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1、智慧树知到CFA固定收益证券章节测试答案绪论单元测试1、The nominal risk-free rate is best described as the sum of the real risk-free rate and aA.liquidity risk premiumB.maturity risk premiumC.expected inflation premium正确答案：expected inflation premium2、A bank quotes a stated annual interest rate of 4.00%.If that rate is equal t
2、o an effective annual rate of 4.08%， then the bank is compounding interestA.semi-annuallyB.quarterlyC.daily正确答案：daily3、The value in six years of $75，000 invested today at a stated annual interest rate of 7% compounded quarterly is closest toA.$112，555B.$113，330C.$113，733正确答案：$113，7334、a client requi
3、res $100，000 one year from now.If the stated annual rate is 2.50% compounded weekly， the deposit needed today is closest toA.97500B.97561C.97532正确答案：975325、An investment pays $300 annually for five years， with the first payment occurring today.The present value of the investment discounted at a 4% a
4、nnual rate is closest toA.$1，336B.$1，389C.$1，625正确答案：$1，3896、A sweepstakes winner may select either a perpetuity of $2，000 a month beginning with the first payment in one month or an immediate lump sum payment of $350，000.If the annual discount rate is 6% compounded monthly， the present value of the
5、 perpetuity isA.equal to the lump sumB.less than the lump sumC.greater than the lump sum正确答案：greater than the lump sum7、A sports car， purchased for $200，000， is financed for five years at an annual rate of 6% compounded monthly.If the first payment is due in one month， the monthly payment is closest
6、 toA.3867B.3847C.3957正确答案：38678、Which of the following provisions is a benefit to the issuer？A.Call provisionB.Conversion provisionC.Put provision正确答案：Call provision9、Grandparents are funding a newborns future university tuition costs， estimated at $50，000/year for four years， with the first payment
7、 due in 18 years.Assuming a 6% effective annual rate， the required deposit today is closest toA.64341B.68201C.60699正确答案：6434110、Given a stated annual interest rate of 6% compounded quarterly， the level amount that，deposited quarterly， will grow to $25，000 at the end of 10 years is closest toA.474B.8
8、36C.461正确答案：461第一章单元测试1、A 10-year bond was issued four years ago.The bond is denominated in US dollars， offers a coupon rate of 10% with interest paid semi-annually， and is currently priced at 102% of par.The bondsA.tenor is six yearsB.nominal rate is 5%C.redemption value is 102% of the par value正确答
9、案：redemption value is 102% of the par value2、The legal contract that describes the form of the bond， the obligations of the issuer， and the rights of the bondholders can be best described as a bondsA.debentureB.covenantC.indenture正确答案：indenture3、Which of the following is a type of external credit en
10、hancement？A.OvercollaterizationB.CovenantsC.A surety bond正确答案：A surety bond4、An affirmative covenant is most likely to stipulate：A.the maximum percentage of the issuers gross assets that can be soldB.limits on the issuers leverage ratioC.how the proceeds of the bond issue will be used正确答案：how the pr
11、oceeds of the bond issue will be used5、Which of the following best describes a negative bond covenant？ The issuer isA.prohibited from investing in risky projectsB.required to pay taxes as they come dueC.required to maintain its current lines of business正确答案：prohibited from investing in risky project
12、s6、A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom.These bonds can be best described asA.EurobondsB.global bondsC.foreign bonds正确答案：foreign bonds7、If interest rates increase， an investor who owns a mortgage pass-through security is
13、most likely affected byA.credit riskB.contraction riskC.extension risk正确答案：contraction risk8、Which of the following provisions is a benefit to the issuer？A.Put provisionB.Call provisionC.Conversion provision正确答案：Call provision9、Relative to an otherwise similar option-free bond.aA.putable bond will t
14、rade at a higher priceB.callable bond will trade at a higher priceC.convertible bond will trade at a lower price正确答案：putable bond will trade at a higher price第二章单元测试1、The distinction between investment grade debt and non-investment grade debt is best described byA.credit qualityB.tax statusC.maturit
15、y dates正确答案：credit quality2、Compared with developed markets bonds， emerging markets bonds most likelyA.exhibit higher riskB.benefit from lower growth prospectsC.offer lower yields正确答案：exhibit higher risk3、In an underwritten offering， an investment bank that underwrites a bond issue most likelyA.acts as a broker and receives a commission for selling the bonds to investorsB.buys and resells the newly issued bonds to investors or dealersC.incurs less risk associated with selling the bonds than in a best efforts offering正确答案：buys and resells the newly issued bonds
