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　　1.Adding a stock to a portfolio will reduce the risk of the portfolio if the correlation coefficient is less than which of the following?
　　A. +0.50.
　　B. +1.00.
　　C. +0.30.
　　D. 0.00.
　　2.Which statement best describes the return to loans after ratings change?
　　A. Loan returns are asymmetric since the lender only partially absorbs the downside losses.
　　B. Loan returns are symmetric as the lender absorbs all the downside losses and absorb the upside.
　　C. Loan returns are symmetric as the lender enjoys upside benefits.
　　D. Loan returns are asymmetric as the lender absorbs all the downside losses and none of the upside.
　　3.Of the Sharpe, Treynor, and Jensen’s Alpha measures, when measuring the risk/return performance of actively managed portfolios, which is the most appropriate to use?
　　A. Treynor measure.
　　B. Sharpe ratio.
　　C. Jensen's Alpha.
　　D. All three measures are equally appropriate.
　　Answer:
　　1.B
　　Adding any stock that is not perfectly correlated with the portfolio (+1) will reduce the risk of the portfolio.
　　2.D
　　Lenders absorb all losses in default but receive no upside if the borrower improves in credit quality.
　　3.C
　　Jensen’s Alpha measures the value added of an active portfolio strategy.