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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q97-Q102):
NEW QUESTION # 97
Ian is 25, employed, and has no dependents. He has no current financial or family obligations. He has asked for your recommendation for investing a $50,000 inheritance. What asset allocation would typically suit an investor with Ian's characteristics?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Ian, as a Stage 1 - Early Earning Years investor, has no family or financial commitments, allowing for a higher risk tolerance. An asset allocation with a heavy equity weighting, such as 80% in equity funds, is suitable. The feedback from the document states:
"Ian would be considered a Stage 1 - Early Earning Years investor. Stage 1 investors, in general, are free of family and financial commitments, and would typically have a higher ability to tolerate risk. Thus, with its higher level of risk and lower component of income-based investments, 10% in a bond fund, 80% in equity funds and 10% in a money market fund would be most likely to be suitable." Reference:Chapter 4 - Getting to know the clientLearning Domain:The Know Your Client Communication Process
NEW QUESTION # 98
A client wishes to deal with one registered representative for both banking services and mutual fund investments. The client would also like advice on determining where best to place their money to enhance their overall tax situation as they approach buying a home. Which individual is best suited for this service if the client's goal is to build a long-term advisor-client relationship?
Answer: A
NEW QUESTION # 99
Tony, the investment manager of True North Canadian Equity Fund is deciding on some new investments. He has done an economic analysis of the various provinces and sectors of the Canadian economy and has determined that Nova Scotia and Alberta present the best prospects. He has also identified potential in the oil and gas sector. He narrows down his selection to an oil supply firm in Medicine Hat and a drilling company in Halifax.
What investment approach is Tony employing?
Answer: D
Explanation:
Tony is employing a top-down investment approach, which is a method of selecting securities based on macroeconomic factors, such as the state of the economy, the industry trends, and the market conditions. A top-down investor starts by analyzing the big picture and then drills down to the specific sectors, regions, and companies that are expected to perform well in that environment. Tony has done an economic analysis of the various provinces and sectors of the Canadian economy and has determined that Nova Scotia and Alberta present the best prospects. He has also identified potential in the oil and gas sector. He then narrows down his selection to an oil supply firm in Medicine Hat and a drilling company in Halifax. This shows that he is using a top-down approach to choose his investments.
Canadian Investment Funds Course, Chapter 3: Risk and Return1
NEW QUESTION # 100
A husband wishes to transfer some of his non-registered mutual fund holdings to his wife, but wants to maintain trading authority over the transferred assets. He also wishes to ensure that should she die, the gift he is making will revert to him. What is the appropriate account type?
Answer: C
Explanation:
A joint account allows the husband to retain trading authority and includes the right of survivorship, ensuring the assets revert to him if his wife dies. The feedback from the document states:
"The husband would have no financial interest in a client name account, registered in his wife's name only. A nominee account would transfer trading authority to a dealer or third-party administrator. In a tenants in common account, each spouse would have trading authority over his/her portion of the account. Therefore, the husband's best option would be to open a joint account and retain full trading authority. A joint account would also offer the right of survivorship, which is not a feature of a tenants in common account." Reference: Chapter 17 - Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations
NEW QUESTION # 101
What criteria does the independent review committee use to determine if a potential conflict of interest, such as interfund trading, should be approved?
Answer: C
Explanation:
The independent review committee approves actions involving conflicts of interest only if they achieve a fair and reasonable result for the fund. The feedback from the document states:
"The Independent Review Committee will only approve actions where a conflict of interest arises if certain requirements are met, including, most importantly, the action achieves a fair and reasonable result for the fund." Reference: Chapter 10 - The Modern Mutual FundLearning Domain: The Modern Mutual Fund
NEW QUESTION # 102
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