お手軽に合格させる 最新CISI ICWIM問題集には174問があります
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質問 # 90
Your client estimates that they will require £50,000 of income annually to live off when they retire. Personal plus state pension will provide £40,000. They wish to retire in 25 years' time. It is estimated that they can earn 5% per annum, and inflation has been forecast at 2%. Interest rates are currently 1.5%. Allowing for inflation, what lump sum would they need to accrue to supplement their pension?
- A. £468,745
- B. £328,120
- C. £252,401
- D. £546,869
正解：B
解説：
To calculate the required lump sum, we need to determine the present value (PV) of future withdrawals, adjusted for inflation and investment growth.
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質問 # 91
Which factor forms the basis of an appropriateness test?
- A. Qualifications
- B. Experience
- C. Wealth
- D. Age
正解：B
解説：
The appropriateness test, as outlined in financial regulations like MiFID II, evaluates whether a client has the necessaryknowledge and experienceto understand the risks of a financial product or service. This is particularly applicable when a client is investing in complex or non-advised products.
* Age (A): While relevant to certain suitability tests, age is not a determinant of appropriateness.
* Qualifications (C): Although qualifications may indicate some level of understanding, they are not a core requirement for the test.
* Wealth (D): Wealth does not equate to investment knowledge or experience.
References:
* International Certificate in Wealth & Investment Management: Section on MiFID II regulations and appropriateness tests.
* Regulatory guidelines for evaluating client risk understanding.
質問 # 92
Shareholder protection ensures sufficient funds are available to purchase the shareholding of a major shareholder on their death. It does this by:
- A. Establishing a policy on each of the shareholding directors' lives
- B. Being written into the Articles of Association
- C. Investing in the shares of the company
- D. Providing term assurance to all of the company's employees
正解：A
解説：
Shareholder protection insurance is a crucial financial planning tool for businesses. It ensures that if a major shareholder dies, the remaining shareholders have the funds necessary to buy out the deceased's shares, preventing business disruption.
* How It Works:
* Each major shareholder is insured via a life insurance policy (answer C).
* If a shareholder dies, the insurance pays out a lump sum to allow the surviving shareholders to buy the deceased's shares.
* This prevents shares from being passed to family members who may not be involved in the business.
* Why Not Other Options?
* A (Investing in shares of the company) # This does not create liquidity to buy shares on a shareholder's death.
* B (Providing term assurance to employees) # This applies to employee benefits, not shareholder buyouts.
* D (Articles of Association) # These govern company rules but do not provide funding to purchase shares.
# Reference: FCA Guidelines on Business Protection, CISI Wealth & Investment Management (Business Continuity Planning).
質問 # 93
Which class of mutual fund shares has a charging structure that avoids a front-end load?
- A. Class C
- B. Class B
- C. Class D
- D. Class A
正解：A
解説：
Mutual funds often have different share classes with varying fee structures to suit different investor needs.
* Why is Option C Correct?
* Class C shares avoid front-end loads (initial sales charges).
* Instead, they charge higher ongoing fees (expense ratios) and may have a short-term exit fee if sold within a year.
* Why Not Other Options?
* A (Class A) # Typically front-end loaded, meaning investors pay a fee when buying the fund.
* B (Class B) # Usually back-end loaded, meaning fees apply when selling the fund.
* D (Class D) # Less common, but often low-cost institutional shares.
# Reference: SEC Mutual Fund Share Classes, CISI Wealth & Investment Management.
質問 # 94
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?
- A. Robo-advice
- B. Discretionary
- C. Non-discretionary
- D. Execution only
正解：D
解説：
Execution-only refers to situations where clients make investment decisions without receiving advice from the firm. The firm's role is limited to executing the client's instructions, without providing recommendations or assessing suitability.
Key features:
* The firm does not offer advice.
* The client takes full responsibility for their investment decisions.
質問 # 95
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?
- A. Robo-advice
- B. Execution-only
- C. Discretionary
- D. Non-discretionary
正解：B
解説：
Execution-only trading refers to transactions where the firm executes trades without providing financial advice.
* Why is Option B Correct?
* The client makes all investment decisions independently.
* The financial firm does not assess suitability or risk tolerance.
* Common in DIY investing platforms (e.g., stockbrokers, online trading apps).
* Why Not Other Options?
* A (Discretionary) # The firm manages investments without client approval for each trade.
* C (Non-discretionary) # The firm provides advice, but the client makes the final decision.
* D (Robo-advice) # Automated investment platforms provide algorithm-based recommendations.
# Reference: FCA Conduct of Business Rules (COBS 10), CISI Wealth & Investment Management.
質問 # 96
Why do investors demand a risk premium?
- A. To compensate them for accepting additional risk
- B. To cover the tax payments on profitable trades
- C. So that they can outperform the benchmark
- D. To cover the expenses of the fund manager
正解：A
質問 # 97
Measures of Central Tendency include a method whereby a set of numbers are multiplied and then the nth root of the resulting product is taken. This is known as the:
- A. Geometric mean
- B. Mode
- C. Median
- D. Arithmetic mean
正解：A
解説：
The geometric mean is calculated using the formula:
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Used in Finance: The geometric mean is crucial in measuring compound returns over time.
* More Accurate for Investments: It accounts for volatility in investment returns.
# Reference: CFA Institute, CISI Wealth & Investment Management (Quantitative Methods).
質問 # 98
Which type of fund makes a single daily transaction?
- A. Investment trust
- B. Mutual funds
- C. Split capital trust
- D. Closed-ended
正解：B
解説：
Mutual funds (also known as open-ended investment funds) transact once per day, at the fund's Net Asset Value (NAV).
* Why is Option A Correct?
* Mutual funds pool investor money and invest in a diversified portfolio.
* Investors buy or sell shares at the NAV, which is calculated at the end of each trading day.
* Why Not Other Options?
* B (Investment trust) # A closed-ended fund that trades like a stock throughout the day.
* C (Split capital trust) # A type of investment trust, which trades on the stock exchange.
* D (Closed-ended fund) # Also trades on an exchange with prices determined by supply and demand.
# Reference: FCA Handbook (Fund Structures), CISI Wealth & Investment Management.
質問 # 99
When creating a portfolio for a risk-averse client, why would you select stocks with a beta of less than one?
- A. To produce a high-volatility portfolio
- B. So that the portfolio is easier to understand
- C. In order to produce a low-volatility portfolio
- D. So that the portfolio moves in line with the market
正解：C
解説：
Stocks with abeta of less than oneare less volatile than the overall market. Including such stocks in a portfolio helps reduce its overall volatility, aligning with the risk-averse nature of the client.
* Easier to understand (A): Simplicity is not a factor in beta selection.
* Moves in line with the market (B): A beta of less than one means the portfolio moves less than the market.
* High-volatility portfolio (D): This would involve stocks with a beta greater than one, contrary to the client's risk profile.
References:
* International Certificate in Wealth & Investment Management: Beta as a measure of systematic risk and its implications for portfolio construction.
* CAPM (Capital Asset Pricing Model) principles on beta and risk.
質問 # 100
For a key person protection policy, a company will:
- A. Seek to be covered for an undefined sum of money
- B. Be insured against staff moving to a competitor
- C. Be required to pay ever-increasing premiums
- D. Need to establish an insurable interest
正解：D
解説：
* What is Key Person Protection?
* A policy designed to compensate a company for financial losses incurred if a key employee dies or becomes disabled.
* A prerequisite is that the company must prove aninsurable interestin the key person.
* Why D is Correct
* Insurable interest ensures that the company has a legitimate financial dependency on the key person, a requirement for taking out such a policy.
* Other Options Analyzed
* A. Ever-increasing premiums: Not a feature specific to key person policies.
* B. Moving to a competitor: Irrelevant; this is not an insurable risk.
* C. Undefined sum: Key person policies require a specific sum based on financial calculations.
* ICWIM Textbook, Chapter on Business Insurance: Emphasizes insurable interest in key person policies.
* Insurance Industry Standards: Insurable interest is a fundamental requirement.
References
質問 # 101
What is the role of a central counterparty (CCP)?
- A. To provide funding to counterparties as and when required
- B. It interposes itself between the counterparties to a trade, becoming the buyer to every seller and the seller to every buyer
- C. The CCP guarantees that the counterparties will not default
- D. To act as a market maker between counterparties
正解：B
解説：
* Role of a Central Counterparty (CCP):
* A CCP acts as a mediator in financial transactions, ensuring stability and reducing counterparty risk.
* By becoming the buyer to every seller and the seller to every buyer, the CCP ensures that trades are completed even if one party defaults.
* Elimination of Other Options:
* A: CCP does not guarantee no default but mitigates its impact.
* C: Market making involves liquidity provision, not CCP's role.
* D: CCP does not provide funding but manages trade clearing.
References:
* ICWIM Module 5: Explanation of trade clearing mechanisms and the CCP's role.
質問 # 102
A company recently increased its earnings per share figure by 10%. This means that the company's:
- A. Share base has widened
- B. Ability to pay dividends has improved
- C. Market share has risen
- D. P/E ratio has increased
正解：B
解説：
An increase in earnings per share (EPS) indicates improved profitability on a per-share basis. This enhances the company's ability to distribute dividends to shareholders, assuming a consistent payout ratio.
* Widened share base (A): This would typically dilute EPS, not increase it.
* Market share (C): Market share is unrelated to EPS; it is about the company's competitive position.
* P/E ratio (D): While EPS affects valuation, a rise in EPS does not guarantee a P/E increase.
References:
* International Certificate in Wealth & Investment Management: Financial ratios and their implications.
* EPS as a metric of profitability and dividend-paying capacity.
質問 # 103
Which of the following issues is at the heart of fiduciary relationships with clients?
- A. Commission
- B. Service
- C. Risk
- D. Suitability
正解：D
解説：
A fiduciary duty requires financial professionals to act in the best interest of their clients. Suitability is central to this duty.
* Why is Option D Correct?
* Firms must ensure that recommendations align with the client's risk tolerance, goals, and financial situation.
* FCA rules require advisers to demonstrate suitability before making recommendations.
* Why Not Other Options?
* A (Commission) # Fee structures matter, but fiduciary duty prioritizes suitability.
* B (Risk) # Important, but suitability includes risk profiling.
* C (Service) # Good service is necessary, but suitability is a regulatory requirement.
# Reference: FCA Handbook (Suitability Rules), CISI Wealth & Investment Management.
質問 # 104
Which type of corporate action can only occur if a resolution is passed to forgo pre-emption rights?
- A. Stock split
- B. Warrant exercise
- C. Share buyback
- D. Placing
正解：D
解説：
A placing is a method of issuing new shares to specific investors rather than offering them to existing shareholders. For a placing to proceed, existing shareholders' pre-emption rights (the right to buy new shares before others) must be waived, which requires a resolution to be passed.
質問 # 105
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