CFA 2026 Level I Derivatives Swap Contracts Free Quiz 1

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CFA 2026 Level I Derivatives Swap Contracts Free Quiz 1

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CFA 2026 Level I Derivatives Swap Contracts Free Quiz 1

Practice CFA 2026 Level I Derivatives MCQs from Swap Contracts. Get instant results with Explanation.

General5 MCQs

1. What is a swap contract?

A. An agreement to exchange cash flows over a specified period.B. An agreement to buy or sell an asset at a specified future date.C. A standardized exchange-traded contract.D. A contract that gives the right, but not the obligation, to buy or sell.

2. What are the two main types of swaps?

A. Interest rate swaps only.B. Interest rate and currency swaps.C. Currency swaps only.D. Commodity swaps.

3. What is the structure of a plain vanilla interest rate swap?

A. Floating for floating.B. Fixed for fixed.C. Fixed for floating.D. No exchange of payments.

4. What is the notional principal in a swap?

A. The amount exchanged at inception.B. The market value of the swap.C. The upfront payment.D. The principal amount used to calculate cash flows.

5. How does a currency swap differ from an interest rate swap?

A. Principal is exchanged at inception and maturity.B. No principal is exchanged.C. Only interest payments are exchanged.D. No cash flows are exchanged.

General5 MCQs

6. What is the value of an interest rate swap at inception?

A. The notional amount.B. Zero at inception; can change over time.C. Always positive.D. Always negative.

7. Where are swaps typically traded?

A. Exchange-traded market.B. Dark pool.C. Over-the-counter (OTC) market.D. Electronic market.

8. What entity acts as a market maker in swap contracts?

A. Broker.B. Clearinghouse.C. Exchange.D. Swap dealer.

9. What are the uses of swap contracts?

A. Hedging and speculation.B. Only speculation.C. Only hedging.D. Only arbitrage.

10. How can an interest rate swap be used to manage liability exposure?

A. Fixed to floating only.B. Fixed to floating or floating to fixed.C. Floating to fixed only.D. No conversion.

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Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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