新的開(kāi)始新的征程。距離2019年5月FRM考試還剩93天，考試的腳步越來(lái)越近，祝愿我們所有考生2019年FRM都能順利通過(guò)。在這里特此送上***秘密寶典—由金程FRM研究院及往年FRM考試學(xué)員匯總整理的【FRM一級(jí)常見(jiàn)易錯(cuò)題】。

　　下面一起來(lái)看看都有哪些易錯(cuò)題：

　　1.Which of the following reasons most completely describes why country risk assessment is prone to error?

　　A. While data is accurate, it is often incomplete.

　　B. Different accounting standards are used in different countries.

　　C. Disclosure requirements are inconsistent across international borders.

　　D. The exchange rate correlations are unstable during economic downturns.

　　2.Which of the following bonds bears the greatest price impact if its yield declines by one percent? A bond with:

　　A. 30-year maturity and selling at 100.

　　B. 10-year maturity and selling at 100.

　　C. 10-year maturity and selling at 70.

　　D. 30-year maturity and selling at 70.

　　3.The characteristic function of the product of independent random variables is equal to the:

　　A. square root of the product of the individual characteristic functions.

　　B. exponential root of the product of the individual characteristic functions.

　　C. product of the individual characteristic functions.

　　D. sum of the individual characteristic functions.

　　Answer:

　　1.D

　　In addition to contagion, there are other reasons why country risk assessment is prone to error. First of all, the interrelationship among the relevant variables is complex and hard to model. Also, many sovereign and foreign borrowers provide incomplete and/or inaccurate information.

　　2.D

　　There are three features that determine the magnitude of duration:

　　(1) The lower the coupon, the greater the bond price volatility.

　　(2) The longer the term to maturity, the greater the price volatility.

　　(3) The lower the initial yield, the greater the price volatility.

　　The bond with the 30-year maturity will have a greater price impact than the 10-year maturity. The bond selling at the greatest discount will have a large price impact, a discount means that the coupon payments are low or the initial yield is low. So, the bond with the 30-year maturity and selling at 70 will have the greatest price volatility.

　　3.C

　　The characteristic function of the sum of independent random variables is equal to the product of the individual characteristic functions. E(XY) = E(X) × E(Y).

　　另外根據(jù)很多考生的備考習(xí)慣，喜歡邊復(fù)習(xí)知識(shí)點(diǎn)邊刷題，這樣做不僅有助于鞏固所學(xué)知識(shí)點(diǎn)還可以查缺補(bǔ)漏，不失為正確之舉。課程筆記習(xí)題都很重要的，這里提醒大家在學(xué)習(xí)的同時(shí)做好對(duì)應(yīng)章節(jié)的知識(shí)回顧，可以通過(guò)做題來(lái)加深記憶的!下面帶大家回顧一下2018FRM一級(jí)Practice Exam 習(xí)題。

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