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CISI International Certificate in Wealth & Investment Management Sample Questions (Q18-Q23):

NEW QUESTION # 18
Unsecured negotiable bearer securities that are issued by companies with a full stock market listing are known as:

A. Treasury Bills
B. Certificates of Deposit
C. Commercial Paper
D. Bills of Exchange

Answer: C

Explanation:
Commercial Paper (CP) is a short-term, unsecured debt instrument issued by large, creditworthy corporations to finance short-term liabilities.
* Why is Option B Correct?
* CP is negotiable (can be sold on secondary markets).
* It is unsecured (not backed by assets).
* Maturity ranges from 1 day to 270 days.
* Why Not Other Options?
* A (Certificates of Deposit) # Issued by banks, not corporations.
* C (Bills of Exchange) # Used for trade finance, not corporate funding.
* D (Treasury Bills) # Issued by governments, not companies.
# Reference: Bank of England (Commercial Paper Market), CISI Wealth & Investment Management.

NEW QUESTION # 19
Establishing sufficient details about a client in order to give advice is known as:

A. Assessing suitability and affordability
B. Following know your customer procedures
C. Giving information on status disclosure
D. Determining attitude to risk

Answer: B

Explanation:
* Know Your Customer (KYC)
* A regulatory process requiring firms to collect sufficient information about a client to ensure advice is appropriate.
* It involves understanding the client's financial situation, goals, and risk tolerance.
* Why the Answer is D
* Establishing sufficient client details is the essence of KYC. It ensures compliance with regulations and prevents mis-selling.
* Why Other Options are Incorrect
* A. Suitability and affordability: Part of KYC but does not encompass all aspects.
* B. Attitude to risk: A component of KYC but not the full procedure.
* C. Status disclosure: Refers to informing the client about the advisor's regulatory status, not client profiling.
* ICWIM Study Guide, Chapter on Regulatory Compliance: Details KYC as a cornerstone of financial advice.
* FCA Guidelines: KYC is a mandatory process in the UK's financial services.
ReferencesThus, the correct answer isD. Following know your customer procedures.

NEW QUESTION # 20
According to economic theory, firms maximize profit by:

A. Reaching minimum efficient scale (MES)
B. Creating economies of scale
C. Balancing short-run costs against increasing and diminishing returns
D. Equating marginal revenue (MR) to marginal cost (MC)

Answer: D

Explanation:
# Reference: Microeconomic Theory (Profit Maximization), CISI Wealth & Investment Management.

NEW QUESTION # 21
An economy with two consecutive quarters of negative growth is considered to be in what phase of an economic cycle?

A. Slump
B. Inflationary
C. Depression
D. Recession

Answer: D

Explanation:
* Definition of Recession:
* A recession is defined as two consecutive quarters of negative GDP growth, indicating a sustained economic downturn.
* It reflects reduced consumer spending, higher unemployment, and lower production.
* Elimination of Other Options:
* B (Slump): A slump is a more general term and not a specific phase.
* C (Depression): Refers to prolonged and severe economic downturns.
* D (Inflationary): Opposite of the scenario described.
References:
* ICWIM Module 1: Explanation of economic cycles and recession indicators.

NEW QUESTION # 22
Which of the following investments is most suitable for a customer who desires income rather than capital gain and who is risk-averse?

A. Convertible preference shares
B. High coupon short-dated gilts
C. Low coupon long-dated gilts
D. Deferred shares

Answer: B

Explanation:
* Why High Coupon Short-Dated Gilts?
* Gilts are UK government bonds and are considered low-risk investments.
* High couponprovides a steady income stream, ideal for income-seeking investors.
* Short-datedgilts reduce interest rate risk, suitable for risk-averse clients.
* Why the Other Options are Incorrect
* A. Low coupon long-dated gilts: Offer lower income and are more sensitive to interest rate changes, increasing risk.
* C. Deferred shares: Generally high-risk and designed for capital growth, not immediate income.
* D. Convertible preference shares: More volatile and often tied to company performance, unsuitable for risk-averse clients.
* ICWIM Study Guide, Chapter on Fixed-Income Securities: Highlights the suitability of gilts for income-seeking, risk-averse investors.
* UK Bond Market Analysis: Confirms the low-risk nature of short-dated gilts.
ReferencesThus, the correct answer isB. High coupon short-dated gilts.

NEW QUESTION # 23
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New ICWIM Test Blueprint & Reliable ICWIM Mock Test

Reliable ICWIM Mock Test - Valid Exam ICWIM Book

CISI International Certificate in Wealth & Investment Management Sample Questions (Q18-Q23):

ICWIM Exam Questions and International Certificate in Wealth & Investment Management Torrent Prep - ICWIM Test Guide

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