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NEW QUESTION # 118
A portfolio that incurs a substantial loss due to a significant downturn in Canadian equities has been exposed to what type of risk?
Answer: B
Explanation:
Systematic risk (market risk) affects the entire market or asset class, and cannot be diversified away. A downturn in Canadian equities impacts all Canadian stocks, making it a systematic risk.
Unique risk (A) is company-specific and can be diversified away.
Currency risk (B) arises from exchange rate fluctuations, not applicable here.
Default risk (C) applies to debt issuers failing to meet obligations, not equities.
NEW QUESTION # 119
On January 3, John invests $500 in the Blue Sky U.S. Equity Fund. On July 1 of the same year, he invests another $500 into the same mutual fund. Information about the net asset value per unit (NAVPU) at the time of each transaction is provided below. Given this information, what will be the value of John's investment on December 31 of this year (please ignore transaction costs and distributions)?
Answer: D
Explanation:
The value of John's investment on December 31 of this year can be calculated by multiplying the number of units he holds by the net asset value per unit (NAVPU) on that date. Since John invested $500 on January 3 and $500 on July 1, he holds a total of 125.6 units (62.8 units from the first investment and 62.8 units from the second investment). Therefore, the value of his investment on December 31 will be 125.6 units x $9.55 NAVPU = $1,256.
Canadian Investment Funds Course, Chapter 2: Mutual Funds1
NEW QUESTION # 120
Your client has very limited investment knowledge and is confused about what is meant by " marginal tax rate
" . What do you tell him?
Answer: C
Explanation:
The marginal tax rate is the percentage of tax that an individual pays on the last dollar of income earned in a given year. It is also the tax rate that applies to any additional income earned in that year. The marginal tax rate varies depending on the individual's income level and tax bracket. For example, if an individual's taxable income for the year is $50,000 and the tax rate for that income bracket is 20%, then the marginal tax rate is
20%. This means that the individual pays 20% tax on the last dollar of income earned, as well as on any additional income earned above $50,000.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 6: Taxation, Section
5.6.1: Income Tax 1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.6.1 2
NEW QUESTION # 121
Carol contributed $500 to her TFSA. $350 was invested in ABC Bank Canadian equity fund and $150 in the ZYX Global growth fund. The expected return for the funds is 8% and 9.8%, respectively. What is the expected return on her TFSA?
Answer: D
Explanation:
The expected portfolio return is the weighted average of each fund's return.
Investment in ABC Bank Canadian Equity = $350 ÷ $500 = 70%
Investment in ZYX Global Growth Fund = $150 ÷ $500 = 30%
Expected Return = (0.70 × 8%) + (0.30 × 9.8%)
= 5.6% + 2.94% = 8.54% # 8.5%
Correct answer = 8.5%.
NEW QUESTION # 122
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?
Answer: A
Explanation:
The Management Reports of Fund Performance (MRFP) are documents that provide information about a mutual fund's financial performance, portfolio composition, risk profile, and management expenses. The MRFP are prepared by the fund manager and filed with the securities regulators twice a year, for the semi- annual and annual periods. The MRFP are also made available to the investors on the fund manager's website or upon request. The MRFP include the following sections:
* Financial Highlights: This section summarizes the key financial data of the fund, such as net assets, net asset value per unit, total return, ratios and supplemental data.
* Past Performance: This section shows the historical returns of the fund over different time periods and compares them with a benchmark index or category average.
* Summary of Investment Portfolio: This section provides a breakdown of the fund's portfolio by asset class, sector, geographic region, and top holdings. It also shows how the portfolio has changed over the reporting period.
* Management Discussion of Fund Performance: This section explains the fund's investment objectives, strategies, and risks, and analyzes the factors that affected the fund's performance during the reporting period. It also discloses the fund's management expense ratio (MER), trading expense ratio (TER), and turnover rate.
* Financial Statements: This section presents the fund's statement of financial position, statement of comprehensive income, statement of changes in net assets attributable to holders of redeemable units, and statement of cash flows. It also includes notes to the financial statements that provide additional information and disclosures.
The MRFP would provide Beatrice with comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.
Canadian Investment Funds Course, Chapter 6: Fund Operations and Regulations1
NEW QUESTION # 123
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