備考CFA考試每天逃不掉的都是學(xué)習(xí)新的知識(shí)點(diǎn),復(fù)習(xí)昨天的知識(shí),還有就是做題,這是考生備考的日常,那在學(xué)習(xí)完知識(shí)是不是該做題了呢?你的考試題做了沒有?如果沒有的話,跟著小編一起看看吧!
1、An analyst does research about embedded options.Which of the following embedded options is least likely to increase in value when interest rates increase?【單選題】
A.The right to put an issue.
B.The cap on a floater.
C.An accelerated sinking fund provision.
正確答案:C
答案解析:由于利率上升,對(duì)于浮動(dòng)利率債券的利率頂?shù)膬r(jià)值上升,因?yàn)楦锌赡艹^(guò)其所設(shè)定的利率頂,而超過(guò)利率頂時(shí),購(gòu)買者就能得到報(bào)償。由于利率上升,可回售債券價(jià)格下跌,被回售的可能性增加了,所以回售債券的權(quán)利增加價(jià)值了。加速沉沒資金條款是公司可以選擇提前償還全部或部分本金,在利率下跌的情況下,該條款更有價(jià)值,因?yàn)榭梢愿统杀具M(jìn)行融資,所以在利率上升的情況下,該權(quán)利減少價(jià)值。
2、The crowding-out effect is most likely associated with:【單選題】
A.falling real interest rates.
B.government budget deficits.
C.government budget surpluses.
正確答案:B
答案解析:“Fiscal Policy,” Michael Parkin
2011 Modular Level I, Vol. 2, pp. 440-441
Study Session 6-26-b
Discuss the sources of investment finance and the influence of fiscal policy on capital markets, including the crowding-out effect.
The tendency for a government budget deficit to decrease private investment is called the crowding-out effect.
CFA知識(shí)掌握不是一蹴而就的,需要考生不斷的積累,在備考CFA考試中遇到什么問(wèn)題可以在線咨詢,CFA知識(shí)學(xué)習(xí)需要的是堅(jiān)持,如果你需要CFA課程和資料可以咨詢老師。