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Câu 1: As of 2023, which benchmark rate has primarily replaced the USD London Interbank Offered Rate (LIBOR) for new financial contracts?
- - Secured Overnight Financing Rate (SOFR)
- - Euro Interbank Offered Rate (EURIBOR)
- - Federal Funds Rate
- - Prime Rate
Câu 2: If Interest Rate Parity (IRP) holds, what happens to a currency that has a significantly higher nominal interest rate than another currency?
- - It should trade at a forward premium
- - It should trade at a forward discount
- - It will have the same forward rate as the spot rate
- - Its exchange rate will remain fixed forever
Câu 3: According to Interest Rate Parity (IRP), if the domestic interest rate is higher than the foreign interest rate, the foreign currency should exhibit what?
- - A forward discount
- - A forward premium
- - No change in value
- - High volatility
Câu 4: A US-based multinational company will receive 1 million Euros in 90 days and is concerned about the Euro depreciating; which type of risk is this firm primarily facing?
- - Translation exposure
- - Transaction exposure
- - Economic exposure
- - Accounting exposure
Câu 5: What is the primary function of American Depository Receipts (ADRs)?
- - To allow US companies to issue debt in European markets
- - To provide a mechanism for US investors to trade shares of foreign companies on US exchanges
- - To serve as a hedge against US interest rate increases
- - To facilitate the physical delivery of foreign currencies to US banks
Câu 6: Special Drawing Rights (SDRs) are international reserve assets created by which organization?
- - The Federal Reserve
- - The World Bank
- - The International Monetary Fund
- - The European Central Bank
Câu 7: As of the recent global transition away from LIBOR, which rate is now the primary benchmark for USD-denominated floating rate contracts?
- - EURIBOR
- - SOFR (Secured Overnight Financing Rate)
- - TIBOR
- - Federal Funds Rate
Câu 8: Which of the following currencies is NOT currently part of the IMF's Special Drawing Rights (SDR) valuation basket?
- - Chinese Yuan (Renminbi)
- - Swiss Franc
- - Japanese Yen
- - British Pound
Câu 9: What is the primary source of capital for most traditional commodity-based Sovereign Wealth Funds?
- - Revenue generated from the export of natural resources such as oil and gas
- - Voluntary private donations from wealthy citizens
- - Loans obtained directly from the World Bank
- - Retail deposits from commercial banking operations
Câu 10: What market inefficiency must exist for a trader to successfully execute a triangular arbitrage strategy?
- - A significant difference between domestic and foreign inflation rates
- - A discrepancy between a quoted cross rate and the calculated implied cross rate
- - A mismatch between spot rates and forward rates of a single currency pair
- - A situation where central banks intervene heavily in the foreign exchange market
Câu 11: According to the Balance of Payments accounting identity, a country with a persistent current account surplus must have a corresponding deficit in which other account?
- - Capital account
- - Financial account
- - Official reserves account
- - Unilateral transfers account
Câu 12: Which financial instrument gives the holder the right, but not the obligation, to buy a specific amount of foreign currency at a set price?
- - Forward contract
- - Futures contract
- - Call option
- - Put option
Câu 13: What is 'translation exposure' primarily concerned with in multinational corporations?
- - The impact of exchange rate changes on daily cash transactions
- - The impact of exchange rate changes on the value of future sales
- - The impact of exchange rate changes on the consolidated financial statements
- - The risk of government expropriation of foreign assets
Câu 14: Why might a Multinational Corporation (MNC) potentially have a lower cost of capital compared to a strictly domestic firm?
- - Because international regulations strictly limit the interest rates banks can charge MNCs
- - Because MNCs are entirely immune to systematic risk
- - Because foreign governments always provide interest-free loans to multinational companies
- - Because it has access to international capital markets, allowing it to diversify funding sources and find lower rates
Câu 15: What is a 'Currency Swap' in international finance?
- - An agreement to exchange principal and interest payments in two different currencies
- - A method of converting hard currency into soft currency
- - The physical exchange of banknotes at an airport
- - A trade policy used to reduce imports
Câu 16: Which theory suggests that the exchange rate between two currencies will adjust to reflect changes in the price levels of the two countries?
- - International Fisher Effect
- - Interest Rate Parity
- - Purchasing Power Parity
- - Rational Expectations Theory
Câu 17: In the foreign exchange market, which of the following is most likely to result in a narrower bid-ask spread?
- - High market volatility
- - Low trading volume
- - High market liquidity
- - Increased political risk
Câu 18: What is the main characteristic of an 'American style' currency option compared to a 'European style' option?
- - It can only be exercised at the expiration date
- - It can be exercised at any time up to and including the expiration date
- - It is traded only in the United States markets
- - It has no strike price or premium fee
Câu 19: A major difference between a currency forward contract and a currency futures contract is that futures contracts are:
- - Private agreements between two parties
- - Customized in terms of size and maturity date
- - Standardized and traded on organized exchanges
- - Not subject to daily margin requirements
Câu 20: What action must a central bank typically take to maintain a fixed or pegged exchange rate when its currency faces severe downward market pressure?
- - Sell its own domestic currency and buy foreign currency reserves
- - Sell foreign currency reserves and buy its own domestic currency in the foreign exchange market
- - Drastically lower domestic interest rates to stimulate the economy
- - Implement a completely free-floating exchange rate policy immediately
Câu 21: If a bank quotes USD/EUR at 0.90 and USD/GBP at 0.75, what is the implied cross rate for EUR/GBP?
- - 0.675
- - 1.200
- - 0.833
- - 1.650
Câu 22: Following the transition away from LIBOR, which benchmark interest rate is now primarily used for USD-denominated financial contracts?
- - EURIBOR
- - SONIA
- - SOFR
- - TONAR
Câu 23: What is the primary role of the International Monetary Fund (IMF) in the global financial system?
- - Providing long-term loans for infrastructure projects
- - Acting as a global central bank for commercial lenders
- - Providing temporary financial assistance to countries with balance of payments difficulties
- - Setting global trade tariffs and quotas
Câu 24: If a bank quotes USD/EUR at 1.1050-1.1060, what is the 'bid' price (the price the bank is willing to buy EUR)?
- - 1.1060
- - 1.1055
- - 1.1050
- - 0.0010
Câu 25: When a firm uses a money market hedge to cover a future foreign currency payable, what is the first operational step it must take?
- - Borrow foreign currency today to convert and invest in the domestic currency
- - Purchase a forward contract to buy the foreign currency at a fixed rate
- - Borrow domestic currency today to convert and invest in the foreign currency
- - Sell foreign currency receivables in the spot market immediately