cfa一級固定證券習題答案1、單選題：Thenominalrisk－freerateisbestdescribedasthesumoftherealrisk－freerateanda選項：A:maturityriskpremiumB:expectedinflationpremiumC:liquidityriskpremium答案:【expectedinflationpremium】2、單選題：Abankquotesastatedannualinterestrateof4.00%.Ifthatrateisequaltoaneffectiveannualrateof4.08%,thenthebankiscompoundinginterest選項：A:dailyB:semi－annuallyC:quarterly答案:【daily】3、單選題：Thevalueinsixyearsof$75,000investedtodayatastatedannualinterestrateof7%compoundedquarterlyisclosestto選項：A:$113,330B:$113,733C:$112,555答案:【$113,733】4、單選題：aclientrequires$100,000oneyearfromnow.Ifthestatedannualrateis2.50%compoundedweekly,thedepositneededtodayisclosestto選項：A:97532B:97500C:97561答案:【97532】5、單選題：Aninvestmentpays$300annuallyforfiveyears,withthefirstpaymentoccurringtoday.Thepresentvalueoftheinvestmentdiscountedata4%annualrateisclosestto選項：A:$1,389B:$1,336C:$1,625答案:【$1,389】6、單選題：Asweepstakeswinnermayselecteitheraperpetuityof$2,000amonthbeginningwiththefirstpaymentinonemonthoranimmediatelumpsumpaymentof$350,000.Iftheannualdiscountrateis6%compoundedmonthly,thepresentvalueoftheperpetuityis選項：A:greaterthanthelumpsumB:lessthanthelumpsumC:equaltothelumpsum答案:【greaterthanthelumpsum】7、單選題：Asportscar,purchasedfor$200,000,isfinancedforfiveyearsatanannualrateof6%compoundedmonthly.Ifthefirstpaymentisdueinonemonth,themonthlypaymentisclosestto選項：A:3847B:3957C:3867答案:【3867】8、單選題：Whichofthefollowingprovisionsisabenefittotheissuer?選項：A:CallprovisionB:PutprovisionC:Conversionprovision答案:【Callprovision】9、單選題：Grandparentsarefundinganewborn’sfutureuniversitytuitioncosts,estimatedat$50,000/yearforfouryears,withthefirstpaymentduein18years.Assuminga6%effectiveannualrate,therequireddeposittodayisclosestto選項：A:64341B:60699C:68201答案:【64341】10、單選題：Givenastatedannualinterestrateof6%compoundedquarterly,thelevelamountthat，depositedquarterly,willgrowto$25,000attheendof10yearsisclosestto選項：A:836B:474C:461答案:【461】第一章單元測試1、單選題：A10－yearbondwasissuedfouryearsago.ThebondisdenominatedinUSdollars,offersacouponrateof10%withinterestpaidsemi－annually,andiscurrentlypricedat102%ofpar.Thebonds選項：A:nominalrateis5%B:tenorissixyearsC:redemptionvalueis102%oftheparvalue答案:【tenorissixyears】2、單選題：Thelegalcontractthatdescribestheformofthebond,theobligationsoftheissuer,andtherightsofthebondholderscanbebestdescribedasabond’s選項：A:debentureB:indentureC:covenant答案:【indenture】3、單選題：Whichofthefollowingisatypeofexternalcreditenhancement?選項：A:CovenantsB:AsuretybondC:Overcollaterization答案:【Asuretybond】4、單選題：Anaffirmativecovenantismostlikelytostipulate:選項：A:howtheproceedsofthebondissuewillbeusedB:themaximumpercentageoftheissuersgrossassetsthatcanbesoldC:limitsontheissuer’sleverageratio答案:【howtheproceedsofthebondissuewillbeused】5、單選題：Whichofthefollowingbestdescribesanegativebondcovenant?Theissueris選項：A:requiredtomaintainitscurrentlinesofbusinessB:prohibitedfrominvestinginriskyprojectsC:requiredtopaytaxesastheycomedue答案:【prohibitedfrominvestinginriskyprojects】6、單選題：ASouthAfricancompanyissuesbondsdenominatedinpoundsterlingthataresoldtoinvestorsintheUnitedKingdom.Thesebondscanbebestdescribedas選項：A:EurobondsB:globalbondsC:foreignbonds答案:【foreignbonds】7、單選題：Ifinterestratesareexpectedtoincrease,thecouponpaymentstructuremostlikelytobenefittheissuerisa選項：A:capinafloating－ratenoteB:step－upcouponC:inflation－linkedcoupon答案:【capinafloating－ratenote】8、單選題：Whichofthefollowingprovisionsisabenefittotheissuer?選項：A:PutprovisionB:ConversionprovisionC:Callprovision答案:【Callprovision】9、單選題：Investorsseekingsomegeneralprotectionagainstapooreconomyaremostlikelytoselecta選項：A:deferredcouponbondB:payment－in－kindcouponbondC:credit－linkedcouponbond答案:【credit－linkedcouponbond】10、單選題：Relativetoanotherwisesimilaroption－freebond.a選項：A:callablebondwilltradeatahigherpriceB:convertiblebondwilltradeatalowerpriceC:putablebondwilltradeatahigherprice答案:【putablebondwilltradeatahigherprice】第二章單元測試1、單選題：Thedistinctionbetweeninvestmentgradedebtandnon－investmentgradedebtisbestdescribedby選項：A:creditqualityB:maturitydatesC:taxstatus答案:【creditquality】2、單選題：Comparedwithdevelopedmarketsbonds,emergingmarketsbondsmostlikely選項：A:benefitfromlowergrowthprospectsB:offerloweryieldsC:exhibithigherrisk答案:【exhibithigherrisk】3、單選題：Inanunderwrittenoffering,aninvestmentbankthatunderwritesabondissuemostlikely選項：A:buysandresellsthenewlyissuedbondstoinvestorsordealersB:incurslessriskassociatedwithsellingthebondsthaninabesteffortsofferingC:actsasabrokerandreceivesacommissionforsellingthebondstoinvestors答案:【buysandresellsthenewlyissuedbondstoinvestorsordealers】4、單選題：Inmajordevelopedbondmarkets,newlyissuedsovereignbondsaremostoftensoldtothepublicviaa(n)選項：A:privateplacementB:auctionC:besteffortsoffering答案:【auction】5、單選題：Aliquidsecondarybondmarketallowsaninvestortosellabondat選項：A:apriceatleastequaltothepurchasepriceB:thedesiredpriceC:apriceclosetothebond’sfairmarketvalue答案:【apriceclosetothebond’sfairmarketvalue】6、單選題：Amechanismbywhichanissuermaybeabletoofferadditionalbondstothegeneralpublicwithoutpreparinganewandseparateofferingcircularbestdescribes選項：A:thegreymarketB:aprivateplacementC:ashelfregistration答案:【ashelfregistration】7、單選題：Whichofthefollowingstatementsrelatingtocommercialpaperismostaccurate?選項：A:Onlythestrongest,highlyratedcompaniesissuecommercialpaperB:ThereisnosecondarymarketfortradingcommercialpaperC:Commercialpaperisasourceofinterimfinancingforlong－termprojects答案:【Commercialpaperisasourceofinterimfinancingfor