Q1. Which of the following statements concerning skewness is least accurate? A distribution with:

A)   a distribution with skew equal to 1 is not symmetrical.

B)   positive skewness has a long left tail.

C)   negative skewness has a large number of outliers on its left side.

Q2. Which of the following statements concerning kurtosis is least accurate?

A)   A leptokurtic distribution has excess kurtosis less than zero.

B)   A distribution that is more peaked than a normal distribution is leptokurtic.

C)   A leptokurtic distribution has fatter tails than a normal distribution.

Q3. Which of the following statements about kurtosis is least accurate? Kurtosis:

A)   measures the peakedness of a distribution reflecting a greater or lesser concentration of returns around the mean.

B)   is used to reflect the probability of extreme outcomes for a return distribution.

C)   describes the degree to which a distribution is not symmetric about its mean.

Q4. Which of the following statements concerning a distribution with positive skewness and positive excess kurtosis is least accurate?

A)   The mean will be greater than the mode.

B)   It has a lower percentage of small deviations from the mean than a normal distribution.

C)   It has fatter tails than a normal distribution.

Q5. A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean compared to a normal distribution:

A)  is positively skewed.

B)  has positive excess kurtosis.

C)  has negative excess kurtosis.

答案和详解如下：

Q1. Which of the following statements concerning skewness is least accurate? A distribution with:

A)   a distribution with skew equal to 1 is not symmetrical.

B)   positive skewness has a long left tail.

C)   negative skewness has a large number of outliers on its left side.

Correct answer is B)

A distribution with positive skewness has long right tails.

Q2. Which of the following statements concerning kurtosis is least accurate?

A)   A leptokurtic distribution has excess kurtosis less than zero.

B)   A distribution that is more peaked than a normal distribution is leptokurtic.

C)   A leptokurtic distribution has fatter tails than a normal distribution.

Correct answer is A)

A leptokurtic distribution is more peaked than normal and has fatter tails. However, the excess kurtosis is greater than zero.

Q3. Which of the following statements about kurtosis is least accurate? Kurtosis:

A)   measures the peakedness of a distribution reflecting a greater or lesser concentration of returns around the mean.

B)   is used to reflect the probability of extreme outcomes for a return distribution.

C)   describes the degree to which a distribution is not symmetric about its mean.

Correct answer is C)         

The degree to which a distribution is not symmetric about its mean is measured by skewness. Excess kurtosis which is measured relative to a normal distribution, indicates the peakedness of a distribution, and also reflects the probability of extreme outcomes.

Q4. Which of the following statements concerning a distribution with positive skewness and positive excess kurtosis is least accurate?

A)   The mean will be greater than the mode.

B)   It has a lower percentage of small deviations from the mean than a normal distribution.

C)   It has fatter tails than a normal distribution.

Correct answer is B)

A distribution with positive excess kurtosis has a higher percentage of small deviations from the mean than normal. So it is more “peaked” than a normal distribution. A distribution with positive skew has a mean > mode.

Q5. A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean compared to a normal distribution:

A)  is positively skewed.

B)  has positive excess kurtosis.

C)  has negative excess kurtosis.

Correct answer is B)

A distribution that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean will be leptokurtic and will exhibit positive excess kurtosis. The distribution will be taller (more peaked) with fatter tails than a normal distribution.

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