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　　1.A regime-switching volatility model of interest rates would assume all of the following EXCEPT:
　　A. the regime determines whether the volatility of interest rates is high or low.
　　B. the mean is constant.
　　C. the unconditional distribution of interest rates is normally distributed.
　　D. interest rates are conditionally normally distributed.
　　2.Left-skewed distributions exhibit:
　　A. greater mass to the left of the expected value.
　　B. a longer tail to the right of the distribution.
　　C. greater mass to the right of the expected value.
　　D. greater mass close to the expected value.
　　3.Operational risk sources for a bank include all of the following EXCEPT:
　　A. employee misappropriation.
　　B. default on loans obtained by submitting false documents.
　　C. non-adherence to policy.
　　D. absence of standards or policies.
　　Answer:
　　1.C
　　A regime-switching volatility model assumes different market regimes exist with high or low volatility.  The mean is assumed constant, but the volatility depends on the regime.  Conditional on the fact that interest rates are drawn from one regime, the distribution is normally distributed.  If interest rates are drawn from more than one regime, this unconditional distribution need not be normally distributed.
　　2.C
　　Left-skewed distributions are those with a longer tail to the left side of the distribution, and whose mass is to the right of the expected value.
　　3.B
　　Default by customer is part of credit risk irrespective of whether the documents were correct or not.