有几个问题不明白，高手帮忙看看吧，顺便自己复习一下。谢谢啦！

另外，怎么感觉很多答案是错的？就是明明解释的是B，但给的答案是C那种，当然不是每套题都是这样，好像第二套很多？？？

1）Sample1 Afternoon Q61

Which of the following is FALSE?

B. For a discount coupon bond, CFO will decrease by the amount of the periodic coupon payment.

D. A bond issued at a discount has lower cash flow from operations and higher cash flow from financing than a bond issued at a premium.

答案选D，可我觉得B也不对呀！CFO不是应该减interest payment吗？怎么成了periodic coupon payment了？

2）Sample 1 Afternoon Q78

Under which of the following conditions would a firm be least likely to issue variable-rate debt?

A. The yield curve is sloping sharply upward.

B. The yield curve is sloping sharply downward.

C. Operating cash flows are positively correlated with short-term interest rates.

D. Operating cash flows are negatively correlated with short-term interest rates.

这个为什么选D？完全不知道怎么下手。。

3) Sample 2 Morning 25

答案是不是错了？解答上明明说left tail 16%，但给出的选项是A，即32%

4) Sample 2 Morning 70

Project X has a IRR of 14%, Y has IRR of 17%. Both have simple cash flow (all +ve after initial one). Which is most likely correct?

D. 10%, both projects will have a positive NPV, and the NPV of Project Y will exceed NPV of Project X.

答案是A。没看懂为什么D不对，但A肯定是对的。

5) Sample 2 Morning 73

Xanos Corp faced a 50% marginal tax rate last year and showed:

Deferred tax asset of $1000

Deferred tax liability of $5000

If there's a tax rate decline to 40%, which one is TRUE?

B. DTL reduced by $1000 and income tax expense by $800

C. DTA is reduced by $200, and income tax expense is reduced by $1000

答案选B，可我觉得C是对的？难道不是after tax cut, DTL=800, DTA=400？

3) Sample 2 Morning 111

Purchase one American put option chontract for $4 per option share; Owns 100 shares.

X=60, Stock price on the date of option purchase=60, stock price today=52,

Time to option expiry from today=1 Month.

答案给的B，-$400

可这个题明明是买了put，后来stock price 跌了，所以exercies the put and gain 60-52 per share，除去cost of $4 per option share，应该是gain $400？答案(B)错了吧！？

第一题B是对的，实际会计处理中减掉的是coupon,

for analytical purpose,才应该减interest expense

第二题记住好了，呵呵，我也错了

第三个答案错了

第四个那个关系不一定成立，NPV的大小关系取决于discount rate

你去看NPV profile那个图，两条线是交叉的

最后一个不记得什么了，但是答案没错

应该是有两问的吧，第一问是问value，不用考虑option premium

第二问要考虑，就这点区别

第五题，现在tax rate 是40%，原来是50，是原来的80%

所以DTL跟DTA都是原来的80%，这样是不是清除一些？

谢谢asterix!

还有最后一个题不知道有没有知道？

100 shares的股票现货亏损800 加上期权上的收益，合计-400

2）Sample 1 Afternoon Q78

Under which of the following conditions would a firm be least likely to issue variable-rate debt?

A. The yield curve is sloping sharply upward.

B. The yield curve is sloping sharply downward.

C. Operating cash flows are positively correlated with short-term interest rates.

D. Operating cash flows are negatively correlated with short-term interest rates.

OCFs r negatively correlated with S-T i/r: When S-T i/r increases, interest payment of variable-rate debt increases, AND ur OCF decrease...in such situations, u must pay more when u have less cash...

Of course A is also an unfavourable condition, but it does NOT mention what will happen to this partucular firm when i/r increase sharply. (maybe its revenue will also increase, and the additional profit can offset the extra interest payment)

3) Sample 2 Morning 111

Purchase one American put option chontract for $4 per option share; Owns 100 shares.

X=60, Stock price on the date of option purchase=60, stock price today=52,

Time to option expiry from today=1 Month.

Value of Put Option = $60-$52 = $8;

Profit from Put Option = $8-$4 = $4

Loss from Stock = $60-$52 = $8

Total Loss = ($8-$4)*100 = $400