2021知到答案 CFA固定收益证券 智慧树网课章节测试答案

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绪论 章节测试

1、选择题:The nominal risk-free rate is best described as the sum of the real risk-free rate and a
选项：
A:liquidity risk premium
B:maturity risk premium
C:expected inflation premium
答案: 【expected inflation premium】
2、选择题:A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.08%, then the bank is compounding interest
选项：
A:semi-annually
B:quarterly
C:daily
答案: 【daily】
3、选择题:The value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to
选项：
A:$112,555
B:$113,330
C:$113,733
答案: 【$113,733】
4、选择题:a client requires $100,000 one year from now. If the stated annual rate is 2.50% compounded weekly, the deposit needed today is closest to
选项：
A:97500
B:97561
C:97532
答案: 【97532】
5、选择题:An investment pays $300 annually for five years, with the first payment occurring today. The present value of the investment discounted at a 4% annual rate is closest to
选项：
A:$1,336
B:$1,389
C:$1,625
答案: 【$1,389】
6、选择题: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 perpetuity is
选项：
A:equal to the lump sum
B:less than the lump sum
C:greater than the lump sum
答案: 【greater than the lump sum】
7、选择题: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 to
选项：
A:3867
B:3847
C:3957
答案: 【3867】
8、选择题:Which of the following provisions is a benefit to the issuer?
选项：
A:Call provision
B:Conversion provision
C:Put provision
答案: 【Call provision】
9、选择题:Grandparents are funding a newborn’s future university tuition costs, estimated at $50,000/year for four years, with the first payment due in 18 years. Assuming a 6% effective annual rate, the required deposit today is closest to
选项：
A:64341
B:68201
C:60699
答案: 【64341】
10、选择题: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 to
选项：
A:474
B:836
C:461
答案: 【461】

第一章 章节测试

1、选择题: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 bonds
选项：
A:tenor is six years
B:nominal rate is 5%
C:redemption value is 102% of the par value
答案: 【redemption value is 102% of the par value】
2、选择题: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 bond’s
选项：
A:debenture
B:covenant
C:indenture
答案: 【indenture】
3、选择题:Which of the following is a type of external credit enhancement?
选项：
A:Overcollaterization
B:Covenants
C:A surety bond
答案: 【A surety bond】
4、选择题:An affirmative covenant is most likely to stipulate:
选项：
A:the maximum percentage of the issuers gross assets that can be sold
B:limits on the issuer’s leverage ratio
C:how the proceeds of the bond issue will be used
答案: 【how the proceeds of the bond issue will be used】
5、选择题:Which of the following best describes a negative bond covenant? The issuer is
选项：
A:prohibited from investing in risky projects
B:required to pay taxes as they come due
C:required to maintain its current lines of business
答案: 【prohibited from investing in risky projects】
6、选择题: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 as
选项：
A:Eurobonds
B:global bonds
C:foreign bonds
答案: 【foreign bonds】
7、选择题:If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by
选项：
A:credit risk
B:contraction risk
C:extension risk
答案: 【contraction risk】
8、选择题:Which of the following provisions is a benefit to the issuer?
选项：
A:Put provision
B:Call provision
C:Conversion provision
答案: 【Call provision】
9、选择题:Relative to an otherwise similar option-free bond. a
选项：
A:putable bond will trade at a higher price
B:callable bond will trade at a higher price
C:convertible bond will trade at a lower price
答案: 【putable bond will trade at a higher price】

第二章 章节测试

1、选择题:The distinction between investment grade debt and non-investment grade debt is best described by
选项：
A:credit quality
B:tax status
C:maturity dates
答案: 【credit quality】[$]
2、选择题:Compared with developed markets bonds, emerging markets bonds most likely
选项：
A:exhibit higher risk
B:benefit from lower growth prospects
C:offer lower yields
答案: 【exhibit higher risk】
3、选择题:In an underwritten offering, an investment bank that underwrites a bond issue most likely
选项：
A:acts as a broker and receives a commission for selling the bonds to investors
B:buys and resells the newly issued bonds to investors or dealers
C:incurs less risk associated with selling the bonds than in a best efforts offering
答案: 【buys and resells the newly issued bonds to investors or dealers】
4、选择题:In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n)
选项：
A:auction
B:private placement
C:best efforts offering
答案: 【auction】
5、选择题:A liquid secondary bond market allows an investor to sell a bond at
选项：
A:the desired price
B:a price at least equal to the purchase price
C:a price close to the bond’s fair market value
答案: 【a price close to the bond’s fair market value】
6、选择题:A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes
选项：
A:a shelf registration
B:a private placement
C:the grey market
答案: 【a shelf registration】
7、选择题:Which of the following statements relating to commercial paper is most accurate?
选项：
A:There is no secondary market for trading commercial paper
B:Commercial paper is a source of interim financing for long-term projects
C:Only the strongest, highly rated companies issue commercial paper
答案: 【Commercial paper is a source of interim financing for long-term projects】
8、选择题:For the issuer, a sinking fund arrangement is most similar to a
选项：
A:bondholder put provision
B:term maturity structure
C:serial maturity structure
答案: 【serial maturity structure】
9、选择题:Which of the following is a source of wholesale funds for banks?
选项：
A:Demand deposits
B:Negotiable certificates of deposit
C:Money market accounts
答案: 【Negotiable certificates of deposit】
10、选择题:The repo margin on a repurchase agreement is most likely to be lower when
选项：
A:the underlying collateral is in short supply
B:the maturity of the repurchase agreement is long
C:the credit risk associated with the underlying collateral is high
答案: 【the underlying collateral is in short supply】

第三章 章节测试

1、选择题:A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to
选项：
A:101.36
B:106.43
C:98.65
答案: 【101.36】
2、选择题:a bond offers an annual coupon rate of 4%, with interest paid semiannually. The bond matures in two years. At a market discount rate of 6%, the price of this bond per 100 of par value is closest to
选项：
A:103.81
B:100
C:96.28
答案: 【96.28】
3、选择题:Two bonds A and B both have 5 years to maturity. Bond A’s coupon rate is 6% and Bond B’s coupon rate is 8%. Both bonds are currently trading at par value. Relative to Bond B, for a 200 basis points decreases in the yield, Bond A will most likely exhibit a(n):
选项：
A:equal percentage price change
B:smaller percentage price change
C:greater percentage price change
答案: 【greater percentage price change】
4、选择题:Bond A is a semi-annual coupon bond with a coupon rate of 5%. It pays interest on April 10 and October 10 each year and its maturity date is Oct 10, 2020. If its YTM is 4% and 30/360 day-count convention method is used, what is its full price on June 16, 2018?
选项：
A:102.36
B:103.65
C:103.10
答案: 【103.10】
5、选择题:The accrued interest per 100 of par value for Bond A in Question 4 on 16 June 2018 is closest to
选项：
A:0.46
B:0.92
C:0.73
答案: 【0.92】
6、选择题:The flat price for Bond A in Question 4 on 16 June 2018 is closest to
选项：
A:103.10
B:104.02
C:102.18
答案: 【102.18】
7、选择题:Matrix pricing allows investors to estimate market discount rates and prices for bonds
选项：
A:with different coupon rates
B:that are not actively trade
C:with different credit quality
答案: 【that are not actively trade】
8、选择题:A two-year floating-rate note pays 6-month Libor plus 80 basis points. The floater is priced at 97 per 100 of par value. Current 6-month Libor is 1.00%. Assume a 30/360 day-count convention and evenly spaced periods. The discount margin for the floater in basis points is closest to
选项：
A:420 bps
B:236 bps
C:180 bps
答案: 【236 bps】
9、选择题:The bond equivalent yield of a 180-day banker’s acceptance quoted at a discount rate of 4.25% for a 360-day year is closest to
选项：
A:4.31%
B:4.4%
C:4.34%
答案: 【4.4%】
10、选择题:The 2-year and 4-year spot rates are 3.5% and 4.2%, respectively. What is the implied 2-year forward rate 2-year from now, if the rate is semi-annually compounded?
选项：
A:0.04905
B:0.05025
C:0.04902
答案: 【0.04902】

第四章 章节测试

1、选择题:Securitization benefits financial markets by
选项：
A:allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs
B:increasing the role of intermediaries
C:establishing a barrier between investors and originating borrowers
答案: 【allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs】
2、选择题:In a securitization, the special purpose entity (SPE) is responsible for the
选项：
A:recovery of underlying assets from delinquent borrowers
B:collection of payments from the borrowers
C:issuance of the asset-backed securities
答案: 【issuance of the asset-backed securities】
3、选择题:In a securitization, time tranching provides investors with the ability to choose between
选项：
A:extension and contraction risks
B:senior and subordinated bond classes
C:fully amortizing and partially amortizing loans
答案: 【extension and contraction risks】
4、选择题:If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by
选项：
A:credit risk
B:contraction risk
C:extension risk
答案: 【contraction risk】
5、选择题:The tranches in a collateralized mortgage obligation (CMO) that are most likely to provide protection for investors against both extension and contraction risk are
选项：
A:sequential-pay tranches
B:planned amortization class (PAC) tranches
C:support tranches
答案: 【planned amortization class (PAC) tranches】
6、选择题:Credit risk is an important consideration for commercial mortgage-backed securities (CMBS) because the CMBS are backed by mortgage loans that
选项：
A:have prepayment penalty points
B:are non-recourse
C:have call protection
答案: 【are non-recourse】
7、选择题:Which of the following best describes the cash flow that owners of credit card receivable asset-backed securities receive during the lockout period?
选项：
A:Only principal payments collected
B:No cash flow
C:Only finance charges collected and fees
答案: 【Only finance charges collected and fees】
8、选择题:A debt security that is collateralized by a pool of the sovereign debt of several developing countries is most likely a
选项：
A:CMBS
B:CDO
C:CMO
答案: 【CDO】
9、选择题:Residential mortgages that may be included in agency RMBS are least likely required to have
选项：
A:insurance on the mortgaged property
B:a minimum percentage down payment
C:a minimum loan-to-value ratio
答案: 【a minimum loan-to-value ratio】
10、选择题:Support tranches are most appropriate for investors who are
选项：
A:concerned about their exposure to concentration risk
B:willing to accept prepayment risk in exchange for higher returns
C:concerned about their exposure to extension risk
答案: 【willing to accept prepayment risk in exchange for higher returns】

第五章 章节测试

1、选择题:A “buy- and- hold” investor purchases a fixed- rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investor’s total return over the investment horizon, assuming all payments are made as scheduled?
选项：
A:Principal payment
B:Capital gain
C:Reinvestment of coupon payments
答案: 【Capital gain】
2、选择题:Which of the following sources of return is most likely exposed to interest rate risk for an investor of a fixed- rate bond who holds the bond until maturity？
选项：
A:Reinvestment of coupon payments
B:Capital gain or loss
C:Redemption of principal
答案: 【Reinvestment of coupon payments】
3、选择题:An investor purchases a bond at a price above par value. Two years later, the investor sells the bond. The resulting capital gain or loss is measured by com-paring the price at which the bond is sold to the:
选项：
A:original purchase price value plus the amortized amount of the premium.
B:carrying value.
C:original purchase price.
答案: 【carrying value.】
4、选择题:An investor buys a three- year bond with a 5% coupon rate paid annually. The bond, with a yield- to- maturity of 3%, is purchased at a price of 105.657223 per 100 of par value. Assuming a 5- basis point change in yield- to- maturity, the bond’s approximate modified duration is closest to:
选项：
A:2.86
B:2.78
C:5.56
答案: 【2.78】
5、选择题:An investor buys a 6% annual payment bond with three years to maturity. The bond has a yield- to- maturity of 8% and is currently priced at 94.845806 per 100 of par. The bond’s Macaulay duration is closest to:
选项：
A:2.62
B:2.78
C:2.83
答案: 【2.83】
6、选择题:Which of the following is most appropriate for measuring a bond’s sensitivity to shaping risk?
选项：
A:key rate duration
B:modified duration
C:effective duration
答案: 【key rate duration】
7、选择题:The interest rate risk of a fixed-rate bond with an embedded call option is best measured by:
选项：
A:Modified duration
B:Macaulay duration
C:Effective duration
答案: 【Effective duration】
8、选择题:Assuming no change in the credit risk of a bond, the presence of an embedded put option:
选项：
A:does not change the effective duration of the bond.
B:reduces the effective duration of the bond.
C:increases the effective duration of the bond.
答案: 【reduces the effective duration of the bond.】
9、选择题:A limitation of calculating a bond portfolio’s duration as the weighted average of the yield durations of the individual bonds that compose the portfolio is that it:
选项：
A:assumes a parallel shift to the yield curve.
B:is not applicable to portfolios that have bonds with embedded options.
C:is less accurate when the yield curve is less steeply sloped.
答案: 【assumes a parallel shift to the yield curve.】
10、选择题:A bond with exactly nine years remaining until maturity offers a 3% coupon rate with annual coupons. The bond, with a yield- to- maturity of 5%, is priced at 85.784357 per 100 of par value. The estimated price value of a basis point for the bond is closest to:
选项：
A:
0.0086
B:
0.0648
C:
0.1295
答案: 【
0.0648
】

第六章 章节测试

1、选择题:The risk that a bond’s creditworthiness declines is best described by:
选项：
A:market liquidity risk
B:spread widening risk
C:credit migration risk
答案: 【credit migration risk】
2、选择题:Stedsmart Ltd and Fignermo Ltd are alike with respect to financial and operating characteristics, except that Stedsmart Ltd has less publicly traded debt outstanding than Fignermo Ltd. Stedsmart Ltd is most likely to have
选项：
A:no market liquidity risk
B:higher market liquidity risk
C:lower market liquidity risk
答案: 【higher market liquidity risk】
3、选择题:In the event of default, debentures’ claims will most likely rank:
选项：
A:below that of secured debt holders
B:the same as that of secured debt holders
C:above that of secured debt holders
答案: 【below that of secured debt holders】
4、选择题:In the event of default, the recovery rate of which of the following bonds would most likely be the highest?
选项：
A:Senior unsecured debt
B:Junior subordinate debt
C:First mortgage debt
答案: 【First mortgage debt】
5、选择题:During bankruptcy proceedings of a firm, the priority of claims was not strictly adhered to. Which of the following is the least likely explanation for this outcome?
选项：
A:Senior creditors compromised
B:The value of secured assets was less than the amount of the claims
C:A judge’s order resulted in actual claims not adhering to strict priority of claims
答案: 【The value of secured assets was less than the amount of the claims】
6、选择题:A fixed income analyst is least likely to conduct an independent analysis of credit risk because credit rating agencies:
选项：
A:may at times mis-rate issues
B:cannot foresee future debt- financed acquisitions
C:often lag the market in pricing credit risk
答案: 【cannot foresee future debt- financed acquisitions】
7、选择题:If goodwill makes up a large percentage of a company’s total assets, this most likely indicates that:
选项：
A:the company has low free cash flow before dividends
B:there is a low likelihood that the market price of the company’s common stock is below book value
C:a large percentage of the company’s assets are not of high quality
答案: 【a large percentage of the company’s assets are not of high quality】
8、选择题:In order to analyze the collateral of a company a credit analyst should assess the:
选项：
A:soundness of management’s strategy
B:value of the company’s assets in relation to the level of debt
C:cash flows of the company
答案: 【value of the company’s assets in relation to the level of debt】
9、选择题:In order to determine the capacity of a company, it would be most appropriate to analyze the:
选项：
A:aggressiveness of the company’s accounting policies
B:company’s strategy
C:growth prospects of the industry
答案: 【growth prospects of the industry】
10、选择题:A credit analyst is evaluating the credit worthiness of three companies: a construction company, a travel and tourism company, and a beverage company. Both the construction and travel and tourism companies are cyclical, whereas the beverage company is non- cyclical. The construction company has the highest debt level of the three companies. The highest credit risk is most likely exhibited by the:
选项：
A:beverage company
B:construction company
C:travel and tourism company
答案: 【construction company】[/$]

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