최신 CIFC 무료덤프 - IFSE Institute Canadian Investment Funds Course

문제1

One of your clients, Harry, has heard that he can defer paying tax on capital gains. He wants to know if what he has heard is correct and if so, how to defer paying taxes on capital gains.
What would you tell Harry?

A. He should hold profitable investments as long as possible.

B. He should hold unprofitable investments as long as possible.

C. He should invest in mutual funds just before the dividend paying date to pick up the dividend.

D. Harry should buy and sell investments actively.

정답: A

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문제2

Ken is a member of his employer's Defined Benefit Pension Plan (DBPP). Which of the following statements about Ken's plan is CORRECT?

A. The amount that Ken will receive at retirement is not guaranteed.

B. Contributions to the plan do not result in a Pension Adjustment (PA) for Ken.

C. The amount Ken receives in retirement depends on the performance of the investments he has selected within the plan.

D. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.

정답: D

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문제3

Which information is typically included in the Letter of Engagement?

A. Payee for deposits

B. Process for complaints

C. Investment Objective

D. Client's responsibilities

정답: D

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문제4

In which of the following situations would the client mobility exemption apply?

A. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.

B. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.

C. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.

D. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.

정답: C

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문제5

Evan owns retractable preferred shares of Ingram Corp. Which statement CORRECTLY describes a key feature of Evan's shares?

A. Entitles Evan to sell the shares back to Ingram Corp at a pre-determined price and time in the future.

B. Offers Evan the opportunity to receive additional dividends if Ingram Corp's profit exceeds a stated level.

C. Gives Evan the option to convert the Ingram Corp preferred shares into a fixed number of common shares at a predetermined price within a specified period.

D. Allows Ingram Corp to buy back the preferred shares at a pre-determined price within a defined period.

정답: D

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문제6

Which of the following statements about nominee name accounts is TRUE?

A. Discretionary trading on a client's account, without specific instructions, is permitted.

B. A Limited Trading Authorization (LTA) is necessary since the dealer, and not the client, is the registered owner of the mutual funds.

C. Holding accounts in nominee name means the client no longer needs to provide any trading instructions.

D. The dealer is the registered owner of the account and holds funds in trust for the client.

정답: D

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문제7

Patrick is a portfolio manager for the HyperTally Growth Fund. It has generated an annualized rate of return of
10% this past year. However, with the anticipation of very high inflation to soon occur, there is also an expectation of higher interest rates. Patrick is concerned about the future returns of existing stocks within the fund. What may Patrick do to protect against the market value of the fund dropping?

A. Agree to buy forward contracts where he is in the "long' position.

B. Purchase put options for the fund's existing assets.

C. Avoid the use of derivatives because they are speculative in nature.

D. Buy call options for the existing stocks stored within the fund.

정답: B

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문제8

You are collecting know your client (KYC) information for your new client, Yael. She has recently accepted an early retirement package from her employer and has $100,000 to invest. She is looking for an investment that will provide income to help pay her ongoing monthly expenses. Without this extra income, she would have trouble paying her bills. From your discussions, Yael understands that markets fluctuate and says she is comfortable with high risk. Which of the following would be a suitable investment?

A. money market fund

B. Canadian equity index fund

C. mortgage fund

D. global equity fund

정답: C

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문제9

Which of the following statements about registered education savings plans (RESPs) is CORRECT?

A. There is a yearly contribution limit per beneficiary.

B. RESPs must be collapsed by the end of the 31st year of its starting date

C. Contributions to RESPs are tax deductible.

D. Contributed funds grow tax-free within the plan.

정답: D

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문제10

Lydia wants to transfer units of her Sussex Growth Fund to her registered retirement savings plan (RRSP) as her RRSP contribution. The current market value is $10,600 and the cost of the units is $4,500.
Which of the following statements is CORRECT?

A. Lydia's RRSP contribution will be valued at $4,500.

B. Lydia is only permitted to contribute cash to her RRSP not units of her mutual fund.

C. Lydia's RRSP contribution will be valued at $10,600.

D. Lydia will incur a capital gain of $4,500 from the contribution.

정답: C

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문제11

Which of the following qualifies as personal information under the Personal Information Protection and Electronic Documents Act (PIPEDA)?

A. employee's business address

B. employee's name

C. employee's business telephone number

D. employee's credit record

정답: D

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문제12

Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average $65,000 per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has always made his own investment decisions. His money is mostly invested in balanced funds. He feels most comfortable with these types of mutual funds since they offer potential investment growth but without being too aggressive. Cosmo has no other assets.
What additional information do you need about Cosmo to fulfill your know your client obligation?

A. time horizon

B. investment objectives

C. income and net worth

D. risk tolerance

정답: D

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문제13

Maalik opens an account for a new client, John. During the new account process, Maalik determines that he will need to confirm John's identity. Which of the following statements about Maalik's identification requirements is CORRECT?

A. If John wants to make a large cash deposit of $10,000 or more, Maalik is required to collect personal information about John and report it to his dealer. The dealer must report the information to the Canada Revenue Agency (CRA).

B. If Maalik learns that John is the president of a state-owned company, Maalik is required to report John as a Politically Exposed Foreign Person (PEFP) to his dealer. If John is not a US person, the dealer must report the account to the Internal Revenue Service (IRS).

C. If John attempts to make a suspicious deposit, Maalik is required to report the attempt to his dealer. The dealer must keep records of attempted suspicious transactions that are not reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

D. If Maalik determines that there is anything suspicious about John's transaction, he is required to report the matter to his dealer. The dealer must report the matter to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

정답: D

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문제14

Raybert has a very short-term investment objective and has decided to purchase money market instruments.
There are plenty of 90-day money market securities available for him to choose from. Although Raybert is aware that all the respective issuers have a similar need for his capital, no matter what he decides, he can only afford to purchase one.
In terms of financial markets and their relationship to the principles of supply and demand, which characteristic of investment capital are the issuers being exposed to?

A. Sensitivity

B. Risk

C. Scarcity

D. Mobility

정답: C

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문제15

Douglas, aged 73, won a lottery prize of $100,000 last week. Today he contacted Vincent, his Dealing Representative, with instructions to contribute the winnings to his registered retirement income fund (RRIF) account.
Which of the following statement about RRIF is CORRECT?

A. Withdrawals from a non-qualifying RRIF are not taxable.

B. Deposits to RRIFs cannot be withdrawn for 5 years.

C. Deposits to a RRIF entitle Douglas to a tax deduction.

D. Deposits into RRIFs are not permitted.

정답: D

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문제16

The owners of Underground Airways Ltd. want to take their privately owned corporation public through an initial public offering (IPO). They are speaking to a specialist from an investment dealer to determine whether it would be advisable to become listed on a stock exchange or the over-the-counter (OTC) market.
In comparing the two options, which of the following considerations is TRUE?

A. Underground would be subject to less stringent listing requirements if they chose the stock exchange as compared to the OTC market.

B. Underground would still be directly involved in the trading of their shares on either market.

C. If Underground chose to list on the OTC market, there would be no secondary market available for investors.

D. A stock exchange listing would provide Underground with greater market exposure and public confidence than listing on the OTC market.

정답: D

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문제17

Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

A. A period of economic expansion is always of the same length as a period of economic contraction.

B. A period of at least 3 consecutive months of contraction is called a recession.

C. A period of economic expansion is followed by a period of economic contraction.

D. A period of economic expansion is of the same length in every cycle.

정답: C

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문제18

Khuyen is a Dealing Representative for Stark Contrast Investments. Her dealer has relationships with 20 different mutual fund families. This gave her the flexibility to sell two different types of funds from two different fund families to her client, Bao. $5,000 was invested in the Blue Moon Global Balanced fund and an additional $5,000 was invested in the Orange Sun Asset Allocation fund. Khuyen has been reviewing the performance of both funds and has determined that Bao would be better off being fully invested in the Blue Moon Global Balance fund. Bao had previously signed a Limited Authorization Form (LAF) for Khuyen, so she goes ahead and does not worry about consulting with Bao before making the change.
What type of activity has Khuyen performed?

A. Discretionary trading

B. Top-down management

C. Value investing

D. Churning

정답: A

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문제19

Which of the followings describes segregated funds?

A. Segregated funds have high returns, high management fees, and cannot be redeemed until the maturity date of the contract.

B. Segregated funds offer some protection of the capital invested but there is an added cost for the protection.

C. Segregated funds are subject to securities regulation because they are distributed by mutual fund dealing representatives.

D. Segregated funds flow through capital losses to investors because the investors are the owners of the underlying fund.

정답: B

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최신 CIFC 무료덤프 - IFSE Institute Canadian Investment Funds Course

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