做練習(xí)題對(duì)于備考的考生來說是有一定的作用的，這樣不僅能考察自己對(duì)知識(shí)的掌握程度，還能提前熟悉考試氛圍，尤其是做歷年的真題。有考生咨詢，FRM考試中有必要做大量的練習(xí)題嗎？》》》戳：各科視頻講義+歷年真題+21年原版書（PDF版）免·費(fèi)領(lǐng)取

做大量的練習(xí)題是很有必要的，尤其是FRM考試真題的練習(xí)，下面是小編列舉的，一起看看！

The CEO of a regional bank understands that failing to anticipate cash flow needs is one of the most serious errors that a firm can make and demands that a good liquidity-at-risk (LaR) measurement system be an essential part of the bank’s risk management framework. Which of the following statements concerning LaR is correct?》》》點(diǎn)我咨詢FRM金融英語詞匯手冊(cè)

A) Reducing the basis risk through hedging decreases LaR.

B) Hedging using futures has the same impact on LaR as hedging using long option positions.

C) For a hedged portfolio, the LaR can differ significantly from the VaR.

D) Afirm’s LaR tends to decrease as its credit quality declines.

答案：C【資料下載】[融躍財(cái)經(jīng)]FRM一級(jí)ya題-pdf版

解析：The LaR can differ substantially from the VaR in a hedged portfolio, and in different situations can be larger or smaller than the VaR. For example, consider a portfolio where futures contracts are used to hedge.

While the hedge can reduce the VaR of the portfolio, the LaR can be larger than the VaR as the futures contracts create an exposure to margin calls and the potential for cash outflows. Alternatively, in situations where the hedging instruments do not result in potential cash outflows over the measurement period (e.g., a portfolio of European options which do not expire during the period), the LaR can be smaller than the VaR.

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