ACI Operations Certificate challenging (3I0-013) Practice Test

Questions # 101:

Calculation basis for EUR money market transaction is:

Options:

30/360

ACT/365

ACT/ACT

ACT/360

Questions # 102:

What is the maximum term London Certificates of Deposit are issued?

Options:

12 months

18 months

5 years

2 years

Questions # 103:

Which of the following is characteristic of derivative instruments?

Options:

Trades are executed in nominal amounts

Derivates are bought and sold only over the counter (OTC)

The final settlement of a derivates trade can only be made by physical delivery

The accounting for derivative instruments is off balance sheet

Questions # 104:

Minimum reserves at the European Central Bank are:

Options:

Never remunerated

Remunerated at the EONIA rate

Remunerated at the rate of the deposit facility

Remunerated at the main refinancing rate

Questions # 105:

What is the main role of back office staff?

Options:

To confirm the accuracy of counterparties' mailing addresses

To inform the central bank when a country limit is higher than a fixed level

To ensure that trades are confirmed and settled correctly in accord with best market practice recommendations

To be in constant contact with the counterparties' front office staff

Questions # 106:

The risk associated with the failure of the overall financial system is best described as:

Options:

Operational Risk

Market Risk

Systemic Risk

Credit Risk

Questions # 107:

FX Swaps can be used to:

Options:

Swap a fixed leg into a variable leg

Buy or sell the currency of your choice

Arbitrage between foreign exchange and interest rates

Arbitrage between deposits and forward points

Questions # 108:

The payments due on a FRA are settled:

Options:

On the trade date

On the maturity date of the FRA

Daily in accruals

On the start date of the FRA

Questions # 109:

In the US commercial paper market, commercial paper is limited to:

Options:

a 270-day tenor

a 360-day tenor

a 365-day tenor

a 366-day tenor

Questions # 110:

The standard benchmark measure used for the cost of funds in the London Market is:

Options:

LIBID

Base Rate

LIBOR

UMEAN

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