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| Certification Vendor: | Canadian Securities Institute (CSI) |
|---|---|
| Exam Name: | Canadian Securities Course Exam 2 |
| Exam Number: | CSC2 |
| Exam Duration: | 120 minutes |
| Available Languages: | English, French |
| Passing Score: | 60% (600/1000) |
| Real Exam Qty: | 100 |
| Exam Price: | CAD 450 - CAD 550 |
| Related Certifications: | Canadian Securities Course Exam 1 (CSC1) Wealth Management Essentials (WME) Conduct and Practices Handbook Course (CPH) |
| Certificate Validity Period: | 3 years |
| Exam Format: | Computer-based, Multiple-choice questions, Scenario-based questions |
| Recommended Training: | CSI Official Study Materials |
| Exam Registration: | Prometric Test Center CSI Official Registration |
| Sample Questions: | CSI CSC2 Sample Questions |
| Exam Way: | Online proctored or onsite at Prometric test centers |
| Pre Condition: | Completion of Canadian Securities Course Exam 1 (CSC1) |
| Official Syllabus URL: | https://www.csi.ca/en/learning/courses/csc/exam-credits |
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質問 # 53
If the government wants to stimulate the economy through fiscal policy, what action should it take?
正解：B
質問 # 54
A shareholder receive rights from a company through direct ownership in shares. Not expecting to exercise them, she sells the right on the relevant exchange. What is her capital gain?
正解：D
解説：
When a shareholder sells rights on the exchange, the proceeds of the sale represent the capital gain. Rights provide shareholders with the opportunity to purchase additional shares of a company at a discounted price. If a shareholder chooses not to exercise these rights and instead sells them on the secondary market, the value they receive from the sale constitutes their capital gain.
* Rights Offering:
* A rights offering allows existing shareholders to purchase additional shares at a set price (exercise price) within a specific period.
* Shareholders can either exercise these rights or sell them on the market.
* Capital Gain Calculation:
* The capital gain from selling the rights equals the sale price. This is because the rights themselves were issued at no cost to the shareholder.
* The exercise price is irrelevant to the calculation as the rights were not exercised.
* Tax Implications:
* The gain from the sale of rights is treated as a capital gain for tax purposes. Only 50% of the capital gain is taxable under Canadian taxation rules.
* Since the shareholder did not exercise the rights but sold them, the capital gain is the sale price of the rights. Subtracting the exercise price or using the share price is unnecessary and incorrect for this scenario.
References from CSC Study Materials:
* Volume 2, Chapter 24: " Canadian Taxation, " Section on Capital Gains and Losses.
質問 # 55
What type of return is adjusted for inflation?
正解：A
解説：
Thereal rate of returnrefers to the return on an investment adjusted for the effects of inflation. Unlike nominal return, which reflects the raw return of an investment without considering inflation, the real return provides a clearer measure of an investment's actual purchasing power.
Formula for Real Rate of Return:The formula for calculating real rate of return is:
Real Return=Nominal Return#Inflation Rate\text{Real Return} = \text{Nominal Return} - \text{Inflation Rate}Real Return=Nominal Return#Inflation Rate For example, if an investment generates a nominal return of 5% and inflation during the period is 2%, the real return would be 3% (5% - 2%).
* A. Ex-ante: Refers to a forecasted return, not necessarily adjusted for inflation.
* B. Nominal: Measures the raw return without accounting for inflation.
* C. Ex-post: Refers to a return based on historical data, which can be nominal or real.
* D. Real: The correct answer, as it specifically accounts for inflation to measure the actual growth in purchasing power.
Explanation of Options:References:
* CSC Volume 2, Chapter 15: Real Returns and the Effect of Inflation, which explains the difference between real and nominal rates of return and their application in investment analysis.
質問 # 56
The principle of retraction in retractable preferred shares is identical to what other security?
正解：D
解説：
The principle of retraction in retractable preferred shares allows the shareholder to force the issuing company to redeem the shares for cash at a predetermined price on or after a specified date. This feature is identical to retractable bonds and debentures, which give the bondholder the option to require the issuer to repay the principal before maturity.
* A. Callable preferred shares: Callability benefits the issuer, not the holder, and is not similar to retraction.
* B. Retractable common shares: Such securities are not common in the market and are not comparable to retractable preferred shares.
* C. Redeemable preferred shares: Redemption is at the issuer's discretion, unlike retraction, which is at the holder's discretion.
Reference:CSC Volume 1, Chapter 8, "Preferred Shares - Retractable Preferred Shares" explains the retraction feature and its similarity to retractable bonds.
質問 # 57
Jerry sells Company A's regular bond because the thinks it is overvalued. Using the proceeds from the sale, jerry then busy Company A's convertible bond because the thinks that the equity component is undervalued and that he convertible bond's coupon rate is relatively attractive given his forecast of falling interest rates.
What fixed-come management style is jerry most likely using?
正解：A
解説：
A bond swap involves selling one bond and simultaneously using the proceeds to buy another bond, typically to capitalize on differences in yield, credit quality, or market valuation. In the scenario provided:
* Reason for Selling the Regular Bond:Jerry believes Company A's regular bond is overvalued. This indicates that Jerry expects the bond price to decrease in the future or that it no longer aligns with his investment objectives.
* Reason for Buying the Convertible Bond:Jerry invests in Company A's convertible bond for its equity component, which he believes is undervalued. Additionally, the convertible bond's attractive coupon rate aligns with his expectation of falling interest rates, which typically increases bond prices.
Convertible bonds combine the features of fixed-income securities with potential equity upside, which aligns well with Jerry's forecast.
* Fixed-Income Management Style:Jerry is performing abond swap-switching between two bonds to optimize portfolio returns based on market conditions and his expectations for interest rates and equity valuation.
Supporting Study Material References:
* Volume 1, Chapter 6:Discusses bond features and types, including the rationale for using fixed- income securities like convertible bonds. It outlines factors that influence bond prices and yields.
* Volume 2, Chapter 15 (Portfolio Management):Highlights fixed-income manager styles, including strategies like bond swaps that aim to optimize portfolio yield and valuation alignment.
質問 # 58
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