QUIZ CIFC - CANADIAN INVESTMENT FUNDS COURSE EXAM HIGH HIT-RATE TEST TORRENT

Quiz CIFC - Canadian Investment Funds Course Exam High Hit-Rate Test Torrent

Quiz CIFC - Canadian Investment Funds Course Exam High Hit-Rate Test Torrent

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
As a measurement of risk, which of the following statements about beta is TRUE?

  • A. It is a ratio that compares a company's current rate of return to its average rate of return overtime.
  • B. It corresponds to a stock's riskiness in relation to the frequency of dividend payments over a certain period of time.
  • C. A larger beta for a stock means it will outperform the market at any point in the business cycle.
  • D. It is a relative measure that compares how an investment reacts to movements in a specific index.

Answer: D


NEW QUESTION # 82
Which of the following is a conflict of interest that should be AVOIDED?

  • A. Jamal's client, Laila, wants to buy the Focus Canadian Growth Fund that pays Jamal trailer fees.
  • B. Arilla's client, Gwen, wants to co-invest with Arilla in units of a real estate limited partnership.
  • C. Fred's client, Hildie, wants to buy a life insurance policy and Fred is dually licensed as an Insurance Agent.
  • D. Davu's client, Ester, wants him to refer her to an accountant to help her with filing her tax return.

Answer: B

Explanation:
Explanation
A conflict of interest is a situation in which a person's personal interests conflict with their professional duties or responsibilities. A conflict of interest should be avoided or disclosed to prevent harm to the client or the registrant. In this case, Arilla's client, Gwen, wants to co-invest with Arilla in units of a real estate limited partnership. This is a conflict of interest because Arilla may have a personal interest in the investment that could influence her advice to Gwen or affect her ability to act in Gwen's best interest. For example, Arilla may benefit from the investment at Gwen's expense, or she may have access to information that Gwen does not have. Therefore, this is a conflict of interest that should be avoided by Arilla. She should decline Gwen's offer and explain that it would compromise her professional obligations and fiduciary duty to Gwen.
References: Canadian Investment Funds Course, Unit 2, Section 2.3


NEW QUESTION # 83
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. income and net worth
  • B. risk tolerance
  • C. time horizon
  • D. investment objectives

Answer: B

Explanation:
Explanation
To fulfill the know your client (KYC) obligation, an advisor must collect and document information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. The KYC rule is a regulatory requirement that ensures that the advisor understands the client's needs and goals, and provides suitable recommendations that match the client's profile. In this case, Cosmo has provided some information about his personal and financial situation, such as his age, occupation, income, assets, and inheritance. He has also given some indication of his investment objectives, such as saving for retirement, and his investment knowledge, such as making his own investment decisions and preferring balanced funds.
However, he has not disclosed his risk tolerance, which is his willingness and ability to accept fluctuations in the value of his investments. Risk tolerance is an important factor that affects the choice of investment strategies and products. Therefore, to complete the KYC process, the advisor needs to obtain additional information about Cosmo's risk tolerance. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section 1.4: The Know Your Client (KYC) Rule, page 1-111 Know Your Client (KYC) Definition - Investopedia2


NEW QUESTION # 84
Which statement regarding the Fund Facts document is CORRECT?

  • A. The Fund Facts document must be delivered to the client, electronically or in writing, within 5 days of the transaction date.
  • B. Before accepting an order from a client, a Dealing Representative is expected to provide and explain the Fund Facts document.
  • C. For leveraged accounts, the Fund Facts document is not required if the client has been provided with the Leverage Risk Disclosure document.
  • D. The Fund Facts document must not contain performance data.

Answer: B

Explanation:
Explanation
The Fund Facts document is a summary disclosure document that highlights key information about a mutual fund or an exchange-traded fund (ETF), such as the performance history, investments, fees, and risks.
According to the Point of Sale (POS) disclosure rules, a Dealing Representative must provide and explain the Fund Facts document to the client before accepting an order to buy or switch a fund. This allows the client to make an informed investment decision and to know their rights.
References = Fund Facts | AMF - Autorite des marches financiers, Fund Facts/ETF Facts - Fidelity, Understanding Fund Facts | GetSmarterAboutMoney.ca, IFSE CIFC Module 2: The Investment Industry, page
2-16.


NEW QUESTION # 85
Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

  • A. A period of at least 3 consecutive months of contraction is called a recession.
  • B. A period of economic expansion is always of the same length as a period of economic contraction.
  • C. A period of economic expansion is of the same length in every cycle.
  • D. A period of economic expansion is followed by a period of economic contraction.

Answer: D


NEW QUESTION # 86
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