ACI 002-101 問題練習

Question No : 1
A money market deposit is best described as:

• A.An unsecured placement or borrowing of funds for a fixed period
• B.A contract giving the right to buy a currency
• C.A physical exchange of securities only
• D.A futures contract traded on a commodity exchange

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Question No : 2
A tom-next FX swap normally covers the period from:

• A.Today to tomorrow
• B.Tomorrow to the next business day
• C.Spot date to one month
• D.One year to two years

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Question No : 3
The standard value date for most major currency spot transactions is generally:

• A.Same day
• B.Next business day
• C.Two business days after trade date
• D.One calendar month after trade date

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Question No : 4
Which of the following best describes an FX dealer’s “position”?

• A.The outstanding net exposure in a currency
• B.The dealer’s job title
• C.The official fixing source only
• D.The broker’s commission

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Question No : 5
An FX outright forward rate is:

• A.The spot rate adjusted by forward points
• B.The central bank rate plus tax
• C.The option strike minus premium
• D.The repo rate minus haircut

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Question No : 6
Which of the following is most closely associated with settlement risk in FX?

• A.One party pays away currency but does not receive the counter-currency
• B.The option premium changes before expiry
• C.The trade is entered into the wrong spreadsheet
• D.The yield curve becomes flat

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Question No : 7
If the base currency interest rate is higher than the terms currency interest rate, the base currency will generally trade forward at:

• A.A premium
• B.A discount
• C.Par only
• D.Zero value

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Question No : 8
Which of the following is a common reason for using an FX forward?

• A.To remove settlement risk completely
• B.To hedge a known future foreign currency exposure
• C.To avoid confirming the trade
• D.To eliminate credit risk

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Question No : 9
If GBP/USD is quoted at 1.2500-04, a customer selling GBP will deal at:

• A.1.2504
• B.1.2500
• C.1.2540
• D.1.2400

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Question No : 10
A cross rate is:

• A.An exchange rate between two currencies calculated through a third currency
• B.A rate fixed by an exchange only
• C.A penalty rate charged on failed settlement
• D.A repo rate against equity collateral

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Question No : 11
Which of the following is usually the most liquid foreign exchange transaction type?

• A.Exotic option
• B.Spot FX
• C.Long-dated structured note
• D.Physical commodity swap

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Question No : 12
The bid-offer spread in an FX quotation mainly represents:

• A.The dealer’s transaction margin and market liquidity conditions
• B.The central bank official rate
• C.The annual interest rate only
• D.The tax rate on the currency

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Question No : 13
If a trader buys EUR/USD, the trader is:

• A.Buying EUR and selling USD
• B.Selling EUR and buying USD
• C.Buying both EUR and USD
• D.Selling both EUR and USD

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Question No : 14
In a USD/JPY quote, which currency is the base currency?

• A.JPY
• B.USD
• C.Both currencies
• D.Neither currency

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Question No : 15
Which of the following best describes a non-deliverable forward?

• A.A forward contract settled by physical delivery of both currencies
• B.A forward contract settled by a cash difference in a convertible currency
• C.A futures contract traded only on an exchange
• D.A money market deposit with no maturity date

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