ICWIM問題集、CISI実際の試験問題

質問 1

Which of the following is a key property of fiat currency?

A. It has been devalued

B. It has been declared legal tender

C. It is pegged to the US dollar

D. It operates in an exchange rate mechanism

正解: B

解説: (PassTest メンバーにのみ表示されます)

質問 2

An investor is going to use bonds to meet a future liability. Why are they considering a laddering strategy?

A. To take advantage of changes in interest rates

B. In order to reduce their sensitivity to interest rate risk

C. Because they anticipate a fall in interest rates

D. To benefit from market mispricing

正解: B

解説: (PassTest メンバーにのみ表示されます)

質問 3

Your client estimates that they will require £40,000 of income annually to live off when they retire. Personal plus state pension will provide £35,000. They wish to retire in 20 years' time. It is estimated that they can earn
3% per annum and inflation has been forecast at 2% over the next 20 years. Interest rates are currently 1.5%.
Allowing for inflation, what lump sum would they need to accrue to supplement their pension?

A. £165,105

B. £331,631

C. £247,658

D. £495,316

正解: B

解説: (PassTest メンバーにのみ表示されます)

質問 4

When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

A. Discretionary

B. Financial planning

C. Execution-only

D. Advisory dealing

正解: A

解説: (PassTest メンバーにのみ表示されます)

質問 5

Earnings before interest and tax provides a better picture of a company's operational performance and profitability from its core business activities because it:

A. Highlights a trend in a company's earnings per share

B. Ignores capital expenditure

C. Removes the effects of financing expenses

D. Is a standardised measure of a company's performance

正解: C

解説: (PassTest メンバーにのみ表示されます)

質問 6

Which index could be used to measure inflation from the perspective of the seller?

A. Producer Price Index (PPI)

B. Consumer Price Index (CPI)

C. Retail Price Index (RPI)

D. Inflation Price Index

正解: A

解説: (PassTest メンバーにのみ表示されます)

質問 7

During a period of growth in consumer income the demand curve for a normal product would:

A. Shift to the right

B. Shift to the left

C. Begin to curve upwards

D. Remain static

正解: A

質問 8

Stablecoins were introduced to overcome the volatility issues associated with speculative cryptocurrencies.
Many hold treasury securities and commercial paper as their reserves. What is the greatest concern in relation to this?

A. If the underlying assets had to be sold rapidly, then the sheer size of their holdings would cause serious liquidity issues and potential contagion in credit markets

B. Banks would not buy their assets as they do not support Stablecoins

C. They are often referred to as virtual currencies to indicate that they are not issued or guaranteed by central banks and so are not fiat money

D. If the underlying assets had to be sold rapidly, then the risk of a cyber breach would be significant and cause large losses for investors

正解: A

解説: (PassTest メンバーにのみ表示されます)

質問 9

In relation to the financial services industry, which one of the following statements regarding the European Union is true?

A. It aims to bring about a single market

B. It has the power of veto over national regulators

C. It operates as a single regulator

D. It delegates systemic risk control to the European Central Bank

正解: A

解説: (PassTest メンバーにのみ表示されます)

質問 10

Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down performance based on the decisions made by the fund manager in which of the following?

A. The combination of asset allocation, sector choice, security selection, and risk analysis

B. The combination of asset allocation, sector choice, and security selection

C. Asset allocation and sector choice only

D. Asset allocation alone

正解: B

解説: (PassTest メンバーにのみ表示されます)

質問 11

One benefit of the Rules-Based model of regulation is that it:

A. Evolves quickly in fast-changing dynamic markets

B. Involves a high degree of prescriptive procedures and detailed rules, making it clear what individuals and firms must do to comply

C. Offers a unique combination of private interests with government oversight

D. Provides a source of guidance on how firms and individuals are expected to act

正解: B

解説: (PassTest メンバーにのみ表示されます)

質問 12

Which of the following is a characteristic of a perfectly competitive industry?

A. Firms face barriers to entry or exit from the industry

B. There are a range of market prices at which all output produced by any one firm can be sold

C. There is an infinite number of consumers who all face the same market price

D. Numerous heterogeneous products are produced by all firms in the industry

正解: C

解説: (PassTest メンバーにのみ表示されます)

質問 13

The Return on Capital Employed (ROCE) ratio can be used to:

A. Establish trends between accounting periods

B. Calculate the return on ordinary shareholders' equity

C. Determine the need for capital

D. Assist in revaluing fixed assets

正解: A

解説: (PassTest メンバーにのみ表示されます)

質問 14

Setting standards for national anti-money laundering (AML) and counter-terrorist financing (CTF) programs and evaluating how effectively member countries have implemented the standards is the role of which of the following?

A. International Monetary Fund (IMF)

B. Interpol

C. National Crime Agency

D. Financial Action Task Force (FATF)

正解: D

解説: (PassTest メンバーにのみ表示されます)

CISI International Certificate in Wealth & Investment Management - ICWIM 模擬練習