6 Questões que SEMPRE caem na CPA-10 e CPA-20 🎯 Questões comentadas 🚨 (Assista para não errar!)

Summary

This video script covers various aspects of the financial world, including types of bank deposits (current accounts, time deposits like CDB), the role of commercial and investment banks, and how interest rates like SELIC affect the economy. It also discusses options trading, swaps, and investment fund classification. Key topics include the difference between PGBL and VGBL retirement plans, with tax benefits explained. The script blends theoretical knowledge with practical examples, offering a comprehensive overview for anyone studying financial certifications, market dynamics, and investment strategies.

Takeaways

• 😀 A commercial bank can receive deposits on-demand (current accounts), while time deposits (CDBs) are managed by both commercial banks and investment banks.
• 😀 Investment banks, like XP and BTG, started as brokers but now operate both commercial and investment banking functions, including handling CDBs.
• 😀 An increase in the SELIC rate makes money more expensive, reducing circulation and consumption, and potentially slowing economic growth (GDP).
• 😀 High SELIC rates discourage consumption and investment, while encouraging savings as people opt for higher-yield investments to combat inflation.
• 😀 In countries with higher inflation (like Argentina), high interest rates (e.g., 90%) are used to prevent further inflation, despite causing economic slowdown.
• 😀 The PTAX (official exchange rate) typically drops when there is an influx of dollars into Brazil due to higher interest rates, making the dollar cheaper.
• 😀 The key difference between a 'Call' option (buying right) and a 'Put' option (selling right) is that the option holder can sell an asset while the seller of a 'Put' option has the obligation to buy.
• 😀 In the context of swaps, financial contracts are used to exchange the return of one index for another, often involving currencies or interest rates.
• 😀 Swaps are non-standardized, over-the-counter (OTC) contracts, meaning they are negotiated directly between parties, unlike futures or options which are standardized and traded on exchanges.
• 😀 When classifying investment funds, the main criteria are the risk associated with the portfolio, the nature of the assets, and their sensitivity to interest rate and inflation changes, rather than the fund's benchmark or issuer type.

Q & A

What is the difference between a current account and a time deposit?

A current account, also known as a 'deposit à vista,' is designed for receiving immediate deposits, typically managed by commercial banks. A time deposit, or 'certificado de depósito bancário (CDB),' refers to a fixed-term investment offered by both commercial and investment banks, where the depositor agrees to leave their money for a specific period.

Can investment banks offer time deposits or only commercial banks?

Both commercial banks and investment banks can offer time deposits, also known as CDBs. While commercial banks are traditionally associated with offering current accounts, investment banks, which started as brokers, now also offer time deposits alongside their other services.

How does the increase in the SELIC rate impact the economy?

An increase in the SELIC rate typically makes borrowing more expensive and decreases the amount of money circulating in the economy. This is done to control inflation by discouraging spending and investment. However, it may also lead to a lower projected GDP as businesses and consumers cut back on spending.

Why does an increase in the SELIC rate attract foreign investment?

When the SELIC rate increases, the returns on investments in Brazil become more attractive compared to other countries with lower interest rates. As a result, foreign investors may move capital into Brazil to benefit from the higher interest rates, which increases demand for the Brazilian real and makes the dollar cheaper.

What is the main difference between a call option and a put option in options trading?

A call option gives the holder the right to buy an underlying asset at a specific price, while a put option gives the holder the right to sell an asset at a specific price. The seller (or 'writer') of a call option has the obligation to sell the asset if the holder exercises the option, while the seller of a put option has the obligation to buy the asset.

What is a swap contract in finance?

A swap contract involves the exchange of financial instruments or cash flows between two parties. Typically, one party will have an active position (e.g., earning interest at a certain rate), and the other will have a passive position (e.g., paying a different rate). The most common type of swap is one where the return on one asset is exchanged for the return on another, like swapping CDI-based returns for USD-based returns.

Are swap contracts standardized?

No, swap contracts are not standardized. Unlike futures or options contracts, which are traded on exchanges and are standardized, swaps are typically negotiated over-the-counter (OTC) and can be customized to suit the needs of the involved parties.

What are the main risks considered when classifying investment funds?

The main risk considered when classifying investment funds is the risk associated with the fund's portfolio, determined by the nature of the assets and their sensitivity to factors like interest rate changes and inflation. The classification of funds, such as in 'fixed income,' 'equity,' or 'multi-market,' is based on the risk profile of their holdings.

What is the difference between PGBL and VGBL pension plans in Brazil?

The PGBL (Plano Gerador de Benefício Livre) allows for tax deferral on contributions up to 12% of taxable income, making it beneficial for those who file a complete income tax return. However, it taxes both the principal and the earnings upon withdrawal. In contrast, the VGBL (Vida Gerador de Benefício Livre) does not offer tax deferral but only taxes the earnings, making it a better option for individuals who do not contribute to social security or those who do not have a taxable income.

What factors influence the classification of investment funds by the Brazilian Securities Commission (CVM)?

The classification of investment funds by the CVM is primarily based on the risk of the portfolio, which reflects the nature of the assets and their sensitivity to interest rate and inflation changes. The classification includes categories like fixed income, equity, multi-market, and foreign exchange, and it ensures that the risk profile is aligned with the fund's investment strategy.