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Boost Your Preparation with PDF4Test IFSE Institute CIFC Online Practice Test Software

Boost Your Preparation with PDF4Test IFSE Institute CIFC Online Practice Test Software

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q159-Q164):

NEW QUESTION # 159
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?

  • A. optimal
  • B. lifecycle
  • C. tactical
  • D. strategic

Answer: D

Explanation:
Explanation
A strategic asset allocation strategy is one that involves setting target allocations for various asset classes based on the investor's risk tolerance, time horizon, and investment objectives, and rebalancing the portfolio periodically to maintain the original allocations. This strategy is compatible with a buy-and-hold approach and aims to achieve long-term goals by diversifying across different asset classes and markets. In this case, you are implementing a strategic asset allocation strategy for your client Sierra by assigning 30% of her portfolio to fixed income and 70% to equities, and planning to rebalance her portfolio when the actual allocations deviate significantly from the target allocations.
References: Canadian Investment Funds Course, Unit 7, Section 7.1


NEW QUESTION # 160
What is the national self-regulatory organization (SRO) for investment dealers?

  • A. The National Securities Commission
  • B. The Investment Industry Regulatory Organization of copyright
  • C. The Mutual Fund Dealers Association of copyright
  • D. The Canadian Securities Administrators

Answer: B

Explanation:
Explanation
The national self-regulatory organization (SRO) for investment dealers is the Investment Industry Regulatory Organization of copyright (IIROC). An SRO is a non-governmental organization that sets and enforces rules and standards for its members in a specific industry or profession. IIROC is an SRO that oversees all investment dealers and their trading activity in copyright's debt and equity markets. IIROC's mandate is to protect investors and support healthy capital markets by ensuring high standards of conduct, competence, and compliance among its members and their representatives. Therefore, option D is correct regarding the national SRO for investment dealers. The other options are not correct or relevant to the question. Option A is false because there is no such organization as the National Securities Commission in copyright; rather, there are provincial and territorial securities regulators that form the Canadian Securities Administrators (CSA), which is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. Option B is false because the Mutual Fund Dealers Association of copyright (MFDA) is not the national SRO for investment dealers; rather, it is the national SRO for mutual fund dealers and their representatives in copyright. Option C is false because the Canadian Securities Administrators (CSA) is not the national SRO for investment dealers; rather, it is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. References: [IIROC - Home], [SROs | GetSmarterAboutMoney.ca], [CSA - Home]


NEW QUESTION # 161
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?

  • A. There is no minimum age to be an annuitant to a RRIF.
  • B. Minimal withdrawals are required to start in the current calendar year his RRIF was established.
  • C. Once he changes his RRSP to a RRIF, his unused total RRSP contribution room is lost.
  • D. Investments that qualify as an eligible investment for a RRIF are different than for an RRSP.

Answer: C

Explanation:
Explanation
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A: There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C: Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D: Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2:
Registered Retirement Income Fund (RRIF), page 6-81
Registered Retirement Income Fund (RRIF) - copyright.ca2


NEW QUESTION # 162
You have been researching Canadian equity mutual funds for a new client. You come across the following information.

What can you conclude from this information?

  • A. Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.
  • B. Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.
  • C. Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.
  • D. Fontaine Equity Fund is a better fund because it has a higher quartile ranking.

Answer: C

Explanation:
Explanation
The management expense ratio (MER) is the percentage of a fund's assets that is paid to the fund manager for operating and managing the fund. A higher MER means that more of the fund's returns are eaten up by fees, leaving less for the investors. Therefore, Fontaine Equity Fund's higher MER of 2.99% contributes to its lower
5-year annualized return of 11.25%, compared to Chamberlain Equity Fund's MER of 2.57% and 5-year annualized return of 13.42%. Therefore, D is the correct answer. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Management Expense Ratio (MER): Definition and How It Works - Investopedia


NEW QUESTION # 163
Your client, Helen, just received her non-registered account statement which states that one of her mutual funds made an interest income distribution during the year. She asks you how she will be taxed on the distribution. What do you tell Helen?

  • A. She will pay taxes on the grossed-up amount of the income.
  • B. She will pay taxes on 50% of the distribution.
  • C. She will pay taxes at her top marginal tax rate.
  • D. She will pay taxes at her average tax rate.

Answer: C


NEW QUESTION # 164
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