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CISI Certification
ICWIM Exam
CISI.ICWIM.v2025-08-09.q74 Dumps

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Question 26

What is the most likely effect on the demand curve of an increase in consumer preference for a good?

A.A downward movement
B.An upward movement
C.A rightward shift
D.A leftward shift

Correct Answer: C

* Effect of Increased Consumer Preference:
* When consumer preference for a good increases, demand rises at all price levels, leading to a rightward shift in the demand curve.
* The rightward shift reflects higher quantity demanded at each price point.
* Elimination of Other Options:
* A & B: Movements along the curve (upward or downward) occur due to price changes, not preference shifts.
* D: A leftward shift indicates reduced demand, contrary to the scenario presented.
References:
* ICWIM Module 3: Microeconomics: Demand and supply curve analysis.

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Question 27

When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

A.Execution-only
B.Advisory dealing
C.Discretionary
D.Financial planning

Correct Answer: C

A discretionary investment manager has full authority to buy and sell investments without seeking client approval for each transaction.
* Why is Option C Correct?
* The manager follows a pre-agreed investment mandate that aligns with the client's objectives and risk profile.
* Common in wealth management and private banking.
* Why Not Other Options?
* A (Execution-only) # The firm executes trades but does not provide investment advice or management.
* B (Advisory dealing) # The manager provides advice, but the client makes the final decision.
* D (Financial planning) # Financial planning involves long-term wealth strategies, not active portfolio management.
# Reference: FCA Conduct of Business Rules (COBS 9 - Discretionary Management), CISI Wealth & Investment Management.

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Question 28

The Efficient Market Hypothesis (EMH) states that it is impossible to beat the market because:

A.Fund managers already perform at optimum levels
B.All relevant information is in the price
C.Investors do not always invest in a rational fashion
D.Not all participants can interpret information correctly

Correct Answer: B

# Reference: Eugene Fama (EMH Theory), CISI Wealth & Investment Management.

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Question 29

Which class of mutual fund shares has a charging structure that avoids a front-end load?

A.Class A
B.Class B
C.Class C
D.Class D

Correct Answer: C

Mutual funds often have different share classes with varying fee structures to suit different investor needs.
* Why is Option C Correct?
* Class C shares avoid front-end loads (initial sales charges).
* Instead, they charge higher ongoing fees (expense ratios) and may have a short-term exit fee if sold within a year.
* Why Not Other Options?
* A (Class A) # Typically front-end loaded, meaning investors pay a fee when buying the fund.
* B (Class B) # Usually back-end loaded, meaning fees apply when selling the fund.
* D (Class D) # Less common, but often low-cost institutional shares.
# Reference: SEC Mutual Fund Share Classes, CISI Wealth & Investment Management.

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Question 30

Shareholder protection ensures sufficient funds are available to purchase the shareholding of a major shareholder on their death. It does this by:

A.Investing in the shares of the company
B.Providing term assurance to all of the company's employees
C.Establishing a policy on each of the shareholding directors' lives
D.Being written into the Articles of Association

Correct Answer: C

Shareholder protection insurance is a crucial financial planning tool for businesses. It ensures that if a major shareholder dies, the remaining shareholders have the funds necessary to buy out the deceased's shares, preventing business disruption.
* How It Works:
* Each major shareholder is insured via a life insurance policy (answer C).
* If a shareholder dies, the insurance pays out a lump sum to allow the surviving shareholders to buy the deceased's shares.
* This prevents shares from being passed to family members who may not be involved in the business.
* Why Not Other Options?
* A (Investing in shares of the company) # This does not create liquidity to buy shares on a shareholder's death.
* B (Providing term assurance to employees) # This applies to employee benefits, not shareholder buyouts.
* D (Articles of Association) # These govern company rules but do not provide funding to purchase shares.
# Reference: FCA Guidelines on Business Protection, CISI Wealth & Investment Management (Business Continuity Planning).

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