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FRM Part I Mock Test
A timed 25-question mock for the Financial Risk Manager Part I covering probability & combinatorics, accounting & finance, simple & compound interest, averages & statistics. Answer, submit and review every question with its explanation; set negative marking to match your exam’s current scheme.
FRM Part I mock test
25 questions · 1 mark each · the timer starts with your first answer and the test submits itself when time runs out.
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Q1.Probability & Combinatorics2 fair coins are tossed. What is the probability of at least one head?
Answer: D — 3/4
P(no head) = (1/2)^2 = 1/4; P(at least one head) = 1 − 1/4 = 3/4.
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Q2.Accounting & FinanceStandard deviation in finance measures:
Answer: D — Volatility (dispersion) of returns
It measures how widely returns vary around the mean.
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Q3.Simple & Compound InterestFind the simple interest on $54,000 at 10% per annum for 3 years.
Answer: D — $16,200
SI = P × R × T / 100 = 54,000 × 10 × 3 / 100 = $16,200.
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Q4.Averages & StatisticsThe average of 10 numbers is 30. If 36 is added, what is the new average?
Answer: D — 30.55
Old total = 10 × 30 = 300. New total = 300 + 36 = 336; new average = 336/11 = 30.55.
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Q5.Probability & CombinatoricsIn how many ways can the letters of the word GARDEN be arranged?
Answer: C — 720
All 6 letters are different, so arrangements = 6! = 720.
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Q6.Accounting & FinanceFind the compound interest on $24,000 at 5% per annum for 2 years, compounded annually.
Answer: B — $2,460
A = P(1 + R/100)^T = 24,000 × 1.05^2 = 26,460; CI = A − P = $2,460.
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Q7.Simple & Compound InterestFind the compound interest on $15,000 at 20% per annum for 3 years, compounded annually.
Answer: B — $10,920
A = P(1 + R/100)^T = 15,000 × 1.20^3 = 25,920; CI = A − P = $10,920.
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Q8.Averages & StatisticsFind the mean of: 5, 35, 3, 12, 39, 33, 39
Answer: C — 23.71
Sum = 166, ÷ 7 = 23.71.
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Q9.Probability & Combinatorics3 fair coins are tossed. What is the probability of at least one head?
Answer: D — 7/8
P(no head) = (1/2)^3 = 1/8; P(at least one head) = 1 − 1/8 = 7/8.
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Q10.Accounting & FinanceThe ethical principle of objectivity requires a professional accountant to:
Answer: A — Avoid bias, conflicts of interest and undue influence
Objectivity is one of the fundamental principles in the IESBA Code of Ethics.
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Q11.Simple & Compound InterestFind the simple interest on $22,000 at 7.5% per annum for 2 years.
Answer: D — $3,300
SI = P × R × T / 100 = 22,000 × 7.5 × 2 / 100 = $3,300.
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Q12.Averages & StatisticsThe average of 12 numbers is 52. If 83 is added, what is the new average?
Answer: C — 54.38
Old total = 12 × 52 = 624. New total = 624 + 83 = 707; new average = 707/13 = 54.38.
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Q13.Probability & CombinatoricsIn how many ways can a committee of 4 be chosen from 12 people?
Answer: D — 495
Order does not matter → combinations: 12C4 = 12! / (4!·8!) = 495.
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Q14.Accounting & FinanceFind the compound interest on $5,000 at 20% per annum for 3 years, compounded annually.
Answer: C — $3,640
A = P(1 + R/100)^T = 5,000 × 1.20^3 = 8,640; CI = A − P = $3,640.
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Q15.Simple & Compound InterestFind the compound interest on $7,000 at 5% per annum for 2 years, compounded annually.
Answer: C — $717.5
A = P(1 + R/100)^T = 7,000 × 1.05^2 = 7,717.5; CI = A − P = $717.5.
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Q16.Averages & StatisticsThe average of 12 numbers is 67. If 94 is added, what is the new average?
Answer: A — 69.08
Old total = 12 × 67 = 804. New total = 804 + 94 = 898; new average = 898/13 = 69.08.
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Q17.Accounting & FinanceRevenue is recognised under accrual accounting when:
Answer: B — It is earned (performance obligation satisfied)
Under IFRS 15 / ASC 606 revenue is recognised as obligations are satisfied.
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Q18.Simple & Compound InterestFind the simple interest on $39,000 at 12% per annum for 6 years.
Answer: A — $28,080
SI = P × R × T / 100 = 39,000 × 12 × 6 / 100 = $28,080.
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Q19.Averages & StatisticsFind the mean of: 31, 34, 33, 38, 36, 24, 22
Answer: B — 31.14
Sum = 218, ÷ 7 = 31.14.
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Q20.Probability & CombinatoricsTwo fair dice are thrown. What is the probability that the sum is 8?
Answer: A — 5/36
5 of the 36 equally likely outcomes give a sum of 8, so P = 5/36 = 5/36.
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Q21.Accounting & FinanceWhat is the present value of $5,000 received in 9 years at a 10% discount rate?
Answer: B — $2,120
PV = FV/(1 + r)ⁿ = 5,000 / 1.10^9 = $2,120.
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Q22.Simple & Compound InterestFind the simple interest on $42,000 at 7.5% per annum for 6 years.
Answer: D — $18,900
SI = P × R × T / 100 = 42,000 × 7.5 × 6 / 100 = $18,900.
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Q23.Averages & StatisticsThe average of 9 numbers is 33. If 40 is added, what is the new average?
Answer: A — 33.7
Old total = 9 × 33 = 297. New total = 297 + 40 = 337; new average = 337/10 = 33.7.
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Q24.Probability & CombinatoricsIn how many ways can a committee of 2 be chosen from 10 people?
Answer: C — 45
Order does not matter → combinations: 10C2 = 10! / (2!·8!) = 45.
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Q25.Accounting & FinanceWhich statement shows a company’s cash inflows and outflows from operating, investing and financing activities?
Answer: B — Cash flow statement
The cash flow statement groups cash flows into three activities.
How the mock test works
- The timer starts with your first answer; the test submits itself when time runs out.
- Choose the negative marking that matches your exam (this test has no negative marking by default — check the official notification).
- After submitting you get your score, accuracy, time taken and a topic-wise breakdown, then every explanation.
- “New mock test” builds another paper — calculation questions get new numbers.
About FRM Part I
Financial Risk Manager Part I — conducted by Global Association of Risk Professionals (GARP). Foundations of risk management, quantitative analysis, markets and valuation.
Original practice questions written for this site in the style and difficulty of each exam’s syllabus. They are not past papers and the site is not affiliated with any exam body. Exam patterns, marking schemes and syllabi change — always check the latest official notification.
FRM Part I practice topics
| Topic | Section | Question source |
|---|---|---|
| Probability & Combinatorics | Mathematics | Calculated (new numbers every set) |
| Accounting & Finance | Finance | Calculated + question bank |
| Simple & Compound Interest | Quantitative aptitude | Calculated (new numbers every set) |
| Averages & Statistics | Quantitative aptitude | Calculated (new numbers every set) |