Chaper 1 - 8

Beschreibung

Quiz am Chaper 1 - 8 , erstellt von Dale Doust am 03/09/2021.
Dale Doust
Quiz von Dale Doust, aktualisiert more than 1 year ago
Dale Doust
Erstellt von Dale Doust vor mehr als 3 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
The 'Delivery versus Payment' system means that:
Antworten
  • the trade date will be the same as the settlement date
  • the stock will be exchanged simultaneously with the cash
  • the transfer of ownership will take place on the trade date
  • the cash will be paid as soon as receipt of the stock is confirmed International Certificate in Wealth & Investment Management

Frage 2

Frage
Which of the following gives the right, but not the obligation, to sell individual equity at a specified date for a given price?
Antworten
  • Future
  • Forward contract
  • Put option
  • Call option

Frage 3

Frage
Which of the following types of investment incurs a liability for capital gains tax once sold?
Antworten
  • Classic car
  • Government bonds
  • Units in unit trusts
  • Primary residence

Frage 4

Frage
A company's Market Value Added equates to the market assessment of the present value of the company's future:
Antworten
  • dividend distributions
  • economic value added
  • capital costs
  • gross profits

Frage 5

Frage
If a client wanted to make additional contributions to an occupational pension scheme, which of the following options would give him the greatest choice of provider and a say in how the funds are invested?
Antworten
  • Non-contributory occupational scheme
  • Contributory occupational scheme
  • Freestanding Additional Voluntary Contributions
  • Additional Voluntary Contributions

Frage 6

Frage
Portfolio performance is:
Antworten
  • rarely measured in absolute terms, mostly measured in relative terms
  • rarely measured in relative terms, mostly measured in absolute terms
  • only ever measured in relative terms
  • only ever measured in absolute terms

Frage 7

Frage
A client arranged for a wealth management firm to look after his investments on a non discretionary basis. This means that the firm:
Antworten
  • receives commission on the investment instead of fees
  • leaves the investment decisions to the client
  • subcontracts custodianship of the investment assets to a third party
  • bears some financial responsibility for any investment losses

Frage 8

Frage
Which of the following Fitch ratings denotes the LOWEST level of risk for a bond?
Antworten
  • D
  • BBB
  • C
  • AAA

Frage 9

Frage
Which of the following implications will help to ensure financial advisers act in their clients' best interest?
Antworten
  • Firms that give investment advice must address the potential for adviser remuneration to distort consumer outcomes
  • Investment firms will need to switch clients into products that have no trailing commissions
  • Firms that give investment advice must charge fees within a guidance range set by the FCA
  • Investment firms will need to change their price lists to remove all percentage based fees

Frage 10

Frage
If the real annual returns of a UK equity investment are normally distributed around the mean return of 8% with a standard deviation of 4.5% approximately two-thirds of the returns recorded will be within what range?
Antworten
  • -5.5% and 21.5%
  • -1% and 17%
  • 3.5% and 12.5%
  • 5.75% and 10.25%

Frage 11

Frage
Which of the following is likely to be the MOST important consideration when selecting the most appropriate protection product for a client?
Antworten
  • The level of the premium and charges
  • The financial strength of the provider
  • The quality of the service provided
  • Investment choice and performance

Frage 12

Frage
Which of the following is a limitation rather than an assumption of the Capital Asset Pricing Model?
Antworten
  • Investors are rational and risk averse
  • Investors hold a well-diversified portfolio
  • Investors make investment decisions based on mean variance analysis
  • Investors are rewarded for more than just their exposure to systemic risk

Frage 13

Frage
One of the core functions of the financial services sector is to facilitate the bringing together of:
Antworten
  • tax revenues and investment opportunities
  • short-term wealth and long-term wealth
  • liquidity and volatility
  • borrowers and investors

Frage 14

Frage
Which of the following statements is TRUE about preference shares?
Antworten
  • The most common type is the deferred share
  • They offer a lower dividend rate than the comparative coupon rate on a debenture
  • Dividends are guaranteed each year
  • In most cases they do not carry voting rights International Certificate in Wealth & Investment Management

Frage 15

Frage
What are the possible implications for investment performance of investing in an ethical fund?
Antworten
  • The fund may be more volatile because of the increased exposure to smaller company holdings
  • Ethical funds invest primarily in large companies producing lower total returns
  • There are no suitable benchmarks for the client to measure performance against
  • Total returns are likely to be higher due to the increased level of diversification in ethical funds

Frage 16

Frage
When considering the money supply, money is accurately described as anything that is generally:
Antworten
  • convertible to sterling currency
  • acceptable as a means of settling a debt
  • sustainable in value over a defined period
  • tradable and held outside of a bank or building society deposit

Frage 17

Frage
What type of information is contained in a Key Features Document?
Antworten
  • A clear description of the financial product being recommended to the client
  • Cancellation rights if a client changes their mind about investing in a product
  • All product recommendations listed in the financial plan and the reasoning behind them
  • Taxation implications for all the products listed in the financial plan

Frage 18

Frage
An investor allowed the principle of 'regret aversion' to influence his actions. This resulted in him:
Antworten
  • declining to buy a stock based purely on a previous bad experience
  • B buying a badly performing stock from a friend as recompense for recommending it in the first place
  • holding a poorly performing stock for an irrationally long period
  • only selling stock once a specified loss threshold had been reached

Frage 19

Frage
Firms that specialise in looking after the assets of pension funds and fund managers are normally known as:
Antworten
  • trustees
  • registrars
  • underwriters
  • custodians

Frage 20

Frage
Global Depositary Receipts traded on the London Stock Exchange are settled in which currency?
Antworten
  • Euros
  • US Dollars
  • Japanese Yen
  • UK Sterling

Frage 21

Frage
Jackie is a private client investor and you ascertain that her investment objective and risk tolerance are capital growth and cautious. During the meeting she asks you for your thoughts on the use of derivatives. You respond that, in your opinion, derivatives:
Antworten
  • are normally appropriate only where there is a high risk tolerance
  • only generate an income stream and so are not compatible with her objective
  • can generate capital growth and are suitable where there is a low risk tolerance
  • can be traded only on an execution only basis as firms cannot offer any advice or opinion

Frage 22

Frage
Which of the following is a fiscal policy used to stimulate the economy?
Antworten
  • Raising interest rates
  • Cutting interest rates
  • Raising personal taxes
  • Cutting personal taxes

Frage 23

Frage
Where the proposer and the life assured are different people under a life policy, the policy:
Antworten
  • provides cover on a joint life basis
  • was taken out on someone else's life
  • owner holds power of attorney status
  • was arranged by a financial adviser acting independently

Frage 24

Frage
Why is a time weighted return (TWR) preferred to a money weighted return (MWR) when evaluating performance?
Antworten
  • TWR only requires portfolio values at the start and end of the investment period along with dates and size of each cash flow
  • TWR eliminates the timing effect of cash flows into and out of the fund
  • TWR measures the fund growth resulting from both the underlying performance of the portfolio and the size and timing of cash flows into and out of the fund
  • TWR calculates the risk adjusted return per unit of risk

Frage 25

Frage
Where a trade operates on a T+2 basis, this normally means that:
Antworten
  • the cash is paid two calendar days after the stock is delivered
  • the cash is paid two business days after the stock is delivered
  • settlement takes place two calendar days after the trade date
  • settlement takes place two business days after the trade date

Frage 26

Frage
Which MAIN class of financial asset is normally considered to be the LEAST liquid?
Antworten
  • Equities
  • Corporate bonds
  • Government bonds
  • Property

Frage 27

Frage
Which of the following rules applying to financial intermediaries is directly underpinned by the principle of fiduciary responsibility?
Antworten
  • Commission disclosure
  • Money laundering
  • Professional indemnity
  • Best execution

Frage 28

Frage
Two sets of data are positively correlated. If one set of data rises in value, what will happen to the other set?
Antworten
  • Rises
  • Falls
  • No change
  • Rises to begin with then falls

Frage 29

Frage
What is the MAIN purpose of a power of attorney document?
Antworten
  • It appoints someone to distribute the assets of a deceased person
  • It enables ownership of property to transfer from one person to another person
  • It allows one person to conduct specific transactions on behalf of another person
  • It entitles one trustee to override the demands of another trustee

Frage 30

Frage
Four bond portfolios each hold a variety of stock. Which one of them is BEST described as operating a barbell strategy?
Antworten
  • Portfolio A, which consists solely of bills maturing in one year plus bonds maturing in 25 and 30 years
  • Portfolio B, which consists solely of bills maturing in six months plus bonds maturing in 5, 10, 15 and 20 years
  • Portfolio C, which consists solely of bonds maturing in 1, 3 and 5 years
  • Portfolio D, which consists solely of bonds maturing in 20, 25 and 30 years

Frage 31

Frage
Which of the following is a characteristic of a quote driven market?
Antworten
  • Orders from buyers and sellers are automatically matched and executed
  • Market makers prioritise orders according to transaction size
  • Trading hours are longer than for order driven markets
  • Market makers are obliged to provide two way prices

Frage 32

Frage
Which measurement in relation to a fixed interest investment is given by the following formula?
Antworten
  • Grossed up redemption yield
  • Gross redemption yield
  • Net redemption yield
  • Running yield

Frage 33

Frage
Corporation tax is a factor when considering investment as it can:
Antworten
  • block investment opportunities
  • differ between countries
  • be deferred indefinitely
  • be subject to a different accounting period

Frage 34

Frage
What differentiates Gross Domestic Product (GDP) and Gross National Product (GNP)?
Antworten
  • A Indirect taxes, depreciation and net exports
  • Indirect taxes and depreciation
  • Depreciation and property income
  • Net property income

Frage 35

Frage
Which of the following would MOST likely be found in a formal written report presenting recommendations to a client?
Antworten
  • Details of family and dependants
  • The tax implications on the client's position
  • Details of the client's occupation, earnings and other income sources
  • A summary of the client's assets and liabilities

Frage 36

Frage
Why do portfolios need a regular annual or periodic review?
Antworten
  • To ensure that all assets are priced on a regular basis
  • To ensure that all assets are reconciled against the market
  • To ensure that all cash balances are reconciled against the actual bank
  • To ensure the portfolio still meets the client's objectives and is positioned correctly given the market conditions

Frage 37

Frage
A characteristic of the foreign exchange market is that:
Antworten
  • it has no centralised market place
  • B it is highly illiquid
  • it is unregulated
  • D spot market transactions settle on a T + 3 basis

Frage 38

Frage
The running yield of a corporate bond is determined by calculating the coupon as a percentage of the:
Antworten
  • market price
  • issue price
  • gross dividend
  • nominal value

Frage 39

Frage
When recommending an investment product to a client, what material information MUST the adviser disclose in order to satisfy the fiduciary relationship that exists between the two parties?
Antworten
  • Only details which have been specifically requested by the client
  • Whatever is needed to produce a guaranteed return
  • Only details which are considered to affect the investment risk
  • Whatever is needed in order for the client to make an informed decision

Frage 40

Frage
A function of the Monetary Policy Committee is to:
Antworten
  • attempt to control inflation by setting the base rate
  • intervene in the financial markets to control money supply
  • maintain confidence in the UK financial system
  • promote public understanding of inflation

Frage 41

Frage
Where funds are to be set aside to provide for the future financial maintenance of a disabled child, this can normally be achieved through the establishment of a legal document called a:
Antworten
  • codicil
  • trust
  • grant of representation
  • power of attorney

Frage 42

Frage
The excess return of a portfolio or security above that of the risk adjusted benchmark is known as:
Antworten
  • alpha
  • beta
  • duration
  • premium

Frage 43

Frage
Which of the following types of organisation is MOST likely to arrange finance for a company wanting to float on the stock market?
Antworten
  • Insurance companies
  • Investment banks
  • Custodians
  • Bancassurers

Frage 44

Frage
Where the mining costs of a particular metal increase to 105% of that metal's current price, this indicates that:
Antworten
  • demand is significantly rising
  • supply has become unreliable
  • there is likely to be a shortage of raw materials
  • production activities are likely to stop

Frage 45

Frage
An independent financial adviser would make recommendations on which type of product?
Antworten
  • The firm's own products
  • Products of one other provider
  • Products from across the market place
  • A range of products from a limited number of providers

Frage 46

Frage
The demand curve for a particular product will be horizontal where the supplying firm operates in:
Antworten
  • a perfect competitive market
  • a monopolistic market
  • a sector generating excessive profits
  • a sector generating minimal profits

Frage 47

Frage
What lump sum must someone aged 35 invest today given an assumed annual growth rate of 7% if they are to accrue a lump sum of £450,000 at the age of 65?
Antworten
  • £14,018
  • £59,115
  • £64,285
  • £420,560

Frage 48

Frage
An investment manager believes that markets are inefficient and that he can obtain abnormal returns after transaction charges. Which investment style is he most likely to adopt?
Antworten
  • Passive
  • Indexation
  • Active
  • Satellite

Frage 49

Frage
What inter-governmental body develops and promotes national and international policies to combat money laundering and terrorist financing?
Antworten
  • Financial Stability Board
  • World Trade Organisation
  • Financial Action Task Force
  • International Monetary Fund

Frage 50

Frage
A call option is an option that generally confers
Antworten
  • the right to buy
  • the right to sell
  • a contract to sell
  • a contract to buy

Frage 51

Frage
A consumer purchases a designated investment and the firm provides the consumer with detailed cancellation rights over the telephone, immediately after the purchase. How has the firm contravened the rules?
Antworten
  • Designated investments require notice of cancellation rights to be signed by the customer
  • Cancellation rights must be given in writing
  • Consumers must be informed of cancellation rights before a purchase is confirmed in all cases
  • Consumers must receive cancellation rights in writing before identification checks are undertaken

Frage 52

Frage
The annual return of a portfolio in each of the last six years has been 8.2%, 3.6%, 5.1%, 2.1%, 9.4% and 4.7%. What is the arithmetic mean return?
Antworten
  • 4.2%
  • 4.9%
  • 5.5%
  • 5.8%

Frage 53

Frage
Who controls the assets of a trust and looks after the property for the person or persons who will ultimately benefit from it?
Antworten
  • Benefactors
  • Beneficiaries
  • Creditors
  • Trustees

Frage 54

Frage
An individual has been advised to invest in some shares by a friend. He wants to make sure that he invests in companies which do not have a volatile share price. To achieve this he should select shares which have a beta factor of:
Antworten
  • 1
  • 1.25
  • 1.5
  • 1.75

Frage 55

Frage
One of the key objectives of financial services regulation is to:
Antworten
  • encourage market competition
  • reduce financial crime
  • ensure products and services represent value for money
  • liaise with financial services regulators from other countries

Frage 56

Frage
Exchange-traded funds normally operate by:
Antworten
  • tracking indices
  • tracking an individual security
  • investing in fund of funds
  • investing in manager of managers funds

Frage 57

Frage
Which is the MOST important reason for an adviser to conduct regular reviews of a client's circumstances and arrangements?
Antworten
  • To help the client complete any tax documentation
  • To ensure that the adviser complies with any regulatory requirements
  • To ensure that any products continue to meet a client's needs
  • To ensure that the adviser retains any repeat business from the client

Frage 58

Frage
A company's p/e ratio recently changed from 12 to 15. This normally indicates that:
Antworten
  • the share value has fallen
  • growth expectations have improved
  • dividend levels have become less stable
  • the relevant market sector is in decline

Frage 59

Frage
John is worried that he will be unable to work due to a heart attack. Which of the following would enable him to claim if he had a severe heart attack?
Antworten
  • Critical Illness cover
  • Permanent Health Insurance
  • Mortgage Protection
  • Accident, Sickness & Unemployment cover

Frage 60

Frage
Which of the following is a feature in Arbitrage Pricing Theory (APT)?
Antworten
  • APT relies on identified factors being correlated
  • The variables of APT include real economic factors
  • The principal component of APT is the return on an index of all shares
  • APT is equivalent to a single factor Capital Asset Pricing Model

Frage 61

Frage
The members of the International Organisation of Securities Commissions (IOSCO) collectively regulate how much of the world's securities markets?
Antworten
  • 70%
  • 80%
  • 90%
  • 100%

Frage 62

Frage
Units in a unit trust fund are sold by which of the following?
Antworten
  • The trustee
  • The registrar
  • The manager
  • The depositary

Frage 63

Frage
Paulo is a non-resident investor. How is he likely to benefit from a double taxation treaty?
Antworten
  • By incurring tax at a reduced concessionary rate
  • By opting for the country with the lowest tax rate
  • By avoiding the need to register with the tax authorities
  • By obtaining a refund of withholding tax

Frage 64

Frage
Which of the following is MOST LIKELY to be a factor causing market movement?
Antworten
  • Sentiment
  • Supply and demand
  • Economic and political strategy
  • Investor psychology

Frage 65

Frage
What are two advantages of investing in an offshore trust?
Antworten
  • Less complex product and only local taxes apply
  • Privacy and flexibility for the client
  • Security and a less complex product
  • Privacy and only local taxes apply

Frage 66

Frage
Based on the principles of Modern Portfolio theory, an equity fund will operate on the 'efficient frontier' if:
Antworten
  • the optimum level of systematic risk is obtained
  • the best level of diversification is achieved
  • the fund's alpha value is negative
  • the fund's beta value is one or more

Frage 67

Frage
Which of the following investments is covered by insider dealing legislation?
Antworten
  • Commodity derivatives
  • Equity options
  • Gold
  • Residential property

Frage 68

Frage
What is a key feature of exchange-traded commodities?
Antworten
  • They are an open-ended collective investment vehicle
  • They are available only to high net worth individuals
  • There is limited exposure to derivative contracts
  • No additional shares can be created by the fund

Frage 69

Frage
When conducting investment business for a private customer, what must a firm do?
Antworten
  • Only invest in products that are classified as low risk
  • Make the customer aware of costs and commissions
  • Meet face to face with the client
  • Disclose the underlying investments in the investment products

Frage 70

Frage
The Liquidity (Acid Test) ratio measures a company's ability to:
Antworten
  • increase its current assets
  • meet its current liabilities
  • increase its inventory turnover
  • pay its non-current liabilities

Frage 71

Frage
When giving financial advice on the subject of protection, it is important to quantify a client's assets to:
Antworten
  • determine whether the costs can be offset against tax liabilitie
  • establish what shortfall may arise if an insured event occu
  • ensure that the underwriters have sufficient information
  • identify the client's appropriate risk profile

Frage 72

Frage
Bond portfolio X exclusively contains relatively long-dated stock whereas Bond portfolio Y operates a laddering strategy. This means that Bond X is likely to:
Antworten
  • generate higher yields
  • present less of a credit risk
  • be more sensitive to interest rate changes
  • represent a more diversified approach

Frage 73

Frage
In order to determine how 'efficient' the market is, financial service regulators will normally consider the extent to which:
Antworten
  • products and services represent a reasonable return on capital employed
  • relevant information is reflected in the price formation basis
  • competition is clustered within each product sector
  • regulation is needed to address existing systemic weaknesses

Frage 74

Frage
Where an investment fund established in the UK satisfies the UCITS directive and is sold in another EU country, what is the position regarding local taxes and local marketing laws?
Antworten
  • It will not be subject to either
  • It will be subject to local taxes but not local marketing laws
  • It will be subject to local marketing laws but not local taxes
  • It will be subject to both local taxes and local marketing laws

Frage 75

Frage
Which of the following would provide the lowest level of risk for risk averse investors with short term horizons?
Antworten
  • Long term gilts
  • Cash deposits
  • Ordinary shares
  • Warrants

Frage 76

Frage
In a two-stock portfolio which of the following correlations would normally offer the greatest level of diversification?
Antworten
  • 0.8
  • 0.6
  • -0.4
  • -0.7

Frage 77

Frage
A client in the UK was granted lasting power of attorney in relation to his elderly mother. Why did this facility fail to provide him with control over her financial affairs after she was deemed to have lost her mental capacity?
Antworten
  • She was over retirement age when her poor state of mind was first diagnosed
  • He was her adopted son
  • She only granted him health and welfare powers
  • He was operating a power of attorney for his father at the same time

Frage 78

Frage
In which country can shareholders be assured that listed companies will comply with the OECD Principles for Corporate Governance?
Antworten
  • France
  • Germany
  • UK
  • USA

Frage 79

Frage
The regulations state that Money Laundering Reporting Officers appointed by financial services firms must:
Antworten
  • hold the status of employee
  • hold a recognised law or accountancy qualification
  • register with the country's central bank
  • register with the country's data protection agency

Frage 80

Frage
The Undertakings for Collective Investment in Transferable Securities Directives (UCITS) cover investment funds established in which location(s)?
Antworten
  • England and Wales only
  • UK only
  • UK and France only
  • All European Union countries

Frage 81

Frage
How does asset allocation help meet a client's needs?
Antworten
  • It enables clients to invest wholly in one of the MAIN asset classes to maximise returns
  • It reduces the investor's risk by investing across a range of asset classes, sectors and individual stocks
  • It provides a benchmark for a client to assess how well his investments have performed
  • It enables investors to pool their investments with others and reduce the risk of direct investment in shares

Frage 82

Frage
In technical analysis, the term, 'primary movement' refers to which of the following?
Antworten
  • Short-term share price trend
  • Long-term share price trend
  • Short-term dividend policy
  • Long-term dividend policy

Frage 83

Frage
John is taking out a life insurance policy on Mary, his wife, and one for himself. Which of the following statements is TRUE once the policy is in force?
Antworten
  • John is the life assured
  • Mary is the life assured
  • Mary is the proposer
  • They are both the life assured

Frage 84

Frage
An investor has a requirement for an 8% return and is considering choosing Stock X to satisfy this need. Based on the Capital Asset Pricing Model, if the beta value of this stock is recalibrated from 1.2 to 1.3, this would:
Antworten
  • increase the likelihood that the stock would be suitable
  • decrease the likelihood that the stock would be suitable
  • automatically trigger an increase in the investor's required rate
  • automatically trigger a decrease in the investor's required rate

Frage 85

Frage
One of the fundamental aims of a traditional hedge fund is to minimise which type of investment-related risk?
Antworten
  • Inflation risk
  • Issuer risk
  • Market risk
  • Liquidity risk

Frage 86

Frage
Which of the following is a factor that must be considered when constructing a portfolio?
Antworten
  • Verification of the client's identity
  • The client's risk tolerance
  • The category of investment service required
  • Performance measurement

Frage 87

Frage
The difference between a nominal rate of return and a real rate of return relates solely to the effects of
Antworten
  • taxation
  • charges
  • inflation
  • compounding

Frage 88

Frage
Using Modern Portfolio Theory to create a two stock portfolio, which of the following is TRUE?
Antworten
  • The lower the correlation of stock returns, the greater the portfolio's diversification
  • The higher the correlation of stock returns, the greater the portfolio's diversification
  • The higher the correlation of stock returns, the lower the level of total risk associated with any given level of expected return
  • The lower the correlation of stock returns, the higher the level of total risk associated with any given level of expected return

Frage 89

Frage
A private equity fund is MOST likely to use a structure similar to that of which of the following?
Antworten
  • Investment Trust
  • Limited Partnership
  • OEIC
  • SICAV

Frage 90

Frage
If clients approach a firm knowing exactly which product they wish to purchase, and ask the firm simply to arrange the purchase, this type of transaction is normally described as:
Antworten
  • best advice
  • instruction processing
  • nominal dealing
  • execution only

Frage 91

Frage
Which of the following is NOT counted as part of the Current Account Balance?
Antworten
  • Imported and exported goods
  • Dividends on UK holdings of overseas assets
  • Long-term capital flows
  • Interest on UK holdings of overseas assets

Frage 92

Frage
Which of the following does a passive investment manager principally invest in?
Antworten
  • Equities
  • An index
  • Fixed income
  • Other institutional funds

Frage 93

Frage
If a collective investment scheme is unauthorised, this means that it is specifically banned from:
Antworten
  • operating a bid/offer spread
  • holding some of the fund assets in cash
  • being marketed to the general public
  • paying out dividends

Frage 94

Frage
Which mix of investments is most appropriate for a risk averse investor?
Antworten
  • 50% commodities and 50% equities
  • 50% cash and 50% gilts
  • 50% foreign exchange and 50% CFD's
  • 50% property and 50% PIBS

Frage 95

Frage
If $2,200 is invested for four years with interest at the rate of 6% p.a., compounded half-yearly, what will be the value at the end of this period?
Antworten
  • $2,696.55
  • $2,777.45
  • $2,786.89
  • $2,860.77

Frage 96

Frage
The relationship between an adviser and a client means that the adviser has a duty to:
Antworten
  • ensure suitable compensation is available if the client suffers a loss
  • check with a third party before providing advice to the client
  • report any wrong-doings to the authorities
  • always act in the best interests of the client
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