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IFSE Institute CIFC Canadian Investment Funds Course Exam Exam Practice Test

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Total 224 questions

Canadian Investment Funds Course Exam Questions and Answers

Question 1

Which of the following is a rationale for a portfolio manager to use a passive portfolio management strategy?

Options:

A.

The manager does not believe in using benchmarks.

B.

The manager wishes to create capital gains in the mutual fund by frequently buying and selling stocks

C.

The manager believes he or she can outperform the market with his or her stock picking skills.

D.

The manager believes that as the markets are fairly priced, it would be futile to look for mis-priced securities.

Question 2

Saheed is a retiree who is considering splitting his pension income with his wife, Minu.

Which of the following outcomes may occur if he shares his pension benefits?

Options:

A.

Whether the couple saves on income tax will be dependent on Minu's marginal tax rate.

B.

Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.

C.

This is a form of tax evasion and is therefore considered illegal based on income tax legislation.

D.

Regardless of how much income each person reports, the total amount of income taxes will not change.

Question 3

Sandra presently participates in her employer-sponsored defined contribution pension plan (DCPP). As contributions continue to be made into her plan, what can she expect?

Options:

A.

Retirement benefits will be based on a prescribed formula that can be referenced from the plan's terms and conditions.

B.

The employer will solely make contributions to her DCPP based on a prescribed formula noted within her plan.

C.

Her available registered retirement savings plan (RRSP) contribution room will be reduced by what is being contributed to her plan.

D.

To ensure she has savings at retirement, the employer will choose stable investments to grow her retirement savings.

Question 4

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

Options:

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.

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.

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.

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.

Question 5

Quinton, a Dealing Representative, meets with his client Banji. Banji’s Know Your Client (KYC) indicates that her risk profile is “medium’’. Banji currently has $35,000 in her account which is invested 50% in the Middleton Balanced Fund and 50% in the Hector Growth Fund. She tells Quinton that she would like to contribute an additional $10,000 to purchase the Prospect Labour-Sponsored Fund. Which of the following statements about Banji’s proposed transaction is CORRECT?

Options:

A.

Quinton can proceed with the purchase of the Prospect Labour-Sponsored Fund because it is suitable for Banji based on her current KYC.

B.

Quinton should update Banji's risk profile to "high" so that he can proceed with the purchase of the Prospect Labour-Sponsored Fund.

C.

Quinton should not proceed with the purchase of the Prospect Labour-Sponsored Fund because it is not suitable for Banji based on her current KYC.

D.

Quinton must provide Banji with full disclosure about the risks so that he can proceed with the purchase of the Prospect Labour-Sponsored Fund.

Question 6

Which of the following statements about global equity funds is TRUE?

Options:

A.

They may invest in all countries including the investment fund manager's home country.

B.

They must invest almost exclusively outside of the Americas.

C.

They are always less risky than Canadian equity funds.

D.

They specialize in one or two countries.

Question 7

Loretta is looking for a well diversified equity fund. Her ideal mutual fund would hold investments within and outside Canada. Although she is seeking growth, Loretta also wants a mutual fund that invests in quality companies.

Which of the following mutual funds would be the best choice for Loretta?

Options:

A.

Dominion International Growth Fund - this international equity fund invests in small and medium sized companies in countries all around the world.

B.

Polar Global Blue Chip Equity Fund - this global equity fund invests in large, established companies in mostly stable and mature foreign markets.

C.

Lennox Energy Fund - this sector fund invests primarily in Canadian oil and gas companies that sell both to domestic and foreign markets.

D.

Auric Precious Metals Fund - this sector fund invests in Canadian companies that participate in the precious metals sector such as owning mines in foreign countries.

Question 8

During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a $US dollar (USD) dividend of $882.02 from a foreign-based corporation. The USD/CAD exchange rates is 1.3605.

Firmansyah's federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.

What federal tax liability will be result from his investment income?

Options:

A.

$522.00

B.

$348.00

C.

$695.76

D.

$870.00

Question 9

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?

Options:

A.

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

B.

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

C.

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

D.

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

Question 10

Darryl has a diversified investment portfolio of mutual funds in a non-registered account with Investwell Mutual Funds, a mutual fund dealer. Darryl’s diversified portfolio is composed of 3 mutual funds. Each mutual fund is currently worth about $100,000. The ABC Canadian Equity Fund has a total return of 6%, the DEF Bond Fund has a total return of 8% and GHI Global Equity Fund has a total return of 10%. Darryl wants to make an in-kind contribution to his registered retirement savings plan (RRSP) account. He has unused RRSP contribution room of $60,000.

From a tax-efficient viewpoint, which funds contribute in-kind to his RRSP account?

Options:

A.

Move the DEF Bond Fund to the RRSP.

B.

Move the GHI Global Equity Fund to the RRSP

C.

Move $20,000 from each of the three funds to the RRSP.

D.

Move the ABC Canadian Equity Fund to the RRSP.

Question 11

At the close of business, Great Lengths Equity Fund had total assets of $135 million and total liabilities of $10 million. They had 11 million units outstanding. In addition, their current assets totalled $13 million and current liabilities were $3 million. Which of the following statements regarding Great Lengths Equity Fund’s net asset value per unit (NAVPU) is correct?

Options:

A.

The NAVPU is the total liabilities divided by the number of outstanding units.

B.

Current assets and current liabilities are used in the NAVPU calculation.

C.

There is not enough information available to calculate the NAVPU.

D.

Great Lengths Equity Fund's NAVPU is $11.36.

Question 12

Based on your discussions with your client Sierra, you believe an asset allocation of 30% fixed income and 70% equities will help her achieve her long-term goals. What type of asset allocation strategy are you implementing?

Options:

A.

tactical

B.

strategic

C.

optimal

D.

lifecycle

Question 13

Derek submits an order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. His proceeds will be based on the net asset value per unit (NAVPU) for which day (assume no holidays)?

Options:

A.

Friday, January 6

B.

Monday, January 9

C.

Tuesday, January 10

D.

Wednesday, January 11

Question 14

Beatrice is looking for comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.

Which document would provide the information she is looking for?

Options:

A.

Annual Information Form

B.

Fund Facts

C.

Simplified Prospectus

D.

Management Reports of Fund Performance

Question 15

Terri, 30 years old, is the marketing manager at Provincial Winery with an average annual income of $60,000. Her spouse Yvette, 28 years old, is a project manager with a telecommunications firm earning

$70,000 per year. You are helping them to organize their investments and are trying to assess their financial resources.

Which of the following is the best question to ask?

Options:

A.

Do you have any children?

B.

Do you have pension plans at work?

C.

When do you need the money?

D.

What is your investment experience?

Question 16

Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?

Options:

A.

Clarence determines that the Absolute Alternative Fund is suitable for all of his clients. Clarence believes that all investors need alternative funds in order to be properly diversified.

B.

Kiri recommends the Conservative Bond Fund to his client, Myrtle. The fund generates income and Myrtle's investment objective is "income" on her Know Your Client (KYC) form.

C.

Li Ming recommends the Venturex Labour-Sponsored Fund to her client, Park. While Park has low tolerance and capacity for risk, Li Ming provides detailed disclosure which explains the fund's risks.

D.

Roderik determines that the model portfolio he has developed will be suitable for all of his clients. Roderik has included investments with both income and growth to appeal to all investors.

Question 17

Pippa purchased a 15-year bond with a face value of $5,000 and a 7% coupon rate at the time of issuance. The bond is due to mature later this year. The general interest rate climate remained stable for the first 13 years of the bond's term. However, especially over the past 18 months, both inflation and general interest rates have increased more than expected.

What is Pippa likely to experience from her bond?

Options:

A.

With the unanticipated rise in inflation, Pippa will benefit from a higher real rate of return as well.

B.

Due to inflation, Pippa will experience a capital loss once her bond reaches maturity.

C.

The return of investment capital will have lower purchasing power than prior to investing.

D.

With capital appreciation at 7% annually, Pippa's capital gain will be reduced by inflation at maturity.

Question 18

In a mutual fund dealer, who is the person responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance?

Options:

A.

the chief executive officer

B.

the ultimate designated person

C.

the trustee

D.

the chief compliance officer

Question 19

Jabir begins the registration process with his new dealer Prosper Wealth Inc. Jabir is excited about his new career and eager to start calling clients, opening new accounts, and selling investments. Which of the following CORRECTLY describes when Jabir will be eligible to open new client accounts and sell investments?

Options:

A.

Upon employment with the dealer

B.

Upon registration application by the dealer

C.

Upon passing the proficiency course

D.

Upon formal confirmation from the regulator

Question 20

Sven owns preferred shares that give him the option to sell his holdings back to the issuing company at a predetermined price and within a specified time. What type of preferred shares does Sven own?

Options:

A.

retractable

B.

participating

C.

convertible

D.

redeemable

Question 21

Barend is a Dealing Representative with Planvest Group Inc., a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA). Which of the following CORRECTLY describes

Barend's obligation for conflicts of interest?

Options:

A.

Barend must identify material conflicts of interest and implement controls on behalf of the firm.

B.

Barend must disclose material conflicts of interest that cannot be addressed in the best interest of the client.

C.

Barend must avoid material conflicts of interest that cannot be addressed in the best interest of the client.

D.

Barend must identify material conflicts of interest and promptly report the conflicts of interest to clients.

Question 22

Maxine is a portfolio manager who 15 years ago, purchased 100 shares of Never2Tacky, a social media corporation for Aspirations Global Technology Fund. She purchased the stock when it was trading at $10. Last year, the peak market price was $120. Presently, it is trading at $99. News agencies are now reporting that additional regulations regarding social media companies are about to be agreed upon by G7 countries. Maxine is concerned the market value of Never2Tacky is going to drop. She buys a put option with an exercise price of $95 with an expiry of 9 months.

What type of strategy is Maxine using?

Options:

A.

Speculating

B.

Modern portfolio theory

C.

Passively managing

D.

Hedging

Question 23

Lior is considering an investment that gains exposure to companies that trade on the Toronto Stock Exchange (TSX). He is not sure what the differences are between a Canadian equity fund and a Canadian dividend fund.

What would you tell him?

Options:

A.

Equity funds are more appropriate than dividend funds if Lior requires a steady flow of income.

B.

Dividend funds generate tax-preferred income while income from equity funds is fully taxable.

C.

Dividend funds tend to be less volatile and lower risk than equity funds.

D.

Equity funds hold common shares while dividend funds hold only preferred shares.

Question 24

Your clients, Jessica and Ken, want to buy a house next year. You recommend a money market fund. How do you think a money market fund will help Jessica and Ken reach their goal?

Options:

A.

Money market funds are safe investments because their net asset value per unit does not usually fluctuate.

B.

Money market funds provide high returns without risking the capital invested.

C.

Money market funds pay income weekly which can be automatically reinvested.

D.

Money market funds provide investors a guaranteed fixed rate of return.

Question 25

Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?

Options:

A.

It may not be more than the RRSP contribution limit for the year in which it is carried forward.

B.

It can be carried forward to future years.

C.

It can be carried forward a maximum of seven years.

D.

It may not be carried forward.

Question 26

Which of the following money market securities have the highest degree of risk for the investor?

Options:

A.

Bankers' Acceptances

B.

Commercial Paper

C.

Treasury Bills

D.

Municipal Short-Term Paper

Question 27

Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff’s post-secondary education. She has called you to ask about registered education savings plans (RESPs).

Which of the following statements is TRUE?

Options:

A.

If Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000.

B.

If Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable.

C.

George may open an RESP for Jeff but it will not quality to receive Canada Savings Education Grants (CESGs).

D.

If Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond

Question 28

What purpose does it serve for non-money market mutual funds to hold money market instruments?

Options:

A.

Money market instruments primarily generate investment income that provides investors with preferential tax treatment.

B.

If the portfolio manager has an immediate need for cash, money market instruments are relatively easy to liquidate.

C.

They are purchased by non-money market funds to satisfy the regulatory requirement of fund diversification.

D.

They ensure that the fair market value of a mutual fund will not drop below a minimal market value.

Question 29

Which of the following statements about capital gains distributions from mutual fund trusts is correct?

Options:

A.

Capital gains from mutual fund distributions are 100% taxable.

B.

Capital gains distributions are not a disposition and are therefore not taxable.

C.

Capital gains from mutual fund trusts are deferred until the investor exits the mutual fund.

D.

Capital gains distributions from a mutual fund trust are reported annually on a T3.

Question 30

Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. Jehona has reviewed her client Sokol’s account and wants to adjust the holdings and re-balance the portfolio. Which of the following statements about Jehona’s permitted activities is CORRECT?

Options:

A.

If Sokol has signed a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.

B.

If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.

C.

If Sokol has given Jehona discretionary trading authority, Jehona can process trades in the account without Sokol's pre-approval.

D.

If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.

Question 31

What do Guaranteed Income Supplement (GIS) and Allowance for the Survivor have in common?

Options:

A.

ability to defer benefits

B.

benefits start at the age of 65

C.

eligibility depends on income level

D.

benefit amounts depend on individual contribution

Question 32

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

Options:

A.

employee's business address

B.

employee's name

C.

employee's credit record

D.

employee's business telephone number

Question 33

Eleanora receives a $500 eligible Canadian dividend from her mutual fund. Her federal marginal tax rate for the year is 29%. Assuming the enhanced gross-up of 38% and a federal dividend tax credit of 15.02%, how much federal tax will she pay on her dividend?

Options:

A.

$69.90

B.

$189.16

C.

$96.46

D.

$115.40

Question 34

Jabir recently joined Prosper Wealth Inc. and is looking forward to being a Dealing Representative for the firm. Which of the following statements CORRECTLY describe when Jabir will be eligible to open new

client accounts and sell investments?

Options:

A.

Upon registration application by the dealer

B.

Upon employment with the dealer

C.

Upon formal confirmation from the regulator

D.

Upon passing the proficiency course

Question 35

Which of the following statements about your mutual fund registration is CORRECT?

Options:

A.

You can sell mutual funds anywhere in Canada as long as you are registered with one of the provincial or territorial securities commissions.

B.

Your online application must be reviewed and approved by your mutual fund dealer before you can begin to sell mutual funds.

C.

You must renew your registration through the online NRD system every two years.

D.

You must inform the regulatory authorities of any material or significant changes to your personal circumstances.

Question 36

One of your clients, Rakesh, had a portfolio composed of 60% ABC Equity Fund and 40% ABC Bond Fund. Since equities were performing much better than fixed income, he had increased his holdings in ABC Equity Fund to 70% and had reduced his holding in ABC Bond Fund to 30% of his portfolio.

After benefitting the growth in his ABC Equity Fund for over 2 years, Rakesh is uncomfortable with this heavy exposure to equity funds and decides to rebalance his portfolio back to 60% of ABC Equity Fund and 40% of ABC Bond Fund.

He instructs you to switch 10% of the portfolio from the ABC Equity Fund to the ABC Bond Fund.

Which of the following statements is CORRECT?

Options:

A.

Rakesh will not be subjected to a switch fee if it is outlined in the prospectus.

B.

Rakesh will not be subjected to a switch fee if his equity fund is a no-load fund.

C.

Rakesh will not be subjected to a switch fee if his original units were purchased with a sales charge.

D.

Rakesh will not be subjected to a switch fee if his equity fund is a low-load fund.

Question 37

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?

Options:

A.

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

B.

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

C.

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

D.

Purchase put options for the fund's existing assets.

Question 38

Ai Fen has recently become registered to sell mutual funds with Acadian Eastern Financial, a mutual fund dealer. Ai Fen determined that with her background of being a Chartered Financial Analyst, she can help people understand the nature of investing more easily than others in her field.

Which registration category will need to be prominently noted on Ai Fen’s business card to comply with the “holding out rule”?

Options:

A.

Dealing Representative

B.

Registered Representative

C.

Investment Representative

D.

Chartered Financial Analyst

Question 39

The following table shows Sabrina's earned income for the past few years:

Question # 39

Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available. If the maximum contribution limit for Year 3 is $24,270, what is her RRSP contribution room for Year 3?

Options:

A.

$22,500

B.

$24,270

C.

$25,200

D.

$26,100

Question 40

Davis invested in a tactical asset allocation fund in his non-registered investment account. Distributions from the mutual fund are paid directly to Davis and not reinvested. Assuming a federal marginal tax rate

of 26%, dividend gross-up rate of 38% and federal dividend tax credit rate of 15%, which type of distribution would result in the lowest amount of tax payable?

Options:

A.

Capital Dividend

B.

Capital Gain

C.

Eligible Dividend

D.

Interest

Question 41

Frederic recently sold his units in a US dollar (USD) denominated mutual fund. He wants to convert the proceeds back to Canadian dollars (CAD). If he received proceeds of $1,200 USD from the sale and the exchange rate is $1 CAD for $0.99 USD, how much will Frederic receive in Canadian dollars?

Options:

A.

$1-188.00

B.

$1,200.00

C.

$1, 12.12

D.

$1,320.00

Question 42

While assessing the suitability of an investment recommendation as a Dealing Representative, which statement applies to the "Client's Interest First" standard?

Options:

A.

Presenting a fund's historical investment performance to anticipate a mutual fund's future rate of return.

B.

Clarifying for clients the costs and fees associated with mutual funds and how they impact investment performance.

C.

The use of a risk-based approach when determining which mutual fund to recommend to the client.

D.

Accurately document Know Your Client information (KYC) so there is evidence to support a recommendation.

Question 43

Which of the following form part of the disclosure documents relating to mutual funds?

Options:

A.

balance sheet, income and cash flow statements of the portfolio management company

B.

statement of net assets, annual information form, management reports of fund performance

C.

annual proxy voting record, audited financial statements, and proof of registration

D.

new account information form, quarterly financial statements, and security certification

Question 44

On January 2nd of this year Evan purchased 500 preferred shares of Ingram Ltd. The preferred shares have a par value of $25 per share and a quarterly dividend of $0.98 per share. They also give Evan the option to sell the shares back to Ingram at par value any time from now until September 1st two years from now. What type of preferred shares does Evan own?

Options:

A.

retractable

B.

convertible

C.

participating

D.

redeemable

Question 45

Iliana owns 1,000 participating preferred shares in the First Canadian Bank. Which of the following features are characteristic of her investment?

Options:

A.

Iliana has the right to purchase more preferred shares in the company before common shareholders.

B.

Iliana is able to vote at the annual general meeting and elect members of the board of directors.

C.

Iliana can convert her preferred shares to common shares at a fixed price and within a specified time period.

D.

Iliana has a right to share in the bank's net profits over and above the specified dividend rate.

Question 46

You have been researching Canadian equity mutual funds for a new client. You come across the following information.

Question # 46

What can you conclude from this information?

Options:

A.

Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.

B.

Fontaine Equity Fund is a better fund because it has a higher quartile ranking.

C.

Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.

D.

Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.

Question 47

Last year Peter’s earned income from employment was $50,000.

Last year, after receiving a $2 per share in dividends from 500 shares in ABC Inc., a publicly-traded Canadian corporation, he sold his shares. The sale resulted in a capital gain of $15,000.

Question # 47

Based on the tax rates mentioned above, what is Peter’s net federal tax liability for the year? (Round to 2 decimal places).

Options:

A.

$9,953.30

B.

$9,193.69

C.

$9,113.53

D.

$9,696.15

Question 48

When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?

Options:

A.

Comparing historical rates of return between different types of mutual funds.

B.

Assessing historical differences in the rate of return per unit of risk of similar mutual funds.

C.

Referencing the fund code for each mutual fund that is being compared.

D.

The rights a client has if there is a desire to cancel the purchased mutual fund.

Question 49

Stan, a portfolio manager, is looking at two steel companies as potential investments. Truesteel Inc. has a current ratio of 2:1 while Strongco Ltd. has a current ratio of 0.8:1.

What could this information indicate?

Options:

A.

It appears that Truesteel is more profitable than Strongco.

B.

Truesteel is better able to meet its short-term financial obligations than Strongco.

C.

The stock market is more optimistic about the prospects for Truesteel than Strongco.

D.

Stronqco is reiving less on debt financing than Truesteel.

Question 50

Which of the following formulas correctly shows how taxable income is calculated?

Options:

A.

gross income less tax credits

B.

the sum of earned income and investment income

C.

total income less tax deductions

D.

the sum of income from all sources

Question 51

Lucas wants to participate in the Lifelong Learning Program (LLP). He currently has $10,000 in his registered retirement savings plan (RRSP) for this purpose. He plans to make his maximum permitted

withdrawal of $10,000 under the LLP in two months. Based on this information, what would be his investment objective for the $10,000 currently sitting in his RRSP?

Options:

A.

safety of principal

B.

income

C.

growth

D.

tax-deferral

Question 52

Thomas, a resident of Ontario, is a full-time university student. He does food delivery to supplement his income. During the school year, he works on weekends and works full-time during his summer break.

Thomas' pensionable earnings were $16,000 for the year. How much must Thomas contribute to CPP when CPP contribution rate is 5.95%?

Options:

A.

$0

B.

$743.75

C.

$912.00

D.

$1,425.00

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Total 224 questions