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FRM一级冲刺备考：考生常见易错题汇总（25）

来源：高顿网校 2015-11-05

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　　1.Which of the following is the appropriate redemption price when bonds are called according to the sinking fund provision?

　　A. Regular redemption price.

　　B. Special redemption price.

　　C. General redemption price.

　　D. Specific redemption price.

　　2.Which of the following describes the form of stress testing referred to as factor push analysis?

　　A. The effect on the portfolio from simultaneous changes in several factors is examined.

　　B. The risk factors that have the greatest potential impact on the portfolio are examined.

　　C. The impact on the portfolio is measured by examining an input at an extreme level.

　　D. All factors are examined at levels that inflict the most damage on the portfolio.

　　3.Which of the following statements regarding margin in futures accounts is FALSE?

　　A. Margin must be deposited before a trade can be made.

　　B. Margin is resettled daily.

　　C. With futures margin, there is no loan of funds.

　　D. Margin is usually 10% of the contract value for futures contracts.

　　Answer:

　　1.B

　　Regular redemption and general redemption price are identical and refer to bonds being called according to the provisions specified in the bond indenture. When bonds are redeemed to comply with a sinking fund provision or because of a property sale mandated by government authority, the redemption prices (typically par value) are referred to as "special redemption prices." There is no such thing as a specific redemption price.

　　2.C

　　In factor push analysis, a factor or factors are pushed to an extreme to examine the impact on the portfolio. In scenario analysis, the effect on the portfolio from simultaneous changes in several factors is examined, which provides several different scenarios. In maximum loss optimization, the risk factors that have the greatest potential impact on the portfolio are identified. Once the factors are identified, procedures are put in place to limit their impact. In worst-case scenario analysis, all factors are pushed to their most damaging impact on the portfolio. Factor push analysis, maximum loss optimization, and worst-case scenario analysis are all forms of stressing models.

　　3.D

　　The margin percentage is typically low as a percentage of the value of the underlying asset and varies among contracts on different assets based on their price volatility. The other statements are true.

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