備考CFA考試是不是考試題練習(xí)了，但是沒有人講解呢？今天我們先看看這幾道CFA考試題是不是掌握了呢？每天練習(xí)些是對(duì)自己考試知識(shí)點(diǎn)的檢驗(yàn)，跟著融躍一起看看！

All other things being equal,an increase in expected yield volatility least likely increases the price of:

A.a putable bond.

B.a callable bond.

C.an option-free bond.

【Answer：B】

解析：Explain how yield volatility affects the price of a bond with an embedded option and how changes in volatility affect the value of a callable bond and a putable bond.

B is correct because the price of a callable bond is equal to the value of an option-free bond minus the value of the embedded call option.A increase in yield volatility will increase the value of the call option and,therefore,decrease the value of the callable bond.


當(dāng)收益率波動(dòng)增大時(shí)，債券被贖回的可能性增加，因此投資者會(huì)面臨更大的再投資風(fēng)險(xiǎn)，所以可贖回債券的價(jià)格會(huì)降低

In a defined benefit pension plan:

A.the employee is responsible for making investment decisions.

B.the employee is promised a periodic payment upon retirement.

C.the employer’s pension expense is equal to its contributions to the plan.

答案：B

【解析:】

In a defined benefit pension plan,a periodic payment,typically based on the employee’s salary,is promised to the employee upon retirement and the employer contributes to an investment trust that generates the principal growth and income to meet the pension obligation.The employees do not direct the investments in their accounts as they do in a defined contribution plan.Pension expense for a defined benefit plan has several components,including service cost,prior service cost,and interest cost,and depends on actuarial assumptions and the expected rate of return on plan assets.

對(duì)于養(yǎng)老金固定收益計(jì)劃，雇員是同意在退休后接受周期性固定的養(yǎng)老金，所以B是對(duì)的；但雇員不做投資決定，是雇主做投資并承擔(dān)相應(yīng)風(fēng)險(xiǎn)的，所以A錯(cuò)誤；雇主的養(yǎng)老金費(fèi)用等于計(jì)劃繳款的金額是針對(duì)養(yǎng)老金固定繳款計(jì)劃的，所以C錯(cuò)誤。

CFA知識(shí)學(xué)習(xí)是長(zhǎng)期的事情，但是堅(jiān)持CFA考試是每一位學(xué)員應(yīng)該做到的。通過CFA考試掌握更多的金融知識(shí)，讓自己變成富有的人。更多CFA備考知識(shí)、資料領(lǐng)取及學(xué)習(xí)答疑的事情，學(xué)員可以在線咨詢老師。