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Free CFA Fixed Income Practice Questions & Answers

900 exam-style Fixed Income questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.

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Question 121

What is a “step‑up coupon”?

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Question 122

What is a “make‑whole call”?

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Question 123

What is a “sinking fund provision”?

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Question 124

What is a “yield floor” on a floater?

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Question 125

What is a “call protection period”?

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Question 126

What is a “barbell portfolio”?

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Question 127

A 2‑year zero‑coupon bond has a spot rate of 4%. What is its price per 100 par?

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Question 128

A 3‑year bond has cash flows of 5, 5, and 105. Discount factors are 0.96, 0.92, 0.88. What is the price?

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Question 129

A 1‑year forward rate starting in 2 years is implied by: DF₂ = 0.93, DF₃ = 0.88. Compute f₂,₃.

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Question 130

A risky bond pays 100 at maturity. Survival probability = 92%, recovery = 40%, DF = 0.95. Price?

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Question 131

A repo transaction: Sell at 100, repurchase at 100.20 in 30 days. Repo rate?

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Question 132

A swap has fixed leg PV = 4.8 and floating leg PV = 5.0. What is swap value to fixed‑rate payer?

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Question 133

A 2‑year FRN pays LIBOR + 120 bps. LIBOR resets at 3%. What is next coupon?

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Question 134

A 4‑year bond has cash flows 6, 6, 6, 106. Discount at 5%. Price?

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Question 135

A repo haircut is 4%. Collateral = 1,000. Loan amount?

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Question 136

A swap fixed rate is computed as (1 − DFₙ)/ΣDF. DF₁=0.97, DF₂=0.94. Compute fixed rate.

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Question 137

Spot Rate Bootstrapping A 2‑year annual‑coupon bond has price 98, coupon 4%, and the 1‑year spot rate is 3%. What is the 2‑year spot rate?

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Question 138

Forward Rate Given spot rates: z₁ = 3%, z₂ = 4%. Compute the 1‑year forward rate starting in 1 year.

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Question 139

Forward Rate (3→5) DF₃ = 0.88, DF₅ = 0.80. Compute the 2‑year forward rate starting in year 3.

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Question 140

Duration Price Change Bond price = 102, duration = 5.8. Yield rises 30 bps. Approximate price?

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Question 141

Z‑Spread Bond price = 98. PV of cash flows at spot curve = 100. Duration = 4. Compute Z‑spread.

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Question 142

Risky Bond Price Par = 100, coupon = 5, DF = 0.95, hazard = 3%, recovery = 40%. Compute price.

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Question 143

Forward Price of Zero DF₁ = 0.97, DF₂ = 0.93. Forward price of 1‑year zero starting in 1 year?

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Question 144

Yield from Price Price = 96, coupon = 4%, maturity = 3 years. Approx yield?

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Question 145

Convexity of Zero Zero‑coupon bond maturity = 5 years. Convexity (approx)?

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Question 146

Hazard from Survival Survival at 3 years = 90%. Compute hazard.

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Question 147

Spread Duration Bond price = 102, spread duration = 4. Spread widens 50 bps. Price change?

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Question 148

Risky DF Risk‑free rate = 3%, hazard = 2%. Risky DF for 1 year?

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Question 149

Forward Rate from DF DF₁ = 0.96, DF₄ = 0.85. Compute 3‑year forward rate starting in 1 year.

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Question 150

Convexity from Price Changes Price at y: 100 Price at y+Δy: 97 Price at y−Δy: 103 Δy = 1%. Compute convexity.

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Free CFA Fixed Income Practice Questions & Answers

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