2025年FRM金融风险管理师考试专业试卷：金融风险管理专业英语试题

2025年FRM金融风险管理师考试专业试卷：金融风险管理专业英语试题考试时间：______分钟总分：______分姓名：______一、FinancialInstitutionsandMarkets要求：Pleasechoosethecorrectanswerforeachquestion.1.Whichofthefollowingisnotaprimaryfunctionofacommercialbank?a)Depositoryservicesb)Investmentbankingc)Underwritingd)Creditintermediation2.Whichofthefollowingisafinancialmarket?a)Stockmarketb)Bondmarketc)Foreignexchangemarketd)Alloftheabove3.Whatisthemainpurposeofamoneymarket?a)Tofacilitatelong-termborrowingandlendingb)Tofacilitateshort-termborrowingandlendingc)Tofacilitatethetradingofstocksandbondsd)Tofacilitatethetradingofcommodities4.Whatisthedifferencebetweenaprimarymarketandasecondarymarket?a)Theprimarymarketiswherenewsecuritiesareissuedandsold,whilethesecondarymarketiswhereexistingsecuritiesareboughtandsold.b)Theprimarymarketiswhereexistingsecuritiesareboughtandsold,whilethesecondarymarketiswherenewsecuritiesareissuedandsold.c)Thereisnodifferencebetweentheprimaryandsecondarymarkets.d)Theprimarymarketiswherecommoditiesaretraded,whilethesecondarymarketiswherefinancialsecuritiesaretraded.5.Whatisthemainfunctionofafinancialintermediary?a)Toprovidefinancialservicestoindividualsandbusinessesb)Tofacilitatetheflowoffundsbetweensaversandborrowersc)Toregulatethefinancialsystemd)Alloftheabove6.Whatisthedifferencebetweenamutualfundandaclosed-endfund?a)Amutualfundisatypeofinvestmentcompanythatpoolsmoneyfrominvestorstobuyadiversifiedportfolioofsecurities,whileaclosed-endfundisatypeofinvestmentcompanythatissuesafixednumberofsharestothepublic.b)Amutualfundisatypeofinvestmentcompanythatissuesafixednumberofsharestothepublic,whileaclosed-endfundisatypeofinvestmentcompanythatpoolsmoneyfrominvestorstobuyadiversifiedportfolioofsecurities.c)Thereisnodifferencebetweenamutualfundandaclosed-endfund.d)Amutualfundisatypeofinvestmentcompanythatprovidesfinancialservicestoindividualsandbusinesses,whileaclosed-endfundisatypeofinvestmentcompanythatfacilitatestheflowoffundsbetweensaversandborrowers.7.Whatisthemainpurposeofafinancialderivativesmarket?a)Tofacilitatethetradingofstocksandbondsb)Tofacilitatethetradingofcommoditiesc)Tofacilitatethetradingoffinancialderivativesd)Tofacilitatethetradingoffinancialintermediaries8.Whatisthedifferencebetweenaforwardcontractandafuturescontract?a)Aforwardcontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.b)Aforwardcontractisastandardizedagreementtradedonafuturesexchange,whileafuturescontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice.c)Thereisnodifferencebetweenaforwardcontractandafuturescontract.d)Aforwardcontractisatypeoffinancialintermediary,whileafuturescontractisatypeoffinancialmarket.9.Whatisthemainpurposeofafinancialregulatoryagency?a)Topromotethestabilityandefficiencyofthefinancialsystemb)Toprotectconsumersfromfraudulentanddeceptivepracticesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove10.Whatisthedifferencebetweenafinancialcrisisandabankingcrisis?a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.b)Afinancialcrisisisaspecificcrisisaffectingthebankingsector,whileabankingcrisisisabroad-baseddisruptioninthefinancialsystem.c)Thereisnodifferencebetweenafinancialcrisisandabankingcrisis.d)Afinancialcrisisisatypeoffinancialintermediary,whileabankingcrisisisatypeoffinancialmarket.二、FinancialMarketsandInstruments要求：Pleasechoosethecorrectanswerforeachquestion.1.Whichofthefollowingisadebtsecurity?a)Stockb)Bondc)Mutualfundd)Derivative2.Whatisthemainriskassociatedwithbonds?a)Marketriskb)Creditriskc)Liquidityriskd)Interestraterisk3.Whatisthedifferencebetweenacommonstockandapreferredstock?a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.b)Preferredstockholdershavevotingrights,whilecommonstockholdersdonot.c)Thereisnodifferencebetweencommonstockandpreferredstock.d)Bothcommonstockandpreferredstockhavevotingrights.4.Whatisthemainpurposeofamutualfund?a)Toinvestinadiversifiedportfolioofsecuritiesb)Toprovidefinancialservicestoindividualsandbusinessesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove5.Whatisthedifferencebetweenamoneymarketfundandabondfund?a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.b)Amoneymarketfundinvestsinlong-termsecurities,whileabondfundinvestsinshort-termsecurities.c)Thereisnodifferencebetweenamoneymarketfundandabondfund.d)Bothamoneymarketfundandabondfundinvestinadiversifiedportfolioofsecurities.6.Whatisthemainfunctionofafinancialderivative?a)Tofacilitatethetradingofstocksandbondsb)Tofacilitatethetradingofcommoditiesc)Tomanageriskd)Alloftheabove7.Whatisthedifferencebetweenaforwardcontractandanoption?a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileanoptionisacontractthatgivestheholdertheright,butnottheobligation,tobuyorsellanassetataspecifiedprice.b)Aforwardcontractisacontractthatgivestheholdertheright,butnottheobligation,tobuyorsellanassetataspecifiedprice,whileanoptionisacustomizedagreementbetweentwoparties.c)Thereisnodifferencebetweenaforwardcontractandanoption.d)Bothaforwardcontractandanoptionaretypesoffinancialintermediaries.8.Whatisthemainpurposeofafinancialregulatoryagency?a)Topromotethestabilityandefficiencyofthefinancialsystemb)Toprotectconsumersfromfraudulentanddeceptivepracticesc)Tofacilitatetheflowoffundsbetweensaversandborrowersd)Alloftheabove9.Whatisthedifferencebetweenafinancialcrisisandabankingcrisis?a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.b)Afinancialcrisisisaspecificcrisisaffectingthebankingsector,whileabankingcrisisisabroad-baseddisruptioninthefinancialsystem.c)Thereisnodifferencebetweenafinancialcrisisandabankingcrisis.d)Afinancialcrisisisatypeoffinancialintermediary,whileabankingcrisisisatypeoffinancialmarket.10.Whatisthemainriskassociatedwithderivatives?a)Marketriskb)Creditriskc)Liquidityriskd)Alloftheabove三、FinancialRiskManagement要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatisthemainpurposeoffinancialriskmanagement?a)Tomaximizereturnsb)Tominimizeriskc)Tobalancereturnsandriskd)Alloftheabove2.Whatisthedifferencebetweencreditriskandmarketrisk?a)Creditriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilemarketriskistheriskoflossduetochangesinmarketprices.b)Marketriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilecreditriskistheriskoflossduetochangesinmarketprices.c)Thereisnodifferencebetweencreditriskandmarketrisk.d)Bothcreditriskandmarketriskaretypesoffinancialintermediaries.3.WhatisthemainpurposeofaValueatRisk(VaR)model?a)Tomeasurethemaximumpotentiallossoveraspecifiedtimeperiodb)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiodc)Tomeasuretheaveragepotentiallossoveraspecifiedtimeperiodd)Tomeasuretheexpectedlossoveraspecifiedtimeperiod4.Whatisthemainpurposeofstresstesting?a)Tomeasurethemaximumpotentiallossoveraspecifiedtimeperiodb)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiodc)Tomeasuretheaveragepotentiallossoveraspecifiedtimeperiodd)Tomeasuretheexpectedlossoveraspecifiedtimeperiod5.Whatisthemainpurposeofarisk-basedcapital(RBC)framework?a)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksb)Topromotethestabilityandefficiencyofthefinancialsystemc)Toprotectconsumersfromfraudulentanddeceptivepracticesd)Alloftheabove6.Whatisthemainpurposeofariskmanagementpolicy?a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitutionb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove7.Whatisthemainpurposeofariskmanagementframework?a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitutionb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove8.Whatisthemainpurposeofariskmanagementprocess?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove9.Whatisthemainpurposeofariskmanagementteam?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove10.Whatisthemainpurposeofariskmanagementsystem?a)Toidentify,measure,monitor,andcontrolrisksb)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisksc)Topromotethestabilityandefficiencyofthefinancialsystemd)Alloftheabove四、InterestRatesandCreditSpreads要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatistherelationshipbetweentheinterestrateandthepriceofabond?a)Astheinterestrateincreases,thepriceofabonddecreases.b)Astheinterestrateincreases,thepriceofabondincreases.c)Theinterestratehasnoeffectonthepriceofabond.d)Thepriceofabondisnotaffectedbyinterestratechanges.2.Whatisthetermstructureofinterestrates?a)Therelationshipbetweentheinterestrateandthetimetomaturityofabond.b)Therelationshipbetweentheinterestrateandtheyieldtomaturityofabond.c)Therelationshipbetweentheinterestrateandthepriceofabond.d)Therelationshipbetweentheinterestrateandthecreditriskofabond.3.Whatistheyieldtomaturity(YTM)ofabond?a)Therateofreturnaninvestorwillreceiveifthebondishelduntilmaturity.b)Therateofinterestpaidonthebond.c)Thedifferencebetweentheinterestrateandthepriceofabond.d)Thedifferencebetweenthepriceofabondandtheyieldtomaturity.4.Whatisacreditspread?a)Thedifferencebetweentheyieldonacorporatebondandtheyieldonacomparablegovernmentbond.b)Thedifferencebetweentheinterestrateonashort-termloanandtheinterestrateonalong-termloan.c)Thedifferencebetweentheyieldtomaturityofabondandtheinterestrateonasavingsaccount.d)Thedifferencebetweentheinterestrateonamortgageloanandtheinterestrateonacarloan.5.Whatistherelationshipbetweencreditspreadsandcreditrisk?a)Creditspreadsincreaseascreditriskdecreases.b)Creditspreadsdecreaseascreditriskdecreases.c)Thereisnorelationshipbetweencreditspreadsandcreditrisk.d)Creditspreadshavenoeffectoncreditrisk.6.Whatistheimpactofanincreaseininterestratesonbondprices?a)Bondpricesincrease.b)Bondpricesdecrease.c)Bondpricesremainunchanged.d)Theimpactonbondpricescannotbedeterminedwithoutadditionalinformation.五、FinancialMarketsandInstitutions要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatistheroleofcentralbanksinthefinancialsystem?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Alloftheabove.2.Whatisthedifferencebetweenaprimarydealerandasecondarydealer?a)Aprimarydealerisafinancialinstitutionthatbuyssecuritiesdirectlyfromtheissuer,whileasecondarydealerbuyssecuritiesfrominvestors.b)Aprimarydealerisafinancialinstitutionthatbuyssecuritiesfrominvestors,whileasecondarydealersellssecuritiestotheissuer.c)Thereisnodifferencebetweenaprimarydealerandasecondarydealer.d)Bothprimaryandsecondarydealersbuysecuritiesdirectlyfromtheissuer.3.Whatisthepurposeofabankholdingcompany?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.4.WhatistheroleoftheFederalReserveintheUnitedStates?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.5.Whatisthedifferencebetweenacommercialbankandaninvestmentbank?a)Acommercialbankacceptsdepositsandprovidesloans,whileaninvestmentbankunderwritessecuritiesandprovidesadvisoryservices.b)Acommercialbankunderwritessecuritiesandprovidesadvisoryservices,whileaninvestmentbankacceptsdepositsandprovidesloans.c)Thereisnodifferencebetweenacommercialbankandaninvestmentbank.d)Bothcommercialandinvestmentbanksownandoperateabank.6.Whatisthepurposeofafinancialmarket?a)Toprovidefinancialservicestoindividualsandbusinesses.b)Toregulatethefinancialsystemandcontrolmonetarypolicy.c)Tofacilitatetheflowoffundsbetweensaversandborrowers.d)Toownandoperateabank.六、FinancialInstrumentsandProducts要求：Pleasechoosethecorrectanswerforeachquestion.1.Whatisthemainpurposeofastock?a)Torepresentownershipinacompany.b)Toprovideareturnoninvestmentthroughdividendsandcapitalgains.c)Toprovideasourceofcreditforacompany.d)Alloftheabove.2.Whatisthedifferencebetweenacommonstockandapreferredstock?a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.b)Preferredstockholdershavevotingrights,whilecommonstockholdersdonot.c)Thereisnodifferencebetweencommonstockandpreferredstock.d)Bothcommonstockandpreferredstockhavevotingrights.3.Whatisthepurposeofabond?a)Toprovideafixedreturnoninvestment.b)Toprovideasourceofcreditforacompany.c)Torepresentownershipinacompany.d)Alloftheabove.4.Whatisthedifferencebetweenamoneymarketfundandabondfund?a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.b)Amoneymarketfundinvestsinlong-termsecurities,whileabondfundinvestsinshort-termsecurities.c)Thereisnodifferencebetweenamoneymarketfundandabondfund.d)Bothamoneymarketfundandabondfundinvestinadiversifiedportfolioofsecurities.5.Whatisthepurposeofamutualfund?a)Toprovideareturnoninvestmentthroughdividendsandcapitalgains.b)Toinvestinadiversifiedportfolioofsecurities.c)Toprovideasourceofcreditforacompany.d)Alloftheabove.6.Whatisthedifferencebetweenaforwardcontractandafuturescontract?a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.b)Aforwardcontractisastandardizedagreementtradedonafuturesexchange,whileafuturescontractisacustomizedagreementbetweentwoparties.c)Thereisnodifferencebetweenaforwardcontractandafuturescontract.d)Bothaforwardcontractandafuturescontractaretypesoffinancialintermediaries.本次试卷答案如下：一、FinancialInstitutionsandMarkets1.b)Investmentbanking解析：商业银行为客户提供存款、贷款和其他金融服务，而投资银行主要从事股票和债券的承销、并购顾问等服务。2.d)Alloftheabove解析：股票市场、债券市场和外汇市场都是金融市场的组成部分。3.b)Tofacilitateshort-termborrowingandlending解析：货币市场的主要功能是为短期借款和贷款提供便利。4.a)Theprimarymarketiswherenewsecuritiesareissuedandsold,whilethesecondarymarketiswhereexistingsecuritiesareboughtandsold.解析：初级市场是发行和销售新证券的地方，而二级市场是购买和销售现有证券的地方。5.b)Tofacilitatetheflowoffundsbetweensaversandborrowers解析：金融中介的主要功能是促进资金在储户和借款人之间的流动。6.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金通过汇集投资者的资金，投资于多元化的证券组合。7.c)Tofacilitatethetradingoffinancialderivatives解析：金融衍生品市场的主要功能是促进金融衍生品的交易。8.a)Aforwardcontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：远期合约是双方之间定制的在未来某个日期以指定价格买卖资产的协议，而期货合约是在期货交易所上交易的标准化协议。9.d)Alloftheabove解析：金融监管机构旨在促进金融系统的稳定和效率，保护消费者，并促进资金在储户和借款人之间的流动。10.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危机是金融系统的广泛性中断，而银行危机是特定影响银行部门的危机。二、FinancialMarketsandInstruments1.b)Bond解析：债券是一种债务证券，代表借款人对债权人的承诺。2.b)Creditrisk解析：债券的主要风险是信用风险，即借款人可能无法偿还债务。3.a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.解析：普通股票股东有投票权，而优先股票股东通常没有。4.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金的主要目的是投资于多元化的证券组合。5.a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.解析：货币市场基金投资于短期证券，而债券基金投资于长期证券。6.c)Tomanagerisk解析：金融衍生品的主要目的是管理风险。7.a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：远期合约是双方之间定制的协议，而期货合约是在期货交易所上交易的标准化协议。8.d)Alloftheabove解析：金融监管机构旨在促进金融系统的稳定和效率，保护消费者，并促进资金在储户和借款人之间的流动。9.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危机是金融系统的广泛性中断，而银行危机是特定影响银行部门的危机。10.d)Alloftheabove解析：衍生品的主要风险包括市场风险、信用风险和流动性风险。三、FinancialRiskManagement1.c)Tobalancereturnsandrisk解析：金融风险管理的主要目的是在收益和风险之间取得平衡。2.a)Creditriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilemarketriskistheriskoflossduetochangesinmarketprices.解析：信用风险是指借款人无法偿还贷款而导致的损失风险，而市场风险是指由于市场价格变化而导致的损失风险。3.a)Therateofreturnaninvestorwillreceiveifthebondishelduntilmaturity.解析：到期收益率是指如果债券持有至到期，投资者将获得的回报率。4.b)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiod解析：压力测试旨在衡量在特定时间段内可能的最小损失。5.a)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisks解析：风险资本框架旨在确保金融机构拥有足够的资本来覆盖其风险。6.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：风险管理政策旨在定义金融机构的风险管理目标和策略。7.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：风险管理框架旨在定义金融机构的风险管理目标和策略。8.a)Toidentify,measure,monitor,an