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| Section | Weight | Objectives |
|---|---|---|
| Regulation and Ethics | 15% | - Regulatory framework
|
| Client Advisory | 25% | - Portfolio construction
|
| Financial Products | 20% | - Collective investments
|
| Market Environment | 20% | - Role and function of financial markets
|
| Risk and Return | 20% | - Portfolio theory
|
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NEW QUESTION # 133
What is the standard settlement period in spot currency markets?
Answer: C
Explanation:
The foreign exchange (forex) spot market follows a standard T+2 settlement period, meaning transactions are settled two business days after the trade date.
* Why is Option B Correct?
* In forex trading, T+2 means the buyer receives currency two days after the trade.
* Major currency pairs (e.g., EUR/USD, GBP/USD) follow T+2 settlement.
* Why Not Other Options?
* A (T+1) # Some markets (e.g., US Treasuries) settle in T+1, but forex does not.
* C (T+3) # Used for some equity markets, but not for forex.
* D (T+4) # No standard market uses T+4 settlement.
# Reference: Bank for International Settlements (Forex Market Operations), CISI Wealth & Investment Management.
NEW QUESTION # 134
An execution-only sale usually means a sale where there is an absence of:
Answer: D
Explanation:
* Understanding Execution-Only Sales:
* Execution-only sales occur when the client makes a financial transaction without receiving any advice or recommendations from the intermediary.
* The client assumes full responsibility for the decision.
* Elimination of Other Options:
* A: Charges are typically present in execution-only sales.
* C: The product is being sold; the sale cannot occur without it.
* D: Guarantees are unrelated to the advisory process.
References:
* ICWIM Module 4: Focus on financial advice models, including execution-only services.
NEW QUESTION # 135
If a company's Economic Value Added (EVA) is negative, this means that:
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 = \text{Net Operating Profit After Tax (NOPAT)} - (\text{Capital Employed} \times \text{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 # 136
An economy with two consecutive quarters of negative growth is considered to be in what phase of the economic cycle?
Answer: A
Explanation:
A recession is defined as two consecutive quarters of negative GDP growth. It represents an economic downturn where output, income, and employment decline.
* Key Characteristics of a Recession:
* Falling GDP - Two successive quarters of contraction.
* Rising Unemployment - Businesses cut jobs due to weak demand.
* Declining Consumer Spending - Households reduce purchases.
* Lower Business Investment - Firms delay expansion plans.
* Difference Between Recession and Depression:
* A depression is a severe and prolonged recession (e.g., the Great Depression of 1929).
# Reference: UK Office for National Statistics (ONS) GDP Reports, CISI Wealth & Investment Management (Economic Cycles).
NEW QUESTION # 137
A business may need key person protection because:
Answer: D
Explanation:
* Key Person Protection:
* This insurance protects a business against financial loss if a critical employee (e.g., founder, CEO) becomes incapacitated or dies.
* It is designed to mitigate reliance on essential individuals whose absence would disrupt operations.
* Elimination of Other Options:
* B: Size of the business is not the determining factor.
* C: Significant customers are protected under other insurance (e.g., credit insurance).
* D: Seasonal profits do not relate to key person risk.
References:
* ICWIM Module 5: Focus on business risk management and insurance needs.
NEW QUESTION # 138
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