在FRM沖刺備考的過程中，每一天的練習(xí)都是為了最后成功的點滴積累。尤其是在考試迫在眉睫之時，題海戰(zhàn)術(shù)非常重要?？忌鷤冊谶@個過程中需要及時突破自己的薄弱環(huán)節(jié)，從錯題中找經(jīng)驗。高頓網(wǎng)校FRM小編在此搜集了一些FRM一級易錯題，供考生們參考。
　　1.The process that ensures that two securities positions with identical future payoffs, regardless of future events, will have the same price is called:
　　A. exchange parity.
　　B. the law of one price.
　　C. payoff parity.
　　D. arbitrage.
　　2. Which of the following is least likely a way to terminate a long position in a deliverable futures contract at expiration?
　　A. An equivalent cash settlement.
　　B. An exchange-for-physicals.
　　C. Close-out at expiration.
　　D. Taking delivery.
　　3.Which of the following is NOT an objective of stress testing? Simulate:
　　A. shocks that do not appear in historical data.
　　B. shocks that are less likely to appear than historical evidence indicates.
　　C. permanent structural shifts.
　　D. temporary changes in key variables.
　　Answer:
　　1.D
　　If two securities have identical payoffs regardless of events, the process of arbitrage will move prices toward equality. Arbitrageurs will buy the lower priced position and sell the higher priced position, for an immediate profit without any future liability. The law of one price (for securities with identical payoffs) is not a process; it is ‘enforced’ by arbitrage.
　　2.A
　　A deliverable contract does not permit equivalent cash settlement. Sale of an offsetting contract at the settlement price on the final day of trading (close-out at expiration) will have the same effect, with the cash settlement effectively taking place in the margin account.
　　3.B
　　Stress testing analyzes events that are more likely to appear than suggested by historical data.