Sample Questions

NISM-Series-15: Research Analyst Mock Tests — 5 random MCQs with answers & explanations

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These 5 questions are randomly selected (standard MCQs only, not case-based).

Q1 What is formed when capital pooled from different investors is invested in shares, stocks, or bonds, managed by a professional fund manager?

  • A. Private Equity Firm
  • B. Mutual Fund Correct Answer
  • C. Pension Fund
  • D. Hedge Fund
Explanation:
A mutual fund is an investment vehicle that pools money from many investors to invest in securities, managed by a professional.

Marks: 1

Q2 How should a research analyst disclose any potential or actual conflicts of interest in their reports?

  • A. Timely
  • B. Concisely
  • C. Completely
  • D. All of the above Correct Answer
Explanation:
Transparency is key. Analysts must provide complete, clear (concise), and immediate (timely) disclosures to ensure that investors are aware of any biases that might influence the analyst's recommendation.

Marks: 1

Q3 What refers to the value based on what an investor would be willing to pay for the cash flow generated by the assets?

  • A. Replacement value
  • B. Selling price based valuation
  • C. Intrinsic valuation (Cash flow based) Correct Answer
  • D. Cost based valuation
Explanation:
Intrinsic valuation methods, like Discounted Cash Flow (DCF), estimate value based on the expected future cash flows generated by an asset or business.

Marks: 1

Q4 Leverage ratio is a part of __________ parameter of business analysis. (NISM workbook)

  • A. Quantitative Correct Answer
  • B. Qualitative
Explanation:
Leverage ratios are listed as part of the Quantitative Parameters section in the sample checklist for investment research reports.

Marks: 1

Q5 What is the core definition of "Passive Investing"?

  • A. Investing only in alternative assets like Real Estate or Bitcoin
  • B. Long-term holding of a few specific high-quality stocks
  • C. Investing in a wide group of securities that track a specific index or asset class Correct Answer
  • D. Investing only in stable, low-volatility businesses
Explanation:
Passive investing aims to mirror market performance by tracking an index rather than trying to beat the market through stock picking.

Marks: 1

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