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最新的 GARP Certification ICBRR 免費考試真題:
1. Which of the following are the most common methods to increase liquidity in stressed conditions?
I. Selling or securitizing assets.
II. Obtaining additional credit lines.
III.
Securing a better credit rating.
A) II, III
B) I
C) I, II, III
D) I, II
2. What do option deltas measure?
A) The sensitivity of the option value to changes risk free interest rate.
B) The rate of change of the option value with respect to changes in the price of the underlying instrument.
C) The rate of change of the option value with respect to changes in volatility of the underlying instrument.
D) The sensitivity of the option value to the passage of time.
3. Which one of the following four features is NOT a typical characteristic of futures contracts?
A) Fixed dates for delivery
B) Traded Over-the-counter only
C) Fixed notional amount per contract
D) Daily margin calls
4. Alpha Bank determined that Delta Industrial Machinery Corporation has 2% change of default on a one-year no-payment of USD $1 million, including interest and principal repayment. The bank charges 3% interest rate spread to firms in the machinery industry, and the risk-free interest rate is 6%. Alpha Bank receives both interest and principal payments once at the end the year. Delta can only default at the end of the year. If Delta defaults, the bank expects to lose 50% of its promised payment. Six months after Alpha Bank provides USD $1 million loan to the Delta Industrial Machinery Corporation, a new competitor enters the machinery industry, causing Delta to adjust its prices and mark down the value of its inventory. Hence, the probability of default increases from 2% to 10% and the loss given default increases from 50% to 75%. If Alpha Bank can reprice the loan, what should the new rate be?
A) 13%
B) 16.5%
C) 10%
D) 20.5%
5. Which one of the following four statements about the relationship between exchange rates and option values is correct?
A) As the dollar appreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate decreases.
B) As the dollar depreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate increases.
C) As the dollar appreciates relative to the pound, the right to sell dollars at a fixed pound exchange rate increases.
D) As the dollar appreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate increases.
問題與答案:
問題 #1 答案: D | 問題 #2 答案: B | 問題 #3 答案: B | 問題 #4 答案: D | 問題 #5 答案: D |