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Exam (elaborations)

CISI exam definitions

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Active Management - answer-Investment approach employed to generate returns in excess of the market Additional Rate (of Income Tax) - answer-Tax on top of band of income (currently at 45%) Alternative Investment Market (AIM) - answer-Established by LSE (London Stock Exchange) - Junior market ...

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  • November 2, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CISI
  • CISI
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TOPDOCTOR
CISI EXAM DEFINITIONS
Active Management - answer-Investment approach employed to generate returns in
excess of the market

Additional Rate (of Income Tax) - answer-Tax on top of band of income (currently at
45%)

Alternative Investment Market (AIM) - answer-Established by LSE (London Stock
Exchange) - Junior market for smaller company shares

Annual General Meeting (AGM) - answer-Yearly meeting of shareholders - vote
dividends, appoint directors and approve financial statements

Approved Persons - answer-Employees in controlled functions, who must be
approved by regulator

Articles of Association - answer-Legal document that sets out internal constitution of
company - shareholder voter rights and company borrowing powers

Auction - answer-Sales system used by the debt management agency (DMO) when
it issues guilts

Authorisation - answer-Required status under FSMA for firms that wish to provide
financial services

Authorised Corporate Director (ACD) - answer-Fund manager from an OEIC

Authorised Unit Trust (AUT) - answer-Unit trust which is freely marketable.
Authorised by FCA

BoP - answer-Summary of all transactions between a country and rest of the world
(X-M)

Bank of England (BoE) - answer-UK central bank , implements economic policy
decided by treasury and determines interest rates

Basic Rate (of Income Tax) - answer-Rate of tax charged on income that is below
high rate tax threshold (currently 20%)

Bearer Securities - answer-Ownership is evidenced by mere possession of a
certificate - ownership can therefore pass hand to hand with no formalities

Beneficiaries - answer-Beneficial owners of trust property or those who inherit under
a will

, Bid Price - answer-Price at which dealers buy stock. Also price quoted by unit trusts
that are dual priced for sales of units

Bonds - answer-Interest bearing securities which entitle holders to annual interest
and repayment at maturity - issued by government and companies

Bonus Issue - answer-A free issue of shares to existing shareholders. No money is
paid. The share price falls pro rata. Also known as a capitalisation or scrip issue.

The CAC 40 Index - answer-Index of prices of 40 major French company shares

Call Option - answer-Option giving its buyer the right to buy an asset at an agreed
price

Capital Gains Tax - answer-Tax payable by individuals on profit made on the
disposal of certain assets

Central Bank - answer-Responsible for:
- setting nations short term interest rate
- controlling money supply
- acting as banker and lender of last resort to banking system
- managing net debt

Certificates of Deposit (CDs) - answer-Certificates issued by a bank as evidence that
interest-bearing funds have been deposited with it. CDs are traded within the
money market.

Clean Price - answer-Quoted for price of guilt - excludes any interest that has
accrued from the last interest payment date. Accrued interest added on afterwards
and price then known as "dirty price"

Closed-ended - answer-Organisations which are a fixed size as determined by their
share capital. Commonly used to distinguish investment trusts (close-ended) from
unit trusts (OEICs) (open-ended)

Closing - answer-Reversing an original future position by (for example) selling what
you have previously bought

Commercial Paper (CP) - answer-short-term unsecured debt (money market
instrument) issued by large corporations

Commission - answer-Charged for acting as agent or broker

Commodity - answer-Items including sugar, wheat, oil and copper. Derivatives of
commodities are traded on exchanges (oil futures and ICE futures)

Contract - answer-Standard unit of trading in derivatives

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