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　　1.The major risk involved with commodity spot transactions that is divided into two areas (ordinary and extraordinary) is:
　　A. Price risk.
　　B. Delivery risk.
　　C. Transportation risk.
　　D. Credit risk.
　　2.Which of the following results from a commodity that is an input in the production process of other commodities?
　　A. Commodity spread.
　　B. Implied lease rate.
　　C. Implied forward rate.
　　D. Convenience yield.
　　3.A bank can create an on-balance-sheet hedged position by matching:
　　A. domestic and foreign cash rate exposure on its balance sheet.
　　B. maturity and currency positions on its balance sheet.
　　C. domestic and foreign inflation rate exposure on its balance sheet.
　　D. domestic and foreign market value positions on its balance sheet.
　　Answer:
　　1.C
　　Transportation risk is divided into two areas: ordinary (e.g., deterioration, spoilage, accident) and extraordinary (e.g., acts of God, wars, riots, strikes). For example, transportation risk could result from ships lost at sea or train cars overturned.
　　2.A
　　A commodity spread results from a commodity that is an input in the production process of other commodities.
　　3.B
　　By matching both the maturity and currency positions on its balance sheet, the bank has created a situation where a net return is essentially locked in, no matter what happens to the exchange rate.