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　　1.A distribution of asset returns that has a significantly higher probability of obtaining large losses is described as:
　　A. left skewed.
　　B. right skewed.
　　C. fat tailed.
　　D. symmetrical.
　　2.A bank has entered into a 3 x 6 forward rate agreement to receive a fixed rate of 3.35 percent on $12 million in six months. If the applicable rate in three months is 3.62 percent, the cash flow associated with this forward rate agreement for the bank would be closest to:
　　A. $16,200.
　　B. $32,400.
　　C. –$8,100.
　　D. –$32,400.
　　3.Which of the following would NOT be considered stress testing?
　　A. S&P 500 index drop of 1%.
　　B. Yield curve twist of 50 basis points.
　　C. Exchange rate depreciation of 10% between $US relative to Japanese Yen.
　　D. Treasury yield curve shift of 100 basis points.
　　Answer:
　　1.A
　　A distribution is left skewed when the distribution is asymmetrical and there is a higher probability of large negative returns than there is for large positive returns.
　　2.C
　　Since the bank has entered into the forward rate agreement to receive payment, and interest rates have increased, it will have to pay on the contract. The amount it will have to pay is (0.0335 – 0.0362)($12 million)(0.25) = –$8,100.
　　3.A
　　Equity index falling 1% in one day is not unusual based upon historical data.