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CISI International Certificate in Wealth & Investment Management Sample Questions (Q81-Q86):
NEW QUESTION # 81
The concept of the Sharpe ratio is to measure the:
Answer: B
Explanation:
* Sharpe Ratio Defined
* The Sharpe ratio measuresrisk-adjusted return, specifically the excess return over the risk-free rate per unit of volatility.
* Formula: Sharpe Ratio=Portfolio Return - Risk-
Free RateStandard Deviation of Portfolio Returns ext{Sharpe Ratio} = rac{ ext{Portfolio Return - Risk-Free Rate}}{ ext{Standard Deviation of Portfolio Returns}} Sharpe Ratio=Standard Deviation of Portfolio ReturnsPortfolio Return - Risk-Free Rate
* Why the Answer is B
* The ratio quantifies the return generated for each unit of risk taken, relative to the risk-free rate.
* Why Other Options are Incorrect
* A. Benchmark performance: The Sharpe ratio does not measure performance relative to a benchmark.
* C. Annual charge effect: Unrelated to fund expenses.
* D. Manager ability: Focuses on risk-adjusted returns, not managerial skill.
* ICWIM Study Guide, Chapter on Risk-Adjusted Metrics: Explains the Sharpe ratio.
* Portfolio Management Literature: Highlights its use in assessing performance.
ReferencesThus, the correct answer isB. Return above a risk-free rate.
NEW QUESTION # 82
Which of the following elements would be included in a recommendation report to a client?
Answer: A
Explanation:
A recommendation report (or suitability report) is a formal document provided by financial advisers to clients. It outlines investment recommendations and justifications based on the client's personal circumstances.
* Why is Option D Correct?
* The FCA requires firms to consider a client's existing investments, pensions, and insurance policies before making recommendations.
* This ensures that clients are not sold duplicate or unsuitable products.
* Reviewing previous arrangements helps advisers identify gaps in financial planning.
* What Else Is Included in a Recommendation Report?
* Investment objectives & risk tolerance.
* Tax considerations.
* Cost disclosures and fees.
* Why Not Other Options?
* A (Inflation rate) # While inflation is considered, it is not a mandatory section in suitability reports.
* B (Interest rate) # Relevant for fixed income investments, but not always necessary.
* C (Protection) # Only included if insurance products are being recommended.
# Reference: FCA Conduct of Business Sourcebook (COBS 9 - Suitability Reports), CISI Wealth & Investment Management.
NEW QUESTION # 83
Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down performance based on the decisions made by the fund manager in which of the following?
Answer: D
Explanation:
Performance attribution analyzes portfolio returns by breaking them down into key decision-making factors.
* Why is Option C Correct?
* Asset allocation # Impact of choosing different asset classes (e.g., stocks vs. bonds).
* Sector choice # How selecting industries (e.g., tech vs. healthcare) affects returns.
* Security selection # The impact of choosing specific stocks or bonds.
* Why Not Other Options?
* A (Asset allocation alone) # Sector and security selection also play a role.
* B (Only asset allocation & sector choice) # Security selection directly affects performance.
* D (Includes risk analysis) # Risk is important but not a primary factor in attribution.
# Reference: CFA Institute (Performance Attribution Models), CISI Wealth & Investment Management.
NEW QUESTION # 84
Typically, inflation is calculated by a central bank based on:
Answer: C
Explanation:
Inflation measures the rate at which the general price level of goods and services rises, reducing purchasing power.
* Why is Option C Correct?
* Inflation is measured using Consumer Price Indices (CPI), which track the cost of a fixed basket of goods and services over time.
* The basket includes food, housing, transportation, healthcare, and other essential expenses.
* Why Not Other Options?
* A (Survey of banks) # Banks may provide economic forecasts, but inflation is not calculated this way.
* B (Interest rates) # Central banks adjust interest rates in response to inflation but do not use them to calculate it.
* D (Commodities only) # Inflation measures overall price levels, not just commodities.
# Reference: UK Office for National Statistics (ONS) - Inflation Measurement, CISI Wealth & Investment Management.
NEW QUESTION # 85
Tax relief that prevents overseas profits from being taxed twice is called:
Answer: D
Explanation:
Double Taxation Relief (DTR) ensures that income earned in a foreign country is not taxed twice-once in the country where the income is earned and again in the investor's home country.
* How It Works:
* If an investor pays foreign tax on overseas income, they can offset that tax liability against their domestic tax bill.
* The UK has Double Taxation Agreements (DTAs) with multiple countries to prevent double taxation on dividends, interest, and capital gains.
* Example:
* A UK investor receives £10,000 in dividends from US stocks and is charged a 15% withholding tax in the US.
* Under a UK-US tax treaty, the investor receives a tax credit for the amount paid in the US, reducing UK tax liability.
# Reference: HMRC Double Taxation Agreements, CISI Wealth & Investment Management.
NEW QUESTION # 86
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