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| Certification Vendor: | CSI (Canadian Securities Institute) |
|---|---|
| Exam Name: | Investment Funds in Canada (IFC) |
| Exam Number: | IFC |
| Available Languages: | French, English |
| Exam Price: | CAD 520.00 |
| Certificate Validity Period: | 2 years |
| Exam Duration: | 180 minutes |
| Real Exam Qty: | 100 |
| Exam Format: | Multiple Choice |
| Passing Score: | 60% |
| Sample Questions: | CISI IFC Sample Questions |
| Exam Way: | Proctored (remote or in-person at a test centre) |
| Pre Condition: | None |
| Official Syllabus URL: | https://www.csi.ca/student/en_ca/courses/csi/ifc.xhtml |
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NEW QUESTION # 523
Charlotte has received proceeds from a deceased family member's estate. Charlotte decides to visit Malik, who's a Dealing Representative at her bank. She tells Malik, she does not know much about trading ETFs, but she wants to invest in ETFs. Charlotte says she feels fortunate to have this money and that she's not worried about losing it because she never planned on having any of it.
What element of the Know Your Client (KYC) information has Malik been able to learn?
Answer: A
Explanation:
The element of the Know Your Client (KYC) information that Malik has been able to learn is Charlotte's risk preference. KYC information is a collection of personal and financial information that registered firms and individuals must obtain from their clients before providing any investment advice or services. KYC information helps registered firms and individuals understand their clients' needs, goals, risk tolerance, time horizon, and personal circumstances, as well as comply with regulatory obligations such as suitability, disclosure, and reporting. One of the components of KYC information is risk preference, which is a measure of how much risk an investor is willing to take on in their portfolio. It reflects the investor's attitude, personality, and emotional factors that influence their investment decisions. Risk preference can be classified into three categories: risk-seeking, risk-averse, or risk-neutral. Based on Charlotte's statement that she does not know much about trading ETFs, but she wants to invest in ETFs, and that she feels fortunate to have this money and that she's not worried about losing it because she never planned on having any of it, Malik can infer that Charlotte has a high-risk preference or a risk-seeking attitude. This means that Charlotte is willing to take on more risk in exchange for higher potential returns, even if it means losing some or all of her money.
Therefore, option C is correct regarding what element of KYC information Malik has been able to learn. The other options are not correct regarding what element of KYC information Malik has been able to learn. Option A is false because risk profile is not an element of KYC information; rather, it is an outcome of KYC information that summarizes the investor's overall suitability for different types of investments based on their KYC information. Option B is false because risk capacity is not an element of KYC information; rather, it is a measure of how much risk an investor can afford to take on in their portfolio based on their financial situation and goals. Option D is false because risk tolerance is not an element of KYC information; rather, it is a measure of how much risk an investor can handle in their portfolio without losing sleep or changing their plans. References: [Know Your Client (KYC) | IFIC], [Know Your Client (KYC) | GetSmarterAboutMoney.
ca], [Risk Preference | Investopedia]
NEW QUESTION # 524
Megan purchases a treasury bill for $98,200. When it matures for $100,000, how does Megan treat the $1,800 difference?
Answer: D
Explanation:
A treasury bill is a short-term debt instrument issued by the government at a discount from its face value and redeemed at par value at maturity. The difference between the purchase price and the face value is the interest income earned by the investor. Therefore, Megan treats the $1,800 difference as interest income for tax purposes. Interest income is fully taxable at the investor's marginal tax rate in the year it is received. Megan does not report any capital gain, dividend, or return of capital from the treasury bill.
Canadian Investment Funds Course, Unit 5, Section 5.2
NEW QUESTION # 525
Which of the following transactions takes place in the secondary market?
Answer: D
Explanation:
The secondary market involves trading previously issued securities between investors, enabling liquidity for those who initially purchased the securities. The feedback from the document states:
"The secondary market involves the resale of previously issued securities between investors. It enables investors who originally bought the investment products to sell them and obtain cash." Reference: Chapter 2 - Overview of the Canadian Financial MarketplaceLearning Domain: An Introduction to the Mutual Funds Marketplace
NEW QUESTION # 526
A dealing representative explains the past performance of a mutual fund to a potential client, discussing the annual simple returns and compound returns that the fund had earned. She concluded by indicating she expects the fund's NAVPU was likely to rise at similar rates in the future, given the economic outlook. What unacceptable selling practice has occurred?
Answer: D
Explanation:
Promising that a mutual fund's NAVPU will increase by a certain amount is an illegal and unacceptable selling practice, as it implies guaranteed future performance. The feedback from the document states:
"There are a number of sales practices that are clearly illegal or otherwise unacceptable to securities regulators. A dealing representative may not make promises that the NAVPS or NAVPU of a fund will achieve a certain level or increase by any amount." Reference: Chapter 17 - Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations
NEW QUESTION # 527
An Investor is making annual withdrawals from their mutual fund as follows:
Based on the withdrawal schedule, what type of withdrawal plan are they using?
Answer: D
Explanation:
The correct answer is D. Ratio. According to the Investment Funds in Canada curriculum, a ratio systematic withdrawal plan determines withdrawals as a fixed percentage of the portfolio's value, recalculated each year. As a result, the dollar amount withdrawn varies annually based on market performance and the remaining account balance.
The withdrawal amounts shown in the table decline over time as the portfolio value decreases, which is consistent with a ratio-based approach. Under this method, when the portfolio experiences negative or modest growth, withdrawals naturally fall because they are calculated as a percentage of the current value.
Conversely, in stronger market years, withdrawals would increase.
This differs from a constant withdrawal plan, where the same dollar amount is withdrawn each year regardless of portfolio performance. It also differs from a variable plan, which adjusts withdrawals based on income needs rather than a formula, and a lifetime plan, which is structured to provide income for life based on actuarial assumptions.
The CIFC text emphasizes that ratio plans help reduce the risk of premature depletion of capital, as withdrawals automatically adjust downward during poor market conditions. However, income certainty is lower because payments fluctuate.
Because the withdrawals change each year in proportion to the portfolio's value, the investor is clearly using a ratio systematic withdrawal plan, making Option D the correct and fully CIFC-verified answer.
NEW QUESTION # 528
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