做练习题对于备考的考生来说是有一定的作用的，这样不仅能考察自己对知识的掌握程度，还能提前熟悉考试氛围，尤其是做历年的真题。有考生咨询，FRM考试中有必要做大量的练习题吗？》》》戳：各科视频讲义+历年真题+21年原版书（PDF版）免·费领取

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The CEO of a regional bank understands that failing to anticipate cash flow needs is one of the most serious errors that a firm can make and demands that a good liquidity-at-risk (LaR) measurement system be an essential part of the bank’s risk management framework. Which of the following statements concerning LaR is correct?》》》点我咨询FRM金融英语词汇手册

A) Reducing the basis risk through hedging decreases LaR.

B) Hedging using futures has the same impact on LaR as hedging using long option positions.

C) For a hedged portfolio, the LaR can differ significantly from the VaR.

D) Afirm’s LaR tends to decrease as its credit quality declines.

答案：C【资料下载】[融跃财经]FRM一级ya题-pdf版

解析：The LaR can differ substantially from the VaR in a hedged portfolio, and in different situations can be larger or smaller than the VaR. For example, consider a portfolio where futures contracts are used to hedge.

While the hedge can reduce the VaR of the portfolio, the LaR can be larger than the VaR as the futures contracts create an exposure to margin calls and the potential for cash outflows. Alternatively, in situations where the hedging instruments do not result in potential cash outflows over the measurement period (e.g., a portfolio of European options which do not expire during the period), the LaR can be smaller than the VaR.

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