16.Based on historical data from S&P， BBB-rated firms were 22 times as likely to default over a 1- year period than an AA-rated firm. What is this ratio likely to be over the 10-year horizon？
　　A. 5
　　B. 20
　　C. 35
　　D. 50
　　Correct answer：A
　　17.Ba-rated firms have been observed to have constant probability of default of 2 percent each year over a 10-year horizon. The probability that a Ba-rated firm will default at some point within ten years is CLOSEST to：
　　A. 18.29%.
　　B. 19.34%.
　　C. 19.66%.
　　D. 20.00%.
　　Correct answer：A
　　18. B-rated firms have been observed to have constant probability of default of 2 percent each year over a 10-year horizon. The probability that a B-rated firm will default at some point within ten years is CLOSEST to：
　　A. 17.02%.
　　B. 18.29%.
　　C. 19.59%.
　　D. 20.00%.
　　Correct answer：B
　　19. Which of the following is TRUE in relation to affirmative covenants？
　　A. They prohibit the borrower from issuing new debt.
　　B. They prohibit the borrower from paying dividends above a limit to shareholders.
　　C. They require the borrower to take actions to service the debt and maintain collateral.
　　D. They prohibit the borrower from paying dividends under certain circumstances to shareholders.
　　Correct answer：C
　　20.The negative pledge clause in bond covenants contains：
　　I. else clause.
　　II. unless clause.
　　III. exceptions section.
　　IV. prohibitions section.
　　A. I and II.
　　B. II and III.
　　C. I， II， and III.
　　D. II， III， and IV.
　　Correct answer：D
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