최신 GARP Certification ICBRR 무료샘플문제:
1. When the cost of gold is $1,100 per bullion and the 3-month forward contract trades at $900, a commodity trader seeks out arbitrage opportunities in this relationship. To capitalize on any arbitrage opportunities, the trader could implement which one of the following four strategies?
A) Short-sell physical gold and take a long position in the futures contract
B) Take long positions in both physical gold and futures contract
C) Take a long position in physical gold and short-sell the futures contract
D) Short-sell both physical gold and futures contract
2. Using a forward transaction, Omega Bank buys 100 metric tones of aluminum for delivery in six-months' time. However, after two months, the bank becomes concerned with the potential fluctuations in aluminum prices and wants to hedge its potential exposure against a possible decline in aluminum prices. Which one of the following four strategies could the bank use to offset the risk from its current exposure to aluminum as it sets the price for selling the commodity in four-months' time?
A) Sell an aluminum forward contract
B) Buy an aluminum futures contract
C) Buy an aluminum forward contract
D) Sell an aluminum futures contract
3. Which one of the following statements is an advantage of using implied volatility as an input when calculating VaR?
A) Loss probabilities from the standard normal distribution are used to compute implied volatilities, which makes it easy to compute the.
B) Implied volatilities are better at predicting actual volatilities
C) Current market data is used to determine implied volatilities, which makes them forward looking measures
D) Implied volatility assumes volatilities are constant which makes it easy to implement in models.
4. James manages a loans portfolio. He has to evaluate a large number of loans to choose which of them he will keep in the bank's books. Which one of the following four loans would he be most likely to sell to another bank?
A) Loan to a commercial customer with a good payment history and collateral.
B) Loan made to a highly risky borrower that is fully collateralized by the customer's deposits.
C) Loan to a major customer who is also a director and a large owner.
D) Loan to a borrower who has been delinquent previously, but now is performing as agreed.
5. An asset manager for a large mutual fund is considering forward exchange positions traded in a clearinghouse system and needs to mitigate the risks created as a result of this operation. Which of the following risks will be created as a result of the forward exchange transaction?
A) Credit risk
B) Exchange rate and credit risk
C) Exchange rate and interest rate risk
D) Exchange rate risk
질문과 대답:
| 질문 # 1 정답: A | 질문 # 2 정답: D | 질문 # 3 정답: C | 질문 # 4 정답: A | 질문 # 5 정답: C |
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