’sapproximatemodifieddurationisclosestto:本題答案：【2.78】5、【單選題】Aninvestorbuysa6%annualpaymentbondwiththreeyearstomaturity.Thebondhasayield-to-maturityof8%andiscurrentlypricedat94.845806per100ofpar.Thebond’sMacaulaydurationisclosestto:本題答案：【2.83】6、【單選題】Whichofthefollowingismostappropriateformeasuringabond’ssensitivitytoshapingrisk?本題答案：【keyrateduration】7、【單選題】Theinterestrateriskofafixed-ratebondwithanembeddedcalloptionisbestmeasuredby:本題答案：【Effectiveduration】8、【單選題】Assumingnochangeinthecreditriskofabond,thepresenceofanembeddedputoption:本題答案：【reducestheeffectivedurationofthebond.】9、【單選題】Alimitationofcalculatingabondportfolio’sdurationastheweightedaverageoftheyielddurationsoftheindividualbondsthatcomposetheportfolioisthatit:本題答案：【assumesaparallelshifttotheyieldcurve.】10、【單選題】Abondwithexactlynineyearsremaininguntilmaturityoffersa3%couponratewithannualcoupons.Thebond,withayield-to-maturityof5%,ispricedat85.784357per100ofparvalue.Theestimatedpricevalueofabasispointforthebondisclosestto:本題答案：【0.0648】第六章測試題1、【單選題】Theriskthatabond’screditworthinessdeclinesisbestdescribedby:本題答案：【creditmigrationrisk】2、【單選題】StedsmartLtdandFignermoLtdarealikewithrespecttofinancialandoperatingcharacteristics,exceptthatStedsmartLtdhaslesspubliclytradeddebtoutstandingthanFignermoLtd.StedsmartLtdismostlikelytohave本題答案：【highermarketliquidityrisk】3、【單選題】Intheeventofdefault,debentures’claimswillmostlikelyrank:本題答案：【belowthatofsecureddebtholders】4、【單選題】Intheeventofdefault,therecoveryrateofwhichofthefollowingbondswouldmostlikelybethehighest?本題答案：【Firstmortgagedebt】5、【單選題】Duringbankruptcyproceedingsofafirm,thepriorityofclaimswasnotstrictlya