CFA考试一级章节练习题精选0331-52(附详解)

1、4CFA考试一级章节练习题精选0331-52附详解）1、A moral obligation bond is also known as: 【单选题】A. a prerefunded bond.B. a general obligation debt.C. an appropriation -backed obligation答案解析 : “ Overview of Bond Sectors and Instruments,正确答案 :C” Frank J. FabozziSome municipal bonds include a nonbinding pledge of additiona

2、l tax revenup any shortfalls; however legislative approval is required for the additional appropriation. These are known as moral obligation bonds. They are a form ofbacked by a trust of risklessgeneral obligation debt, but most general obligation debt does not include such a pledge. In contrast, a

3、prerefunded bond is securities that provide cash flows sufficient to pay the interest and principal payments of the bond.2、The bond -equivalent yield (BEY) spot rates for U.S. Treasury yields are provided below.On a BEY basis, the 6-month forward rate one year from now is closest to: 【单选题】A. 2.10%.B

4、. 3.64%.C. 4.21%.正确答案:C 答案解析：“ YieM easures, Spot Rates, and Forward Rates, Frank J. Fabozzi, CFAC is correct because, the x-year forward rate y-years from nowAll spot rates are given on a BEY basis and must be divided by 2 in this calculation,or"T；寫為。36.On a BEY basis, the forward rate is 0.02

5、1036X 2=4.21%3、An analyst does research about a callable bond.AII else being equal, is a callablebond most likely to exhibit negative convexity when the prevailing marketyieldfor that bond is relatively:【单选题】low com pared to the bond's coupon mte?high compared to the bonds coupon rate?A.NoNoB.No

6、YesCYesNoA.low com pared to thehigh compared to thebond's coupon rate?bonds coupon rate?A.NoNoBNoYesC.YesNolow compared to thehigh compared to thebond's coupon ratebond's coupon rate?A.NoNoB.NoYesC.YesNoB.C.正确答案:C 答案解析：当市场利率低于息票率时，更有可能触及到可赎回价格，这时体现价格和收益率的相互关系的曲线显示出负凸性。4、An analyst does r

7、esearch about a floating -rate security.All else being equal, thecap on a floating -rate security is most likely to benefit the:【单选题】A.issuer if interest rates fall.B. issuer if interest rates rise.C. bondholder if interest rates rise.正确答案:B 答案解析:浮动利率的利率顶对于债券的发行人有利，它限制了票面利率上涨的最高幅度，锁定了发行人的利息支出。5、An a

8、nalyst does research about bond valuation and gave her supervisor the followinginformation about two $1 000 par value option -free bonds:The analyst's sup ervisor reviewed the information and stated that the informationgiven is consistent with the exp ected relationshi ps for the bond 1 but is not【单选题】consistentwith the exp ected relationshi ps for the bond 2.1s the sup ervisor correct