What Is the Definition of Value-At-Risk (VAR)for a One-Year Horizon

Multiple Choice

What is the definition of value-at-risk (VAR) for a one-year horizon?

A) VAR is the standard deviation of the firm's equity returns per year.
B) VAR is the variance of the firm's equity returns per year.
C) VAR is the value that the firm's losses will exceed with a given probability for a one-year horizon.
D) VAR is the value that the firm's profits will exceed with a given probability for a one-year horizon.
E) VAR is the variance of the firm's profits per year.