2025年FRM金融風(fēng)險(xiǎn)管理師考試專業(yè)試卷：金融風(fēng)險(xiǎn)管理專業(yè)英語(yǔ)試題

2025年FRM金融風(fēng)險(xiǎn)管理師考試專業(yè)試卷：金融風(fēng)險(xiǎn)管理專業(yè)英語(yǔ)試題考試時(shí)間：______分鐘總分：______分姓名：______一、FinancialInstitutionsandMarkets要求：Pleasechoosethecorrectanswerforeachquestion.1.Whichofthefollowingisnotaprimaryfunctionofacommercialbank?a)Depositoryservicesb)Investmentbankingc)Underwritingd)Creditintermediation2.Whichofthefollowingisafinancialmarket?a)Stockmarketb)Bondmarketc)Foreignexchangemarketd)Alloftheabove3.Whatisthemainpurposeofamoneymarket?a)Tofacilitatelong-termborrowingandlendingb)Tofacilitateshort-termborrowingandlendingc)Tofacilitatethetradingofstocksandbondsd)Tofacilitatethetradingofcommodities4.Whatisthedifferencebetweenaprimarymarketandasecondarymarket?a)Theprimarymarketiswherenewsecuritiesareissuedandsold,whilethesecondarymarketiswhereexistingsecuritiesareboughtandsold.b)Theprimarymarketiswhereexistingsecuritiesareboughtandsold,whilethesecondarymarketiswherenewsecuritiesareissuedandsold.c)Thereisnodifferencebetweentheprimaryandsecondarymarkets.d)Theprimarymarketiswherecommoditiesaretraded,whilethesecondarymarketiswherefinancialsecuritiesaretraded.5.Whatisthemainfunctionofafinancialintermediary?a)Toprovidefinancialservicestoindividualsandbusinessesb)Tofacilitatetheflowoffundsbetweensaversandborrowersc)Toregulatethefinancialsystemd)Alloftheabove6.Whatisthedifferencebetweenamutualfundandaclosed-endfund?a)Amutualfundisatypeofinvestmentcompanythatpoolsmoneyfrominvestorstobuyadiversifiedportfolioofsecurities,whileaclosed-endfundisatypeofinvestmentcompanythatissuesafixednumberofsharestothepublic.b)Amutualfundisatypeofinvestmentcompanythatissuesafixednumberofsharestothepublic,whileaclosed-endfundisatypeofinvestmentcompanythatpoolsmoneyfrominvestorstobuyadiversifiedportfolioofsecurities.c)Thereisnodifferencebetweenamutualfundandaclosed-endfund.d)Amutualfundisatypeofinvestmentcompanythatprovidesfinancialservicestoindividualsandbusinesses,whileaclosed-endfundisatypeofinvestmentcompanythatfacilitatestheflowoffundsbetweensaversandborrowers.7.Whatisthemainpurposeofafinancialderivativesmarket?a)Tofacilitatethetradingofstocksandbondsb)Tofacilitatethetradingofcommoditiesc)Tofacilitatethetradingoffinancialderivativesd)Tofacilitatethetradingoffinancialintermediaries8.Whatisthedifferencebetweenaforwardcontractandafuturescontract?a)Aforwardcontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.b)Aforwardcontractisastandardizedagreementtradedonafuturesexchange,whileafuturescontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice.c)Thereisnodifferencebetweenaforwardcontractandafuturescontract.d)Aforwardcontractisatypeoffinancialintermediary,whileafuturescontractisatypeoffinancialmarket.9.Whatisthemainpurposeofafinancialregulatoryagency?a)Topromotethestabilityandefficiencyofthefinancialsystemb)Toprotectconsumersfromfraudulentanddeceptivepracticesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove10.Whatisthedifferencebetweenafinancialcrisisandabankingcrisis?a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.b)Afinancialcrisisisaspecificcrisisaffectingthebankingsector,whileabankingcrisisisabroad-baseddisruptioninthefinancialsystem.c)Thereisnodifferencebetweenafinancialcrisisandabankingcrisis.d)Afinancialcrisisisatypeoffinancialintermediary,whileabankingcrisisisatypeoffinancialmarket.二、FinancialMarketsandInstruments要求：Pleasechoosethecorrectanswerforeachquestion.1.Whichofthefollowingisadebtsecurity?a)Stockb)Bondc)Mutualfundd)Derivative2.Whatisthemainriskassociatedwithbonds?a)Marketriskb)Creditriskc)Liquidityriskd)Interestraterisk3.Whatisthedifferencebetweenacommonstockandapreferredstock?a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.b)Preferredstockholdershavevotingrights,whilecommonstockholdersdonot.c)Thereisnodifferencebetweencommonstockandpreferredstock.d)Bothcommonstockandpreferredstockhavevotingrights.4.Whatisthemainpurposeofamutualfund?a)Toinvestinadiversifiedportfolioofsecuritiesb)Toprovidefinancialservicestoindividualsandbusinessesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove5.Whatisthedifferencebetweenamoneymarketfundandabondfund?a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.b)Amoneymarketfundinvestsinlong-termsecurities,whileabondfundinvestsinshort-termsecurities.c)Thereisnodifferencebetweenamoneymarketfundandabondfund.d)Bothamoneymarketfundandabondfundinvestinadiversifiedportfolioofsecurities.6.Whatisthemainfunctionofafinancialderivative?a)Tofacilitatethetradingofstocksandbondsb)Tofacilitatethetradingofcommoditiesc)Tomanageriskd)Alloftheabove7.Whatisthedifferencebetweenaforwardcontractandanoption?a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileanoptionisacontractthatgivestheholdertheright,butnottheobligation,tobuyorsellanassetataspecifiedprice.b)Aforwardcontractisacontractthatgivestheholdertheright,butnottheobligation,tobuyorsellanassetataspecifiedprice,whileanoptionisacustomizedagreementbetweentwoparties.c)Thereisnodifferencebetweenaforwardcontractandanoption.d)Bothaforwardcontractandanoptionaretypesoffinancialintermediaries.8.Whatisthemainpurposeofafinancialregulatoryagency?a)Topromotethestabilityandefficiencyofthefinancialsystemb)Toprotectconsumersfromfraudulentanddeceptivepracticesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove9.Whatisthedifferencebetweenafinancialcrisisandabankingcrisis?a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.b)Afinancialcrisisisaspecificcrisisaffectingthebankingsector,whileabankingcrisisisabroad-baseddisruptioninthefinancialsystem.c)Thereisnodifferencebetweenafinancialcrisisandabankingcrisis.d)Afinancialcrisisisatypeoffinancialintermediary,whileabankingcrisisisatypeoffinancialmarket.10.Whatisthemainriskassociatedwithderivatives?a)Marketriskb)Creditriskc)Liquidityriskd)Alloftheabove三、FinancialRiskManagement要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatisthemainpurposeoffinancialriskmanagement?a)Tomaximizereturnsb)Tominimizeriskc)Tobalancereturnsandriskd)Alloftheabove2.Whatisthedifferencebetweencreditriskandmarketrisk?a)Creditriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilemarketriskistheriskoflossduetochangesinmarketprices.b)Marketriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilecreditriskistheriskoflossduetochangesinmarketprices.c)Thereisnodifferencebetweencreditriskandmarketrisk.d)Bothcreditriskandmarketriskaretypesoffinancialintermediaries.3.WhatisthemainpurposeofaValueatRisk(VaR)model?a)Tomeasurethemaximumpotentiallossoveraspecifiedtimeperiodb)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiodc)Tomeasuretheaveragepotentiallossoveraspecifiedtimeperiodd)Tomeasuretheexpectedlossoveraspecifiedtimeperiod4.Whatisthemainpurposeofstresstesting?a)Tomeasurethemaximumpotentiallossoveraspecifiedtimeperiodb)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiodc)Tomeasuretheaveragepotentiallossoveraspecifiedtimeperiodd)Tomeasuretheexpectedlossoveraspecifiedtimeperiod5.Whatisthemainpurposeofarisk-basedcapital(RBC)framework?a)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksb)Topromotethestabilityandefficiencyofthefinancialsystemc)Toprotectconsumersfromfraudulentanddeceptivepracticesd)Alloftheabove6.Whatisthemainpurposeofariskmanagementpolicy?a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitutionb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove7.Whatisthemainpurposeofariskmanagementframework?a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitutionb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove8.Whatisthemainpurposeofariskmanagementprocess?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove9.Whatisthemainpurposeofariskmanagementteam?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove10.Whatisthemainpurposeofariskmanagementsystem?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove四、InterestRatesandCreditSpreads要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatistherelationshipbetweentheinterestrateandthepriceofabond?a)Astheinterestrateincreases,thepriceofabonddecreases.b)Astheinterestrateincreases,thepriceofabondincreases.c)Theinterestratehasnoeffectonthepriceofabond.d)Thepriceofabondisnotaffectedbyinterestratechanges.2.Whatisthetermstructureofinterestrates?a)Therelationshipbetweentheinterestrateandthetimetomaturityofabond.b)Therelationshipbetweentheinterestrateandtheyieldtomaturityofabond.c)Therelationshipbetweentheinterestrateandthepriceofabond.d)Therelationshipbetweentheinterestrateandthecreditriskofabond.3.Whatistheyieldtomaturity(YTM)ofabond?a)Therateofreturnaninvestorwillreceiveifthebondishelduntilmaturity.b)Therateofinterestpaidonthebond.c)Thedifferencebetweentheinterestrateandthepriceofabond.d)Thedifferencebetweenthepriceofabondandtheyieldtomaturity.4.Whatisacreditspread?a)Thedifferencebetweentheyieldonacorporatebondandtheyieldonacomparablegovernmentbond.b)Thedifferencebetweentheinterestrateonashort-termloanandtheinterestrateonalong-termloan.c)Thedifferencebetweentheyieldtomaturityofabondandtheinterestrateonasavingsaccount.d)Thedifferencebetweentheinterestrateonamortgageloanandtheinterestrateonacarloan.5.Whatistherelationshipbetweencreditspreadsandcreditrisk?a)Creditspreadsincreaseascreditriskdecreases.b)Creditspreadsdecreaseascreditriskdecreases.c)Thereisnorelationshipbetweencreditspreadsandcreditrisk.d)Creditspreadshavenoeffectoncreditrisk.6.Whatistheimpactofanincreaseininterestratesonbondprices?a)Bondpricesincrease.b)Bondpricesdecrease.c)Bondpricesremainunchanged.d)Theimpactonbondpricescannotbedeterminedwithoutadditionalinformation.五、FinancialMarketsandInstitutions要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatistheroleofcentralbanksinthefinancialsystem?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Alloftheabove.2.Whatisthedifferencebetweenaprimarydealerandasecondarydealer?a)Aprimarydealerisafinancialinstitutionthatbuyssecuritiesdirectlyfromtheissuer,whileasecondarydealerbuyssecuritiesfrominvestors.b)Aprimarydealerisafinancialinstitutionthatbuyssecuritiesfrominvestors,whileasecondarydealersellssecuritiestotheissuer.c)Thereisnodifferencebetweenaprimarydealerandasecondarydealer.d)Bothprimaryandsecondarydealersbuysecuritiesdirectlyfromtheissuer.3.Whatisthepurposeofabankholdingcompany?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.4.WhatistheroleoftheFederalReserveintheUnitedStates?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.5.Whatisthedifferencebetweenacommercialbankandaninvestmentbank?a)Acommercialbankacceptsdepositsandprovidesloans,whileaninvestmentbankunderwritessecuritiesandprovidesadvisoryservices.b)Acommercialbankunderwritessecuritiesandprovidesadvisoryservices,whileaninvestmentbankacceptsdepositsandprovidesloans.c)Thereisnodifferencebetweenacommercialbankandaninvestmentbank.d)Bothcommercialandinvestmentbanksownandoperateabank.6.Whatisthepurposeofafinancialmarket?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.六、FinancialInstrumentsandProducts要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatisthemainpurposeofastock?a)Torepresentownershipinacompany.b)Toprovideareturnoninvestmentthroughdividendsandcapitalgains.c)Toprovideasourceofcreditforacompany.d)Alloftheabove.2.Whatisthedifferencebetweenacommonstockandapreferredstock?a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.b)Preferredstockholdershavevotingrights,whilecommonstockholdersdonot.c)Thereisnodifferencebetweencommonstockandpreferredstock.d)Bothcommonstockandpreferredstockhavevotingrights.3.Whatisthepurposeofabond?a)Toprovideafixedreturnoninvestment.b)Toprovideasourceofcreditforacompany.c)Torepresentownershipinacompany.d)Alloftheabove.4.Whatisthedifferencebetweenamoneymarketfundandabondfund?a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.b)Amoneymarketfundinvestsinlong-termsecurities,whileabondfundinvestsinshort-termsecurities.c)Thereisnodifferencebetweenamoneymarketfundandabondfund.d)Bothamoneymarketfundandabondfundinvestinadiversifiedportfolioofsecurities.5.Whatisthepurposeofamutualfund?a)Toprovideareturnoninvestmentthroughdividendsandcapitalgains.b)Toinvestinadiversifiedportfolioofsecurities.c)Toprovideasourceofcreditforacompany.d)Alloftheabove.6.Whatisthedifferencebetweenaforwardcontractandafuturescontract?a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.b)Aforwardcontractisastandardizedagreementtradedonafuturesexchange,whileafuturescontractisacustomizedagreementbetweentwoparties.c)Thereisnodifferencebetweenaforwardcontractandafuturescontract.d)Bothaforwardcontractandafuturescontractaretypesoffinancialintermediaries.本次試卷答案如下：一、FinancialInstitutionsandMarkets1.b)Investmentbanking解析：商業(yè)銀行為客戶提供存款、貸款和其他金融服務(wù)，而投資銀行主要從事股票和債券的承銷、并購(gòu)顧問(wèn)等服務(wù)。2.d)Alloftheabove解析：股票市場(chǎng)、債券市場(chǎng)和外匯市場(chǎng)都是金融市場(chǎng)的組成部分。3.b)Tofacilitateshort-termborrowingandlending解析：貨幣市場(chǎng)的主要功能是為短期借款和貸款提供便利。4.a)Theprimarymarketiswherenewsecuritiesareissuedandsold,whilethesecondarymarketiswhereexistingsecuritiesareboughtandsold.解析：初級(jí)市場(chǎng)是發(fā)行和銷售新證券的地方，而二級(jí)市場(chǎng)是購(gòu)買和銷售現(xiàn)有證券的地方。5.b)Tofacilitatetheflowoffundsbetweensaversandborrowers解析：金融中介的主要功能是促進(jìn)資金在儲(chǔ)戶和借款人之間的流動(dòng)。6.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金通過(guò)匯集投資者的資金，投資于多元化的證券組合。7.c)Tofacilitatethetradingoffinancialderivatives解析：金融衍生品市場(chǎng)的主要功能是促進(jìn)金融衍生品的交易。8.a)Aforwardcontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：遠(yuǎn)期合約是雙方之間定制的在未來(lái)某個(gè)日期以指定價(jià)格買賣資產(chǎn)的協(xié)議，而期貨合約是在期貨交易所上交易的標(biāo)準(zhǔn)化協(xié)議。9.d)Alloftheabove解析：金融監(jiān)管機(jī)構(gòu)旨在促進(jìn)金融系統(tǒng)的穩(wěn)定和效率，保護(hù)消費(fèi)者，并促進(jìn)資金在儲(chǔ)戶和借款人之間的流動(dòng)。10.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危機(jī)是金融系統(tǒng)的廣泛性中斷，而銀行危機(jī)是特定影響銀行部門的危機(jī)。二、FinancialMarketsandInstruments1.b)Bond解析：債券是一種債務(wù)證券，代表借款人對(duì)債權(quán)人的承諾。2.b)Creditrisk解析：債券的主要風(fēng)險(xiǎn)是信用風(fēng)險(xiǎn)，即借款人可能無(wú)法償還債務(wù)。3.a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.解析：普通股票股東有投票權(quán)，而優(yōu)先股票股東通常沒(méi)有。4.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金的主要目的是投資于多元化的證券組合。5.a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.解析：貨幣市場(chǎng)基金投資于短期證券，而債券基金投資于長(zhǎng)期證券。6.c)Tomanagerisk解析：金融衍生品的主要目的是管理風(fēng)險(xiǎn)。7.a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：遠(yuǎn)期合約是雙方之間定制的協(xié)議，而期貨合約是在期貨交易所上交易的標(biāo)準(zhǔn)化協(xié)議。8.d)Alloftheabove解析：金融監(jiān)管機(jī)構(gòu)旨在促進(jìn)金融系統(tǒng)的穩(wěn)定和效率，保護(hù)消費(fèi)者，并促進(jìn)資金在儲(chǔ)戶和借款人之間的流動(dòng)。9.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危機(jī)是金融系統(tǒng)的廣泛性中斷，而銀行危機(jī)是特定影響銀行部門的危機(jī)。10.d)Alloftheabove解析：衍生品的主要風(fēng)險(xiǎn)包括市場(chǎng)風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)和流動(dòng)性風(fēng)險(xiǎn)。三、FinancialRiskManagement1.c)Tobalancereturnsandrisk解析：金融風(fēng)險(xiǎn)管理的主要目的是在收益和風(fēng)險(xiǎn)之間取得平衡。2.a)Creditriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilemarketriskistheriskoflossduetochangesinmarketprices.解析：信用風(fēng)險(xiǎn)是指借款人無(wú)法償還貸款而導(dǎo)致的損失風(fēng)險(xiǎn)，而市場(chǎng)風(fēng)險(xiǎn)是指由于市場(chǎng)價(jià)格變化而導(dǎo)致的損失風(fēng)險(xiǎn)。3.a)Therateofreturnaninvestorwillreceiveifthebondishelduntilmaturity.解析：到期收益率是指如果債券持有至到期，投資者將獲得的回報(bào)率。4.b)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiod解析：壓力測(cè)試旨在衡量在特定時(shí)間段內(nèi)可能的最小損失。5.a)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisks解析：風(fēng)險(xiǎn)資本框架旨在確保金融機(jī)構(gòu)擁有足夠的資本來(lái)覆蓋其風(fēng)險(xiǎn)。6.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：風(fēng)險(xiǎn)管理政策旨在定義金融機(jī)構(gòu)的風(fēng)險(xiǎn)管理目標(biāo)和策略。7.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：風(fēng)險(xiǎn)管理框架旨在定義金融機(jī)構(gòu)的風(fēng)險(xiǎn)管理目標(biāo)和策略。8.a)Toidentify,measure,monitor,an