很多FRM學員還不知道FRM真題的重要性，考前進行FRM真題練習有效果嗎？FRM考試中真題練習真的重要嗎？FRM真題練習，備考的考生不能忽視！

Compared to at-the-money currency options, out-of-the-money currency options exhibit which of the following volatility traits?

A) Lower implied volatility.

B) Afrown.

C) Asmirk.

D) Higher implied volatility.

答案：D

解析：Away-from-the-money currency options have greater implied volatility than at-the-money options. This pattern results in a volatility smile.

Which of the following items is best described as follows: "When foreign currency option traders allow implied volatility to depend on strike price, patterns of implied volatility are generated"?

A) Volatility smile.

B) Volatility skew.

C) Volatility surface.

D) Volatility term structure.

答案：A  【資料下載】FRM一級思維導圖PDF版

解析：In the case of equity options, the volatility smile is sometimes referred to as a volatility skew. The volatility term structure is a listing of implied volatilities as a function of time to expiration for at-the-money option contracts. Avolatility surface is nothing other than a combination of a volatility term structure with volatility smiles.

如果想要獲得更多關于FRM考試的真題解析，點擊在線咨詢或者添加融躍老師微信（rongyuejiaoyu）！