2025年FRM金融風險管理師考試專業試卷：金融風險管理專業英語試題考試時間：______分鐘總分：______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.本次試卷答案如下：一、FinancialInstitutionsandMarkets1.b)Investmentbanking解析：商業銀行為客戶提供存款、貸款和其他金融服務，而投資銀行主要從事股票和債券的承銷、并購顧問等服務。2.d)Alloftheabove解析：股票市場、債券市場和外匯市場都是金融市場的組成部分。3.b)Tofacilitateshort-termborrowingandlending解析：貨幣市場的主要功能是為短期借款和貸款提供便利。4.a)Theprimarymarketiswherenewsecuritiesareissuedandsold,whilethesecondarymarketiswhereexistingsecuritiesareboughtandsold.解析：初級市場是發行和銷售新證券的地方，而二級市場是購買和銷售現有證券的地方。5.b)Tofacilitatetheflowoffundsbetweensaversandborrowers解析：金融中介的主要功能是促進資金在儲戶和借款人之間的流動。6.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金通過匯集投資者的資金，投資于多元化的證券組合。7.c)Tofacilitatethetradingoffinancialderivatives解析：金融衍生品市場的主要功能是促進金融衍生品的交易。8.a)Aforwardcontractisacustomizedagreementbetweentwopartiestobuyorsellanassetatafuturedateataspecifiedprice,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：遠期合約是雙方之間定制的在未來某個日期以指定價格買賣資產的協議，而期貨合約是在期貨交易所上交易的標準化協議。9.d)Alloftheabove解析：金融監管機構旨在促進金融系統的穩定和效率，保護消費者，并促進資金在儲戶和借款人之間的流動。10.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危機是金融系統的廣泛性中斷，而銀行危機是特定影響銀行部門的危機。二、FinancialMarketsandInstruments1.b)Bond解析：債券是一種債務證券，代表借款人對債權人的承諾。2.b)Creditrisk解析：債券的主要風險是信用風險，即借款人可能無法償還債務。3.a)Commonstockholdershavevotingrights,whilepreferredstockholdersdonot.解析：普通股票股東有投票權，而優先股票股東通常沒有。4.a)Toinvestinadiversifiedportfolioofsecurities解析：共同基金的主要目的是投資于多元化的證券組合。5.a)Amoneymarketfundinvestsinshort-termsecurities,whileabondfundinvestsinlong-termsecurities.解析：貨幣市場基金投資于短期證券，而債券基金投資于長期證券。6.c)Tomanagerisk解析：金融衍生品的主要目的是管理風險。7.a)Aforwardcontractisacustomizedagreementbetweentwoparties,whileafuturescontractisastandardizedagreementtradedonafuturesexchange.解析：遠期合約是雙方之間定制的協議，而期貨合約是在期貨交易所上交易的標準化協議。8.d)Alloftheabove解析：金融監管機構旨在促進金融系統的穩定和效率，保護消費者，并促進資金在儲戶和借款人之間的流動。9.a)Afinancialcrisisisabroad-baseddisruptioninthefinancialsystem,whileabankingcrisisisaspecificcrisisaffectingthebankingsector.解析：金融危機是金融系統的廣泛性中斷，而銀行危機是特定影響銀行部門的危機。10.d)Alloftheabove解析：衍生品的主要風險包括市場風險、信用風險和流動性風險。三、FinancialRiskManagement1.c)Tobalancereturnsandrisk解析：金融風險管理的主要目的是在收益和風險之間取得平衡。2.a)Creditriskistheriskoflossduetothefailureofaborrowertorepayaloan,whilemarketriskistheriskoflossduetochangesinmarketprices.解析：信用風險是指借款人無法償還貸款而導致的損失風險，而市場風險是指由于市場價格變化而導致的損失風險。3.a)Therateofreturnaninvestorwillreceiveifthebondishelduntilmaturity.解析：到期收益率是指如果債券持有至到期，投資者將獲得的回報率。4.b)Tomeasuretheminimumpotentiallossoveraspecifiedtimeperiod解析：壓力測試旨在衡量在特定時間段內可能的最小損失。5.a)Toensurethatfinancialinstitutionshavesufficientcapitaltocovertheirrisks解析：風險資本框架旨在確保金融機構擁有足夠的資本來覆蓋其風險。6.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：風險管理政策旨在定義金融機構的風險管理目標和策略。7.a)Todefinetheriskmanagementobjectivesandstrategiesofafinancialinstitution解析：風險管理框架旨在定義金融機構的風險管理目標和策略。8.a)Toidentify,measure,monitor,an