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2024年人力资源管理师-人力资源管理师(二级)考试历年真题摘选附带答案

2024年人力资源管理师-人力资源管理师（二级）考试历年真题摘选附带答案题目一二三四五六总分得分第1卷一.全考点押密题库(共100题)1.(单项选择题)(每题 1.00 分) 下列关于培训效果正式评估的说法，不正确的是（）A. 无法将评估结论与最初计划相比较B. 对评估者自身素质的要求降低了C. 在数据和事实的基础上做出评判D. 有详细的评估方案、测试工具和评判标准2.(多项选择题)(每题 1.00 分) 无领导小组讨论设计题目的原则包括（）。

A. 联系工作内容B. 能使双方在争论中分出胜负C. 具有一定的冲突性D. 难度适中E. 能给应聘者带来较大压力3.(多项选择题)(每题 1.00 分) 作为道德规范的“诚信”，其中“诚”的意思有（）。

A. 自然万物的客观实在性B. “天道”的真实反应C. 尊重事实和忠实本心的待人对物的态度D. 只要赤诚，勿需隐含智慧4.(单项选择题)(每题 1.00 分) 一项具体的人力资源管理制度的组成部分不包括（）。

A. 总则B. 主文C. 附则D. 概述5.(单项选择题)(每题 1.00 分) 劳务派遣的本质特征是（）。

A. 劳动者和使用相分离B. 劳动力和用人单位相分离C. 雇用和使用相分离D. 劳动力和接受单位相分离6.(单项选择题)(每题 1.00 分) “医师的诊断水平和医术”的效标属于（）绩效考评效标。

[2012年11月二级真题]A. 行为性B. 特征性C. 结果性D. 品质性7.(单项选择题)(每题 1.00 分) 在企业人员计划的制定过程中，确定计划期内人员补充需求量不必考虑的因素是（）。

A. 计划期内员工总需求量B. 计划期期初员工总人数C. 报告期期末员工总人数D. 计划期内自然减员总人数8.(多项选择题)(每题 1.00 分)实行经营者年薪制应具备条件包括（）。

A. 完善的群众监督机制B. 完善的竞争机制C. 健全的经营者人才市场D. 完善的组织机构E. 明确的经营者业绩考核指标体系9.(单项选择题)(每题 1.00 分)（）是组织中的主导力量。

银行系统招聘考试英语(中国银行)历年真题试卷汇编6(题后含答案及解析)

银行系统招聘考试英语（中国银行）历年真题试卷汇编6(题后含答案及解析)题型有：1. 词汇与语法结构 3. 阅读理解 6. 选词填空词汇与语法结构1．Please provide the requested______in writing to the receptionist at the front desk.A．informB．informationC．informedD．informing正确答案：B2．The August Shipment has just______from Pusan and is waiting in the receiving dock.A．examinedB．delayedC．sentD．arrived正确答案：D解析：根据句意可知，八月份装载的货物已经从釜山运过来。

3．Before the situation was explained to him,Franco______ believed that the automobile prototype was the finished product.A．wrongingB．wrongC．wrongedD．wrongly正确答案：D解析：“Wronging”，动词，表示不公正对待；“wrong”，名词、形容词、动词，表示错误、错误的，做错；“wronged”，形容词，表示被冤枉的；“wrongly”，副词，表示是不正确地。

在跟他解释这个情况之前，他错误地认为这个汽车原型成品是完成了的成果。

4．The White Fountain inn will______reservations only for parties of six people or more.A．acceptB．acceptingC．acceptedD．accepts正确答案：A解析：“will”是情态动词，后跟动词原形。

5．The consultant’s report was highly ______of our procedures for documenting purchases.A．criticallyB．criticismC．criticD．critical正确答案：D解析：“highly”是副词，副词修饰形容词，下面的几个选项只有“critical”是形容词，批评的意思。

人行(英语类)笔试历年真题回忆版2010-2013

人行（英语类）笔试历年真题回忆版2010-20132013年人民银行英语笔试回忆2013年人行英语考试回忆周六参加了2013年人行分支机构英语考试，卷子属于涉及若干经济金融内容的英语考试，整体难度适中。

题型有五个，单选、完形、阅读、翻译、作文。

单选貌似10个，考察语法词汇知识，好久没考了，基本靠语感加猜。

好久没考英语了。

完形是一篇介绍无形资产的文章，20个空？既考查语法，也考察上下文理解，还考察对无形资产的基础知识（比如从选项中区分unidentical intangible assets和identical assets，成本writte off之类的）。

还有一些专用名词的考察，记不得了。

四篇阅读不难，基本可以先看题目直接去问文中找，内容都包括银行结算、介绍一本写美国劳动力的书等。

其他记不得了，欢迎补充。

翻译包括中译英和英译中各一篇。

中译英是介绍上市公司不同融资方法所带来的融资成本的段落。

如果知道基本的经济金融专用名词的话翻起来不难，比如上市公司、融资、利润、本金、利息、分红、成本约束、收购等。

英译中很简单，是一介绍银行保险箱业务的小短文，基本不用打草稿，视译即可。

作文先给了一段话，内容是说这个十一黄金周北京各景点人满为患，同时垃圾遍地，景点疲于应付的现象。

请你对这个现象表达看法，300字左右还是以上？记不清了。

不过好多同学的思维已经被申论给束缚了，结果问了一圈大家都有种用英语写申论的感觉。

总之，人行的英语试卷总体难度不大，很大程度上考察英语综合能力，特别是经济金融方面的知识储备，建议可以提前学习下经济英语，多看经济学人等杂志。

祝大家好运！2013人行英语类笔经新鲜出炉之前一直受惠于论坛的前辈们，今天也怀着感恩之心回报一下论坛，顺便攒人品。

我是英语专业的，南京考点。

只有两个考场是英语类的，而且我们考场只来了10个人，另一个考场貌似不到十个。

好像今天中国银行也考试，还有新华社，对外出版集团之类的单位都选择今天考试，牛人们都考其他的去了，这让偶庆幸不已。

2012年银行从业资格考试真题卷(2)

2012年银行从业资格考试真题卷•本卷共分为1大题28小题，作答时刻为180分钟，总分100分，60分及格。

二、多项选择题（共28题，每题2分。

每题的备选项中，有多个契合题意）1.发放商用房告贷，要执行的条件为（）A：确保告贷人首付款已全额付出或到位B：告贷人所购商用房为新建房的，要承认项目工程进度契合人民银行规则的有关放款条件C：需求处理稳妥、公证等手续的，有关手续现已处理结束D：对采纳抵(质)押的告贷，要执行告贷抵(质)押手续E：对自然人作为确保人的，应清晰并执行实行确保职责的详细操作程序参考答案：A,B,C,D,E[解析]执行商用房告贷发放条件：a.确保告贷人首付款已全额付出或到位;b.告贷人所购商用房为新建房的，要承认项目工程进度契合人民银行规则的有关放款条件;c.需求处理稳妥、公证等手续的，有关手续现已处理结束;d.对采纳抵(质)押的告贷，要执行告贷抵(质)押手续;e.对自然人作为确保人的，应清晰并执行实行确保职责的详细操作程序。

2.商用房告贷，审阅放款告诉，事务部分在接到放款告诉书后，对其（）进行审阅。

A：真实性B：合法性C：合理性D：完整性E：针对性参考答案：A,B,D[解析]商用房告贷发放时要进行出账前审阅。

审阅放款告诉，事务部分在接到放款告诉书后，对其真实性、合法性和完整性进行审阅。

3.下岗赋闲人员小额担保告贷遵从的准则包含（）A：担保发放B：信誉发放C：微利贴息D：专款专用E：如期归还参考答案：A,C,D,E[解析]依据相关规则，下岗赋闲人员小额担保告贷遵从“担保发放、微利贴息、专款专用、如期归还”的准则。

目标特别，首要为下岗赋闲人员再就业供给金融支撑。

4.关于个人运营类告贷，下列说法正确的有（）A：依据告贷用处的不同，个人运营类告贷能够分为个人运营专项告贷和个人运营流动资金告贷B：专项告贷是指银行向个人发放的用于定向购买或租借商用房和机械设备，且其首要还款来历是由运营发生的现金流取得的告贷C：专项告贷首要包含个人商用房告贷和个人运营设备告贷D：流动资金告贷是指银行向从事合法出产运营的个人发放的、用于满意个人操控的企业(包含个别工商户)出产运营流动资金需求的告贷E：流动资金告贷依照有无担保的告贷条件分为动产担保告贷和权力担保告贷参考答案：A,B,C,D[解析]流动资金告贷依照有无担保的告贷条件分为有担保流动资金告贷和无担保流动资金告贷。

1998年同等学力人员申请硕士学位外国语水平全国统一考试真题及答案

1998年同等学力人员申请硕士学位外国语水平全国统一考试真题及答案Paper One 试卷一(90 minutes)Part I Listening Comprehension (20 minutes, 15 points) （略）Part II Vocabulary (10 minutes, 10 points, 0.5 for each ) Section ADirections:In each item, choose one word that best keeps the meaning of the sentence if it is substituted for the underlined word. Mark out pour choice on the ANSWER SHEET with a single line through the center.16. People of diverse backgrounds now fly to distant places for pleasure, business or education.A) different B)distinctive C) similar D) separate17. The fun of playing the game was a greater incentive than the prize.A) motive B) initiative C)excitement D) entertainment18. Sometimes the messages are conveyed through deliberate, conscious gestures; other times, our bodies talk without our even knowing.A) definite B) intentional C) delicate D) interactive19.Hunters have almost exterminated many of the larger animals while farmers destroyed many smaller animals.A) wounded B)reduced C) killed D) trapped 20. Today black children in South Africa are still reluctant to study subjects from which they were effectively barred for so long.A) anxious B) curious C)opposed D) unwilling21. If a cat comes too close to its nest, the mockingbird initiatesa set of actions to protect its offspring.A) hastens B) triggers C)devises D) releases22. Panic swept through the swimmers as they caught sight of a huge shark approaching menacingly.A) Tension B) Excitement C)Fear D) Nervousness23. Lighting levels are carefully controlled to fall within an acceptable level for optimal reading convenience.A) ideal B) required C)optional D) standard24. Many observers believe that country will remain in a state ofchaos if it fails to solve its chronic food shortage problem.A) transient B) starving C) severe D) serial25. The exhibition is designed to facilitate further cooperation between Chinese TV industry and overseas TV industries.A) establish B)maximize C) guarantee D) promote Section BDirections: In each question, decide which of the four choices given will most suitably complete the sentence if inserted at the place marked. Mark out pour choice on the ANSWER SHEET with a single line through the center.26. Anyone who can study abroad is fortunate; but, of course, it is not easy to make the_________ from one culture to anotherA) transaction . B) transportation C) transmission D) transition27. We_________ that diet is related to most types of cancer but we don't have definite proof.A) assure B) suspect C) ascertain D) suspend28. How large a proportion of the sales of stores in or near resort areas can be_________ to tourist spending?A) contributed B)applied C) attributed D) attached29. Not all persons arrested and_________ with a crime are guilty, and the main function of criminal courts is to determine who is guilty under the law.A) sentenced B) accused C)persecuted D) charged30. He_________ in court that he had seen the prisoner run out of the bank after it had been robbed.A) justified B) witnessed C)testified D) identified31. If you are a member of a club, you must_________ to the rules of that club.A) conform B) appeal C)refer D) access32. With the constant change of the conditions, the outcome is not always_________.A) favorable B) predictable C) dependable D) reasonable33. Instead of answering the question, the manager_________ his shoulders as if it were not important.A) shrugged B) touched C) raised D) patted34. I am sorry for the_________ tone of your letter, but feel sure that things are not so bad with you as you say.A) apologetic B)threatening C) pessimistic D) grateful 35. A patient who is dying of incurable cancer of the throat is in terrible pain, which can no longer be satisfactorily _________.A) diminished B)alleviated C) relaxed D) abolishedPart II Reading Comprehension (50 minutes, 30 Points) Directions: There are 6 passages in this part. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A , B, C and D . You should decide on the best choice and mark the corresponding letter on the ANSWER SHEET with a single line through the center.Passage OneNuclear power's danger to health, safety, and even life itself can be summed up in one word: radiation.Nuclear radiation has a certain mystery about it, partly because it cannot be detected by human senses. It can't be seen or heard, or touched or tasted, even though it may be all around us.There are other things like that. For example, radio waves are all around us but we can't sense radioactivity without a radiation detector .But unlike common radio waves, nuclear radiation is not harmless to human beings and other living things.At very high levels, radiation can kill an animal or human being outright by killing masses of cell in vital organs. But even the lowest levels can do serious damage. There is no level of radiation that is completely safe. If the radiation does nor hit anything important, the damage may not be significant. This is the case when only a few cells are hit, and if they arc killed outright. Your body will replace the dead cells with healthy ones. But if the few cells arc only damaged, and if they reproduce themselves, you may be in trouble. They reproduce themselves in a deformed way. They can grow into cancer. Sometimes this does not show up for many years.This is another reason for some of the mystery about nuclear radiation. Serious damage can be done without the victim being aware at the time that damage has occurred. A person can be irradiated and feel fine, then die of cancer five, ten, or twenty years later as a result. Or a child can be born weak or liable to serious illness as a result of radiation absorbed by its grandparents.Radiation can hurt us. We must know the truth.36. According to the passage, the danger of nuclear power lies in_________.A) nuclear mystery B) radiation detectionC) radiation level D) nuclear radiation37. Radiation can cause serious consequences even at the lowest level _________.A) when it kills few cellsB) if it damages few cellsC) though the damaged cells can repair themselvesD) unless the damaged cells can reproduce themselves38. The word “significant” in paragraph 3 most probably means _________.A) remarkable B)meaningful C)fatal D) harmful39. Radiation can hurt us in the way that it can _________.A) kill large numbers of cells in main organs so as to cause death immediately.B) damage cells which nay grow into cancer years laterC) affect the healthy growth of our offspringD) All of the above.40. Which of the following can be best inferred from the passage?A) The importance of protection from radiation cannot beover-emphasized.B) The mystery about radiation remains unsolved.C) Cancer is mainly caused by radiation.D) Radiation can hurt those who are not aware of its danger. Passage TwoIn some ways, the United States has made spectacular progress. Fires no longer destroy 18,000 buildings as they did in the Great Chicago Fire of 1871, or kill half a town of 2,400 people, as they did the same night in Peshtigo, Wisconsin. Other than the Beverly Hill Supper Club fire in Kentucky, in 1977, it has been four decades since more than 100 Americans died in a fire.But even with such successes, the United States still has one of the worst fire death rates in the world. Safety experts say the problem is neither money nor technology, but the indifference of a country that just will not take Fires seriously enough.American fire departments are some of the world's fastest and best equipped. They have to be. The United States has twice Japan's population, and 40 times as man`' Fires. It spends far less on preventing fires than on fighting them. American Fire-safety lessons are aimed almost entirely at children, who die in disproportionately large numbers in fires but who, contrary to popular myth, start very few of them.Experts say the fatal error is an attitude that fires are not really anyone's fault. Thai is not so in other countries, where both public education and the law treat Fires as either a personal failing or a crime. Japan has many wood houses; of the estimated 48 fires in world history that burned more than 10,000 buildings, Japan has had 27. Penalties for by negligence can be as high as life imprisonment.In the United States, most education dollars are spent in elementary schools. But the lessons are aimed at too limited an audience; just 9 percent of all Fire deaths are caused by children playing with matches.The United States continues to rely more on technology than laws or social pressure. There are smoke detectors in 85 percent of all homes. Some local building codes now require home sprinklers. New heaters and irons shut themselves off if they are tipped.41. The reason why so many Americans die in fires is that _________.A) they took no interest in new technologyB) they did not attach great importance to preventing firesC) they showed indifference to fighting FiresD) they did not spend enough money on fire facilities42. Although the Fire death rate has declined, the United States ________.A) still has the worst fire death rate in the worldB) is still alert to the fire problemC) is still training a large number of safety expertsD) is still confronted with the serious fire problem43. It can be inferred from the passage that ________.A) fire safety lessons should be aimed at American adultsB) American children have not received enough education of fire safety lessonC) Japan is better equipped with fire facilities than the Untied StatesD) America's large population accounts for high fire frequency44. In what aspects should the United States learn from Japan?A) Architecture and building material.B) Education and technology.C) Laws and attitude.D) All of the above45. To narrow the gap between the fire death rate in the United States and that in other countries, the author suggests ________.A) developing new technologyB) counting more on laws and social pressureC) placing a fire extinguisher in every familyD) reinforcing the safeness of household appliancesPassage ThreeThere are hidden factors which scientists call “feedback mechanisms”. No one knows quite how they will interact with the changing climate. Here's one example: plants and animals adapt to climate change over centuries. At the current estimate of half a degree centigrade of warming per decade, vegetation(植物) may not keep up. Climatologist James Hansen predicts climate zones will shift toward the poles by 50 to 75kilometres a year-faster than trees can naturally migrate. Species that find themselves in an unfamiliar environment will die. The 1000kilometre-wide strip of forest running through Canada, the USSR and Scandinavia could be cut by half. Millions of dying trees would soon lead to massive forest fires, releasing ions of CO2 and further boosting global warming.There arc dozens of other possible. feedback mechanisms'. Higher temperatures will fuel condensation and increase cloudiness, which may actually damp down global warming. Others, like the‘albedo’ effect, will do the opposite. The. ‘albedo’ effect is the amount of solar energy reflected by the earth's surface. As northern ice and snow melts and the darker sea and land pokes( 戳) through, more heat will be absorbed, adding to the global temperature increase.Even if we were to magically stop all greenhouse-gas emissions tomorrow the impact on global climate would continue for decades. Delay will simply make the problem worse. The fact is that some of us are doing quite well the way things are. In the developed world prosperity has been built on 150 years of cheap fossil fuels.Material progress has been linked to energy consumption. Today 75 per cent of all the world's energy is consumed by a quarter of the world's population. The average rich world resident adds about 3.2 tons of CO2 yearly to the atmosphere, more than four times the level added by each Third World citizen. The US, with just seven per cent of the global population, is responsible for 22 per cent of global warming.46.”Feedback mechanisms” in paragraph 1 most probably refer to ________.A) how plants and animals adapt to hidden factorsB) how plants and animals interact with the changing climateC) how climate changesD) how climate zones shift47. James Hansen predicts that the shift of climate zones will be accompanied by ________.A) the cutting of many trees.B) desirable environmental changes.C) successful migration of species.D) unsuccessful migration of trees.48. We can learn from the passage that ________.A) some feedback mechanisms may slow down global warmingB) the basic facts of global warming are unknownC) developing countries benefit from cheap fossil fuelsD) developed countries have decided to reduce their energy consumption49. It can be inferred from the passage that ________.A) the developing world has decided to increase its energy consumptionB) a third-world citizen adds less than a ton of CO2 yearly to the atmosphereC) the world climate would soon gain its balance if we stopped greenhouse gas emissionsD) future prosperity of the world is dependent on cheap fossil fuels50. Which of the following is the main topic of the passage?A) Material progress and energy consumption.B) Prosperity and cheap fossil fuels.C) Impact of global warming on climate.D) Plants and animals in the changing climate.Passage FourLearning disabilities are very common. They affect perhaps 10 percent of all children. Four times as many boys as girls have learning disabilities.Since about 1970, new research has helped brain scientists understand these problems better. Scientists now know there are many different kinds of learning disabilities and that theyare caused by many different things. There is no longer any question that all learning disabilities result from differences in the way the brain is organized.You cannot look at a child and tell if he or she has a learning disability. There is no outward sign of the disorder. So some researchers began looking at the brain itself to learn what might be wrong.In one study, researchers examined the brain of a learning-disabled person, who had died in an accident. They found two unusual things. One involved cells in the left side of the brain, which control language. These cells normally are white. In the learning disabled person, however, these cells were gray. The researchers also found that many of the nerve cells were not in a line the way they should have been. The nerve cells were mixed together.The study was carried out under the guidance of NormanGeschwind, an early expert on learning disabilities. Doctor Geschwind proposed that learning disabilities resulted mainly from problems in the left side of the brain. He believed this side of the brain failed to develop normally. Probably, he said, nerve cells there did not connect as they should. So the brain was like an electrical device in which the wires were crossed.Other researchers did not examine brain tissue. Instead, they measured the brain's electrical activity and made a map of the electrical signals.Frank Duffy experimented with this technique at Children's Hospital Medical Center in Boston. Doctor Duffy found large differences in the brain activity of normal children and those with reading problems. The differences appeared throughout the brain. Doctor Duffy said his research is evidence that reading disabilities involve damage to a wide area of the brain, not just the left side.51. Scientists found that the brain cells of a learning-disabled person differ from those of a normal person in ________.A) structure and functionB) color and functionC) size and arrangementD) color and arrangement .52. Which of the following is NOT mentioned in the passage?A) Learning disabilities may result from the unknown area of the brain.B) Learning disabilities may result from damage to a wide area of the brain.C) Learning disabilities may result from abnormal organization of brain cells.D) Learning disabilities may result from problems in the left side of the brain.53. All of the following statements are true EXCEPT that ________.A) many factors account for learning disorderB) a learning disabled person shows no outward signsC) reading disabilities are a common problem that affects 10 percent of the populationD) the brain activity of learning disabled children is different from that of normal children54. Doctor Duffy believed that ________.A) he found the exact cause of learning disabilitiesB) the problem of learning disabilities was not limited to the left side of the brainC) the problem of learning disabilities resulted from the left side of the brainD) the problem of learning disabilities did not lie in the left side of the brain55. According to the passage we can conclude that further researches should be made ________.A) to investigate possible influences on brain development and organizationB) to study, how children learn to read and write, and use numbersC) to help learning disabled children to develop their intelligenceD) to explore how the left side of the brain functions in language learningPassage FiveVisual impairment(视觉障碍) carries with it a reduced or restricted ability to travel through one's physical and social environment until adequate orientation and mobility skills have been established. Because observational skills are more limited,self-control within the immediate surroundings is limited. The visually impaired person is less able to anticipate hazardous situations or obstacles to avoid.Orientation refers to the mental map one has of one's surroundings and to the relationship between self and that environment. The mental map is best generated by moving through the environment and piecing together relationships, object by object,in an organized approach. With little or no visual feedback to reinforce this mental map, a visually impaired person must rely on memory for key landmarks and other clues. Landmarks and clues enable visually impaired persons to affirm their position in Space.Mobility, on the other hand, is the ability to travel safely and efficiently from one point to another within one's physical and social environment. Good orientation skills are necessary to good mobility skills. Once visually impaired students learn to travel safely as pedestrians(行人) they also need to learn to use public transportation to become as independent as possible .To meet the expanding needs and demands of the visually impaired person, there is a sequence of instruction that begins during the preschool years and may continue after high school. Many visually impaired children lack adequate concepts regarding time and space or objects and events in their environment. During the early years much attention is focused on the development of some fundamental concepts, such as inside or outside, in front of or behind, fast or slow, movement of traffic, the variety or intersections, elevators or escalators, and so forth. These concepts are essential to safe, efficient travel through familiar and unfamiliar settings, first within buildings, then in residential neighborhoods, and finally in business communities.56. How can we increase the visually impaired person's ability to travel through his physical and social environment?A) By helping him develop adequate orientation and mobility skills.B) By teaching him to learn observational skills.C) By warning him of hazardous situations or obstacles.D) By improving his visual ability.57. The visually impaired person's position in space ________.A) is not determined by memory but by physical landmarks and cluesB) is located in relation to other items in his mental mapC) enables him to construct the mental mapD) reinforces the mental map of his surroundings58. Mobility skills which the visually impaired person is learning refer to the ability ________.A) to travel as a dependent touristB) to travel as a pedestrian and a passengerC) to travel as a pedestrian with a companyD) to travel within the safe physical and social environment59. In the passage, the author insists that ________.A) visually impaired children go to school for survivalB) the needs and demands of visually impaired children expandC) visually impaired children acquire the fundamental concepts for safe mobility .D) preschool children receive the instruction in the concepts of time and space or objects and events60. What is the author mainly talking about in the passage?A) Visual impairment and memory.B) The visually impaired person's physical and social environment.C) Mental development of the visually impaired person.D) Orientation and mobility of the visually impaired person. Passage SixOur bodies are wonderfully skilful at maintaining balance. When the temperature jumps, we sweat to cool down. When our blood pressure falls, our hearts pound to compensate. As it turned out, though, our natural state is not a steady one .Researchers are finding that everything from blood pressure to brain function varies rhythmically with the cycles of sun, moon and seasons. And their insights are yielding new strategies for keeping sway such common killers as heart disease and cancer. Only one doctor in 20 has a good knowledge of the growing field of “chronotherapeutics,” the strategic use of time (chronos) in medicine. But according to a new American Medical Association poll, three out of four are eager to change that “The field is exploding", says Michael Smolensky. “Doctors used to look at us like, ‘What spaceship did you guys get off ?’ Now they’re thirsty to know more."In medical school, most doctors learn that people with chronic conditions should take their medicine at steady rates. “It's a terrible way to treat disease," says Dr. Richard Martin. For example, asthmatics (气喘患者) are most likely to suffer during the night. Yet most patients strive to keep a constant level of medicine in their blood day and night, whether by breathing in on an inhaler (吸入器) four times a day or taking a pill each morning and evening. In recent studies, researchers have found that a large mid-afternoon dose of a bronchodilator(支气管扩张剂) can be as safe as several small doses, and better for preventing nighttime attacks.If the night belongs to asthma, the dawn belongs to high blood pressure and heart disease. Heart attacks are twice as common at 9 a.m. as at 11 p. m.. Part of the reason is that our blood pressure fails predictably at night, then peaks as we start to work for the day. “Doctors know that”, says Dr. Henry Black of Chicago’s Medical Center, “but until now, we haven't been able to do anything about it." Most blood pressure drugs provide 18 to 20 hours of relief. But because they're taken in the morning, they're least effective when most needed. “You take your pill at 7and it's working by 9,”says Dr. William White of the University of Connecticut Health Center, “but by that time yo u've gone through the worst four hours of the day with no protection ,” Bedtime dosing would prevent thatlapse ,but it would also push blood Pressure to dangerously low levelsduring the night.61 . According to the passage, how do human bodies maintain balance?A) They adjust themselves timely in line with their Physical conditions .B) People increase or lower the body temperature by sweating.C) People's hearts pound to compensate when the blood pressure goes up.D) Both B and C.62. Researchers are finding that ________.A). heart disease and cancer are the most common killers of human beingsB) blood pressure and brain function are decided by cycles of sun, moon and seasonsC) the functions of human bodies have much to do with natureD) any change in human bodies goes systematically with changes in the environment63. According to the author, it is best for asthmatics to take their medicines ________.A) at steady ratesB) each morning and eveningC) when the disease occursD) at mid-afternoon64. Which of the following statements is NOT true?A) Doctors know more about chronotherapeutics than before.B) Doctors in the U.S. used to be thirsty the U.S. used to be thirsty to know more about the new medical field.C) The researchers, insights are providing new strategies to prevent common killers .D) The strategic use of time in medicine attracts more attention in the medical circle in the U.S.65. The suggested title for this passage might be ________.A) Medicine is EverythingB) Treatment is EverythingC) Timing is EverythingD) Prevention is EverythingPart IV Cloze Test (15 minutes,10 points)Directions:There are 20 blanks in the following passage. For each blank there are four choices marked A, B, C and D on the right side on the paper. You should choose the ONE that best fits into the passage Then mark the corresponding letter on the ANSWER SHEET with single line through the center.Music comes in many forms; most countries have a style oftheir own.__66__the turn of the century when jazz(爵士乐)was born, America had no prominent__67 __of its own. No one knows exactly when jazz was__ 68__, or by whom., but it began to be__69__in the early 1900s. Jazz is America's contribution to__70__music. In contrast to classical music, which__71__ formal European traditions. jazz is spontaneous and free-form. It bubbles with energy, __72__ moods, interests, and emotions of the people. In the 1920s jazz__73__like American, and__74__it does today. The__75__of this music are as interesting as the music__76__ . American Negroes, or blacks, as they are called today, were the Jazz__77__. They were brought to the Southern states__ 78__ slaves.They were sold to plantation owners and forced to work long__79__. When a Negro died, his friends and relatives__80__a procession to carry the body to the cemetery. In New Orleans, a band often accompanied the__ 81__. On the way to the cemetery the band played slow, solemn music suited to the occasion.__82__on the way home the mood changed. Spirits lifted. Death had removed one of their__83__, but the living were glad to be alive. The band played__84__music, improvising (即兴表演) on both the harmony and the melody of the tunes__85__at the funeral. This music made everyone want to dance. It was an early form of Jazz.66. A) By B) At C)In D) On67. A) music B) song C) melody D) style68. A) discovered B) acted C)invented D) designed69. A) noticed B) found C)listened D) heard70. A) classical B) sacred C)Popular D) light71. A) forms B) follows C) approaches D) introduces72. A) expressing B) explaining C) exposing D) illustrating73. A) appeared B)felt C)seemed D) sounded 74. A) as B) so C)either D) neither75. A) origins B) originals C) discoveries D) resources76. A) concerned B) itself C) available D) oneself77. A) Players B) followers C)fans D) pioneers78. A) for B) as C)with D) by79. A) months B) weeks C)hours D) times80. A) demonstrated B) composed C)hosted D) formed81. A) demonstration B) procession C)body D) march82. A) Even B) Therefore C) Furthermore D) But83. A) number B) members C) body D) relations84. A) sad B) solemn C) happy D) funeral85. A) whistled B) sung C) presented D) showedPaper One 试卷二(60 minutes)Part I Error Detection and Correction (10 minutes, 10 points) Directions:Each of the following sentences has four underlined parts. These ports are labeled A, B, C and D. Identify the pert of the sentence that is incorrect and mark out your choice on the ANSWER SHEET Then, without altering the meaning of the sentence, write down pour correction on the line on the ANSWER SHEET .。

银行系统招聘考试(英语)历年真题汇编及答案解析(10)

银行系统招聘考试（英语）历年真题汇编及答案解析（10）(1~5/共5题)PART Ⅲ：READING COMPREHENSIONDirections: The questions in this part of the test are based on a selection of reading materials, such as notices, letters, forms, newspaper and magazine articles, and advertisements. You are to choose the one best answer, (A), (B), (C), or (D), to each question. Then, on your answer sheet, find the number of the question and mark your answer. Answer all questions following each reading selection on the basis of what is stated or implied in that selection.We all have first impression of someone we just met．But why? Why do we form an opinion about someone without really knowing anything about him or her—aside perhaps from a few remarks or readily observable traits?The answer is related to how your brain allows you to be aware of the world．Your brain is so sensitive in picking up facial traits．Even very minor difference in how a person’s eyes，ears，nose，or mouth are placed in relation to each other makes you see him or her as different．In fact，your brain continuously processes incoming sensory information—the sights and sounds of your world．These incoming signals are compared against a host of“memories”stored in the brain areas called the cortex(皮质)system to determine what these new signals“mean”．If you see someone you know and like at school，your brain says“familiar and safe”．If you see someone new，it says，“new and potentially threatening”．Then your brain starts to match features of this stranger with other“known”memories．The more unfamiliar the characteristics．the more your brain may say，“This is new，I don’t like this person．”or else，“I’m intrigued(好奇的)”．Or your brain may perceive a new face but familiar clothes，ethnicity，gestures—like your other friends：so your brain says：“I like this person”．But these preliminary impressions can be dead wrong．When we stereotype people，we use a less mature form of thinking(not unlike the immature thinking of a very young child)that makes simplistic and categorical impressions of others．Rather than learn about the depth and breadth of people—their history，interest，values，strengths，and true character—we categorize them as jocks(骗子)，peeks(反常的人)，or freaks(怪人)．However，if we resist initial stereotypical impressions，we have a chance to be aware of what a person is truly like．If we spend time with a person，hear about his or her life，hopes，dreams，and become aware of the person’s character，we use a different，more mature style of thinking —and the most complex areas of our cortex，which allow us to be humane．第1题【2015交通银行】Our first impression of someone new is influenced by his or her _______．A.past experienceB.characterC.facial feat uresD.hobbies第2题【2015交通银行】If you meet a stranger with familiar gestures，your brain is most likely to say_______．A.“He is familiar and safe．”B.“He is new and potentially threatening．”C.“I like this person．”D.“This is new，I don’t like this person．”第3题【2015交通银行】The word“preliminary”in Paragraph 3 is closest in meaning to_______．A.simplisticB.stereotypicalC.initialD.categorical第4题【2015交通银行】Our thinking is not mature enough when we stereotype people because_______．A.we neglect their depth and breadthB.they are not all jocks，peeks，or freaksC.our thinking is similar to that of a very young childD.our judgment is always wrong第5题【2015交通银行】Which of the following statements best expresses the main idea of the passage?A.One’s physical appearance carl influence our first impression．B.Our first impression is influenced by the sensitivity of our brain．C.Stereotypical impressions can be dead wrong．D.We should adopt mature thinking when getting to know people．下一题 选词填空第30题【2015工商银行】Language teachers often extract examples from grammar books．A.pull outC.takesD.dig上一题交卷交卷答题卡答案及解析(1~5/共5题)PART Ⅲ：READING COMPREHENSIONDirections: The questions in this part of the test are based on a selection of reading materials, such as notices, letters, forms, newspaper and magazine articles, and advertisements. You are to choose the one best answer, (A), (B), (C), or (D), to each question. Then, on your answer sheet, find the number of the question and mark your answer. Answer all questions following each reading selection on the basis of what is stated or implied in that selection.We all have first impression of someone we just met．But why? Why do we form an opinion about someone without really knowing anything about him or her—aside perhaps from a few remarks or readily observable traits?The answer is related to how your brain allows you to be aware of the world．Your brain is so sensitive in picking up facial traits．Even very minor difference in how a person’s eyes，ears，nose，or mouth are placed in relation to each other makes you see him or her as different．In fact，your brain continuously processes incoming sensory information—the sights and sounds of your world．These incoming signals are compared against a host of“memories”stored in the brain areas called the cortex(皮质)system to determine what these new signals“mean”．If you see someone you know and like at school，your brain says“familiar and safe”．If you see someone new，it says，“new and potentially threatening”．Then your brain starts to match features of this stranger with other“known”memories．The more unfamiliar the characteristics．the more your brain may say，“This is new，I don’t like this person．”or else，“I’m intrigued(好奇的)”．Or your brain may perceive a new face but familiar clothes，ethnicity，gestures—like your other friends：so your brain says：“I like this person”．But these preliminary impressions can be dead wrong．When we stereotype people，we use a less mature form of thinking(not unlike the immature thinking of a very young child)that makes simplistic and categorical impressions of others．Rather than learn about the depth and breadth of people—their history，interest，values，strengths，and true character—we categorize them as jocks(骗子)，peeks(反常的人)，or freaks(怪人)．However，if we resist initial stereotypical impressions，we have a chance to be aware of what a person is truly like．If we spend time with a person，hear about his or her life，hopes，dreams，and become aware of the person’s character，we use a different，more mature style of thinking —and the most complex areas of our cortex，which allow us to be humane．第1题【2015交通银行】Our first impression of someone new is influenced by his or her _______．A.past experienceB.characterC.facial feat uresD.hobbies参考答案： C 您的答案：未作答答案解析：解析：第二段的第二句“Your brain is so sensitive in picking up facial traits．”大脑在接受面部特征时非常敏感。

CFA特许金融分析师考试真题.doc

CFA特许金融分析师考试真题1. A portfolio of no-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 1996 and 31 December 2002. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 1996 was $100,000, the market value of the portfolio at the end of 2002 was closest toA . 135,000B. 140,710C. 142,000D. 150,363Answer: BThere are seven annual periods between I January 1996 and 31 December 2002, the market value of the portfolio2. Which of the following statements about standard deviation is most accurate? Standard deviation:A. is the square of the variance.B. can be a positive number or a negative number.C. is denominated in the same units as the original data.D. is the arithmetic mean of the squared deviations from the mean.Answer: CThe arithmetic average of the squared deviations around mean is the variance. The standard deviation is the positive square root of the variance and is denominated in the same units as the original data3. An analyst developed the following probability distribution of the rate of return for a common stock Scenario Probability Rate of Return1 0.25 0.082 0.50 0.123 0.25 0.16The standard deviation of the rate of return is closest toA. 0.0200B. 0.0267C. 0.0283D. 0.0400Answer:CExpected value=0.12Variance=0.0008Standard deviation=0.0284. A common stock with a coefficient of variation of 0.50 hasa (n):A. Variance equal to half the stock’s expected returnB. Expected return equal to half the stock’s varianceC. Expected return equal to half the stock’s standard deviationD. Standard deviation equal to half the stock’s expected returnAnswer: DThe coefficient of variation is a measure of relative dispersion that indicates how much dispersion exists relative to the mean of the distribution the coefficient of variation is the standard deviation divided by the mean5. If no other estimator of a given parameter has a sampling distribution with a smaller variance, the estimator used is best characterized asA. accurateB. efficientC. unbiasedD. consistentAnewser B. An unbiased estimator is efficient if no other unbiased estimator of the same parameter has a sampling distribution with smaller variance1. A portfolio of no-dividend-paying common stocks earned a geometric mean return of 5 percent between 1 January 1996 and 31 December 2002. The arithmetic mean return for the same period was 6 percent. If the market value of the portfolio at the beginning of 1996 was $100,000, the market value of the portfolio at the end of 2002 was closest toA . 135,000B. 140,710C. 142,000D. 150,363Answer: BThere are seven annual periods between I January 1996 and 31 December 2002, the market value of the portfolio2. Which of the following statements about standard deviation is most accurate? Standard deviation:A. is the square of the variance.B. can be a positive number or a negative number.C. is denominated in the same units as the original data.D. is the arithmetic mean of the squared deviations from the mean.Answer: CThe arithmetic average of the squared deviations around mean is the variance. The standard deviation is the positive square root of the variance and is denominated in the same units as the original data3. An analyst developed the following probability distribution of the rate of return for a common stockScenario Probability Rate of Return1 0.25 0.082 0.50 0.123 0.25 0.16The standard deviation of the rate of return is closest toA. 0.0200B. 0.0267C. 0.0283D. 0.0400Answer:CExpected value=0.12Variance=0.0008Standard deviation=0.0284. A common stock with a coefficient of variation of 0.50 hasa (n):A. Variance equal to half the stock’s expected returnB. Expected return equal to half the stock’s varianceC. Expected return equal to half the stock’s standard deviationD. Standard deviation equal to half the stock’s expected returnAnswer: DThe coefficient of variation is a measure of relative dispersion that indicates how much dispersion exists relative to the mean of the distribution the coefficient of variation is the standard deviation divided by the mean5. If no other estimator of a given parameter has a sampling distribution with a smaller variance, the estimator used is bestcharacterized asA. accurateB. efficientC. unbiasedD. consistentAnewser B. An unbiased estimator is efficient if no other unbiased estimator of the same parameter has a sampling distribution with smaller variance1. What are the mean and standard deviation of a standard normal distribution?Mean Standard deviationA 0 0B 0 1C 1 0D 1 1Answer: B. The standard normal distribution (unit normal distribution) has a mean of zero and a standard deviation deviation of one2. The population mean and standard deviation of monthly netsales for a company are $100 million and $30 million, respectively. if monthly net sales are normally distributed, which of the following best describes the interval that would be expected to contain approximately 95 percent of the monthly net sales?A. $10 million to $190 million.B. $30 million to $170 million.C. $40 million to $160 million.D. $70 million to $130 million.Answer: C. In normal distribution, about 95 percent of the observations will fall within standard deviations of the mean $100-2*(30)=$40and $100+2*(30)= $1603. A mutual fund manager wants to create a fund based on a high-grade corporate bond index. She first distinguishes between utility bonds and industrial bonds; she then for each segment defines maturity intervals of less than 5 years, 5 to 10 years, and greater than 10 years. For each segment and maturity level, she classifies the bonds as callable or non-callable. For the manager’s sample, which of the following best describes theSampling approach Number of sampling cells?A Simple random sample 3B Simple random sample 12C Stratified random sample 3D Stratified random sample 12Answer: D.The mutual fund manager is using a stratified random sampling approach with 12 cells: 2*3*2=12 sampling cells4. A utility analyst performed a regression analysis relating monthly energy consumption to average monthly temperature over the last four years. Total variation of the dependent variable was 58.6 and the unexplained variation was 31.3. The coefficient of determination and standard error of the estimate, respectively, for the regression model are closest toCoefficient of determination Standard error of the estimateA 0.4659 0.8075B 0.4659 0.8249C 0.5341 0.8075D 0.5341 0.8249Answer: B. The coefficient of determination is explained variation divided by total variation (58.6-31.3)/58.6=0.4659. There are a total of 48 observations in the sample the standard error of the estimate is(31.3/(48-2))1/2=0.82495. A lognormal distribution differs from a normal distribution in that a lognormal distribution:A. is skewed to the leftB. cannot contain negative valuesC. has less complicated confidence intervalsD. is completely described by two parametersAnswer: B. The lognormal distribution is bounded on the left by zero, but a normal distribution contains negative values.技术性分析的两个基本假定是，证券价格能够：a.逐步地根据新的信息作出调整，研究经济环境能够预测未来市场的走向。

英国精算师协会历年考试真题1

Faculty of Actuaries Institute of ActuariesEXAMINATION15 April 2005 (am)Certificate in Practical Financial EconomicsTime allowed: Three hoursINSTRUCTIONS TO THE CANDIDATE1. Enter all the candidate and examination details as requested on the front of your answerbooklet.2. You have 15 minutes at the start of the examination in which to read the questions.You are strongly encouraged to use this time for reading only, but notes may be made.You then have three hours to complete the paper.3. You must not start writing your answers in the booklet until instructed to do so by thesupervisor.4. Mark allocations are shown in brackets.5. Attempt all 8 questions, beginning your answer to each question on a separate sheet.6. Candidates should show calculations where this is appropriate.AT THE END OF THE EXAMINATIONHand in BOTH your answer booklet, with any additional sheets firmly attached, and this question paper.In addition to this paper you should have available the 2002 edition of theFormulae and Tables and your own electronic calculator.Faculty of Actuaries CPFE A2005 Institute of Actuaries1 (i) Describe three key assumptions underlying the validity of the CAPM. [3](ii) In the context of the CAPM discuss the concept of systematic risk for a risky security. [3] You are given the following historical information for a share in ABC company andfor a portfolio of 100 shares:Return (% p.a.) Standard deviation (% p.a.) betaof returnPortfolio 10.5 16 1.1ABC 8.5 20 0.7 (iii) Show that these results are consistent with the CAPM. [3]A student has commented that ABC s lower return and higher standard deviation,relative to the 100 share portfolio, contradicts the predictions of the CAPM.(iv) Discuss the student s comment. [3][Total 12] 2 (i) Describe how management may not be acting in shareholders best interests ifmanagement exhibits the following behaviours:empire buildingavoidance of risk[3]You work for a firm of consultants and have recommended that managementincentives be based on the concept of residual income (equal to profit less cost ofcapital).(ii) Describe the rationale behind this recommendation. [2] The shareholders of the firm are concerned that this idea may discourage investmentin new technology.(iii) Set out the key points that you would make in your response. [3][Total 8]3 (i) Describe the three forms of market efficiency. [3]At the quarterly meeting of the Auger Close Investment Club, four members aremaking proposals for new equity investment for the club.Albert wants to buy shares in Armadillo Adventures, claiming that they haveperformed poorly in recent weeks and are due an upturn.Brian wants to invest in Biscuits-R-Us. They have recruited a new head of marketing, who has had successes at other companies. Brian feels that this new appointment will have a positive effect on the firm.Colin selects shares at random. This quarter he is recommending the club buy intoCash 4 Kidneys PLC.Dennis wants the club to buy shares in Diamond Dentists (DD). His brother worksfor a major health insurer and has insider information that DD s shares will risesharply in the near future, when it is announced that his company has appointed DDas its dentist of choice.(ii) For each club member, describe how their share selection strategy would work in strongly efficient, semi-strongly efficient, weakly efficient and inefficientmarkets. [7][Total 10]4 (i) (a) Sketch the graph of an individual investor s utility function in the casewhere the investor is:a risk loverrisk neutralrisk averse[3](b) Explain the general shape of your graphs. [1]An investor s utility function is of the form 100,000 / W (W > 0), where W isthe investor s wealth in pounds sterling.(ii) Show that the utility function is consistent with the principle of non-satiation.[1](iii) Describe the investor s attitude to risk. [2] (iv) Explain the concept of expected utility in the context of this investor. [3] The investor is considering insuring his house, currently worth £100,000, against therisk of fire. He assesses the probability of a loss of 50% of total value at 5% and thatof a 20% loss at 10%. If a loss occurs due to fire then these are the only twopossibilities.(v) Assuming that the investor has no other source of wealth nor any debt,calculate the maximum risk premium, in excess of the expected loss, that hewould be prepared to pay to insure against this risk. [4][Total 14] 5 A proprietary life company issues only non-profit guaranteed growth bonds. Thecompany invests only in equities with an expected return of 10% p.a, the risk free ratebeing 5% p.a. At the balance sheet date there were £100m of equities and growthbonds with a maturity value of £80m, the bonds all maturing in exactly one year stime.(i) Assuming that the possibility of default by the insurance company may beignored, calculate, using the result of Modigliani Miller for the cost of equitycapital or otherwise, the appropriate risk discount rate to value theshareholder s interest in the portfolio of growth bonds. [5] (ii) Explain the theoretical impact on the risk discount rate of allowing for the default of part or all of policyholder benefits. [2] (iii) (a) Explain what is meant by franchise value in the context of a lifecompany. [2](b) Describe in general terms how the franchise value varies with theamount of capital on the life company balance sheet. [3][Total 12]6 (i) For an investment trust describe:(a) the corporate structure(b) the main parties involved(c) how the price of shares is determined[3]A work colleague states that he has heard that investment trusts often trade at adiscount to their net present value. He is always looking for a goodinvestment and believes that he should be able to make money through daytrading in investment trusts. He has asked you as the resident finance expertwhether his ideas have merit.(ii) Set out the points you would make. [4][Total 7] 7 You work for a UK industrial company which manufactures and sells tyresworldwide. You source your raw materials from Brazil and have factories in yourmain regions of sale. Your company s profitability has recently been below par forthe industry and rumours are abounding that this is due to poor implementation ofsound strategic decisions.You have been put in charge of a new project to analyse the risks that the company istaking on, in order to increase management s understanding.Your first task is to produce a comprehensive risk register for your organisation.(i) Set out the steps you would take to achieve this, including comments on:what categories of risk you would usewhat information is most relevant for each of the riskshow you might decide whether a risk should be included[12]You find that three events stand out as having caused significant losses in thepast. These are:exposure to US dollar exchange rate movementsexposure to Brazilian political riskstrikes in your manufacturing plants(ii) For each of these list two methods by which the company could mitigate the risk. [3][Total 15]8 Surreal Madrid are considering signing Salvador Dali. Dali has no footballing skillsbut is expected to generate funds from shirt sales.The terms of Dali s contract offer are:expires in 3 yearssalary 0.5M per annumfixed bonus of 0.5M per annum dependent on contract not being cancelledafter 1 and 2 years, Surreal Madrid have the option to cancel the contract, andwould have to pay in full any outstanding salary (but not bonus)Negotiations with Dali s agent are stalling, with the cancellation option being aproblem. To aid their negotiations, the club have asked you, as their club economist, to place a value on the cancellation option.In analysing the problem, you have assumed that salary and bonus are payableannually in advance and that shirt sale profits are generated at the start of each year,conditional upon Dali s contract not being cancelled.You have constructed a Binomial tree (with figures in millions of Euros) for thepossible levels of future yearly profits on shirts.Time 0 Time 1 Time 2 Time 32.2261.492 01 10.670 00.449To clarify the tree, the process at times 1 and 2 is as follows:The club identifies what the profit will be at that time if the contract is renewed (attime 1, this will be either 1.492 million Euros or 0.670 million Euros).The club decides whether to renew the contract.If the contract is renewed, then the club pays one year s salary and bonus inadvance and receives the shirt profits at that node in the tree at the same time.If the contract is cancelled, the club pays in full any outstanding salary under thecontract. No bonuses are paid and no shirt sales generated.(i) Calculate (to three decimal places) the risk-neutral probabilities at each node,by setting expected profit growth equal to the risk free rate. [2](ii) Calculate the value of the Dali contract to the club at each node of the tree, just before and after the salary/bonus/profit cashflows payable at that node:without the cancellation optionwith the cancellation option [16](iii) State the value to the club of the cancellation option at the start of the contract.[1](iv) Give examples of three other types of real option that Surreal Madrid should be considering in deciding whether to go ahead with the deal. [3] The risk free rate of return is 6% p.a. annually compounded. Tax can be ignored.[Total 22]END OF PAPERFaculty of Actuaries Institute of ActuariesEXAMINATIONApril 2005Certificate in Practical Financial EconomicsEXAMINERS REPORTIntroductionThe attached subject report has been written by the Principal Examiner withthe aim of helping candidates. The questions and comments are based around Core Reading as the interpretation of the syllabus to which the examiners are working. They have however given credit for any alternative approach or interpretation which they consider to be reasonable.M FlahertyChairman of the Board of Examiners28 June 2005Faculty of Actuaries1 (i)Investors are risk averse individuals who maximise expected utility ofwealthInvestors all have the same view of asset returnsAsset returns follow a joint normal distributionThere exists a risk free rate(ii)According to the CAPM the total risk of a risky security is measured bythe variance.Systematic risk is measured by the covariance of the return on the riskysecurity with the market.Only systematic risk is relevant to the pricing of a risky security, theexcess of total variance over systematic risk can be diversified away.(iii) According to the CAPM, the expected return on a single risky stock (or a well diversified portfolio) is given by:R = R f+ (R M R f)Where R f is the risk free rate, R M is the expected market return and is thecovariance of the return of the risky stock (or well diversified portfolio) withthe market, divided by the market variance.For ABC we have:0.085 = R f+ 0.7(R M R f), so 0.085 = 0.3R f+ .07R MFor the 100 share portfolio:0.105 = R f+ 1.1(R M R f), so 0.105 = 0.1R f+ 1.1R MWhich is consistent with R f= 0.05 and R M= 0.1(iv) The student s reasoning is flawed because what counts in the determination of expected return is , not standard deviation (or, equivalently, variance).The student believes that the higher standard deviation of ABC (notsurprisingly higher than the standard deviation of the 100 stock portfolio,which is well diversified) justifies a higher return for ABC.n fact ABC has a lower than that of the 100 share portfolio and so, R f andR M being the same for both, the return on ABC should be lower.2 (i) Within this context, not acting in shareholders best interests is equivalent tonot maximising shareholder value.In making decisions, empire builders may make choices that increase theirinfluence on the business rather than making the choices that maximiseshareholder value.If management are reluctant to take risks, they may be reducing shareholdervalue by avoiding risky projects with positive NPV.(ii) (a) It encourages managers to maximise NPV.They are encouraged only to invest if the increase in earnings isenough to cover the cost of capital.(b) A project with an initial outlay can result in negative residual income,even if the project has a positive NPV.Investment in new technology may be such a project, so the pointbeing made by shareholders is valid.One way around the problem may be to refine the definition of profit,perhaps by treating investment in new technology as an investment tobe written off over a reasonable period rather than as an immediateexpense.3 (i) Three forms of market efficiency are:Weak: all information about past prices is in the share priceSemi-strong: all publicly available information is in the share priceStrong: all information (including insider information) is in the share price (ii) ANo advantage under weak form of efficiency.No advantage under strong/semi-strong forms of efficiencyPerhaps some advantage in inefficient marketsBNo advantage in semi-strongly efficient marketsNo advantage in strongly efficient marketSome advantage in inefficient or weakly efficient marketsCNo advantage whatever the level of market efficiencyNo worse than any other strategy in strongly efficient market.DNo advantage in strongly efficient marketSome advantage in semi-strongly or weakly efficient market or in inefficientmarket.Although no marks were awarded for pointing out any ethical issues withinsider trading, this does not mean that this practice is condoned by theexaminers.4 (i) (a) The utility function U is a function of investor wealth W.The risk lover s graph is convex since an increase in wealthincreases utility more than an equivalent deduction in wealthreduces utilityThe risk neutral investor s graph is a straight line since an increasein wealth increases utility by the same amount that an equivalentreduction in wealth reduces utility.The risk averse investor s graph is concave since an increase inwealth increases utility less than an equivalent reduction in wealthreduces utility(b) More wealth is preferred to less so dU / dW > 0, i.e. all graphs areupwards sloping(ii) dU / dW = 100,000 / W2 > 0, so U is a valid utility functionThe graph of U(W) against W is concave so U is the utility function of a riskaverse investor.(iv) Suppose we have possible wealth outcomes of W1 and W2, with respective probabilities p and 1 p. The expected wealth arising from such a gambleis pW1 + (1 p)W2The utility of the gamble is then given by pU(W1) + (1 p)U(W2), which is inthe form of a statistical expectation.Since the investor is risk averse his utility function is concave. The utility ofhis expected wealth (= U(pW1 + (1 p)W2)) is then greater than his expectedutility.(v) The expected loss in house value = ( 0.05*0.5 + 0.1*0.2)*100,000 (a zero loss has 85% probability) = £4,500Page 4The investor s expected wealth is then £95,500 (= £100,000 £4,500)The expected utility = 0.05U(50,000) + 0.1U(80,000) + 0.85U(100,000)= 0.05(2) + 0.1( 1.25) + 0.85(1)= 1.075This level of utility corresponds to wealth W = 100,000 / 1.075 = £93,023 (tothe nearest pound)The expected utility is less than the utility of the investor s expected wealthbecause the investor is risk averse. The investor will increase his utilitythrough insurance as long as his certain wealth, after paying for the insurancepremium, exceeds £93,023. The maximum risk premium, in excess of theexpected loss, is then £95,500 £93,023 = £2,4775 (i) The key point is that the non-profit liability may be considered as risk freedebt.The appropriate form of the Miller Modigliani equation is then:R e= R a+ V e / V d (R a R f), where R f is the risk free rate, R a is the return on theassets and V e and V d the value of equity and debt respectively.R f = 0.05 and R a = 0.1V d= 80 / 1.05 = 76.2V e = 100 76.2 = 23.8 (since V a= V e + V d)Hence R e = 0.1 + 76.2 / 23.8 (0.1 0.05) = 0.26(ii) The non profit liability may now be regarded as risky debtSince, according to Miller Modigliani, a firm s total cash flows are notaffected by capital structure (ignoring tax) the impact of risky debt is toincrease the share of cash flows available to equity shareholders. Therefore therisk discount rate should decrease.(iii) (a) The franchise value of a life company is the excess of market valueover the net worth, or the market value of balance sheet assets lessliabilities. (In (i) above net worth is 23.8). The franchise value is thenthe present value of the shareholder s interest in new, rather thanexisting, business.(b) If the capital available is small then the new business prospects of theinsurance company are likely to be adversely affected since there willbe concerns that insolvency could arise. Thus franchise value will bereduced or even destroyed.Page 5At higher levels of capital franchise value will be restored to a normallevel, i.e. at a level where likely new business prospects are consistentwith the capital required.As even more capital is added franchise value is unlikely to increasefurther.6(i) (a) Corporate structureCompanyUsually listed on the Stock ExchangeFunded by equity and debt capital(b) Main parties involvedBoard of directors, who are responsible for the policy of thecompanyInvestment managers: manage the investments for the investmenttrustShareholders, who buy and sell the shares in the investment trustcompany in the same way as they would in any other company(c) How the price of shares are determinedSupply and demand(or could say by the market)(ii) The answer needs to be in the form of a note, not just in bullet point form.The main points are:Yes, investment trusts do commonly trade at a discount to their net assetvalue:mainly due to the asset management charge (usually expressed as a %of the value of the assets per annum)marketability small trust might not have a very liquid marketDay trading is looking for short term moves not arbitragesIf investment trusts were mispriced then it would be an arbitragestrategy that would lock in the profit Therefore there should be nobenefit from day trading (for the two reasons)Page 67 (i) The steps required are:Make a preliminary high-level risk analysisHold a brainstorming session, including both internal management andrelevant external people, to identify organisational risks. This forms thebasis of the risk registerDo a desktop analysis including industry sources (further analysis) tosupplement the initial resultsSet out the identified risks in a risk registerCategories of riskSuggested categories:PoliticalBusinessEconomicNatural (e.g. weather related)Financial (or market not both)Crime/FraudOthers could include:GroupOperationalLiquidityInformation on each of the risks:TitleDescriptionCategorySeverity riskFrequency riskMitigation strategy in placeRankWho monitors this risk (i.e. the responsible person)Key risk indicator how the risk is monitoredHow to determine if a risk is worthy for inclusion:All material risks should be included (considering the likelihood and theseverity)Page 7(ii) Exposure to US dollar exchange rate movementshedging through currency futures, forwards or options; orkeeping $US cash reserves based on future expected requirements Exposure to Brazilian political riskPolitical risk insuranceUsing alternative countries for the raw materialsKeep close eye on political developmentsStrikes in your manufacturing plantsAvoid Seek to address the underlying causes of the strikesMinimise Keep a higher inventory than otherwiseMinimise Have good shipping arrangements from other manufacturingcountries8 (i) At time 0,1.492p up + 0.670 (1 p up) = 1.06p up = 0.474At time 1 in top state,2.226p up + 1 (1 p up) = 1.492 * 1.06p up = 0.474At time 1 in down state,1p up + 0.449 (1 p up) = 0.670 * 1.06p up = 0.474[use formula of form V up p up + V down p down = V start * 1.06](ii) Cashflows net of salary and bonus are:1.2260.492 00 0(0.330) 0(0.551)Without the cancellation option, value at a particular node just after cashflowsis:Page 8{V up p up + V down p down} / 1.06where V up and V down are values before cashflows at adjoining nodesand value just before cashflows isValue after cashflows plus cashflowsPutting these formulae through the tree, with top figure at each node beingvalue before cashflow and bottom figure being cashflow afterwards.1.2261.040 00.548 00.166 00.166 0(0.603) 0(0.273) 0(0.551)So without cancellation option, value of the Dali contract is 166,00With the cancellation option, value at a particular node just before cashflowsis:Max[{V up p up + V down p down} / 1.06 + cashflows, canc n cost]where V up and V down are values before cashflows at adjoining nodesValue just after cashflows is value before less cashflows (which will be zero if contract is cancelled)Page 91.2261.040 00.548 00.17800.1780(0.578)0(0.248)0(0.5)In the above tree, nodes in italics have been changed from previous version.Node in bold is where Dali s contract is not renewed. Note that in year onebottom state, contract is renewed even though Dali is a liability.So, with cancellation option, value of Dali contract is 178,000(iii) Value of the option is the differencei.e. 178k 166k = 12,000(iv) Other real options:Value of follow-on investment opportunities, e.g. option to extend contractor possibility of attracting more surrealist paintersTiming option, i.e. option to delay signing for another year while assessingdemand for shirts with surrealist painters names on themFlexibility option, e.g. option to diversify from football into sellingpaintings, etc.Page 10Faculty of Actuaries Institute of ActuariesEXAMINATION7 April 2006 (am)Certificate in Practical Financial EconomicsTime allowed: Three hoursINSTRUCTIONS TO THE CANDIDATE1. Enter all the candidate and examination details as requested on the front of your answerbooklet.2. You have 15 minutes at the start of the examination in which to read the questions.You are strongly encouraged to use this time for reading only, but notes may be made.You then have three hours to complete the paper.3. You must not start writing your answers in the booklet until instructed to do so by thesupervisor.4. Mark allocations are shown in brackets.5. Attempt all 8 questions, beginning your answer to each question on a separate sheet.6. Candidates should show calculations where this is appropriate.Graph paper is required for this paper.AT THE END OF THE EXAMINATIONHand in BOTH your answer booklet, with any additional sheets firmly attached, and this question paper.In addition to this paper you should have available the 2002 edition of theFormulae and Tables and your own electronic calculator.Faculty of Actuaries CPFE A2006 Institute of Actuaries1Describe the Fama-French three-factor model and the empirical evidence against CAPM that it seeks directly to address. [5]2 (i) Describe briefly the following terms found in research on behavioural finance:(a) mental accounting(b) recency effect(c) myopic loss aversion(d) framing(e) confirmation bias [5]At the quarterly meeting of the Auger Close Investment Club, the four members oftendiscuss their views of the financial markets which influence the investment directionof the Club.Albert regularly produces a chart showing a series of rolling 10-year equity and bondreturns to support his arguments for investing 100% in equities rather thanconsidering bond investment.Brian produces buy/sell recommendations for the Club by considering the market sexpectations of future profits and earnings adjusted by a margin for his own beliefs.Colin was concerned at the end of the 1990s at the extraordinary increase in the valueof technology stocks held by the Club. He often talked about the irrationalexuberance of the market but never voted for a reduction in the Club s holdings oftechnology stocks.Dennis was extremely disappointed at the end of 2002 as the value of his stake in theClub s equity portfolio had fallen by over 30% a loss of around £10,000. Over thesame year the estimated value of his house increased by over £40,000.(ii) Describe how each club member s view is typical of a common behavioural finance theme. [4][Total 9] CPFE A2006 23 The assets of the ABC pension fund consist of contributions from both ABC plc andthe employees plus investment returns, less any payments made from the fund tocover costs and benefits. Currently 80% of the fund s assets are held in equities and20% in long dated bonds.The main benefit paid from the fund is a pension payable from age 65. The benefit isnot dependent on the fund performance. ABC plc makes up the balance of cost ifassets are insufficient to cover benefits and expenses (i.e. if there is a shortfall). ABCplc will take a refund if assets are excessive (i.e. if there is a surplus).(i) Describe the role played by defined benefit pension schemes such as the ABCpension fund in the investment markets. [2] (ii) Explain how any shortfall in the ABC pension fund could be considered as an option on the assets of ABC plc. [3] (iii) The three main shareholders in ABC plc have all expressed an opinion about the fund s investment strategy. Their opinions are as follows:(a) The fund should invest fully in equities.(b) The fund should invest fully in bonds.(c) I don t care what the fund invests in.List reasons why each of these views may be held. [5][Total 10] CPFE A2006 3 PLEASE TURN OVER4 (i) State Modigliani and Miller s (MM) proposition I and explain briefly theimplication for the interaction between a firm s financing and investmentdecisions. [2](ii) Historically airlines have relied heavily on debt whereas drug companies have been predominantly equity financed. Give reasons why, despite MM, capitalstructure is important and explain why airlines and drug companies havetended to structure their balance sheets in this way. [3](iii) In the perfect world of MM, the return on a company s assets, r assets, can be decomposed into weighted returns on debt and equity, where the weightingreflects the level of gearing. Derive a formula from this, showing how theexpected rate of return on the common stock of a leveraged firm depends onthe debt-equity ratio. [2] MM Airlines Inc is financed entirely by common stock. The Finance Directoranticipates an income of 1,200 a year but this is uncertain. The table of outcomesbelow shows how the return on shares varies according to operating income in fourpossible scenarios. The Finance Director thinks scenario 3 is the most likely..DataNumber of shares 1,000Price per share 10Market value of shares 10,000Scenario 1234Operating income 4008001,2001,600Earnings per share 0.40.8 1.2 1.6Return on shares 4.0%8.0%12.0%16.0%Based on expected operating income of 1,200 (scenario 3) the return to shareholdersis calculated to be 12% per annum. MM Airlines has decided to repurchase half of its common stocks and substitute an equal value of debt. At these levels of debt, theFinance Director assumes that he can borrow at 8%. (Ignore tax for the purpose ofthis question.)(iv) Calculate the equity earnings, earnings per share and return on shares (as a percentage) at each of the levels of operating income shown in the table above,allowing for payments to debt holders and assuming that the MM share priceremains unchanged. [3] The Finance Director of MM Airlines is thrilled that increasing the gearing of thecompany leads directly to greater returns for his shareholders at the assumed level ofoperating income. He has calculated that the return on shares (as a percentage) at theanticipated level of operating income (1,200) will increase from 12% to 16%.(v) Describe a tactic a shareholder could follow without the restructuring to generate the additional return. (Assume the shareholder can borrow on thesame terms as the company.) [2][Total 12] CPFE A2006 4。

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2019年真题（A）第1题：在相当长的一段时间内，D银行积累了大量的股票期权头寸，在这些交易中，应考虑以下哪类风险？A、OTC期权多头头寸的交易对手风险B、交易所交易期权空头头寸的交易对手风险C、交易所交易期权多头头寸的交易对手风险D、净值OTC期权头寸的交易对手风险【参考答案】：A交易所交易的期权头寸，由于中央清算中心（中央交易对手）的存在，不会有交易对手风险。

而OTC场外期权由于没有中央清算中心，在交易双方直接展开，因而存在交易对手风险。

第2题：两个变量之间的相关系数计量的是什么？A、这两个变量的联合分布的对称性B、衡量两个变量之间关联的指标，代表了统计学上的关联程度C、由两个变量之间统计关系强度决定的联合可变性D、极端回报出现在两个变量的联合可能性【参考答案】：B相关系数衡量了两个变量相互关联的程度。

范围在-1到1之间。

第3题：以下哪一项是基点的正确定义？A、1%的1/1(1%)B、1%的1/10(0.1%)C、1%的1/100(0.01%)D、1%的1/1000(0.001%) 【参考答案】：C基点指的万分之一，即1%的1/100(0.01%)第4题：银行风险管理部门的目标是？A、决定交易员的最佳实践和合适的风险承受B、识别和执行能够减少银行风险暴露交易C、为决策制定者提供及时和准确的风险信息D、无论风险规模如何，缓释全部风险【参考答案】：C只有C项全面准确。

第5题：下列关于大宗商品和商品市场的陈述中，正确的是？A、银行对广泛的商品都由直接暴露B、银行的场外市场合约交易主要是为了管理他们的商品资本C、客户经常与银行交易实物商品D、商品市场比债务市场的流动性差【参考答案】：D相对于债务市场，商品市场的流动性差很多。

第6题：下列股权风险驱动因素中，对分散化的股权组合有影响的是？I、公司特定的盈利预测和盈利风险II、总盈利预期III、市场流动性IV、单个资产波动性A、IB、I、IVC、II、IIID、I、II、IV【参考答案】：C分散化的股权组合中，非系统（公司特定、单个资产）风险被充分分散。

风险驱动因子表现为系统性全局性因素。

比如总盈利预期、市场流动性等。

第7题：以下的非常规期权都是路径独立型期权，除了：A、选择者期权B、幂期权C、亚式期权D、一揽子期权【参考答案】：C亚式期权的收益取决于标的资产在期权存续期内的平均价格，而平均价格显然与路径相关，故亚式期权为路径依赖型期权。

第8题：下列哪一项陈述定义了风险价值（VaR）A、VaR是在给定的时间内某个金融工具或投资组合可能出现的最坏损失B、VaR是在给定的概率置信度水平下某个金融工具或投资组合的最小可能损失C、VaR是某金融工具或投资组合在市场周期内已实现的最大损失D、VaR是在给定的时间和置信水平下某个金融工具或投资组合的最大可能损失【参考答案】：D风险价值（VaR）是在给定的时间和置信水平下某个金融工具或投资组合的最大可能损失。

其中有两个要素：时间段、置信水平。

第9题：当构建模型来估计风险时，意识到下面哪一项是至关重要的？A、模型假设明天的市场将比今天的市场好B、模型假设明天的市场将比今天的市场差C、用历史数据作为输入的模型只能估计可能的未来市场表现D、用历史数据作为输入的模型可以准确预测未来的市场表现【参考答案】：C历史并不能代表未来。

用历史数据作为输入的模型只能估计可能的未来市场表现，而无法准确预测未来的市场变化。

第10题：泰德（TED）价差的变动通常表示大型银行什么类型的风险？A、银行间借贷的信用风险的变化B、银行股票投资组合的市场风险变化C、泰德（TED）互换合约的流动性的变化D、主要大银行的操作风险状况的变化【参考答案】：A泰德（TED）价差的变动通常表示大型银行间信用风险的变化。

被看作银行业以及整个经济信用风险的常用预警器。

第11题：什么是市场风险容忍度？A、市场风险容忍度是在给定的时间内投资组合的最低要求收益B、市场风险容忍度是银行在没有额外对冲或风险暴露缓释的条件下，其金融工具市场价值的最大损失C、市场风险容忍度是银行愿意承担的由于市场价格及利率波动而造成的最大损失D、市场风险容忍度是银行愿意承担由于市场价格及利率波的波动造成的最低损失【参考答案】：C市场风险容忍度是银行愿意承担的由于市场价格及利率波动而造成的最大损失。

第12题：为估算石油远期的价格，商品交易员将最有可能使用下列哪一个定价关系？A、石油远期价格=预期未来石油价格±石油仓储成本+（1-石油市场风险溢价）B、石油远期价格=预期未来石油价格±石油仓储成本×（1-石油市场风险溢价）C、石油远期价格=预期未来石油价格±存储成本+石油市场风险溢价D、石油远期价格=预期未来石油价格±石油市场风险溢价【参考答案】：D影响预期未来石油价格的因子与影响现货石油价格的因素相同。

石油市场风险溢价是由市场参与者在市场中需要对冲或者投机形成的需求和供给来推动的。

第13题：在计算普通香草型头寸的市场风险VaR时，头寸映射的目的是？A、将基于delta的头寸转换到标的因子风险上B、将选定的风险因子转换成其他风险因子的组合，减少模型中因子的数量C、根据各自的风险价值VaR的相关关系将相似的头寸分为一个“风险集合”D、将非线性的风险因子，以尽可能多地优化为相同的线性风险因子【参考答案】：B头寸映射告诉我们如何将选定的风险因子转换成其他风险因子的组合，减少模型中因子的数量。

第14题：下列哪一项活动是由“后台”执行的？A、风险管理B、交易确认C、交易D、市场营销【参考答案】：B显然交易确认是由后台执行的。

第15题：风险经理在分析市场期权定价决定因子时，对整个交易日的期权价格变动进行评估，以下哪个因子最没有可能会影响外汇期权的价格？A、标的资产的价格变动B、波动率的变化C、利率变化D、监管的变化【参考答案】：D影响期权价格的因素有：标的产品价格的变化、波动率变化、利率变化、时间等，监管的变化最没有可能影响期权的价格。

第16题：单名信用违约互换卖方一般会对买方提供抵押品，那么决定抵押品金额的是？A、取决于买方的信用状态和标的信用工具的违约风险暴露B、取决于卖方的信用状态和标的信用工具的清偿率C、取决于买方的信用状态和标的信用工具的违约损失率D、取决于卖方的信用状态和标的信用工具的违约概率【参考答案】：D单名信用违约互换卖方对CDS买方提供抵押品的范围取决于卖方的信用状况和标的信用工具违约概率。

第17题：大量银行交易商采取相同的交易策略，并在商场上减持大量实物黄金，则这些交易商所持有的头寸属于以下哪一种市场行为？A、拥挤交易B、基差交易C、消失交易D、中断交易【参考答案】：A交易商采取相同的交易策略，并在商场上减持大量实物黄金是指拥挤交易。

第18题：如果一家银行多头5亿英镑，空头3亿英镑的delta等值英镑期权，和1亿英镑计价的股票，在综合风险报告上的总英镑风险暴露是多少？A、3亿英镑B、5亿英镑C、6亿英镑D、8亿英镑【参考答案】：A总英镑风险暴露=多头英镑数量-空头英镑数量=5-3+1=3亿英镑。

第19题：下列哪一项交易策略有最少的市场风险？A、管理策略B、做市商策略C、匹配账户策略D、修正策略【参考答案】：C匹配账户策略通过建立两个反向的头寸来消除市场风险。

第20题：现货外汇交易是在以下哪一项结算规则的基础上按现货汇率进行交换的？A、为期一天的结算规则B、为期两天的结算规则C、为期三天的结算规则D、为期四天的结算规则【参考答案】：B现货外汇交易是指在两个营业日内按现汇汇率完成交割的外汇合约。

第21题：风险经理正在分析Vega值为0.02的英镑看涨期权，当预期未来波动率增加1%时，看涨期权：A、价值增加0.02B、价值增加2C、价值减少0.02D、价值减少2【参考答案】：AVega用来衡量期权价值变化与波动率变化的比率。

所以看涨期权价值变化为0.02*1%=0.02第22题：下列陈述中，哪一项解释了为什么用于估价和风险评估的模型所产生的结果有可能是有误导性的？A、他们不能同时计算可靠的估值和风险管理指标B、模型里可能有遗漏因子或数据C、市场行为无法以任何程度的确定来预测D、模型审批流程与业务审批程序不够一致【参考答案】：C估价和风险评估模型所产生的结果的误导性来自于风险因子的不确定性。

第23题：为了保证良好的风险管理，以下哪一个有关首席风险官的角色和功能是真实的？A、首席风险官的报酬应该与交易柜台的盈利挂钩B、首席风险官应该向首席执行官或董事会汇报C、首席风险官不应该参与风险限额的设置D、首席风险官不应该独立于业务单位，因为它鼓励高效的信息交流【参考答案】：D第24题：复杂的存款保留长期模型包含了以下哪一项来反应整体经济状况？A、不同资产类型的历史表现和微观经济覆盖B、不同资产类型的历史表现和宏观经济覆盖C、不同资产类型的预测表现和微观经济覆盖D、不同资产类型的预测表现和宏观经济覆盖【参考答案】：B复杂的存款保留长期模型包含了不同资产类型的历史表现和宏观经济覆盖。

第25题：为什么监管标准对所有银行活动都规定了标准的资本计算方法？I、能够比较不同银行之间的计算结果。

II、能确保银行在计算时没有遗漏关键风险。

III、能够确保银行采用相同的资本计算，无论银行的规模和复杂度。

IV、能对所有风险类型实施一个资本计算方法。

A、IB、I、IIC、I、II、IIID、I、II、III、IV【参考答案】：C各类风险（信用风险、市场风险、操作风险等）的资本计算方法是不一样的。

标准的资本计算方法有利于银行间的比较、确保银行采用相同的资本计算方法、确保银行在计算时没有遗漏关键风险。

但各类型风险（信用风险、市场风险、操作风险等）的资本计算方法是不一样的。

第26题：下列哪一项属于因子价值限制的例子？A、缺口与资产比率B、OmegaC、资产重新定价集中度D、凸性【参考答案】：D因子限制说明了银行愿意接受的该因子的最大风险敞口。

凸性属于因子价值限制的例子。

第27题：业务持续增长的银行会保留一部分利润，并计入一级资本池中，这些保留的利润被称为？A、留存收益B、在投资C、监管收入D、未披露收入【参考答案】：A保存的利润被成为留存收益。

第28题：巴塞尔协议III 指定了多少种不同类型的流动性风险管理报告？A、3B、4C、5D、6【参考答案】：B巴塞尔协议III 框架下，对于银行流动性监管有4个主要指标，即：流动性覆盖率、净稳定融资比例、贷存比和流动性比例。

第29题：以下四个指标的哪一个通常用来确定资产和负债组合对利率变化的敏感程度？A、修正久期B、违约久期C、有效久期D、麦考利久期【参考答案】：A修正久期衡量资产和负债组合对利率变化的敏感程度。