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　　1.An operational risk analyst is considering using scenario analysis to complement her regular analysis, given limited internal operational loss data. Which of the following correctly identifies a disadvantage of scenario analysis for operational risk?
　　A. The market environment tends to change quickly, making operational loss scenarios obsolete before the can be utilized.
　　B. scenario analysis tends to take up a considerable amount of management's time and attention.
　　C. Scenarios include losses that banks have never experienced and are therefore not acceptable to regulators.
　　D. Scenario analysis is highly quantitative and therefore exposed to model risk.
　　2.Which of the following statements is incorrect regarding a Bernoulli distributed random variable.
　　I. It only has three possible outcomes.
　　II. It is commonly used for assessing whether or not a company defaults during a specified time period.
　　A. II only.
　　B. I only.
　　C. Both I and II.
　　D. Neither I nor II.
　　3.Positive convexity in bond prices implies all but which of the following statements?
　　A. As yields increase, changes in yield have a smaller effect on bond prices.
　　B. As yields decrease, changes in yield have a larger effect on bond prices.
　　C. The price volatility of non-callable bonds is inversely related to the level of market yields.
　　D. Bond prices approach a ceiling as interest rates fall.
　　Answer:
　　1.A
　　One method for obtaining additional operational risk data points is to use scenario analysis. Regulators encourage the use of  scenarios since this approach allows management to incorporate events that have not yet occured.
　　2.B
　　Bernoulli distributed random variable only has two possible outcomes. The outcomes can be defined as either a “success” or a “failure.”
　　3.D
　　The convexity of bond prices means that bond prices as a function of interest rates approach a floor as interest rates rise.