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100% Pass Quiz 2025 IFSE Institute Efficient CIFC: Best Canadian Investment Funds Course Exam Vce
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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q85-Q90):
NEW QUESTION # 85
Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?
- A. 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.
- B. 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.
- C. 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.
- D. 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.
Answer: C
Explanation:
Explanation
Kiri has correctly fulfilled his suitability obligation by matching the risk-return profile of the fund with the personal circumstances of his client. The Conservative Bond Fund is a low-risk, low-return fund that pays regular interest income to investors. Myrtle's investment objective is "income", which means she wants to receive steady income from her investments and preserve her capital. Therefore, Kiri's recommendation is reasonably suitable for Myrtle in all the circumstances. (Canadian Investment Funds Course, Chapter 2, Section 2.3) References:
Canadian Investment Funds Course, Chapter 2, Section 2.3: Conflicts of Interest IFSE Institute: Suitability Obligations1 SFC: Frequently Asked Questions on Compliance with Suitability Obligations2
NEW QUESTION # 86
Which of the following is a characteristic of a bond fund?
- A. Securities regulation specifies that bond funds must invest in investment grade bonds.
- B. Income from a bond fund will primarily be interest but may also be capital gains
- C. If interest rates rise the value of a bond fund will also tend to rise.
- D. Bond funds are very low risk because they never go down in value.
Answer: B
NEW QUESTION # 87
The following table shows Sabrina's earned income for the past few years:
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?
- A. $22,500
- B. $25,200
- C. $24,270
- D. $26,100
Answer: C
Explanation:
Explanation
Sabrina's RRSP contribution room for Year 3 is $24,270. This is because the maximum contribution limit for Year 3 is $24,270 and Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available.
References: Canadian Investment Funds Course, Chapter 5: Registered Plans
NEW QUESTION # 88
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?
- A. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
- B. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
- C. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
- D. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
Answer: C
Explanation:
Explanation
ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day. This is because ETFs are traded on a stock exchange like stocks, while index funds are traded directly with the fund company like mutual funds. This difference gives ETFs more liquidity and flexibility than index funds, as investors can buy and sell ETFs at any time during market hours at the prevailing market price. Index funds, on the other hand, are priced only once a day at the end of the day based on the net asset value per unit (NAVPU) of the fund. Both ETFs and index funds are prone to tracking errors (A), which are the differences between the performance of the fund and the performance of the underlying index. Tracking errors can be caused by various factors, such as fees, expenses, dividends, rebalancing, and market conditions. The market price of ETFs does not always match the underlying basket of securities , as it is determined by supply and demand in the market. There can be a discrepancy between the market price and the NAVPU of an ETF, which is called the premium or discount. Index funds, on the other hand, are priced based on the NAVPU of the fund, which reflects the value of the underlying securities. Both ETFs and index funds have management fees (D), as they are both types of mutual funds that incur costs for managing and operating the fund. However, ETFs usually have lower management fees than index funds, as they are more passive and have lower turnover and distribution costs. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
NEW QUESTION # 89
Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?
- A. She can convert her RRSP to a locked-in retirement income fund (LRIF).
- B. She can purchase a registered term or life annuity.
- C. She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.
- D. She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.
Answer: C
Explanation:
Explanation
A registered retirement savings plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Contributions to an RRSP are tax-deductible and grow tax-deferred until withdrawal. However, RRSPs have a maturity date of December 31st of the year in which the holder turns 71.
By then, the holder must convert the RRSP to a registered retirement income fund (RRIF), purchase an annuity, or withdraw the funds in cash (subject to tax). Therefore, B is the correct answer.
References: Registered Retirement Savings Plan (RRSP): Definition and Types, Registered Retirement Savings Plan (RRSP) - Canada.ca
NEW QUESTION # 90
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