cfa一级固定证券习题答案

cfa一级固定证券习题答案1、单选题：Thenominalrisk－freerateisbestdescribedasthesumoftherealrisk－freerateanda选项：A:maturityriskpremiumB:expectedinflationpremiumC:liquidityriskpremium答案:【expectedinflationpremium】2、单选题：Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest选项：A:dailyB:semi－annuallyC:quarterly答案:【daily】3、单选题：Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto选项：A:$113,330B:$113,733C:$112,555答案:【$113,733】4、单选题：aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto选项：A:97532B:97500C:97561答案:【97532】5、单选题：Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto选项：A:$1,389B:$1,336C:$1,625答案:【$1,389】6、单选题：Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis选项：A:greaterthanthelumpsumB:lessthanthelumpsumC:equaltothelumpsum答案:【greaterthanthelumpsum】7、单选题：Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto选项：A:3847B:3957C:3867答案:【3867】8、单选题：Whichofthefollowingprovisionsisabenefittotheissuer?选项：A:CallprovisionB:PutprovisionC:Conversionprovision答案:【Callprovision】9、单选题：Grandparentsarefundinganewborn’sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto选项：A:64341B:60699C:68201答案:【64341】10、单选题：Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto选项：A:836B:474C:461答案:【461】第一章单元测试1、单选题：A10－yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi－annually,andiscurrentlypricedat102%ofpar.Thebonds选项：A:nominalrateis5%B:tenorissixyearsC:redemptionvalueis102%oftheparvalue答案:【tenorissixyears】2、单选题：Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s选项：A:debentureB:indentureC:covenant答案:【indenture】3、单选题：Whichofthefollowingisatypeofexternalcreditenhancement?选项：A:CovenantsB:AsuretybondC:Overcollaterization答案:【Asuretybond】4、单选题：Anaffirmativecovenantismostlikelytostipulate:选项：A:howtheproceedsofthebondissuewillbeusedB:themaximumpercentageoftheissuersgrossassetsthatcanbesoldC:limitsontheissuer’sleverageratio答案:【howtheproceedsofthebondissuewillbeused】5、单选题：Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris选项：A:requiredtomaintainitscurrentlinesofbusinessB:prohibitedfrominvestinginriskyprojectsC:requiredtopaytaxesastheycomedue答案:【prohibitedfrominvestinginriskyprojects】6、单选题：ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas选项：A:EurobondsB:globalbondsC:foreignbonds答案:【foreignbonds】7、单选题：Ifinterestratesareexpectedtoincrease,thecouponpaymentstructuremostlikelytobenefittheissuerisa选项：A:capinafloating－ratenoteB:step－upcouponC:inflation－linkedcoupon答案:【capinafloating－ratenote】8、单选题：Whichofthefollowingprovisionsisabenefittotheissuer?选项：A:PutprovisionB:ConversionprovisionC:Callprovision答案:【Callprovision】9、单选题：Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta选项：A:deferredcouponbondB:payment－in－kindcouponbondC:credit－linkedcouponbond答案:【credit－linkedcouponbond】10、单选题：Relativetoanotherwisesimilaroption－freebond.a选项：A:callablebondwilltradeatahigherpriceB:convertiblebondwilltradeatalowerpriceC:putablebondwilltradeatahigherprice答案:【putablebondwilltradeatahigherprice】第二章单元测试1、单选题：Thedistinctionbetweeninvestmentgradedebtandnon－investmentgradedebtisbestdescribedby选项：A:creditqualityB:maturitydatesC:taxstatus答案:【creditquality】2、单选题：Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely选项：A:benefitfromlowergrowthprospectsB:offerloweryieldsC:exhibithigherrisk答案:【exhibithigherrisk】3、单选题：Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely选项：A:buysandresellsthenewlyissuedbondstoinvestorsordealersB:incurslessriskassociatedwithsellingthebondsthaninabesteffortsofferingC:actsasabrokerandreceivesacommissionforsellingthebondstoinvestors答案:【buysandresellsthenewlyissuedbondstoinvestorsordealers】4、单选题：Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)选项：A:privateplacementB:auctionC:besteffortsoffering答案:【auction】5、单选题：Aliquidsecondarybondmarketallowsaninvestortosellabondat选项：A:apriceatleastequaltothepurchasepriceB:thedesiredpriceC:apriceclosetothebond’sfairmarketvalue答案:【apriceclosetothebond’sfairmarketvalue】6、单选题：Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes选项：A:thegreymarketB:aprivateplacementC:ashelfregistration答案:【ashelfregistration】7、单选题：Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?选项：A:Onlythestrongest,highlyratedcompaniesissuecommercialpaperB:ThereisnosecondarymarketfortradingcommercialpaperC:Commercialpaperisasourceofinterimfinancingforlong－termprojects答案:【Commercialpaperisasourceofinterimfinancingfor