お手軽に合格させる 最新CISI ICWIM問題集には100問があります
最新のICWIM学習ガイド2025年最新の- 提供するのはテストエンジンとPDF
質問 # 50
A defined benefit pension scheme gives an employee the advantage of:
- A. Being index-linked to inflation
- B. Knowing what income will be received in retirement
- C. Not having to make any contributions
- D. Consistently better investment performance
正解：B
解説：
* Defined Benefit Pension Scheme:
* This scheme provides a fixed, pre-determined income in retirement based on factors like years of service and final salary.
* The employer assumes the investment and longevity risks, ensuring predictability for the employee.
* Elimination of Other Options:
* A: Contributions may be required from the employee, depending on the plan.
* B: Index-linking to inflation is a feature of some schemes but not universal.
* D: Investment performance is not guaranteed but managed by the employer.
References:
* ICWIM Module 5: Discussion on pension types and benefits.
質問 # 51
What is a key feature of offshore trusts that can make them attractive to wealthy UK clients?
- A. The beneficiaries never have to pay inheritance tax
- B. They are not publicly registered
- C. The offshore trust is only liable for local taxes
- D. The offshore trust is usually a less complex product to understand
正解：C
解説：
Offshore trusts are often set up in jurisdictions with favorable tax regimes, making them appealing to wealthy UK clients. The key feature is that the trust is generally only liable for taxes in the jurisdiction where it is established.
Advantages include:
* Potential tax deferral or reduction.
* Privacy due to less stringent reporting requirements.
However, beneficiaries must still comply with UK tax laws, especially on distributions or gains brought into the UK.
質問 # 52
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?
- A. Non-discretionary
- B. Execution only
- C. Robo-advice
- D. Discretionary
正解：B
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 # 53
"An approach which applies a theoretical price to a company's shares by discounting the company's expected future cash flow into infinity." This statement is describing the:
- A. Net asset value
- B. Economic value added
- C. Market value added
- D. Dividend valuation model
正解：D
解説：
* Dividend Valuation Model (DVM)
* The DVM values a company's shares by calculating thepresent value of future expected dividends, assuming dividends grow perpetually at a constant rate.
* Why the Answer is C
* The model explicitly relies ondiscounting future cash flows (dividends)to determine the theoretical share price.
* Why Other Options are Incorrect
* A. Net asset value: Focuses on book value, not cash flows.
* B. Market value added: Measures value creation over invested capital, unrelated to theoretical share pricing.
* D. Economic value added: Measures performance based on excess returns, not share valuation.
* ICWIM Study Guide, Chapter on Equity Valuation: Explains the DVM and its mechanics.
* Valuation Literature: Highlights DVM's use in share pricing.
References
質問 # 54
Which term is used to describe a dividend payment made by a company with insufficient earnings to do so?
- A. A proxy dividend payment
- B. An uncovered dividend payment
- C. An ex-dividend payment
- D. A scrip dividend payment
正解：B
解説：
* What is an Uncovered Dividend?
* An uncovered dividend payment occurs when a company pays a dividenddespite having insufficient earningsto support the payout.
* The dividend is effectively "uncovered" by profits, meaning the company might be using reserves, taking on debt, or liquidating assets to fund the dividend.
* Why Companies Pay Uncovered Dividends
* To maintain investor confidence and avoid negative signals to the market.
* Investors may interpret a dividend cut as a sign of financial trouble, so companies sometimes prioritize dividends even at a financial strain.
* Other Options Explained
* A. Ex-dividend payment: Refers to the status of a stock when a dividend has already been declared, and new buyers are not entitled to the dividend.
* B. Proxy dividend payment: No such widely recognized term in this context.
* C. Scrip dividend payment: A dividend paid in the form of additional shares rather than cash.
* Example
* A company reports $500,000 in profits but declares a $1,000,000 dividend, funding the shortfall through borrowing. This is an uncovered dividend.
* ICWIM Textbook, Chapter on Corporate Actions: Discusses uncovered dividends and their implications.
* Corporate Finance Standards: Defines uncovered dividends and contrasts them with scrip and ex- dividends.
References
質問 # 55
An investor with $900,000 of investable assets would normally be categorised as:
- A. High-net-worth
- B. Mass affluent
- C. Ultra-high-net-worth
- D. Very-high-net-worth
正解：A
解説：
* Investor Categories Based on Investable Assets
* Mass Affluent: $100,000-$1,000,000
* High-Net-Worth Individuals (HNWI): $1,000,000-$5,000,000
* Very-High-Net-Worth Individuals (VHNWI): $5,000,000-$30,000,000
* Ultra-High-Net-Worth Individuals (UHNWI): Over $30,000,000
* Why $900,000 Falls into HNWI?
* Although $900,000 is close to the HNWI threshold, the term is often used flexibly for individuals who are near the $1M mark.
* Banks and wealth managers generally consider $900,000 within this category because they have similar service needs.
* ICWIM Textbook, Chapter on Investor Profiling: Defines HNWI thresholds and explains their investment behavior.
* Wealth Management Industry Standards: High-net-worth classification begins near $1M.
ReferencesThus, the investor would normally be categorized asB. High-net-worth.
質問 # 56
Why might a portfolio manager use an equity fund rather than direct equity investment within a portfolio?
- A. To benefit from changes in volatility
- B. To avoid paying capital gains tax
- C. To gain exposure to a specialist sector
- D. In order to reduce ongoing charges
正解：C
解説：
Equity funds allow portfolio managers to efficiently access a specific market or sector that may otherwise require significant resources and expertise to invest in directly. For instance, a fund specializing in renewable energy provides exposure to that sector without the need for individual stock selection.
* Avoiding capital gains tax (A): This is not applicable because funds do not inherently avoid tax obligations.
* Reducing ongoing charges (C): Funds typically have higher fees than directly holding equities.
* Changes in volatility (D): While funds manage diversification, they do not specifically capitalize on volatility.
References:
* International Certificate in Wealth & Investment Management: Section on mutual funds and specialized investment funds.
* Use of funds for sectoral or thematic investment strategies.
質問 # 57
Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?
- A. To establish the client's tax position
- B. In order to collect fees prior to implementation of the recommendations
- C. So that the client can review the adviser's qualifications
- D. To afford the opportunity to clear up any misunderstandings
正解：D
解説：
* Purpose of Client Meetings: A face-to-face meeting allows the adviser to personally communicate complex financial recommendations.
* Importance of Clarity: Clients may misunderstand written reports due to technical jargon or unfamiliarity with financial terms. This meeting provides an opportunity to ensure clarity and build trust.
* Elimination of Other Options:
* A: Collecting fees can be done online or through invoices; this is not the primary purpose of a meeting.
* B: Tax position assessment is typically done before preparing recommendations.
* C: Reviewing adviser qualifications is rare in meetings; trust is built through prior interactions.
References:
* ICWIM Module 2: Focus on professional adviser-client relationships and clear communication.
質問 # 58
What is the role of a central counterparty (CCP)?
- A. The CCP guarantees that the counterparties will not default
- B. To provide funding to counterparties as and when required
- C. To act as a market maker between counterparties
- D. It interposes itself between the counterparties to a trade, becoming the buyer to every seller and the seller to every buyer
正解：D
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 # 59
Which of the following is used to establish an investor's total return from a bond?
- A. Annual coupon
- B. Running yield
- C. Yield to maturity
- D. Price-to-book ratio
正解：C
解説：
* Yield to Maturity (YTM)
* YTM is the total return an investor can expect from a bond if held to maturity, consideringannual coupon paymentsand any difference between the purchase price and the bond's face value.
* Why the Answer is D
* YTM incorporates all cash flows, providing a comprehensive measure of total return.
* Why Other Options are Incorrect
* A. Running Yield: Considers only current income relative to price, not total return.
* B. Annual Coupon: Ignores price changes and reinvestment potential.
* C. Price-to-Book Ratio: Unrelated to bonds, applies to equities.
* ICWIM Study Guide, Chapter on Fixed Income: Details YTM and its role in total return calculations.
* Bond Investment Literature: Highlights the comprehensive nature of YTM.
References
質問 # 60
It is a regulatory requirement for financial advisers to explain any potential additional obligations for clients making a transaction in:
- A. Equities
- B. Commodities
- C. Derivatives
- D. Bonds
正解：C
解説：
Financial advisers are required to explain the additional obligations associated with derivatives, such as margin requirements, leverage risks, and potential for substantial losses. This is because derivatives are complex financial instruments with high risk.
質問 # 61
What causes the price of a closed-ended investment company to trade at a premium or discount to net asset value (NAV)?
- A. The tax status of the fund
- B. The level of charges within the fund
- C. Current level of interest rates
- D. Supply and demand
正解：D
解説：
* Price of Closed-Ended Investment Companies:
* These companies issue a fixed number of shares. Prices can trade at a premium or discount to NAV based on market demand and supply for their shares.
* Strong demand increases prices above NAV (premium), while weak demand decreases prices below NAV (discount).
* Elimination of Other Options:
* A: Charges affect long-term returns but not immediate pricing.
* B: Tax status is generally consistent and not a determinant of premiums or discounts.
* D: Interest rates indirectly affect demand but are not a direct cause.
References:
* ICWIM Module 3: Discussion on pricing mechanisms of closed-ended funds and NAV premiums
/discounts.
質問 # 62
How do passive fund managers use swaps to replicate an index?
- A. They swap the return on the index in exchange for a fixed fee
- B. The loss on an index is swapped for the profit on a different index
- C. Having created an index fund, the managers use swaps to cover the tracking error
- D. They swap a pre-defined return in exchange for the return on the index
正解：D
解説：
Passive fund managers can use synthetic replication to track an index through derivatives like swaps. In this arrangement, the fund agrees to pay a pre-defined return (e.g., LIBOR or a fixed rate) to a counterparty in exchange for the counterparty delivering the total return of the index. This approach allows the fund to replicate index performance without holding the physical securities, reducing costs and eliminating tracking error.
質問 # 63
A bullet bond portfolio can have an advantage over a barbell bond portfolio because:
- A. The gross redemption yield is always higher
- B. It only invests in short-dated bonds
- C. It is always riding the yield curve
- D. A bullet portfolio does not require regular rebalancing
正解：D
解説：
* Bullet Bond Portfolio
* Invests in bonds with maturities focused on a single date or time period (a "bullet").
* This structure eliminates the need for frequent adjustments as maturities naturally align with portfolio objectives.
* Barbell Bond Portfolio
* Invests in bonds with very short and very long maturities.
* Requires regular rebalancing to maintain the intended allocation, increasing transaction costs.
* Why the Answer is D
* A bullet portfolio simplifies management by focusing on a single maturity period, avoiding the complexity of rebalancing inherent in barbell strategies.
* ICWIM Study Guide, Chapter on Fixed-Income Strategies: Compares bullet and barbell portfolios.
* Bond Portfolio Management Principles: Highlights the operational advantages of bullet structures.
References
質問 # 64
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. £331,631
- B. £247,658
- C. £165,105
- D. £495,316
正解：A
解説：
* Determine the shortfall in income:
* Desired income: £40,000
* Pension provided: £35,000
* Annual shortfall: £40,000 - £35,000 = £5,000
* Adjust for inflation over 20 years:Future value = Present Value × (1 + Inflation Rate)^n£5,000 × (1 +
0.02)^20 = £7,430 (inflation-adjusted shortfall)
* Calculate the lump sum required to generate this shortfall:Use the real rate of return formula: (1 + nominal return) ÷ (1 + inflation rate) - 1Real rate of return = (1 + 0.03) ÷ (1 + 0.02) - 1 = 0.98% per year Use the present value of annuity formula:PV = PMT × [(1 - (1 + r)^-n) ÷ r]PV = £7,430 × [(1 - (1 + 0.0098)^-
20) ÷ 0.0098]PV = £7,430 × 44.64 = £331,631
質問 # 65
......
ICWIM問題集と試験テストエンジン：https://jp.fast2test.com/ICWIM-premium-file.html
最新版を今すぐ試そうICWIM練習テスト問題解答：https://drive.google.com/open?id=1nrSgQNjYF3NxYegKpHSddkq0wu7XX3N9