MOOC CFA固定收益证券-首都经济贸易大学 中国大学慕课答案

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