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

NEW QUESTION # 159
Evan owns retractable preferred shares of Ingram Corp. Which statement CORRECTLY describes a key feature of Evan's shares?

A. Gives Evan the option to convert the Ingram Corp preferred shares into a fixed number of common shares at a predetermined price within a specified period.
B. Allows Ingram Corp to buy back the preferred shares at a pre-determined price within a defined period.
C. Entitles Evan to sell the shares back to Ingram Corp at a pre-determined price and time in the future.
D. Offers Evan the opportunity to receive additional dividends if Ingram Corp's profit exceeds a stated level.

Answer: B

Explanation:
Explanation
Retractable preferred shares are a type of preferred stock that lets the issuer force the redemption of the shares at a set price and time. The issuer can pay cash or common shares to the retractable preferred shareholders.
References = Retractable Preferred Shares: What it is, How it Works, Example, What are Retractable Preferred Shares? Definition, And How Does it Work? - CFAJournal, Retractable Preferred Shares | Example | Feature - Accountinguide

NEW QUESTION # 160
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?

A. Referencing the fund code for each mutual fund that is being compared.
B. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
C. The rights a client has if there is a desire to cancel the purchased mutual fund.
D. Comparing historical rates of return between different types of mutual funds.

Answer: B

NEW QUESTION # 161
Grant is a Dealing Representative with WealthPlus Securities Inc. Grant becomes a volunteer member of his local arena's Hockey Association and is appointed as the Association's new Treasurer. Which of the following statements about Grant's appointment as Treasurer is CORRECT?

A. Grant must disclose the Treasurer position to his firm once he has accepted the position.
B. If Grant is not compensated for the Treasurer position, his firm's approval is not required.
C. Since Grant holds the Treasurer position on a voluntary basis, it is not an outside activity.
D. Grant must obtain the firm's approval before he starts the Treasurer position.

Answer: D

Explanation:
Explanation
Grant's appointment as Treasurer is considered an outside activity, regardless of whether he is compensated or not. According to the CIFC, Dealing Representatives must obtain their firm's written approval before engaging in any outside activity that could interfere with their ability to perform their duties or create a conflict of interest with their clients or employer. Grant must disclose the nature and extent of his involvement with the Hockey Association and how it may affect his availability, reputation, or potential for conflicts of interest. The firm may approve, reject, or impose conditions on Grant's outside activity.
References: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

NEW QUESTION # 162
Gershon is a Dealing Representative and he opens a new account for his client, Isaac. Gershon collects the necessary information from Isaac in order to designate the Trusted Contact Person (TCP) for Isaac's account.
Which of the following statements about Isaac's TCP is CORRECT?

A. The TCP is the person who is designated with authority to direct financial dealings for Isaac's account and make financial decisions.
B. The TCP is an alternative to a Power of Attorney (PQA) and has the authority to make changes to Isaac's account and direct trading.
C. The TCP is an alternative authority on Isaac's account who has the power to place a temporary hold on Isaac's account to disallow trading.
D. The TCP is the person who Gershon can speak to if he becomes concerned about Isaac's mental capacity to make financial decisions.

Answer: D

NEW QUESTION # 163
Your client Gerard is 30 years old and plans to retire at age 65. He has a mutual fund portfolio of $40,000 in which he invests $1,500 monthly. Gerard's objective is to use these funds to meet the 20% down payment requirement to buy a house for $650,000.
What is Gerard's investment time horizon not considering market fluctuations?

A. 15 years
B. 35 years
C. 25 years
D. 5 years

Answer: D

Explanation:
Explanation
Gerard's investment time horizon is the length of time he plans to hold his investment until he needs to use the money for his specific goal. In this case, Gerard's goal is to use his mutual fund portfolio to meet the 20% down payment requirement to buy a house for $650,000. Therefore, his investment time horizon is determined by how long it will take him to accumulate enough money in his portfolio to cover the down payment amount.
Assuming that Gerard does not withdraw any money from his portfolio and that his portfolio earns a constant annual rate of return of 6%, we can use the following formula to calculate how long it will take him to reach his goal:
FV=PV*(1+r)n+PMT*r(1+r)n1
where:
* FV is the future value of the portfolio
* PV is the present value of the portfolio
* r is the annual interest rate
* n is the number of years
* PMT is the monthly payment
We can rearrange the formula to solve for n:
n=log(1+r)logPV+PMT*r1FVPMT*r1
Plugging in the given values, we get:
n=log(1+0.06)log40,000+1,500*0.061130,0001,500*0.061
n=4.98
Therefore, Gerard's investment time horizon is approximately 5 years, not considering market fluctuations.
This means that he will need to invest his money in a way that matches his risk tolerance and expected return for this time period.
References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.6: Asset Allocation and Diversification, page 4-271
* Future Value of an Annuity Definition - Investopedia2

NEW QUESTION # 164
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Matt Scott Matt Scott

Biography

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Matt Scott Matt Scott

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