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

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Question 31

Negotiable bearer securities issued by commercial banks in exchange for fixed-term deposits are known as:

A.Treasury Bills
B.Commercial Paper
C.Bills of Exchange
D.Certificates of Deposit

Correct Answer: D

A Certificate of Deposit (CD) is a negotiable bearer security issued by banks, representing a fixed-term deposit with a specified interest rate.
* Key Features of CDs:
* Issued by commercial banks.
* Fixed-term investment (e.g., 3 months to 1 year).
* Can be traded in secondary markets, making them a liquid investment.
* Why Not Other Options?
* A (Treasury Bills) # Issued by governments, not banks.
* B (Commercial Paper) # Issued by corporations, not banks.
* C (Bills of Exchange) # Used for trade finance, not fixed-term deposits.
# Reference: Bank of England (Certificates of Deposit), CISI Wealth & Investment Management.

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Question 32

What is the standard settlement period in spot currency markets?

A.T+1
B.T+2
C.T+3
D.T+4

Correct Answer: B

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.

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Question 33

Which factor forms the basis of an appropriateness test?

A.Age
B.Experience
C.Qualifications
D.Wealth

Correct Answer: B

The appropriateness test, as outlined in financial regulations like MiFID II, evaluates whether a client has the necessaryknowledge and experienceto understand the risks of a financial product or service. This is particularly applicable when a client is investing in complex or non-advised products.
* Age (A): While relevant to certain suitability tests, age is not a determinant of appropriateness.
* Qualifications (C): Although qualifications may indicate some level of understanding, they are not a core requirement for the test.
* Wealth (D): Wealth does not equate to investment knowledge or experience.
References:
* International Certificate in Wealth & Investment Management: Section on MiFID II regulations and appropriateness tests.
* Regulatory guidelines for evaluating client risk understanding.

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Question 34

Why might an expansionary fiscal policy lead to future inflationary pressures?

A.It causes higher interest rates
B.Workers demanding higher wages
C.Due to a significant fall in private sector investment
D.Due to the effect of time lag

Correct Answer: B

* Expansionary Fiscal Policy and Inflation:
* Expansionary fiscal policy increases aggregate demand by boosting public spending or reducing taxes.
* This raises employment, leading to higher wage demands as workers negotiate for their share of economic growth.
* Higher wages increase production costs, causing inflationary pressures.
* Elimination of Other Options:
* A: Higher interest rates are associated with contractionary, not expansionary, policy.
* C: Private sector investment typically rises, not falls.
* D: Time lag affects the policy's impact but is not a direct cause of inflation.
References:
* ICWIM Module 1: Discussion on fiscal policy and its effects on inflation.

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Question 35

Standard deviation is used when analysing portfolios because it:

A.Allows for a comparison of volatility
B.Identifies profitable trades
C.Makes it easier to track the performance against a benchmark
D.Identifies underperforming assets

Correct Answer: A

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.

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