2020年CFA考試《CFA三級》考試共240題，分為單選題。小編為您整理Risk Management5道練習題，附答案解析，供您備考練習。

1、What response would Hackett most likely give to Jardins' senior management regarding their risk management process? The firm should:【單選題】

A.define its risk tolerance before identifying the risks it faces.

B.identify the risks it faces before setting policies and procedures.

C.measure its risk levels before defining its risk tolerance.

正確答案:A

答案解析:The risk management process is as follows: (1) set policies and procedures, (2) define risk tolerance, (3) identify risks, (4) measure risks, and (5) adjust the level of risk.

2、【單選題】

A.€0.8 million.

B.€2.9 million.

C.€3.9 million.

正確答案:C

答案解析:C is correct. The monthly return is 9.6%/12 = 0.8%.

3、With regard to the fixed income and equity trading desks, based on Exhibit 1, which of the following statements is most likely accurate?【單選題】

A.The trading desks have the same risk budget.

B.The combined daily VaR of the trading desks is less than SEK20 million.

C.The fixed-income desk generates better returns on its allocated capital given its VaR.

正確答案:B

答案解析:The trading desks engage in activities that are weakly correlated; therefore, a diversification benefit occurs. Thus it would be reasonable to expect that the combined VaR of the two desks will be less than the sum of the VaRs of the individual desks (SEK20 million).

4、【單選題】

A.Statement about an 

B.

C.

正確答案:B

答案解析:B is correct. Kreuzer’s statement about an advantage of VaR is wrong because the VaR for 

5、If the security held by Sigma trades at $70, the credit risk is closest to:【單選題】

A.$5.00.

B.$3.35.

C.$8.50.

正確答案:C

答案解析:The amount at risk is the current value of the option, $8.50. Once the seller has sold the option, all the credit risk falls on the buyer. In this instance, the amount of credit risk is the value of the option because this amount is what the buyer stands to lose if the seller were to default immediately.