備考CFA考試你的考試題做的如何了？是不是掌握了一級(jí)的考試知識(shí)？今天小編帶著幾道CFA考試題來(lái)檢驗(yàn)一下你學(xué)習(xí)成果？

Risk budgeting most likely:

A. limits the cost of hedging a portfolio.

B. can be defined by a measure such as beta or scenario loss.

C. focuses on the appetite for risk and what exposures are acceptable.

解析：選B。風(fēng)險(xiǎn)預(yù)算根據(jù)特定的指標(biāo)量化和分配可容忍的風(fēng)險(xiǎn)。風(fēng)險(xiǎn)預(yù)算可以是多維的，也可以是一維的風(fēng)險(xiǎn)度量，如標(biāo)準(zhǔn)差、貝塔、VaR或情景損失等。A項(xiàng)，限制用于套期保值目的的投資金額并不是以市場(chǎng)為基準(zhǔn)的風(fēng)險(xiǎn)強(qiáng)度選擇的結(jié)果。C項(xiàng)，風(fēng)險(xiǎn)承受力關(guān)注風(fēng)險(xiǎn)偏好，而不是風(fēng)險(xiǎn)預(yù)算。

A major benefit of ... risk budgeting process is that it most likely:

A. allows the organization to determine its enterprise risk tolerance.

B. forces risk tradeoffs across the organization.

C. eliminates the need for hedging within the organization.

解析：選B。增加一個(gè)風(fēng)險(xiǎn)預(yù)算過(guò)程會(huì)促使(forces)組織考慮如何在其子公司之間分配其總風(fēng)險(xiǎn)承受能力。A項(xiàng)，風(fēng)險(xiǎn)承受能力決定風(fēng)險(xiǎn)預(yù)算，而不是反過(guò)來(lái)。C項(xiàng)，風(fēng)險(xiǎn)預(yù)算不一定會(huì)減少對(duì)沖需求。

Q2-5-1 [Mock] [Attention] Risk management ... can most likely be best described as:

A minimizing risks while attempting to maximize returns.

B forecasting the level of risk that can meet a defined required return.

C defining a level of risk to be taken with the goal of maximizing the portfolio’s value.

解析：選C。風(fēng)險(xiǎn)管理是以公司或投資組合的價(jià)值（或效用*化）為目標(biāo)，定義要承擔(dān)的風(fēng)險(xiǎn)水平的過(guò)程。A項(xiàng)，風(fēng)險(xiǎn)管理不是為了zui小化風(fēng)險(xiǎn)。B項(xiàng)，風(fēng)險(xiǎn)管理不是預(yù)測(cè)風(fēng)險(xiǎn)。

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