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Câu 1: Which financial instrument involves an agreement to exchange principal and interest payments in one currency for those in another currency at specified intervals?
- - Currency Swap
- - Forward Contract
- - Currency Future
- - Spot Transaction
Câu 2: What market inefficiency must exist for a trader to successfully execute a triangular arbitrage strategy?
- - A significant difference between domestic and foreign inflation rates
- - A discrepancy between a quoted cross rate and the calculated implied cross rate
- - A mismatch between spot rates and forward rates of a single currency pair
- - A situation where central banks intervene heavily in the foreign exchange market
Câu 3: What is 'Eurocurrency'?
- - The official currency of the European Union
- - A currency used only for digital transactions in Europe
- - A time deposit in a bank located outside the country of the currency's origin
- - Any currency that has a fixed exchange rate with the Euro
Câu 4: What is the primary difference between a futures contract and a forward contract in the foreign exchange market?
- - Forwards are traded on exchanges, while futures are OTC
- - Futures are standardized and traded on exchanges, while forwards are customized OTC contracts
- - Forwards require a daily margin, while futures do not
- - Futures are only used for commodities, while forwards are only for currencies
Câu 5: In the foreign exchange market, which of the following is most likely to result in a narrower bid-ask spread?
- - High market volatility
- - Low trading volume
- - High market liquidity
- - Increased political risk
Câu 6: When a firm uses a money market hedge to cover a future foreign currency payable, what is the first operational step it must take?
- - Borrow foreign currency today to convert and invest in the domestic currency
- - Purchase a forward contract to buy the foreign currency at a fixed rate
- - Borrow domestic currency today to convert and invest in the foreign currency
- - Sell foreign currency receivables in the spot market immediately
Câu 7: Under which exchange rate system does a government intervene to prevent its currency from moving too far in one direction without committing to a fixed parity?
- - Freely Floating System
- - Gold Standard
- - Managed Float (Dirty Float)
- - Currency Board
Câu 8: The J-curve effect describes a phenomenon where a country's trade balance initially worsens after a currency depreciation because of which factor?
- - Immediate increase in export volumes
- - Inelastic trade volumes in the short run
- - Decrease in import prices
- - Rapid shift in consumer preferences
Câu 9: Which document in international trade finance serves as a guarantee of payment by a bank to a seller upon the presentation of specific documents?
- - Bill of Lading
- - Commercial Invoice
- - Letter of Credit
- - Forward Contract
Câu 10: What is the main characteristic of an 'American style' currency option compared to a 'European style' option?
- - It can only be exercised at the expiration date
- - It can be exercised at any time up to and including the expiration date
- - It is traded only in the United States markets
- - It has no strike price or premium fee
Câu 11: What is the 'Bid-Ask Spread' usually interpreted as in the foreign exchange market?
- - The profit margin of the central bank
- - The transaction cost for currency exchange
- - The risk of government default
- - The rate of domestic inflation
Câu 12: In the IMF's BPM6 manual, which account records transactions involving non-produced non-financial assets and capital transfers?
- - Current account
- - Financial account
- - Capital account
- - Errors and omissions
Câu 13: Which document in international trade finance serves as a receipt for goods, a contract for carriage, and a document of title?
- - Commercial invoice
- - Bill of lading
- - Certificate of origin
- - Packing list
Câu 14: Which account in the Balance of Payments captures the purchase and sale of financial assets like stocks, bonds, and direct investments?
- - Financial Account
- - Current Account
- - Unilateral Transfers Account
- - Services Account
Câu 15: Under the 'Current Rate Method' of currency translation, which exchange rate is typically used to translate most assets and liabilities?
- - The historical exchange rate at the time of acquisition
- - The average exchange rate for the fiscal year
- - The spot exchange rate on the balance sheet date
- - The forward exchange rate for the next quarter
Câu 16: In the context of the money market hedge for a foreign currency payble, a firm should do what?
- - Borrow domestic currency and invest in foreign currency
- - Borrow foreign currency and invest in domestic currency
- - Sell foreign currency in the spot market
- - Buy foreign currency call options
Câu 17: The 'J-curve' effect describes a situation where a country's trade balance does what after a currency depreciation?
- - Improves immediately due to lower export prices
- - Worsens initially before eventually improving
- - Remains unchanged in the short and long run
- - Fluctuates randomly based on capital flows
Câu 18: Which international institution is primarily responsible for providing short-term balance of payments assistance to member countries?
- - World Bank
- - International Monetary Fund (IMF)
- - World Trade Organization (WTO)
- - Bank for International Settlements (BIS)
Câu 19: In international trade finance, how does a Letter of Credit (L/C) reduce payment risk for an exporter?
- - By guaranteeing that the physical goods will not be damaged during transit
- - By eliminating all exchange rate fluctuations between the invoice date and payment date
- - By forcing the importer to pay the full amount in cash before manufacturing begins
- - By substituting the creditworthiness of the importer's bank for that of the importer
Câu 20: A 'currency carry trade' is a strategy where an investor:
- - Borrows in a high-interest currency to invest in a low-interest currency
- - Sells forward contracts to hedge against translation exposure
- - Borrows in a low-interest currency to invest in a high-interest currency
- - Exchanges all domestic cash for gold during a financial crisis
Câu 21: If a country has a current account deficit, what must be true about its balance of payments under a fixed exchange rate system, assuming no change in official reserves?
- - It must have a capital account deficit
- - It must have a financial account surplus
- - It must have a trade surplus
- - It must have negative net primary income
Câu 22: Which financial instrument gives the holder the right, but not the obligation, to buy a specific amount of foreign currency at a set price?
- - Forward contract
- - Futures contract
- - Call option
- - Put option
Câu 23: Which historical agreement established the system of fixed exchange rates backed by the US Dollar and gold, which lasted until 1971?
- - The Plaza Accord
- - The Louvre Accord
- - The Bretton Woods Agreement
- - The Smithsonian Agreement
Câu 24: Which of the following exposures measures the impact of unexpected exchange rate changes on a firm's future operational cash flows and market value?
- - Economic exposure
- - Translation exposure
- - Transaction exposure
- - Settlement exposure
Câu 25: If a bank quotes USD/EUR at 0.90 and USD/GBP at 0.75, what is the implied cross rate for EUR/GBP?
- - 0.675
- - 1.200
- - 0.833
- - 1.650