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Skop & Pecahan Topik

 

A. CALCULATIONS

STOCK MARKET

1. An investor just sold 100 shares of Cosmo Berhad’s common stock for RM53.00 a share. The investor
    bought the shares a year ago for RM41.00 each, and also received four quarterly dividends of RM28.00
    each. Calculate the investor’s holding period return.

        A. 30%

        B. 22%

        C. 28%

        D. 32%

        Solution:-

                Holding period returns

                    = (RM5,300 - RM4,100 + RM112) / RM4,100

                    = 0.32 or 32%

FIXED INCOME

1. A zero coupon bond with a current market price of RM480.30 promises to pay RM1000.00 at maturity in
    six years. What is the yield-to-maturity?

        A. 14%

        B. 13%

        C. 16%

        D. 11%

        Solution:-

                   Po = M(PVIF k,n)

                    480.30 = 1000(PVIF k,n)

                   PVIF k,n = 0.4803

                   For n = 6, kd = 13%

DERIVATIVE

1. Sumalayang Berhad has warrants outstanding and each warrant entitles the holder to purchase two
    shares of the company’s common stock at an exercise price of RM15.00 per share. The current market
    price of the warrant is RM13.00 and the price of the common is RM20.00. What is the premium on the
    warrant?

        A. RM13.00

        B. RM10.00

        C. RM3.00

        D. RM5.00

        Solution:-

                  The formula value of the warrant is the greater of RM0 or

                  (stock price – exercise price)(shares per warrant)

                  = (RM20 – RM15)(2)

                  = RM10

                 
                  The premium is the difference between the market price of  warrant and its formula
                  value.

                  Warrant premium = RM13 – RM10 = RM3

UNIT TRUST

1. An investor wishes to invest in APR unit trust which is currently selling at RM1.00 per unit. He invests
    RM80,000.00 in the unit trusts and the KLCI was at 950 points then. The investor did not receive any
    cash dividends but he received 8,000 bonus units for the unit trusts held. The price of APR unit trust
    increased to RM1.08 and the investor sold all the units owned by him. At the time of sale, the KLCI was
    at 980 points. Calculate the return on investment for the investor in APR unit trusts.

        A. 17.8%

        B. 18.8%

        C. 19.8%

        D. 20.8%

        Solution:-

                  No. of units = RM80 000
                                              RM1.00

                                       = 80,000 units

                  Proceeds from sale = (80,000 + 8,000) x RM1.08

                                                      = RM95,040

                  Rate of returns = RM95 040 - RM80 000
                                                         RM80 000

                 = 18.80%

                                                                                                                                         (QUES06 : S1UT4)

B. THEORY

1. Which of the following statements is valid in regards to the declaration of unit splits of a unit trust fund?

        A. The NAV of the unit trust fund will be increased

        B. The NAV of the unit trust fund will be decreased

        C. The number of units in circulation will be increased

        D. The number of units in circulation will be decreased

                                                                                                                                         (PNB/UT: No. 15)

2. The expected return for a portfolio must fall between the highest and lowest expected returns for the
    individual securities making up the portfolio. Exactly where it falls is determined by:

       A. The percentage of invested funds placed in each of the individual securities in the portfolio

       B. The standard deviation of the portfolio

       C. The yield on each security that makes up the portfolio

       D. None of the above

                                                                                                                                         (PORT: No. 4)

3. A support level is the price range at which a technical analyst would expect…

       A. The supply of a stock to increase substantially

       B. The supply of a stock to decrease substantially

       C. The demand for a stock to increase substantially

       D. The demand for a stock to decrease substantially

4. From the list below, which funds fall under the category of Equity Funds.

       I. Index Funds

       II. Aggressive Growth Funds

       III. Small Cap Funds

       IV. Money Market Funds


       A. I & II

       B. I, II & III

       C. I, III & IV

       D. II, III & IV

                                                                                                                                         (PNB/UT : No. 19)

5. The “Top-Down Approach” is an approach to fundamental analysis…

       A. The industry within which the company operates and the regulatory bodies

       B. That proceeds from the economy and the overall market to future industry prospects, and then
            to individual companies

       C. The company data first, and then the rules and regulations that govern the market

       D. Company data first, and then the industry within which the company operates, and the state of
           the economy

                                                                                                                                                
                                                                                                                                         (FINSEC : No.16)


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