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CISI International Certificate in Wealth & Investment Management Sample Questions (Q67-Q72):
NEW QUESTION # 67
What is a key feature of Islamic bonds (Sukuk)?
- A. The bond can only be linked to intangible assets in Islamic countries
- B. The holder of the bond has partial ownership of the underlying assets
- C. The bond can only be linked to tangible assets in Islamic countries
- D. The holder of the bond has full ownership of the underlying assets
Answer: B
Explanation:
Sukuk (Islamic bonds) comply with Sharia law, which prohibits interest (riba). Instead, Sukuk holders receive returns based on asset ownership and profit-sharing agreements.
* Why is Option A Correct?
* Sukuk are asset-backed, meaning investors own a proportion of the underlying tangible assets.
* Returns are generated through leasing, profit-sharing, or joint ventures, rather than fixed interest payments.
* Why Not Other Options?
* B (Only Islamic countries) # Sukuk can be issued globally.
* C (Full ownership) # Sukuk holders share ownership, not full control.
* D (Intangible assets only) # Sukuk must be linked to tangible assets.
# Reference: AAOIFI Sharia Standards, CISI Wealth & Investment Management (Islamic Finance).
NEW QUESTION # 68
Stablecoins are less prone to price fluctuations because:
- A. Their price is in US Dollars
- B. They are highly illiquid
- C. They do not use blockchain technology
- D. Their value is pegged to underlying assets
Answer: D
Explanation:
* 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.
NEW QUESTION # 69
If the fact find process is limited only to the collection of hard facts, this is likely to lead to:
- A. The distortion of historical data
- B. Information quickly becoming out of date
- C. Failure to capture the client's views on risk
- D. Too much focus on historical performance
Answer: C
Explanation:
A robust fact find is intended to gather both hard facts and soft facts. Hard facts cover objective information such as income, assets, liabilities, tax status, time horizon, dependants, and existing products. Soft facts cover subjective but essential information such as the client's goals, priorities, knowledge and experience, and critically their attitude to risk and capacity for loss. If the process is restricted to hard facts only, the adviser may understand the client's financial position but not how the client will behave when markets fall, what level of volatility they can tolerate, or what trade-offs they are willing to accept to meet objectives. This creates a significant suitability risk: a technically affordable portfolio may still be unsuitable if it causes the client to panic-sell, abandon the strategy, or suffer an unacceptable level of anxiety. CISI exam framing often highlights that suitability is not purely numeric. Understanding risk tolerance, capacity for loss, and behavioural preferences requires soft facts, and failing to capture these increases the risk of inappropriate recommendations and poor client outcomes.
NEW QUESTION # 70
Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?
- A. On the death of the settlor
- B. On the death of the life tenant
- C. It continues indefinitely
- D. At the end of a prescribed period
Answer: D
Explanation:
* What is an Accumulation and Maintenance Trust?
* This is a trust designed primarily for minors or young beneficiaries.
* Trustees have discretion over income and capital distributionsuntil a specified event or age, after which the discretion typically ceases.
* When Does Discretion Cease?
* Generally, trustees' discretion ends at theend of a prescribed periodor when the beneficiary reaches a predetermined age, often 18 or 25.
* This ensures the trust complies with legal requirements, such as therule against perpetuitiesin some jurisdictions.
* ICWIM Study Guide, Chapter on Trusts: Details the rules around accumulation and maintenance trusts.
* Trust Law Principles: Highlights limitations of trustee discretion.
References
NEW QUESTION # 71
The return from a zero coupon bond, held to maturity, is:
- A. Entirely income
- B. Entirely capital gain
- C. A mixture of income and capital gain
- D. Determined by interest rates
Answer: B
Explanation:
A zero coupon bond does not pay periodic coupon interest. Instead, it is issued at a discount to its face value and redeemed at face value at maturity. The investor's total return, when the bond is held to maturity, is therefore the difference between the purchase price and the redemption amount. In exam terms, that return is treated as a capital uplift rather than income, because there are no cash coupon payments received during the life of the bond. While market interest rates do influence the bond's price before maturity, which is why zero coupon bonds can be very volatile if sold early, the question specifies held to maturity. If the investor holds to maturity, the cash flows are fixed as purchase price outflow and redemption value inflow, so the realised return comes entirely from the price accretion from discounted purchase price to par redemption. This is the key conceptual distinction CISI tests: coupon bonds provide income plus potential capital change, whereas zero coupon bonds deliver their return through the capital element only, assuming no default and holding to maturity.
NEW QUESTION # 72
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