ICWIM Sample Questions Pdf, Reliable ICWIM Test Answers

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q145-Q150):

NEW QUESTION # 145
If a company's Economic Value Added (EVA) is negative, this means that:

A. The company's value is being destroyed
B. The rate of growth in the company's value is slowing down
C. The rate of growth in the company's value is below that of the sector average
D. The company's value is nil

Answer: A

Explanation:
Economic Value Added (EVA) measures a company's true economic profit by assessing whether it generates returns above its cost of capital.
EVA=Net Operating Profit After Tax (NOPAT)#(Capital Employed×Cost of Capital)EVA = ext{Net Operating Profit After Tax (NOPAT)} - ( ext{Capital Employed} imes ext{Cost of Capital}) EVA=Net Operating Profit After Tax (NOPAT)#(Capital Employed×Cost of Capital)
* Why is Option B Correct?
* A negative EVA means the firm's returns are lower than its cost of capital, leading to value destruction.
* Why Not Other Options?
* A (Slowing growth rate) # EVA measures profitability, not growth rate.
* C (Below sector average) # EVA is firm-specific, not a comparative measure.
* D (Value is nil) # A company may still be profitable, but inefficient.
# Reference: CFA Institute (EVA Analysis), CISI Wealth & Investment Management.

NEW QUESTION # 146
Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?

A. It continues indefinitely
B. On the death of the settlor
C. At the end of a prescribed period
D. On the death of the life tenant

Answer: C

Explanation:
* What is an Accumulation and Maintenance Trust?
* This is a trust designed primarily for minors or young beneficiaries.
* Trustees have discretion over income and capital distributionsuntil a specified event or age, after which the discretion typically ceases.
* When Does Discretion Cease?
* Generally, trustees' discretion ends at theend of a prescribed periodor when the beneficiary reaches a predetermined age, often 18 or 25.
* This ensures the trust complies with legal requirements, such as therule against perpetuitiesin some jurisdictions.
* ICWIM Study Guide, Chapter on Trusts: Details the rules around accumulation and maintenance trusts.
* Trust Law Principles: Highlights limitations of trustee discretion.
References

NEW QUESTION # 147
Ex-ante security attribution seeks to identify:

A. Future risks
B. Portfolio outperformance
C. Why the portfolio performed the way it did
D. An appropriate benchmark

Answer: A

Explanation:
Ex-ante attribution focuses on predicting future risks and returns, whereas ex-post attribution analyzes past performance.
* Why is Option D Correct?
* Ex-ante means "before the event", so it identifies potential risks before they impact returns.
* Used in risk forecasting and portfolio stress testing.
* Why Not Other Options?
* A & B (Portfolio outperformance, past performance) # These relate to ex-post (historical) attribution.
# Reference: CFA Institute (Performance Attribution), CISI Wealth & Investment Management.

NEW QUESTION # 148
Last year's monthly returns for Portfolio A were 7%, 5%, -3%, 5%, 9%, 0%, 3%, 6%, -7%, -8%, 5%, 1%.
What was the portfolio's modal rate of return to the nearest whole percentage point?

A. 0
B. 1
C. 2
D. 3

Answer: C

Explanation:
* Understanding Modal Rate of Return:
* The mode is the most frequently occurring value in a dataset.
* Portfolio A's monthly returns:7%, 5%, -3%, 5%, 9%, 0%, 3%, 6%, -7%, -8%, 5%, 1%.
* 5%appearsthree times, more than any other value.
* Elimination of Other Options:
* No other return appears more than once.
References:
* ICWIM Module 3: Statistical measures in portfolio performance.

NEW QUESTION # 149
Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?

A. So that the client can review the adviser's qualifications
B. In order to collect fees prior to implementation of the recommendations
C. To establish the client's tax position
D. To afford the opportunity to clear up any misunderstandings

Answer: D

Explanation:
A face-to-face meeting ensures that clients fully understand recommendations and can ask questions to clarify any doubts.
* Why is Option D Correct?
* Complex financial products require explanations in simple terms.
* Clients may have concerns about risk, fees, or investment strategy.
* Regulatory bodies (e.g., FCA) emphasize client understanding in financial advice.
* Why Not Other Options?
* A (Collect fees) # Fees must be disclosed before services are provided.
* B (Establish tax position) # This should be determined before making recommendations.
* C (Review adviser qualifications) # While qualifications matter, the main purpose is clarity.
# Reference: FCA Handbook (Suitability & Client Communications), CISI Wealth & Investment Management.

NEW QUESTION # 150
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ICWIM Sample Questions Pdf, Reliable ICWIM Test Answers

Using ICWIM Sample Questions Pdf - Say Goodbye to International Certificate in Wealth & Investment Management

CISI International Certificate in Wealth & Investment Management Sample Questions (Q145-Q150):

Free PDF CISI - High Hit-Rate ICWIM Sample Questions Pdf

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