Answer: I and IV

**Explanation:** General risk factors are broad market factors that affect multiple securities, while specific risk factors are unique to individual securities: - **I. Exchange rate:** ✓ General risk factor - affects all securities denominated in foreign currencies - **II. Mortgage-backed securities:** ✗ Specific risk factor - applies only to mortgage-backed securities - **III. Zero-coupon bond:** ✗ Specific risk factor - applies only to zero-coupon bonds - **IV. Interest rate:** ✓ General risk factor - affects all fixed income securities Therefore, only exchange rate and interest rate are general risk factors.

Author: LeetQuiz .