CISI ICWIM 問題集

質問 1：
An investor would regard a company's interest cover ratio as significant as it provides:
A. An indication of what interest rate the company is paying
B. A summary of how much liquid cash an organisation has for funding dividend payments
C. A breakdown of how much debt a company has in relation to equity
D. An indication of the extent to which the company can service its debts
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Which of the following will be a major constraint on a client's ability to invest and protect against all risks?
A. Affordability
B. Age
C. Risk aversion
D. Tax implications
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Once a company reaches the point known as the minimum efficient scale, the "theory of the firm" suggests that the company should:
A. Increase its unit price
B. Halt its output expansion
C. Accelerate its output expansion
D. Decrease its unit price
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 4：
An investor with $900,000 of investable assets would normally be categorised as:
A. Mass affluent
B. Ultra-high-net-worth
C. High-net-worth
D. Very-high-net-worth
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 5：
Why might an expansionary fiscal policy lead to future inflationary pressures?
A. Workers demanding higher wages
B. Due to the effect of time lag
C. It causes higher interest rates
D. Due to a significant fall in private sector investment
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 6：
Which of the following is a money laundering offence?
A. Concealing
B. Developing
C. Producing
D. Avoiding
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 7：
If someone in a fiduciary position has personal or professional interests that compete with their duty to act in the client's best interest, this is called:
A. A conflict of interest
B. Full disclosure
C. A regulatory breach
D. Discretionary management
正解：A
解説: (Topexam メンバーにのみ表示されます)

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. Banks would not buy their assets as they do not support Stablecoins
B. 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
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 sheer size of their holdings would cause serious liquidity issues and potential contagion in credit markets
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 9：
An adviser is reviewing a client's portfolio, which has a time horizon of 15 years and is made up primarily of bonds and cash but with some exposure to equities and other higher-risk investments. It is reasonable to believe that the client's risk appetite is:
A. Mid Risk
B. Low Risk
C. Low-Mid Risk
D. Mid-High Risk
正解：C
解説: (Topexam メンバーにのみ表示されます)