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FRM一级冲刺备考：考生常见易错题汇总（18）

来源：高顿网校 2015-10-27

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　　1.As an option approaches expiration, the value of rho for a put option:

　　A. decreases and tends toward zero.

　　B. increases and tends toward zero.

　　C. decreases and tends toward negative infinity.

　　D. increases and tends toward infinity.

　　2.Which of the following statements about the early retirement of debt is least accurate?

　　A. Noncallable bonds generally cannot be retired for any reason prior to maturity.

　　B. Sinking fund provisions require the issuer to systematically retire the issue over its life rather than at maturity.

　　C. Non-refundable bonds prohibit a company from calling an issue financed by the proceeds of a lower cost refunding bond issue.

　　D. When bonds are redeemed under sinking fund provisions, the call price is known as the "regular redemption price."

　　3.According to capital market theory, which of the following represents the risky portfolio that should be held by all investors who desire to hold risky assets?

　　A. The point of tangency between the capital market line (CML) and the efficient frontier.

　　B. Any point on the efficient frontier and to the left of the point of tangency between the CML and the efficient frontier.

　　C. Any point on the efficient frontier and to the right of the point of tangency between the CML and the efficient frontier.

　　D. Any point on the efficient frontier and above the CML.

　　Answer:

　　1.B

　　Rho values for put options are always negative and approach zero as the option nears maturity.

　　2.D

　　When bonds are redeemed to comply with sinking fund provisions, the call price is known as the “special redemption price.” When bonds are redeemed according to the call provisions specified in the bond indenture, the call price is known as “regular redemption price.”

　　3.A

　　Capital market theory suggests that all investors should invest in the same portfolio of risky assets, and this portfolio is located at the point of tangency of the CML and the efficient frontier of risky assets. Any point below the CML is suboptimal, and points above the CML are not feasible.

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