Our Questions are updated on a regular basis to ensure that they are in-line with the latest SCI, IBF and CMFAS syllabus.

Last update: 3 Sep 2019
 
 
 


3 Sep 2019
CMFAS M1A Exam Question:

A Capital Market Services (CMS) Licence Holder for dealing in securities can trade on a stock market if it entered into a transaction on behalf of a principal whereby the instruction of the principal:

a) was allowed by the CMS Licence Holder.

b) was advised by the CMS Licence Holder.

c) was not solicited by the CMS Licence Holder.

d) was not incited by the CMS Licence Holder.

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3 Sep 2019
CMFAS M1A Exam Question:

Which of the following statements regarding a Designated Market-Maker is FALSE?

a) All trades done by a Designated Market-Maker in any Specified Securities must be routed through a CMS licence holder.

b) A person must be registered with SGX-ST as a market-making representative to receive and execute orders on behalf of the Designated Market-Maker.

c) Designated Market-Makers must submit periodic returns as SGX-ST requires.

d) Designated Market-Makers cannot make a market in a Specified Security which is suspended or subject to a trading halt.

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3 Sep 2019
CMFAS M1B Exam Question:

A person who is aware of an investigation regarding a money laundering case and discloses to any other person information which is likely to prejudice the investigation is guilty of a:

a) money laundering offence.

b) tipping-off offence.

c) suspicious transaction reporting (STR) offence.

d) failure to comply with Production Order offence.

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3 Sep 2019
CMFAS M1B Exam Question:

Which stage of the money laundering process refers to the creation of financial transactions designed to disguise the audit trail of money laundering?

a) Placement stage

b) Layering stage

c) Integration stage

d) Transfer stage

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3 Sep 2019
CMFAS M2A Exam Question:

In order to qualify for Negotiated Large Trades (NLTs), the minimum volume threshold must be met for:

a) at least one of the legs of the futures contract.

b) at least 50% of the legs of the futures contract.

c) at least 80% of the legs of the futures contract.

d) all legs of the futures contract.

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3 Sep 2019
CMFAS M2A Exam Question:

The difference between the expected price of a trade and the actual price at which the trade is executed is known as:

a) differential.

b) slippage.

c) spread.

d) price discrepancy.

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3 Sep 2019
CMFAS M3 Exam Question:

An individual who is engaged in central dealing for funds managed by related entities of a Licensed Fund Management Company (LFMC) can be any of the following types of representatives except:

a) appointed representatives

b) external representatives

c) provisional representatives

d) temporary representatives

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3 Sep 2019
CMFAS M3 Exam Question:

Which of the following is NOT a criteria for Fund Management Companies (FMCs) to meet?

a) An FMC should ensure that the minimum competency requirements are met.

b) An FMC should satisfy MAS that its shareholders, directors, representatives and employees, as well as the FMC itself, are fit and proper.

c) An FMC carrying out fund management on behalf of any customer other than an accredited or institutional investor does not need to meet the base capital thresholds.

d) An FMC should have in place compliance arrangements that are commensurate with the nature, scale and complexity of its business.

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3 Sep 2019
CMFAS M4A Exam Question:

Which of the following statements regarding IPO price stabilisation is FALSE?

a) If the market price of the shares is below the IPO price, the stabilising manager can purchase shares on the open market.

b) If the market price of the shares is above the IPO price, the stabilising manager can exercise an over-allotment option to acquire the shares at the IPO price.

c) Shares acquired by the stabilising manager through an over-allotment option must be retired.

d) Underwriters of an IPO can borrow shares from the issuer for the purposes of price stabilisation.

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3 Sep 2019
CMFAS M4A Exam Question:

Which of the following statements regarding a rights issue is false?

a) A rights issue cannot be withdrawn after commencement of ex-rights trading.

b) A rights issue must be underwritten prior to commencement of ex-rights trading.

c) The purpose of a rights issue must be announced before commencement of the rights issue.

d) A Listed Issuer cannot announce any rights issue without the announcement of the latest quarter results.

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3 Sep 2019
CMFAS M5 Exam Question:

Which of the following statements regarding Financial Advisers is NOT true?

a) A financial adviser who provides financial advisory service in respect of securities has to maintain a register of its interest in securities.

b) A financial adviser can withdraw monies related to a contract of insurance
from a bank account maintained by it.

c) A financial adviser can disclose to its clients any information on past performance in relation to a Collective Investment Scheme based on the simulated results of a hypothetical Collective Investment Scheme.

d) A financial adviser can make comparisons of the past performance of a Collective Investment Scheme with that of another Collective Investment Scheme to a client.

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3 Sep 2019
CMFAS M5 Exam Question:

A financial adviser must disclose all of the following except:

a) any lien imposed on a life policy.

b) the bid and offer prices of a collective investment scheme with a single pricing scheme.

c) the risk factors that may result in the benefits payable to be less than that illustrated in the benefit illustration.

d) whether the units of a collective investment scheme will be priced on a historical or forward basis.

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3 Sep 2019
CMFAS M6 Exam Question:

Which of the following types of equity securities has the lowest risk?

a) Ordinary shares

b) Non-ordinary shares

c) Non-voting shares

d) Preference shares

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3 Sep 2019
CMFAS M6 Exam Question:

Which of the following statements regarding Convertible Bonds is FALSE?

a) They have greater appreciation potential than corporate bonds.

b) They are less vulnerable to losses if the issuer defaults compared to corporate bonds.

c) Holders of convertible bonds have a lower priority to claim the issuing company’s assets than investors in corporate bonds.

d) They typically offer lower yields than corporate bonds.

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3 Sep 2019
CMFAS M6A Exam Question:

Which of the following types of orders is filled immediately at the best possible price?

a) Limit Order

b) Market Order

c) Stop Order

d) Market-if-Touched Order

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3 Sep 2019
CMFAS M6A Exam Question:

Which of the following occurs in an interest rate swap?

a) Net interest payments are made and the notional principal is swapped.

b) Net interest payments are made.

c) Notional principal is returned.

d) Net notional principal is swapped.

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3 Sep 2019
CMFAS M8 Exam Question:

Which of the following statements regarding Exchange Traded Funds (ETFs) is NOT true?

a) They are open-ended investment funds.

b) They may use derivatives to track an index or asset.

c) They may issue dividends.

d) They do not have management fees.

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3 Sep 2019
CMFAS M8 Exam Question:

Which of the following statements regarding equity investments is NOT true?

a) Equity investors are entitled to all claims on the assets of the corporation before other creditors are repaid.

b) Equity need not be repaid because it represents the capital that owners invest in a corporation.

c) The maximum amount that an equity holder can lose in the event of a corporate failure is its paid-up capital.

d) Equity investors are entitled to voting rights in the company.

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3 Sep 2019
CMFAS M8A Exam Question:

Which of the following statements regarding futures contracts is false?

a) They are standardised contracts traded on exchanges.

b) They are subject to margin requirements.

c) Mark-to-market occurs on a daily basis.

d) Settlement of gains or losses only occurs on delivery date.

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3 Sep 2019
CMFAS M8A Exam Question:

When the futures price is lower than the spot price, the situation is known as:

a) Contango

b) Backwardation

c) Basis

d) Variation

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3 Sep 2019
CMFAS M9 Exam Question:

Which type of term insurance is most suitable for insuring against the death of a loan payer?

a) Level Term Insurance

b) Increasing Term Insurance

c) Decreasing Term Insurance

d) Credit Insurance

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3 Sep 2019
CMFAS M9 Exam Question:

An option a policyholder can exercise to use the cash value of the policy to pay up the premium due on his policy is known as:

a) conversion option

b) paid-up option

c) cash value for premium option

d) non-forfeiture option

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3 Sep 2019
CMFAS M9A Exam Question:

Investment management fees of an Investment Linked Policy (ILP) sub-fund are calculated based on a percentage of the:

a) distribution cost

b) assets under management (AUM)

c) bid-offer spread

d) premiums collected

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3 Sep 2019
CMFAS M9A Exam Question:

If the policyholder of a structured Investment Linked Policy (ILP) survives throughout the term of the policy:

a) The sum assured is paid out.

b) The cash value is paid out.

c) The maturity value is paid out.

d) The policy ownership is passed on to the beneficiary.

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3 Sep 2019
CMFAS M10 Exam Question:

Increasing the debt cap allows a Real Estate Investment Trust (REIT) to:

a) increase its asset base by issuing new units.

b) increase its asset base without having to issue new units.

c) decrease its asset base by issuing new units.

d) decrease its asset base without having to issue new units.

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3 Sep 2019
Health Insurance Exam Question:

Which of the following statements is TRUE regarding critical illness insurance?

a) A Critical Illness rider acquires cash value.

b) A Critical Illness rider is automatically terminated once the basic policy is surrendered.

c) Critical Illness coverage will terminate at a specified age.

d) Critical Illness coverage can be issued on a stand-alone basis.

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3 Sep 2019
Health Insurance Exam Question:

The extra premium to be paid in order to compensate for the additional risk involved in insurance is known as:

a) Surcharge

b) Escalation

c) Loading

d) Proration

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3 Sep 2019
BCP Exam Question:

Which of the following statements about ‘common law’ is NOT TRUE?

a) It is sometimes called ‘unwritten law’.

b) It consists of generally accepted rules and requirements that a civilized society will consider automatic.

c) It can be modified or abolished by statute law.

d) It cannot be modified by the mutual agreement of parties to a contract.

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3 Sep 2019
BCP Exam Question:

Which of the following statements regarding insurable interest is incorrect?

a) There must be some property, rights, interest or potential liability capable of being insured.

b) The property, rights, interest or potential liability must be the subject matter of the insurance.

c) The insured must not stand in a relationship, recognized by law, with the subject matter of the insurance.

d) The proposer must benefit from the continued existence of the subject matter of the contract or be prejudiced by its loss.

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3 Sep 2019
BCP Exam Question:

Which of the following is a method to use such that a risk and its potential financial consequences can be transferred to another party without the use of insurance?

a) Risk transfer

b) Risk pooling

c) Non-insurance transfer

d) Non-insurance pooling

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3 Sep 2019
PGI Exam Question:

Which of the following statements regarding Blanket Coverage is FALSE?

a) The insurer will pay the amount required to repair or replace the article less depreciation

b) The insurer will not pay more than the amount of blanket coverage in the category

c) The insurer will not pay more than the amount of blanket limit per item for loss to any one article

d) The insurer will pay the insured in cash the replacement cost of the article if mutually agreed upon

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3 Sep 2019
PGI Exam Question:

Which of the following statements correctly describes the term Subrogation?

a) The insurer need not to pay any claims if the claims are fraudulent.

b) The insurer has the right to pursue the wrong-doer in the insured’s name.

c) The insured must inform the insurer in writing of any change of circumstances which can increase the possibility of loss, injury or damage.

d) The insurer and the insured have the right to cancel the policy if mutually agreed upon.

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3 Sep 2019
ComGI Exam Question:

If a motor vehicle cannot be restored to a safe pre-accident condition and the total repair costs exceeds the Economic Repair Value, the insurer will have the option to settle the claim on a:

a) Constructive Total Loss Basis

b) Repair Discharge Basis

c) Disabled Vehicles Basis

d) Damage Limit of Indemnity Basis

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3 Sep 2019
ComGI Exam Question:

Which of the following terms correctly describes a situation where an individual who is liable for an accident is under the control of some other person or organization, and who, therefore, transfers liability to that party in control?

a) Strict Liability

b) Absolute Liability

c) Vicarious liability

d) Negligence

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3 Sep 2019
FMRP Exam Question:

Which of the following statements is FALSE regarding rollovers of foreign exchange transactions at off-market rates?

a) Maturing forward contracts can be extended or rollover-ed.

b) The current market spot rate should be used to liquidate the maturing contract and used as a base from which the new forward rate is derived.

c) The use of off-market rates is strongly discouraged.

d) Deals done at off-market rates may be used as a means to conceal profit or loss, or to perpetuate a fraud.

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3 Sep 2019
FMRP Exam Question:

Which of the following actions cannot be taken when a Broker cannot substantiate his quotation on an Interest Rate Swap?

a) The Broker should close the deal at the next available price and settle the difference.

b) In the absence of prior arrangements, differences are payable on spot date.

c) The Broker can settle the difference by sending a cheque for the amount to the Principal.

d) Principals can request that the deal be contracted at the original rate instead of receiving a settlement of the difference.

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3 Sep 2019
CACS Paper 1 Exam Question:

A Covered Person of a Covered Entity is not allowed to be an appointed representative of more than one principal:

a) unless their principals are related corporations.

b) unless they work in a specialised unit serving High Net Worth Individuals (HNWIs) only.

c) unless they solely conduct venture capital fund management.

d) under all circumstances.

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3 Sep 2019
CACS Paper 1 Exam Question:

Shares of a Private Trust Company (PTC) held by a Purpose Trust are ultimately owned by the:

a) Company Directors

b) Trustee

c) Settlor

d) There is no ultimate owner of the shares

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3 Sep 2019
CACS Paper 2 Exam Question:

Which of the following financial instruments can be described as the sale of a security at a specified price with a simultaneous commitment by the borrowing party to buy the security back from the lending party at a specific price and future date?

a) Treasury bills

b) Repurchase agreements

c) Commercial paper

d) Banker’s acceptance

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3 Sep 2019
CACS Paper 2 Exam Question:

Which of the following statements regarding Exchange Traded Funds (ETFs) is false?

a) They are open-ended investment funds.

b) They may use derivatives to track an index or asset.

c) They may issue dividends.

d) They do not have management fees.

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