备考CFA考试是不是考试题练习了，但是没有人讲解呢？今天我们先看看这几道CFA考试题是不是掌握了呢？每天练习些是对自己考试知识点的检验，跟着融跃一起看看！

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.


当收益率波动增大时，债券被赎回的可能性增加，因此投资者会面临更大的再投资风险，所以可赎回债券的价格会降低

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.

对于养老金固定收益计划，雇员是同意在退休后接受周期性固定的养老金，所以B是对的；但雇员不做投资决定，是雇主做投资并承担相应风险的，所以A错误；雇主的养老金费用等于计划缴款的金额是针对养老金固定缴款计划的，所以C错误。

CFA知识学习是长期的事情，但是坚持CFA考试是每一位学员应该做到的。通过CFA考试掌握更多的金融知识，让自己变成富有的人。更多CFA备考知识、资料领取及学习答疑的事情，学员可以在线咨询老师。