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Series XV · Exam Focus

NISM Series XV: Research Analyst Certification — Exam Focus Practice Questions

Exam-specific finance and market-practice questions for NISM Series XV: Research Analyst Certification. Every question below shows the correct answer and a full explanation, so you can read through this set as a study page or attempt it as a timed mock test.

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Practice questions

All 25 questions in Exam Focus

Read each question, think through your answer, then expand it to check the correct option and explanation.

Financial Statements

Q1. Which statement best reflects EBITDA?

  1. A. Earnings before interest, tax, depreciation and amortisation
  2. B. Equity before income tax
  3. C. Estimated book income after tax
  4. D. Enterprise borrowing indicator
Show correct answer & explanation

Correct answer: A. Earnings before interest, tax, depreciation and amortisation

EBITDA is a profitability measure before interest, tax, depreciation and amortisation.
Valuation

Q2. A high P/E ratio may indicate:

  1. A. High growth expectations or overvaluation
  2. B. Guaranteed undervaluation
  3. C. No investor interest
  4. D. Zero earnings always
Show correct answer & explanation

Correct answer: A. High growth expectations or overvaluation

A high P/E can reflect growth expectations, but may also signal overvaluation depending on fundamentals.
DCF

Q3. In DCF valuation, increasing the discount rate generally:

  1. A. Reduces present value
  2. B. Increases present value
  3. C. Has no effect
  4. D. Removes terminal value
Show correct answer & explanation

Correct answer: A. Reduces present value

A higher discount rate reduces the present value of future cash flows.
Research Ethics

Q4. A research analyst should disclose conflicts of interest because:

  1. A. It helps investors judge objectivity
  2. B. It guarantees stock returns
  3. C. It replaces valuation
  4. D. It is optional in all cases
Show correct answer & explanation

Correct answer: A. It helps investors judge objectivity

Conflict disclosure is important for transparency and investor protection.
Industry Analysis

Q5. Porter's Five Forces is used mainly to study:

  1. A. Industry competitiveness
  2. B. Only accounting entries
  3. C. Daily settlement
  4. D. Option premium
Show correct answer & explanation

Correct answer: A. Industry competitiveness

The framework analyses competition, suppliers, buyers, substitutes and entry barriers.
Ratio Analysis

Q6. Current ratio measures:

  1. A. Current assets relative to current liabilities
  2. B. Market price relative to EPS
  3. C. Debt relative to equity only
  4. D. Dividend relative to price
Show correct answer & explanation

Correct answer: A. Current assets relative to current liabilities

Current ratio is a liquidity ratio: current assets divided by current liabilities.
Enterprise Value

Q7. Enterprise value is commonly calculated as:

  1. A. Market capitalisation plus debt minus cash
  2. B. Net profit divided by shares
  3. C. Assets minus revenue
  4. D. Dividend plus EPS
Show correct answer & explanation

Correct answer: A. Market capitalisation plus debt minus cash

EV approximates the total value of the operating business to all capital providers.
EPS

Q8. Earnings per share is calculated as:

  1. A. Profit available to equity shareholders divided by number of shares
  2. B. Revenue divided by debt
  3. C. Assets divided by liabilities
  4. D. Dividend divided by market cap
Show correct answer & explanation

Correct answer: A. Profit available to equity shareholders divided by number of shares

EPS measures profit attributable to each equity share.
Recommendation

Q9. A research recommendation should primarily be based on:

  1. A. Reasoned analysis and disclosed assumptions
  2. B. Rumour from social media
  3. C. Guaranteed price target
  4. D. Brokerage target only
Show correct answer & explanation

Correct answer: A. Reasoned analysis and disclosed assumptions

Research should be based on analysis, assumptions, risks, and proper disclosures.
Risk Section

Q10. Why should research reports include key risks?

  1. A. Because valuation outcomes depend on assumptions and uncertainties
  2. B. Because risks guarantee losses
  3. C. Because SEBI does not allow targets
  4. D. Because ratios are never used
Show correct answer & explanation

Correct answer: A. Because valuation outcomes depend on assumptions and uncertainties

Risk disclosure helps readers understand what can change the investment view.
Industry analysis

Q11. In Series XV Exam Focus, a learner wants to improve accuracy in Industry analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Valuation

Q12. In Series XV Exam Focus, a learner wants to improve accuracy in Valuation. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Economy analysis

Q13. In Series XV Exam Focus, a learner wants to improve accuracy in Economy analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Financial statements

Q14. In Series XV Exam Focus, a learner wants to improve accuracy in Financial statements. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Research ethics

Q15. In Series XV Exam Focus, a learner wants to improve accuracy in Research ethics. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Industry analysis

Q16. In Series XV Exam Focus, a learner wants to improve accuracy in Industry analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Valuation

Q17. In Series XV Exam Focus, a learner wants to improve accuracy in Valuation. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Economy analysis

Q18. In Series XV Exam Focus, a learner wants to improve accuracy in Economy analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Financial statements

Q19. In Series XV Exam Focus, a learner wants to improve accuracy in Financial statements. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Research ethics

Q20. In Series XV Exam Focus, a learner wants to improve accuracy in Research ethics. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Industry analysis

Q21. In Series XV Exam Focus, a learner wants to improve accuracy in Industry analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Valuation

Q22. In Series XV Exam Focus, a learner wants to improve accuracy in Valuation. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Economy analysis

Q23. In Series XV Exam Focus, a learner wants to improve accuracy in Economy analysis. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Financial statements

Q24. In Series XV Exam Focus, a learner wants to improve accuracy in Financial statements. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.
Research ethics

Q25. In Series XV Exam Focus, a learner wants to improve accuracy in Research ethics. Which study action is most useful?

  1. A. Review the concept, read explanations, and practise similar questions
  2. B. Memorise only the previous option letter
  3. C. Skip the topic because it appeared difficult
  4. D. Attempt faster without checking why answers were wrong
Show correct answer & explanation

Correct answer: A. Review the concept, read explanations, and practise similar questions

Accuracy improves when the learner connects the concept, the explanation, and repeated practice on the same weak area.

How to use this set

Work through the questions in order without expanding the answers first, exactly as you would in the real Series XV exam. Once you have picked an option, expand the answer to confirm whether you were right and read the explanation, even for questions you answered correctly, since the reasoning behind each option is where most of the learning happens.

If you get a question wrong, note the topic tag above the question and revisit that topic in the Series XV exam page before your next attempt. When you are ready for exam-condition practice, use the timed mock test above; it shuffles these questions, applies the negative marking rule, and gives you a scored review at the end.