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【考试辅导】中国精算师——SOA题目练习5

来源：高顿网校 2014-07-14

　　高顿网校每天坚持更新（周末较少），会为你及时更新精算师的*7考试所有资讯，敬请关注！
　　THIS PAGE INTENTIONALLY LEFT BLANK

　　Course 6: Spring 2005 - 20 - GO ON TO NEXT PAGE

　　Morning Session

　　May2005ExamC

　　16-20. Each of questions 16 through 20 consists of two lists. In the list at the left are two items,

　　lettered X and Y. In the list at the right are three items, numbered I, II and III. ONE of

　　the lettered items is related in some way to EXACTLY TWO of the numbered items.

　　Indicate the related items using the following answer code:

　　Lettered Item

　　Is Related to Numbered Items

　　(A)

　　I and II only

　　(B)

　　II and III only

　　(C)

　　I and II only

　　(D)

　　I and III only

　　(E)

　　The correct answer is not given by (A), (B), (C) or (D).

　　16. X. Bonds I. Residual claim

　　Y. Common stock II. Limited liability

　　III. Maturity date

　　17. X. Combination by formula I. Equivalent to purchasing an option

　　Y. Multiple asset performance II. Assumes that the immunization

　　target return exceeds either the

　　minimum return or the expected

　　worst case active return

　　III. Active management proportion will

　　vary inversely with the minimal

　　acceptable return

　　Course 6: Spring 2005 - 21 - GO ON TO NEXT PAGE

　　Morning Session

　　18. X. Immunization strategy I. Transactions are a function of

　　volatility and time

　　Y. Total-return strategy II. Explicitly considers real-world

　　constraints such as tax effects,

　　regulatory restrictions and GAAP

　　accounting

　　III. Manager may take advantage of a

　　perceived change in value in the

　　market

　　19. X. Rainbow options I. Knockout options

　　Y. Barrier options II. Based on the maximum or minimum

　　of the values of several assets

　　III. Often arise as part of a structured

　　security

　　20. X. Spread analysis I. Compares the total return and

　　duration of various assets

　　Y. Relative return value analysis II. Analyzes prices and yields by bond

　　market sector

　　III. Uses regression to determine

　　portfolio expectations

　　Course 6: Spring 2005 - 22 - GO ON TO NEXT PAGE

　　Morning Session

　　21-26. Questions 21 through 26 consist of an assertion in the left-hand column and a reason in

　　the right-hand column. Code your answer to each question by blackening space:

　　(A) If both the assertion and the reason are true statements, and the reason is a correct

　　explanation of the assertion.

　　(B) If both the assertion and the reason are true statements, but the reason is NOT a

　　correct explanation of the assertion.

　　(D) If the assertion is a false statement, but the reason is a true statement.

　　(E) If both the assertion and the reason are false statements.
　　高顿网校之名人哲学：在朋友交谈之间，语言需要当心。成年人更要步步为营，不传坏话，便可促进双方的友谊。减少是非是促进人际关系重要的一环，好话要多传，坏话一句也不传。 —— 三毛

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