2026年最新のICWIMプレミアム資料テストPDFの無料問題集お試しセット
試験合格を向けてICWIM今すぐ弊社のCISI level 3 Certificate試験パッケージを使おう
質問 # 149
It is impossible to diversify against:
- A. Currency risk
- B. Credit risk
- C. Market risk
- D. Liquidity risk
正解：C
解説：
# Reference: Modern Portfolio Theory (MPT), CFA Institute (Systematic Risk).
質問 # 150
Standard deviation is used when analysing portfolios because it:
- A. Identifies profitable trades
- B. Makes it easier to track the performance against a benchmark
- C. Allows for a comparison of volatility
- D. Identifies underperforming assets
正解：C
解説：
Standard deviation measures the volatility of returns, helping investors compare the risk levels of different portfolios or assets. A higher standard deviation indicates greater uncertainty in returns, which can signify higher risk.
Reference:
ICWIM, Topic: Risk Management and Portfolio Analysis.
CFA Curriculum: Risk Metrics and Standard Deviation.
質問 # 151
In what circumstances would a central bank use its foreign reserves in the currency markets?
- A. To control the money supply
- B. To lower the rate of inflation
- C. When influencing the short-term interest rate
- D. To influence the nation's currency
正解：D
解説：
* Central Bank Actions with Foreign Reserves
* Central banks use foreign reserves to intervene in currency markets to stabilize or influence their nation's currency exchange rate.
* This can involve buying or selling foreign currencies.
* Why the Answer is C
* Currency interventions aim to manage exchange rate volatility, maintain competitiveness, or stabilize the currency during economic shocks.
* Why Other Options are Incorrect
* A. Inflation: Not directly controlled through currency market interventions.
* B. Money supply: Managed through monetary policy tools like open market operations.
* D. Short-term interest rates: Controlled through domestic monetary policy, not foreign reserves.
* ICWIM Study Guide, Chapter on Monetary Policy: Explains the use of foreign reserves for currency stabilization.
* Central Banking Principles: Discusses currency interventions.
ReferencesThus, the correct answer isC. To influence the nation's currency.
質問 # 152
During a phase of expansionary monetary policy there is likely to be:
- A. A reduction in the size of the money supply
- B. A fall in the level of taxation
- C. An increase in interest rates
- D. A decrease in interest rates
正解：D
解説：
Expansionary monetary policy is implemented to stimulate economic activity, typically when growth is weak or inflation is below target. Central banks achieve this by making money cheaper and more available, most commonly by lowering policy interest rates and or injecting liquidity through tools such as asset purchases.
Lower interest rates reduce the cost of borrowing for households and businesses and can encourage spending, investment, and refinancing activity. They can also reduce returns on cash and high-quality bonds, encouraging investors to move into riskier assets, supporting asset prices and easing financial conditions. In addition, lower interest rates can weaken the domestic currency, improving export competitiveness and further supporting demand. A reduction in the money supply is the opposite of expansionary policy. An increase in interest rates would be contractionary. Taxation is set by government fiscal policy, not by the central bank, so a fall in taxation is not a monetary policy outcome. Therefore, the most likely feature of expansionary monetary policy is a decrease in interest rates.
質問 # 153
To minimise risk and maximise diversification, a portfolio should hold securities with:
- A. Positive correlation and low standard deviation
- B. Negative correlation and low standard deviation
- C. Positive correlation and high standard deviation
- D. Negative correlation and high standard deviation
正解：B
解説：
A well-diversified portfolio reduces risk by holding assets that are negatively correlated (i.e., they move in opposite directions).
* Why Negative Correlation?
* When one asset class declines, the other may rise, reducing overall portfolio volatility.
* Why Low Standard Deviation?
* Lower standard deviation means less volatility, making the portfolio more stable.
* Example:
* Stocks and bonds typically have negative correlation-when stock prices fall, bond prices tend to rise.
# Reference: Modern Portfolio Theory (Harry Markowitz), CFA Institute (Risk Diversification).
質問 # 154
Under Islamic law, charging or receiving interest is:
- A. Ijara
- B. Sukuk
- C. Haram
- D. Murabaha
正解：C
解説：
In Islamic finance, charging or receiving interest is prohibited because it is classified as riba, which is not permitted under Sharia principles. The correct term describing something that is forbidden is haram. The other options are not descriptions of permissibility; they are types of Islamic finance structures or instruments.
Sukuk are often described as Islamic certificates that are structured to provide returns linked to underlying assets or activities rather than interest payments on debt. Ijara refers to leasing arrangements where returns are generated through rent, again linked to an asset and use of that asset. Murabaha is a cost-plus sale structure, commonly used to provide financing through a mark-up on a tangible purchase and sale transaction rather than interest on a loan. The exam focus is usually the principle: returns should be connected to permissible trade, ownership, risk-sharing, or asset-backed activity, not money lending that generates money solely with time. Therefore, charging or receiving interest is prohibited and is correctly identified as haram.
質問 # 155
Equities have a higher risk/reward profile when compared to many other asset classes. Their use within a portfolio stems from:
- A. Their lower cost compared to other assets
- B. The ability to align liabilities with profits from equities
- C. The potential to counter inflationary effects
- D. Their low volatility when compared to bonds
正解：C
解説：
Equities are often used to hedge against inflation because they represent ownership in real assets that can grow in value. Companies generally have the ability to pass on inflationary costs to consumers, which can preserve or enhance their profitability and the equity value.
* Lower cost (B): Equities may incur higher transaction and management costs than other asset classes.
* Align liabilities (C): While equities offer returns, liability alignment is more relevant to fixed-income assets.
* Low volatility (D): Equities are more volatile than bonds or cash, making this statement incorrect.
References:
* International Certificate in Wealth & Investment Management: Equities as inflation hedges and their risk/reward profile.
* Historical analysis of equity performance in inflationary periods.
質問 # 156
An investor deposits €1,000 into an account that pays interest at the rate of 3% per year. If the interest is credited to the account at the end of the year and the investor leaves the money in the account for 5 years, how much money will be in the account at the end of the fifth year?
- A. €1,157.63
- B. €1,276.28
- C. €1,159.27
- D. €1,150.00
正解：C
解説：
Because the interest is credited at the end of each year and left in the account, the investor earns compound interest. The correct approach is to apply the compound interest formula: future value equals principal multiplied by one plus the annual rate raised to the number of years. Here, the principal is €1,000, the annual interest rate is 3% or 0.03, and the term is 5 years. The calculation is €1,000 × 1.03^5. Step-by-step, 1.03^2 is
1.0609, 1.03^4 is 1.0609^2 = 1.12550881, and multiplying once more by 1.03 gives 1.1592740743.
Multiplying by €1,000 gives €1,159.2740743, which rounds to €1,159.27. The main exam trap is using simple interest, which would add €30 each year and give €1,150 after five years, but that ignores interest-on-interest.
Therefore, the correct option is €1,159.27.
質問 # 157
A stock has a beta value of 0.85. What does this indicate?
- A. It has underperformed its benchmark by 15%
- B. It has outperformed its benchmark by
- C. It is more volatile than the market as a whole
- D. It is less volatile than the market as a whole
正解：D
解説：
Beta measures the sensitivity of a stock's returns to movements in the market as a whole, based on historical co-movement with a chosen market index. A beta of 1 indicates the stock has tended to move in line with the market. A beta greater than 1 indicates higher sensitivity and therefore higher systematic risk, meaning the stock has tended to rise more than the market in up markets and fall more in down markets. A beta below 1 indicates lower sensitivity to market movements. With a beta of 0.85, the stock has historically moved about
85% as much as the market, so it is less volatile than the market in systematic risk terms. This does not mean it will outperform or underperform the benchmark, and it does not describe relative performance in percentage terms. Beta is not a performance measure, it is a risk measure. CISI exam traps often include statements that confuse beta with return or with tracking error. The correct interpretation is lower market-related volatility than the market overall.
質問 # 158
How does relief at source normally operate in relation to overseas dividend income?
- A. A staggering of the tax levy is granted
- B. A tax rebate is paid in cash
- C. A reduced rate of withholding tax is levied
- D. A credit is applied against a separate tax liability
正解：C
解説：
Relief at source is a mechanism that reduces the amount of overseas withholding tax deducted before the dividend is paid to the investor. Many countries levy withholding tax on dividends paid to non-residents.
Where a double taxation treaty exists, it often specifies a maximum rate of withholding tax that the source country may deduct. Under relief at source, the investor, or their intermediary such as a custodian, provides the required documentation so that the payer applies the treaty rate immediately, meaning the dividend is paid net of a reduced withholding tax amount. This differs from a reclaim process, where tax is withheld at the domestic rate first and the investor later claims back the excess. It also differs from foreign tax credit relief, where the investor pays tax in the residence country but receives a credit for foreign tax suffered to reduce the domestic liability. The examinable point is that relief at source operates by reducing the withholding tax deducted at the time of payment, improving cashflow and avoiding or minimising later reclaims.
質問 # 159
Which commodity is categorized based on how sweet or sour it is?
- A. Oil
- B. Natural gas
- C. Zinc
- D. Coffee
正解：A
解説：
Crude oil is classified as sweet or sour based on its sulfur content:
* Sweet crude # Low sulfur content (e.g., Brent Crude).
* Sour crude # High sulfur content (e.g., Venezuelan crude).
* Sweet crude is more desirable because it is easier to refine into gasoline and diesel.
* Why Not Other Options?
* A (Coffee) # Categorized by origin and bean type.
* B (Natural gas) # Classified by energy content.
* D (Zinc) # Graded by purity, not sweetness.
# Reference: International Energy Agency (IEA), CISI Wealth & Investment Management (Commodity Markets).
質問 # 160
Which of the following elements would be included in a recommendation report to a client?
- A. Previous arrangements
- B. Rate of inflation
- C. Restrictions
- D. Cost of living
正解：A
解説：
A recommendation report for a client should contain comprehensive details of their existing financial arrangements. This ensures that advice aligns with the client's goals and existing commitments. The inclusion of previous arrangements helps provide a full financial picture and ensures the recommendations are appropriate.
質問 # 161
Stablecoins are less prone to price fluctuations because:
- A. They are highly illiquid
- B. Their price is in US Dollars
- C. They do not use blockchain technology
- D. Their value is pegged to underlying assets
正解：D
解説：
* Stablecoin Characteristics:
* Stablecoins reduce price volatility by pegging their value to stable underlying assets like fiat currencies (e.g., USD) or commodities (e.g., gold).
* This backing creates confidence in their value stability.
* Elimination of Other Options:
* A: Stablecoins use blockchain technology.
* B: Pegging can occur in other currencies, not just USD.
* D: Stablecoins are designed for liquidity, contrary to being illiquid.
References:
* ICWIM Module 6: Explanation of cryptocurrency types and characteristics.
質問 # 162
Which of the following is an example of a mandatory corporate action with options?
- A. Consolidation
- B. Takeover acceptance
- C. Share buyback
- D. Rights issue
正解：D
解説：
# Reference: FCA Handbook (Corporate Actions), CISI Wealth & Investment Management.
質問 # 163
Personal accident policies will pay out:
- A. Once the insurance company has received the medical documentation
- B. Once the insured has been seen by a doctor
- C. On the day of the accident
- D. Following a waiting period
正解：D
解説：
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
質問 # 164
When calculating business taxes on profits, what figure is used in addition to the profits made from a company's trading activities?
- A. Long term debt
- B. Declared dividends
- C. Chargeable gains
- D. Net current assets
正解：C
解説：
Business taxation on profits typically considers more than just the profit generated from normal trading operations. A company may also realise gains when it disposes of capital assets, such as property, subsidiaries, or investment holdings. These gains are treated separately from trading income and are commonly referred to as chargeable gains. They are included in the computation of taxable profits because they represent an increase in company value that has been crystallised through a sale or disposal event.
Declared dividends are distributions of post tax profits to shareholders and do not form part of taxable profits in the same way. Net current assets and long term debt are balance sheet figures that describe financial position and capital structure, but they are not additional categories of profit. The examinable distinction is between revenue profits from trading and capital profits from disposals. Therefore, when calculating taxes on profits, chargeable gains are added to trading profits to arrive at the total profits chargeable to tax, subject to the relevant rules and any allowable reliefs.
質問 # 165
It is a regulatory requirement for financial advisers to explain any potential additional obligations for clients making a transaction in:
- A. Commodities
- B. Bonds
- C. Equities
- D. Derivatives
正解：D
解説：
Derivatives (e.g., options, futures, swaps) carry high complexity and risk, requiring financial advisers to disclose additional obligations under regulatory guidelines.
* Why Required?
* High Leverage Risk: Clients may lose more than their initial investment.
* Margin Calls: Clients may be required to add additional funds if the position moves against them.
* Complex Nature: Not all retail investors understand derivative pricing and risk exposure.
* Regulation: The FCA Conduct of Business Sourcebook (COBS 14) requires full disclosure for derivative products.
# Reference: FCA Handbook (COBS 14), CISI Wealth & Investment Management.
質問 # 166
When analysing rates of return, why is a short-dated government bond considered to be the risk-free rate?
- A. Investors can buy short-dated government bonds without risk
- B. There is no tracking error when measuring the performance of government bonds
- C. Governments are considered unlikely to default
- D. Government bonds are free from all types of risk
正解：C
解説：
* Risk-Free Rate
* The rate of return on an investment with virtually no risk of financial loss.
* Short-dated government bonds are considered risk-free because governments, especially in developed economies, are deemed highly unlikely to default.
* Why the Answer is A
* Short-dated bonds minimize risks associated with duration (interest rate risk).
* Governments can typically print money or increase taxes to meet debt obligations, reducing default risk.
* Why Other Options are Incorrect
* B. Without risk: Investors still face inflation risk and currency risk.
* C. Free from all risks: No investment is completely risk-free; risk is minimized, not eliminated.
* D. No tracking error: Irrelevant to the definition of a risk-free rate.
* ICWIM Study Guide, Chapter on Risk Management: Defines the risk-free rate and its attributes.
* Economic Theory: Short-dated government bonds as benchmarks for risk-free rates.
ReferencesThus, the correct answer isA. Governments are considered unlikely to default.
質問 # 167
How does the role of a platform assist the work of an independent financial adviser IFA?
- A. Through the provision of discretionary management services
- B. By making their services directly available to investors
- C. It allows advisers to analyse a client's portfolio and take a holistic view
- D. Through the use of robo-advice
正解：C
解説：
Investment platforms support advisers by bringing together a client's investments in one place and providing tools for administration, reporting, and oversight. This enables an adviser to view the client's holdings across wrappers and products, assess asset allocation, concentration, risk exposure, and performance in a consolidated way, and then monitor ongoing suitability more efficiently. Platforms typically help with valuation reporting, transaction processing, rebalancing support, portfolio analytics, and consolidated statements, which reduces manual paperwork and operational friction. This creates efficiency for the adviser and improves the client experience through clearer reporting and easier portfolio management. The other options are not the core platform function in an advice context. Making services directly available to investors is more aligned to direct-to-consumer distribution. Discretionary management is a separate regulated service and not inherent to a platform. Robo-advice is an advice delivery method and may exist on some platforms, but it is not the standard reason platforms assist an IFA. The key benefit tested is the consolidated, holistic portfolio view and supporting administration.
質問 # 168
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