北美精算师examp真题1答案
CMA美国注册管理会计师考试++中文+p1+试题及答案113
美国注册管理会计师考试中文p1 试题及答案1、案例AYoung Time公司预测今年前6个月的销售如下1月5,0002月5,1003月5,3004月6,0005月5,8006月5,500Young的政策是产成品期末存货保持在下一个月销售额的10%。
而且假设Young的政策是直接材料的期末存货保持在下一个月直接材料使用预算的20%。
去年12月的销售额是4,800。
Young一般在月底前将产品都做完工，因此在期初和期末都没有在产品。
一个产品的标准生产成本是直接材料：每个产品3磅，每磅$20。
直接人工：每个5小时，每小时$15间接成本：10%的直接人工成本合计：$142.50使用以上案例A的信息，1月、2月和3月的预算产品生产成本是多少?A、$2,183,100B、$2,208,750C、$2,184,525D、$2,194,500试题解析：3个月内的销售额是15,400个(5,000 + 5,100 + 5,300)。
产品生产数量等于销售量(15,400)，加上3月的期望期末存货量600 (6,000x 10%)，再减去1月的期初存货量500 (5,000 x 10%)，得到3个月生产15,500个。
预算产品生产成本是15,500 x $142.50 = $2,208,750。
2、在制定销售预算时，以下哪项不是重要的步骤?A、研究经济预测B、编制预算损益表C、分析长短期公司目标D、分析产能试题解析：销售预算编制之后，还要编制直接人工、直接材料和间接费用预算，才能编制模拟损益表3、当生产预算汇总到季度水平，以下哪项是正确的?A、三个月的销售、期初存货、期末存货都需要汇总B、销售、期初存货和期末存货不需要汇总，但是最后一个月的数据用于季度汇总C、三个月的销售额汇总，但是期末存货只需要最后一个月的，期初存货只需要第一个月的D、销售汇总，但是期初存货和期末存货取季度的平均值试题解析：季度的销售汇总，但是季度的期初存货等于第一个月的期初存货，而季度的期末存货等于最后一个月的。
北美考试题及答案
北美考试题及答案一、单项选择题（每题2分，共20分）1. 在北美地区，哪个国家是最大的经济体？A. 加拿大B. 墨西哥C. 美国D. 古巴答案：C2. 北美地区的官方语言不包括以下哪种？A. 英语B. 西班牙语C. 法语D. 德语答案：D3. 北美五大湖中最大的湖泊是？A. 苏必利尔湖B. 密歇根湖C. 休伦湖D. 伊利湖答案：A4. 北美地区的主要气候类型不包括？A. 温带大陆性气候B. 地中海气候C. 极地气候D. 热带雨林气候答案：D5. 北美地区的主要宗教信仰不包括？A. 基督教B. 伊斯兰教C. 犹太教D. 佛教答案：D6. 北美地区的原住民是？A. 印第安人B. 因纽特人C. 马雅人D. 阿兹特克人答案：A7. 北美地区的主要农作物不包括？A. 小麦C. 大豆D. 稻米答案：D8. 北美地区的著名旅游景点不包括？A. 尼亚加拉大瀑布B. 黄石国家公园C. 大峡谷D. 埃菲尔铁塔答案：D9. 北美地区的著名城市不包括？A. 纽约B. 洛杉矶C. 多伦多答案：D10. 北美地区的著名大学不包括？A. 哈佛大学B. 麻省理工学院C. 多伦多大学D. 悉尼大学答案：D二、多项选择题（每题3分，共15分）11. 北美地区的著名山脉包括哪些？A. 落基山脉B. 安第斯山脉C. 阿巴拉契亚山脉D. 喜马拉雅山脉答案：A、C12. 北美地区的著名河流包括哪些？A. 密西西比河B. 亚马逊河C. 圣劳伦斯河D. 尼罗河答案：A、C13. 北美地区的著名国家公园包括哪些？A. 黄石国家公园B. 大峡谷国家公园C. 班芙国家公园D. 克鲁格国家公园答案：A、B、C14. 北美地区的著名城市包括哪些？A. 纽约B. 洛杉矶C. 多伦多D. 悉尼答案：A、B、C15. 北美地区的著名大学包括哪些？A. 哈佛大学B. 麻省理工学院C. 多伦多大学D. 悉尼大学答案：A、B、C三、填空题（每题2分，共20分）16. 北美地区包括_______和_______两个国家。
CMA美国注册管理会计师考试 中文 p1 试题及答案134
美国注册管理会计师考试中文p1 试题及答案1、分摊的固定间接费用$45,000与预算的固定间接费用$40,000之间的差额是A、$5,000有利的生产量差异B、$5,000 分摊不足C、$5,000 分摊多度D、$5,000 不利的生产量差异试题解析：生产量差异是预算的固定间接费用减去分摊的固定间接费用。
预算固定间接费用= 标准量x 标准固定间接费用分摊率分摊固定间接费用= 实际量x 标准固定间接费用分摊率。
在这个例子中生产量差异是有利的。
2、下面是Dale 制造公司编制的一份4 月份的业绩报告：若采用弹性预算，则公司的总销量差异是多少？A、$4,000 不利B、$6,000 有利C、$16,000有利D、$20,000不利试题解析：销售量差异是静态预算利润$24,000与在100,000销售量下弹性预算利润之间的差。
100,000个产品的弹性预算利润= 预算销售–预算变动成本–预算固定成本预算销售= (预算单价)(实际销售数量) = ($160,000 / 80,000个)(100,000个)= $200,000预算变动成本= (单位变动成本)(实际销售量)= ($96,000 / 80,000)(100,000个)= $120,000预算固定成本= $40,000（相关范围内的任何销售量水平）弹性预算利润= $200,00 - $120,000 - $40,000 = $40,000总销售量差异= $24,000 - $40,000 = $(16,000), 或$16,000有利3、MinnOil 公司从事汽车更换机油和其他汽车小毛病维修服务（比如说轮胎压力检测）。
这家公司在广告中宣传说，完成每一项服务的时间不超过15 分钟。
在最近的一个星期六，为160 辆汽车提供了服务，产生的差异如下：工资率差异，$19，不利；效率差异，$14，有利。
若公司的标准工资率为$7/小时，请计算实际的工资率和工作时间？A、工资率= $6.55, 工作小时= 42.00B、工资率= $6.67, 工作小时= 42.71C、工资率= $7.45, 工作小时= 42.00D、工资率= $7.50, 工作小时= 38.00试题解析：人工效率差异$14有利用于以下计算实际小时的计算公式人工效率差异= (标准工资率)(实际小时–标准小时)-$14 = ($7)[AH – (160)(1/4)]-$14 = $7(AH – 40)-$14 = $7AH - $280AH = 38人工工资率差异$19不利可以用于计算是实际工资率的计算工资率差异= (实际小时)(实际工资率–标准工资率)$19 = (38小时)(AR - $7)$19 = 38AR - $266AR = $7.504、Frisco 公司近来采购了108,000 单位的原料，价值$583,200。
09年SOA北美精算师考试第二门FM官方样题第一部分（主要是金融数学）答案
09年SOA北美精算师考试第二门FM官方样题第一部分（主要是金融数学）答案SAMPLE SOLUTIONS FOR DERIVATIVES MARKETSQuestion #1Answer is DIf the call is at-the-money, the put option with the same cost will have a higher strike price.A purchased collar requires that the put have a lower strike price. (Page 76)Question #2Answer is C66.59 – 18.64 = 500 – K exp(–0.06) for K = 480 (Page 69)Question #3Answer is DThe accumulated cost of the hedge is (84.30-74.80)exp(.06) = 10.09.Let x be the market price.If x < 0.12 the put is in the money and the payoff is 10,000(0.12 – x) = 1,200 – 10,000x. The sale of the jalapenos has a payoff of 10,000x –1,000 for a profit of 1,200 –10,000x + 10,000x – 1,000 – 10.09 = 190.From 0.12 to 0.14 neither option has a payoff and the profit is 10,000x – 1,000 – 10.09 = 10,000x – 1,010.If x >0.14 the call is in the money and the payoff is –10,000(x – 0.14) = 1,400 – 10,000x. The profit is 1,400 – 10,000x + 10,000x – 1,000 – 10.09 = 390.The range is 190 to 390. (Pages 33-41)Question #4Answer is BThe present value of the forward prices is 10,000(3.89)/1.06 + 15,000(4.11)/1.0652 +20,000(4.16)/1.073 = 158,968. Any sequence of payments with that present value is acceptable. All but B have that value. (Page 248)Question #5Answer is EIf the index exceeds 1,025, you will receive x – 1,025. After buying the index for x you will have spent 1,025. If the index is below 1,025, you will pay 1,025 – x and after buying the index for x you will have spent 1,025. One way to get the cost is to note that the forward price is 1,000(1.05) = 1,050. You want to pay 25 less and so must spend 25/1.05 = 23.81 today. (Page 112) Question #6Answer is EIn general, an investor should be compensated for time and risk. A forward contract has no investment, so the extra 5 represents the risk premium. Those who buy the stock expect to earn both the risk premium and the time value of their purchase and thus the expected stock value is greater than 100 + 5 = 105. (Page 140)Question #7Answer is CAll four of answers A-D are methods of acquiring the stock. The prepaid forward has the payment at time 0 and the delivery at time T. (Pages 128-129)Question #8Answer is BOnly straddles use at-the-money options and buying is correct for this speculation. (Page 78)Question #9Answer is DThis is based on Exercise 3.18 on Page 89. To see that D does not produce the desired outcome, begin with the case where the stock price is S and is below 90. The payoff is S + 0 + (110 – S) –2(100 – S) = 2S – 90 which is not constant and so cannot produce the given diagram. On the other hand, for example, answer E hasa payoff of S + (90 – S) + 0 – 2(0) = 90. The cost is 100 + 0.24 +2.17 – 2(6.80) = 88.81. With interest it is 93.36. The profit is 90 –93.36 = –3.36 which matches the diagram.Question #10Answer is D[rationale-a] True, since forward contracts have no initial premium[rationale-b] True, both payoffs and profits of long forwards are opposite to short forwards.[rationale-c] True, to invest in the stock, one must borrow 100 at t=0, and then pay back 110 = 100*(1+.1) at t=1, which is like buying a forward at t=1 for 110. [rationale-d] False, repeating the calculation shown above in part c), but with 10% as a continuously compounded rate, the stock investor must now pay back100*e.1 = 110.52 at t=1; this is more expensive than buying a forward at t=1for 110.00.[rationale-e] True, the calculation would be the same as shown above in part c), but now the stock investor gets an additional dividend of 3.00 at t=.5, which theforward investor does not receive (due to not owning the stock until t=1). [This is based on Exercise 2-7 on p.54-55 ofMcDonald][McDonald, Chapter 2, p.21-28]Question #11Answer is CSolution: The 35-strike call has future cost (at t=1) of 9.12*(1+.08) = 9.85The 40-strike call has future cost (at t=1) of 6.22*(1+.08) = 6.72The 45-strike call has future cost (at t=1) of 4.08*(1+.08) = 4.41If S1<35, the profits of the 3 calls, respectively, are -9.85, -6.72, and -4.41.If 35<s1<="" -6.72,="" 3="" and="" are="" bdsfid="114" calls,="" of="" p="" profits="" respectively,="" s1-44.85,="" the=""></s1If 40<s1<="" 3="" and="" are="" bdsfid="116" calls,="" of="" p="" profits="" respectively,="" s1-44.85,="" s1-46.72,="" the=""></s1If S1>45, the profits of the 3 calls, respectively, are S1-44.85, S1-46.72, and S1-49.41.The cutoff points for when the relative profit ranking of the 3 calls change are:S1-44.85=-6.72, S1-44.85=-4.41, and S1-46.72=-4.41, yielding cutoffs of 38.13, 40.44, and 42.31.If S1<38.13, the 45-strike call has the highest profit, and the 35-strike call the lowest.If 38.13<s1<="" p="" profit,="" the=""></s1If 40.44<s1<="" p="" profit,="" the=""></s1If S1<42.31, the 35-strike call has the highest profit, and the 45-strike call the lowest.We are looking for the case where the 35-strike call has the highest profit, and the 40-strike call has the lowest profit, which occurs when S1 is between 40.44 and 42.31.[This is based on Exercise 2-13 on p.55-56 of McDonald][McDonald, Chapter 2, p.33-37]Question #12Answer is BSolution: The put premium has future value (at t=.5) of 74.20 * (1+(.04/2)) = 75.68 Then, the 6-month profit on a long put position is: max(1,000-S.5,0)-75.68. Correspondingly, the 6-month profit on a short put position is 75.68-max(1,000-S.5,0). These two profits are opposites (naturally, since long and short positions have opposite payoff and profit). Thus, they can only be equal if producing 0 profit. 0 profit is only obtained if 75.68 = max(1,000-S.5,0), or 1,000-S.5 = 75.68, or S.5 = 924.32. [McDonald, Chapter 2, p.39-42]Question #13Answer is DSolution: Buying a call, in conjunction with a short position in a stock index, is a form of insurance called a cap. Answers (A) and (B) are incorrect because they relate to a floor, which is the purchase of a put to insure against a long position in a stock index. Answer (E) is incorrect because it relates to writing a covered call, which is the sale of a call along with a long position in the stock index, so that the investor is selling rather than buying insurance. Note that a cap can also be thought of as ‘buying’ a covered call. Now, let’s calculate the profit: 2-year profit = payoff at time 2 – the future value of the initial cost to establish the position = (-75 + max(75-60,0)) –(-50 + 10)*(1+.03)2 = -75+15+40*(1.03)2 = 42.44-60 = -17.56. Thus,we’ve lost more from holding the short position in the index (since the index went up) than we’ve gained from owning the long call option.[McDonald, Chapter 3, p.59-65]Question #14Answer is ASolution: This consists of standard applications of the put-call parity equation on p.69. Let C be the price for the 40-strike call option. Then, C + 3.35 is the price for the 35-strike call option. Similarly, let P be the price for the 40-strike put option. Then, P –x is the price for the 35-strike put option, where x is what we’re trying to find. Using put-call parity, we have:(C + 3.35) + 35*e-.02 - 40 = P – x (this is for the 35-strike options)C + 40*e-.02 – 40 = P (this is for the 40-strike options)Subtracting the first equation from the second, 5*e-.02 – 3.35 = x = 1.55.[McDonald, Chapter 3, p.68-69]Answer is CSolution: The initial cost to establish this position is 5*2.78 –3*6.13 = -4.49. Thus, you are receiving 4.49 up front. This grows to 4.49*e .08*.25 = 4.58 after 3 months. Then, the following payoff/profit table can be constructed at T=.25 years: S T : 5*max(S T – 40, 0) – 3*max(S T – 35, 0) + 4.58 = Profit S T <35 0 - 0 + 4.58 = 4.58 35 <= S T <= 40 0 - 3*(S T – 35) + 4.58 = 109.58-3S T S T > 40 5*(S T -40) - 3*(S T – 35) + 4.58 = 2S T -90.42Thus, the maximum profit is unlimited (as S T increases beyond 40, so does the profit) Also, the maximum loss is 10.42(occurs at S T = 40, where profit = 109.58-120 = -10.42) [Notes] The above problem is an example of a ratio spread.[McDonald, Chapter 3, p.73]Question #16Answer is DSolution: The ‘straddle’ consists of buying a 40-strike call and buying a 40-strike put. This costs 2.78 + 1.99 = 4.77 at t=0, and grows to 4.77*e .02 = 4.87 at t=.25. The ‘strangle’ consists of buying a 35-strike put and a 45-strike call. This costs 0.44 + 0.97 = 1.41 at t=0, and grows to 1.41*e .02 = 1.44 at t=.25. For S T <40, the ‘straddle’ has a profit of 40-S T -4.87 = 35.13, and for S T >=40, the ‘straddle’ has a profit of S T -40-4.87 = 44.87. For S T <35, the ‘strangle’ has a profit of 35-S T -1.44 = 33.56, and for S T >45, the ‘strangle’ has a profit of S T -45-1.44 = 46.44. However, for 35<=S T <=45, the ‘strangle’ has a profit of -1.44 (since both options would not be exercised). Comparing the payoff structures between the ‘straddle’ and ‘strangle,’ we see that if S T <35 or if S T >45, the ‘straddle’ would outperform the ‘strangle’ (since 35.13 > 33.56,and since -44.87 > -46.44). However, if 35<=S T <=45, we can solve for the two cutoff points for S T , where the ‘strangle’ would outperform the ‘straddle’ as follows:-1.44 > 35.13 – S T, and -1.44 > S T - 44.87. The first inequality gives S T > 36.57, and the second inequality gives S T < 43.43. Thus, 36.57 < S T < 43.43.[McDonald, Chapter 3, p.78-80]Answer is B[rationale I] Yes, since Strategy I is a bear spread using calls, and bear spreads perform better when the prices of the underlying asset goes down.[rationale II] Yes, since Strategy II is also a bear spread – it just uses puts instead! [rationale III] No, since Strategy III is a box spread, which has no price risk; thus, the payoff is the same (1,000-950 = 50), no matter what the price of theunderlying asset.[Note]: An alternative, but much longer, solution is to develop payoff tables for all 3 strategies.[McDonald, Chapter 3, p.70-73]Question #18Answer is BSolution: First, let’s calculate the expected one-year profit without using the forward. This would be .2*(700+150-750) + .5(700+170-850) + .3*(700+190-950) = 20 + 10 - 18 = 12. Next, let’s calculate the expected one-year profit when buying the 1-year forward for 850. This would be 1*(700+170-850) = 20. Thus, the expected profit increases by 20 - 12 = 8 as a result of using the forward.[This is based on Exercise 4-7 on p.122 of McDonald][McDonald, Chapter 4, p.98-100]Question #19Answer is DSolution: There are 3 cases, one for each row in the above probability table.For all 3 cases, the future value of the put premium (at t=1) = 100*e.06 = 106.18.In Case 1, the 1-year profit would be: 750 - 800 - 106.18 + max(900-750,0) = -6.18In Case 2, the 1-year profit would be: 850 - 800 - 106.18 + max(900-850,0) = -6.18In Case 3, the 1-year profit would be: 950 - 800 - 106.18 +max(900-950,0) = 43.82 Thus, the expected 1-year profit = .7 * -6.18 + .3 * 43.82 = -4.326 + 13.146 = 8.82.[This is based on Exercise 4-3 on p.121 of McDonald][McDonald, Chapter 4, p.92-96]Answer is BSolution: This is an example of pricing a forward contract using discrete dividends. Thus, we need the future value of the current stock price minus the future value of each of the 12 dividends, where the valuation date is T=3. Thus, the valuation equation is: Forward price = 200*e.04(3) –[1.50*e.04(2.75) + 1.50*1.01*e.04(2.5) + 1.50*(1.01)2*e.04(2.25) + …1.50*(1.01)12] = 200*e.12 - 1.50*e.11{[1-(1.01*e-.01)12]/[1-(1.01*e.01)]}, using the geometric series formula from interest theory. This simplifies numerically to 225.50 -1.67442*11.99666 = 205.41.[This problem combines the material from interest theory and derivatives, although one could also simplify the above expression by brute force (instead of geometric series), since there are only 12 dividends to accumulate forward to T=3.] [McDonald, Chapter 5, p.133-134]Question #21Answer is ESolution: Here, the fair value of the forward contract is given by S0 * e(r-d)T =110 * e(.05-.02).5 = 110 * e.015 = 111.66. This is 0.34 less than the observed price. Thus, one could exploit this arbitrage opportunity by selling the observed forward at 112 and buying a synthetic forward at 111.66, making 112-111.66 = 0.34 profit.[This is based on Exercise 5-8 on p.163-164 of McDonald][McDonald, Chapter 5, p.135-138]Answer is BSolution: First, we must determine the present value of the forward contracts. On a per ton basis, this is: 1,600/1.05 + 1,700/(1.055)2 + 1,800/(1.06)3 = 4,562.49.Then, we must solve for the level swap price, which is labeled x below, as follows:4,562.49 = x/1.05 + x/(1.055)2 + x/(1.06)3 = x*[1/1.05 + 1/(1.055)2 + 1/(1.06)3] =2.69045*x.Thus, x = 4,562.49 / 2.69045 = 1,695.81.Thus, the amount he would receive each year is 50*1,695.81 = 84,790.38. [McDonald, Chapter 8, p.247-248]Question #23Answer is ESolution: First, note that the notional amount and the future 1-year LIBOR rates (not given) do not factor into the calculation of the swap’s fixed rate. All we need at the various zero-coupon bond prices P(0, t) for t=1,2,3,4,5, along with the 1-year implied forward rates, which are given by r0(t-1,t), for t=1,2,3,4,5. These calculations are shown in the following table:t 1 2 3 4 5P(0,t) (1.04)-1(1.045)-2 (1.0525)-3 (1.0625)-4 (1.075)-5=.96154 =.91573 =.85770 =.78466 =.69656 r0(t-1,t) s1[1.0452/1.04]-1 [1.05253/1.0452]-1 [1.06254/1.05253]-1 [1.0755/1.06254]-1 =.04000 =.05002 =.06766 =.09307 =.12649 Thus, the fixed swap rate = R = [(.96154)*(.04)+…+(.69656)*(.12649)] / [.96154 +…+.69656]= [.03846 + .04580 + .05803 + .07303 + .08811]/[.96154 + .91573 + .85770 + .78466 +.69656]= .30344 / 4.21619 = .07197 = 7.20% (approximately).[Note: This is much less calculation-intensive if you realize that the numerator (.30344) for R can also be obtained by taking 1- P(0,n) = 1 – P(0,5) = 1 - .69656 = .30344. Then, you would not need to calculate any of the implied forward rates!][McDonald, Chapter 8, p.255-258]Answer is D[rationale-a] True, hedging reduces the risk of loss, which is a primary function of derivatives.[rationale-b] True, derivatives can be used the hedge some risks that could result in bankruptcy.[rationale-c] True, derivatives can provide a lower-cost way to effect a financialtransaction.[rationale-d] False, derivatives are often used to avoid these types of restrictions. [rationale-e] True, an insurance contract can be thought of as a hedge against the risk of loss.[McDonald, Chapter 1, p.2-3]Question #25Answer is C[rationale-a] True, both types of individuals are involved in the risk-sharing process. [rationale-b] True, this is the primary reason reinsurance companies exist.[rationale-c] False, reinsurance companies share risk by issuing rather than investing in catastrophic bonds. In effect, they are ceding this excess risk to thebondholder.[rationale-d] True, it is diversifiable risk which is reduced or eliminated when risks are shared.[rationale-e] True, this is a fundamental idea underlying risk management andderivatives.[McDonald, Chapter 1, p.5-6]Question #26Answer is B[rationale-I] True, the forward seller has unlimited exposure if the underlying asset’s price increases.[rationale-II] True, the call issuer has unlimited exposure if the underlying asset’s price rises.[rationale-III] False, the maximum loss on selling a put is FV(put premium) – strike price. [McDonald, Chapter 2, p.43 (Table 2.4)]Answer is A[rationale-I] True, as prices go down, the value of holding a put option increases.canbe thought of as a put option.insuranceHomeowner’s[rationale-II] False, returns from equity-linked CDs are zero if prices decline, but positive if prices rise. Thus, owners of these CDs benefit from rising prices. [rationale-III] False, a synthetic forward consists of a long call and a short put, both of which benefit from rising prices (so the net position also benefits as such). [McDonald, Chapter 2, p.44-48]Question #28Answer is E[rationale-a] True, derivatives are used to shift income, thereby potentially lowering taxes.[rationale-b] True, as with taxes, the transfer of income lowers the probability ofbankruptcy.[rationale-c] True, hedging can safeguard reserves, and reduce the need for external financing, which has both explicit (e.g. – fees) and implicit (e.g. –reputational) costs.[rationale-d] True, when operating internationally, hedging can reduce exchange rate risk. [rationale-e] False, a firm that credibly hedges will reduce the riskiness of its cash flows, and will be able to increase debt capacity, which will lead to tax savings, since interest is deductible.[McDonald, Chapter 4, p.103-106]Question #29Answer is ASolution: If S0 is the price of the stock at time-0, then the following payments are required: Outright purchase – payment at time 0 – amount of payment = S0.Fully leveraged purchase – payment at time T – amount of payment = S0*e rT.Prepaid forward contract – payment at time 0 – amount of payment = S0*e-dT.Forward contract – payment at time T – amount of payment = S0*e(r-d)T.Since r>d>0, it must be true that S0*e-dT < S0 < S0*e(r-d)T < S0*e rT.Thus, the correct ranking is given by choice (A).[McDonald, Chapter 5, p.127-134]Answer is C[rationale-a] True, marking to market is done for futures, andcan lead to pricedifferences relative to forward contracts.[rationale-b] True, futures are more liquid; in fact, if you use the same broker to buy and sell, your position is effectively cancelled.[rationale-c] False, forwards are more customized, and futures are more standardized. [rationale-d] True, because of the daily settlement, credit risk is less with futures (v.forwards).[rationale-e] True, futures markets, like stock exchanges, do have daily price limits. [McDonald, Chapter 5, p.142]。
北美精算考试P练习题
0
for −2 ≤ x ≤ 4 otherwise
(c) 1
3 5 1 5
5
6. The time of failure of a component in an electronic device has an exponential distribution with a median of four hours. Calculate the probability that the component will work without failing for at least five hours. (a) 0.07 (b) 0.38 (c) 0.42 (d) 0.29 (e) 0.57
where c is a constant. Calculate the moment generating function of X .
8
1 8 4 3 23 12 7 72 5 36
1
2. An insurance policy pays for a random loss X subject to a deductible of C , where 0 < C < 1. The loss amount is modeled as a continuous random variable with density function f (x) = 2x for 0 < x < 1 0 otherwise
Name:
Student #:
Quiz 3 Duration: 50 min Total: 10 Marks 1. A random variable X has thction: for x < 1 0 x2 −2x+2 F (x) = for 1 ≤ x < 2 2 1 for x ≥ 2 Find the variance of X. (a) (b) (c) (d) (e)
【SOA】关于北美精算师,你必须知道的入门级知识——Exam P
关于北美精算师，你必须知道的入门级知识——Exam P成为一名北美准精算师（ASA）必须要经历五门SOA的准精算师考试，而其中最简单也是大部分人最先开始学习准备的就是Exam P，即probability。
顾名思义，Exam P考察的就是最基本的数理统计与概率问题。
下面我们就来了解一下Exam P的考试形式与内容。
考试目的考生可以掌握用于定量评估风险的基本的概率方法，并着重于用这些方法应用解决精算学中遇到的问题。
参加这门考试的考生应具有一定的微积分基础，并了解基本的概率、保险和风险管理的概念。
考试形式Exam P采用机考的形式，总共30道单项选择题，考试时间为3个小时。
每道选择题共有5个选项，其中只有一个正确选项。
与SAT考试不同的是，Exam P考试答错并不会额外扣分，也就是说考生一定不要空任何一道题。
Exam P中会随机分布几道“pilot question”，这些题目是主办方用来分析从而改进将来的考试而出现的，它们的正确与否并不会影响到考生的实际分数。
但是由于考生并无法分辨出这些题目，所以对每一道题目，考生都要同样认真地对待。
考试内容概率（占总分10%－20%）最基本的事件概率计算问题。
包括集合方程与表示（sat functions）、互斥事件（mutually exclusive events）、事件独立性（independence of events）、组合概率（Combinatorial probability）、条件概率（Conditional probability）以及贝叶斯定理（Bayes theorem）等。
拥有单因素概率分布的随机变量（占总分35%－45%）连续分布或离散分布的单因素随机变量的研究。
包括PDF&CDF（Probability density functions and Cumulative distribution functions）、独立随机事件的和的分布、众数（Mode）、中位数（Median）、百分位数（Percentile）、动差（Moment）、方差（Variance）以及变形等问题。
CMA美国注册管理会计师考试++中文+p1+试题及答案117
美国注册管理会计师考试中文p1 试题及答案1、Oakmont 公司有两个分部，家电产品分部和施工设备分部；分别按照投资回报率和剩余收益来考核两个分部的经理。
这两个分部的资本成本和投资回报率都分别为12%和16%。
每个经理都在考虑一个投资回报率为14%的项目。
根据当前针对经理人员的考核制度，其中哪个经理具有实施该项目的激励动力？A、两个经理都有B、两个经理都没有C、施工设备分部的经理有，但是家电产品分部的经理没有D、家电产品分部的经理有，但是施工设备部的经理没有试题解析：鉴于两个分部的资本成本和投资回报率，项目对建筑设备部门最有激励。
2、某公司注意到其分部经理人员制定的决策并没有使得公司整体的利益最大化。
为了阻止这样的倾向，公司要采用一套业绩考核制度，该制度应该强调：A、剩余收益B、弹性预算差异C、营业收益D、可控成本试题解析：剩余收益是一个分部发生所有费用后剩下的收益。
强调剩余收益决策及小评估将使分部经理的注意力集中在降低成本的措施。
3、下列关于平衡计分卡的表述哪一项是错误的？A、平衡计分卡直接来源于一些科学管理理论B、传统的用来考核业绩的财务指标，存在着一些问题。
平衡记分卡寻求解决这些问题。
C、设计一套平衡记分卡的过程中，价值链分析这一观念起了重要作用D、平衡计分卡成功与否，取决于每个使用者对于计分卡所提供的服务的理解我用的是试题解析：平衡计分卡寻求解决关于用于衡量绩效的传统财务指标的问题。
价值链分析的概念在拟定平衡计分卡时发挥重要作用。
，它依赖于顾客对所提供服务的的认知。
4、一个制造企业有以下的数据：期初在制品存货$5,000期末在制品存货$15,000全部的生产成本是$110,000期初产成品存货$20,000期末产成品存货$30,000产品销售成本(COGS)是多少A、$50,000B、$100,000C、$110,000D、$90,000试题解析：首先计算产品生产成本(COGM)。
COGM等于期初在制品存货加上全部生产成本减去期末在制品成本($5,000 + $110,000 - $15,000 = $100,000)。
北美精算师(SOA)考试P 2000 November年真题
(A) (B) (C) (D) (E)
208 260 270 312 374
November 2000
1
Course 1
2.
An investor purchases two assets, each having an initial value of 1000 . The value Vn of the first asset after n years can be modeled by the relationship:
0.06 0.16 0.19 0.22 0.25
Course 1
12
Form 00B
13.
An actuary believes that the demand for life insurance, L, and the demand for health insurance, H, can be modeled as functions of time, t:
What is the approximate probability that there is a total of between 2450 and 2600 claims during a one-year period?
(A) (B) (C) (D) (E)
0.68 0.82 0.87 0.95 1.00
Course 1
2
Form 00B
3.
An auto insurance company has 10,000 policyholders. Each policyholder is classified as
(i) (ii) (iii)
young or old; male or female; and married or single.