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　　以下5道模擬題考察的是FRM考試一級的內(nèi)容，一級考試一共有100道選擇題，這次模擬試題一共有5道。主要考察的考點有期權(quán)估值、資產(chǎn)負債表、買賣權(quán)等價理論、正態(tài)分布和債券評級的概念和計算。高頓網(wǎng)試題中心的此次模擬試題都是考生容易犯錯誤的考點，大家務(wù)必把做題時間控制在15分鐘之內(nèi)，住大家考出好成績。本站提供FRM考試網(wǎng)絡(luò)課程免費試聽  請點擊試聽
　　1. Which statement about option valuation is least accurate?
　　A.      The value of an option is its time value plus its intrinsic value.
　　B.       Prior to maturity, out-of-the-money options have no value.
　　C.       The buyer of a call option contract can never lose more than the initial premium.
　　D.      If the stock price is lower than the strike price at expiration, a put option is worth the difference between the stock price and the strike price.
　　2. Balance sheet liquidity refers to the ability to:
　　A.      meet debt covenants.
　　B.       raise debt without moving the market.
　　C.       meet financial obligations as they arise.
　　D.      merge with or acquire other firms at short notice.
　　3. Which of the following best explains put-call parity?
　　A.      No arbitrage requires that using any three of the four instruments (stock, call, put, bond) the fourth can be synthetically replicated.
　　B.       A stock can be replicated using any call option, put option and bond.
　　C.       A stock can be replicated using any at the money call and put options and a bond.
　　D.      No arbitrage requires that only the underlying stock can be synthetically replicated using at the money call and put options and a zero coupon bond with a face value equal to the strike price of the options.
　　4. A portfolio has a mean value of $100 million and a daily standard deviation of $19 million. Assuming that the portfolio values are normally distributed, the lowest value that the portfolio will fall to over the next five days and within 95% probability is:
　　A.      -$31.7 million.
　　B.       $1.2 million.
　　C.       $30.1 million.
　　D.      $57.5 million.
　　5. You are considering an investment in one of three different bonds. Your investment guidelines require that any bond you invest in carry an investment grade rating from at least two recognized bond rating agencies. Which, if any, of the bonds listed below would meet your investment guidelines?
　　A.      Bond A carries an S&P rating of BB and a Moody’s rating of Baa.
　　B.       Bond B carries an S&P rating of BBB and a Moody’s rating of Ba.
　　C.       Bond C carries an S&P rating of BBB and a Moody’s rating of Baa.
　　D.      None of the above.
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