FRM真題是FRM歷年的真題，備考的考生做大量的真題練習是很重要的。下文是列舉的相關真題，希望對備考的你有所幫助！

Which of the following products is exposed to specific risk?

A) S&P Futures Contract.

B) Japanese Government Bond.

C) German Government Bond.

D) None of these.

答案：D

解析：Specific risk exposure refers to securities that undergo adverse price movements as a result of idiosyncratic factors related to individual issuers. Thus, government debt issues and futures contracts based on diversified indexes are not exposed to specific risk.

Aportfolio manager is mapping a fixed-income portfolio into exposures on selected risk factors. The manager is analyzing the comparable mechanics and risk measurement outputs of principal mapping, duration mapping, and cash-flow mapping that correspond to the average portfolio maturity. Which of the following is correct?

A) Principal mapping considers coupon and principal payments, and the portfolio VaR using principal mapping is greater than the portfolio VaR using cash-flow mapping.

B) Duration mapping does not consider intermediate cash flows and the portfolio VaR using such method is less than the portfolio VaR using principal mapping.

C) Cash-flow mapping considers the timing of the redemption cash flow payments only, and the portfolio VaR using cash flow mapping is less than the portfolio VaR using duration mapping.

D) Cash-flow mapping considers the present values of cash flows grouped into maturity buckets, and the undiversified portfolio VaR using cash-flow mapping is greater than the portfolio VaR using principal mapping.

答案：B

解析：B is correct. With duration mapping, a portfolio is replaced by a zero-coupon bond with maturity equal to the duration of the portfolio. The risk of the hypothetical zeros is less than the risk of a coupon bond of comparable maturity. Therefore, the portfolio VaR using duration mapping is less than the portfolio VaR using principal mapping.OptionAis not correct. According to the definition and the question specification of buckets, both VaRs should be the same.Option C is incorrect because of the reason stated for the correctness of Option B. Option D is incorrect because of the same reason for the correctness of OptionA.

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