CFA-Level-I 試験問題を無料オンラインアクセス

Which of the following bonds will have the smallest percentage decrease in price if all required returns increase by 1%?

• A.1-year 10% coupon bond
• B.20-year zero-coupon bond
• C.20-year 10% coupon bond

BWT, Inc. shows the following data in its financial statements at the end of the year. Assume all securities were outstanding at the beginning of the year:
6.125% convertible bond, convertible into 33 shares of common stock. Issue price $1,000, 100
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bonds outstanding.
6.25% convertible preferred stock, $100 par, 3,710 shares outstanding. Convertible into 3.3
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shares of common stock, Issue price $100
8% convertible preferred stock, $100 par, 5,604 shares outstanding. Convertible into 5 common
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shares, Issue price $80
12,380 warrants are outstanding with an exercise price of $40. Each warrant is convertible into 1
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share of common. Average market price of common is $53.00 per share. Common shares outstanding at the beginning of the year were 45,888.Net Income for the period was $200,000, while the tax rate was 40%.
What were the Diluted EPS for the year?

• A.2.28
• B.2.20
• C.2.16

Michelieu tells a prospective client, "I may not have a long-term track record yet, but I'm sure that you'll be very pleased with my recommendations and service. In the three years that I've been in the business, my equity-oriented clients have averaged a total return of more than 26 percent a year." The statement is true, but Michelieu only has a few clients and one of his clients took a large position in a penny stock (against Michelieu's advice) and realized a huge gain. This large return caused the average of all of Michelieu's clients to exceed 26 percent a year. Without this one investment, the average gain would have been 8 percent a year.
Has Michelieu violated the Standards?

• A.Yes, because his statements do not fairly and accurately reflect his track record.
• B.No, because the 30% return is in fact a true record of Kent's performance.
• C.Yes, because he did not consider the clients investment preferences when stating his performance.

A portfolio is comprised of the following 3 bonds:
Bond | Maturity | Coupon | Duration | Weight
Bond A |22 | 6% | 9.1 | 20% Bond B | 17 | 7% | 7.5 | 50% Bond C |8 | 8% | 3.3 | 30%
What is the portfolio's duration?

• A.6.56
• B.5.61
• C.4.51

Which statement is the most correct?

• A.Portfolios affect return more than risk.
• B.Portfolios affect both return and risk equally.
• C.Portfolios affect risk more than return.