CISI International Certificate in Wealth and Investment Management ICWIM Dumps in PDF

Free CISI ICWIM Real Questions (page: 1)

The Arbitrage Pricing Theory (APT) assumes investors can sell short. This involves:

  1. not selling the whole of your shareholding in one trade
  2. selling something you do not own, intending to buy it back at a lower price later
  3. selling your shares and buying them back a short time later
  4. selling lots of securities over a short time frame

Answer(s): B

Explanation:

Short selling refers to selling a security that the investor does not currently own, with the intention of buying it back later at a lower price to profit from the decline in value. The Arbitrage Pricing Theory (APT) assumes that investors can take both long and short positions to exploit pricing inefficiencies. This is fundamental for arbitrage opportunities under APT.



If a company's Economic Value Added is negative, this means that:

  1. the rate of growth in the company's value is slowing down
  2. the company's value is being destroyed
  3. the rate of growth in the company's value is below that of the sector average
  4. the company's value is nil

Answer(s): B

Explanation:

Economic Value Added (EVA) is a measure of a company's financial performance based on residual wealth, calculated by deducting the cost of capital from its net operating profit after taxes (NOPAT). A negative EVA indicates that the company is not generating returns above its cost of capital, meaning it is destroying shareholder value rather than creating it.



Which of the following would cause a coffee producer's supply curve to shift to the right?

  1. Improved harvesting methods
  2. Reduced crop yield
  3. Consumers switching to other drinks
  4. Reduction in competition

Answer(s): A

Explanation:

Improved harvesting methods increase production efficiency and reduce costs, enabling the coffee producer to supply more at each price level. This causes the supply curve to shift to the right, reflecting an increase in supply.



Which term is used to describe a dividend payment made by a company with insufficient earnings to do so?

  1. An ex-dividend payment
  2. A proxy dividend payment
  3. A scrip dividend payment
  4. An uncovered dividend payment

Answer(s): D

Explanation:

An uncovered dividend payment occurs when a company pays dividends despite having insufficient earnings to cover the payment. This typically indicates that the dividend is being paid from reserves or through borrowing, which may raise concerns about the company's financial sustainability.



The return on a whole-of-life unit-linked policy is:

  1. directly related to the performance of the insurance company's fund
  2. related to the consumer price index (CPI)
  3. linked to the rate of inflation
  4. dependent on prevailing interest rates

Answer(s): A

Explanation:

A whole-of-life unit-linked policy is an insurance product where the value of the policy is directly tied to the performance of investment funds chosen by the policyholder. Therefore, the return is directly related to the performance of the insurance company's fund in which the premiums are invested.



A manufacturing company has increased its level of output to the point where marginal costs start to exceed average total costs.
What does this indicate?

  1. Fixed costs are likely to fall
  2. The market has become saturated
  3. Variable costs are now negligible
  4. Productive capacity is constrained

Answer(s): D

Explanation:

When marginal costs exceed average total costs, it signals diminishing returns to scale and indicates that the firm is operating beyond its optimal capacity. This suggests that productive capacity is constrained, and producing additional units is becoming increasingly costly.



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

  1. Recession
  2. Slump
  3. Depression
  4. Inflationary

Answer(s): A

Explanation:

An economy is officially considered to be in a recession when it experiences two consecutive quarters of negative GDP growth. This is a standard definition used by economists and policymakers to identify the contraction phase of the economic cycle.



Offshore foundations are often used as a suitable alternative to which similar type of arrangement?

  1. Limited liability partnerships
  2. Credit unions
  3. Trusts
  4. SICAVs

Answer(s): C

Explanation:

Offshore foundations are often used as alternatives to trusts, particularly in civil law jurisdictions where the concept of a trust may not be legally recognized. Like trusts, offshore foundations can be used for asset protection, estate planning, and wealth management, but they have a different legal structure and are typically governed by a charter and regulations.



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