CIFC Demo and Sample
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CIFC
Canadian Investment Funds Course (CIFC)
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Question: 27
All else being equal, which of the following mutual funds would Harry most likely choose
Fund A- MER 0.5 %
Fund D- MER 0.25 %
Fund B- MER - 2 %
Fund C- MER 1.5 %
Answer: B Question: 28
Having to subpoena witnesses, seize documents for examination and operate as administrative tribunals " is most likely related to which of the powers of securities administrators
Enforcement
Registration
Resinding
Disclosure
Answer: A Question: 29
Which of the following transaction is not shown in T3/ T5 document
Harry sells his fund units at 15 NAVPS, cost of acquisition was 11 NAVPS
Fund makes a distribution of 1 dollar in interest income
Fund makes a distribution of 6 dollars in capital gains
Fund makes a distribution of 2 dollars in dividend income
Answer: A Question: 30
Which of the following is not part of Duty of care primary value
Know your client
Unsolicited orders
Respect for clients assets
Due diligence
Answer: C Question: 31
Ensuring that all documents and other required information are prepared in accordance with requirement and provided to the appropriate parties in timely manner " is most likely related to which of the powers of securities administrators
Registration
Enforcement
Resinding
Disclosure
Answer: D Question: 32
Harry is a new Mutual fund dealer, he is advising Caitlin on covered call mutual fund, he suggested she buy a mutual fund in which his partner is the fund manager and has higher fees. He is most likely in breach of
Duty of care
Professionalism
Integrity
Confidentiality
Compliance
Answer: C Question: 33
Reviewing the applicants integrity, financial solvency and general competence " is most likely related to which of the powers of securities administrators
Enforcement
Disclosure
Registration
Resinding
Answer: C Question: 34
Harry is a Mutual fund dealer, commingled his clients assets with his assets, which was in violation of SRO rules. He is most likely in breach of
Professionalism
Integrity
Duty of care
Compliance
Confidentiality Answer: D Question: 35
Harry has decided to invest 500 in an index fund tracking SAP 500 every month, he is most likely following
Fixed dollar withdrawal
One time investment
Dollar cost averaging
Ratio Withdrawal
Answer: C Question: 36
Harry has just cleared the IFIC exam but is not registered yet, he starts recommending mutual funds to his friends, is usually a breach of which of the following prohibited practices
Offer to repurchase
Promising a future price
Provision on non monetary benefits
Selling without being registered
Advertising the registration
Quoting a future price
Answer: D Question: 37
Which of the following is usually associated with "implicit cot of the fund "
Frequent trading fees
Redemption fee
Account closing fee
Trustee fee
Acquisition fee
Trading expense ratio
Management Expense Ratio
Transfer fee
Answer: F Question: 38
Based on Philosophies of equity investing the statement " Investors seek companies in sectors entering a period of expansion, which have limited competition, high quality of R And D, low labor cost and strong return on invested capital. They usually show above normal earnings growth " is most likely associated with
Growth Investing
Momentum investing
Growth at a reasonable price
Value investing
Sector rotation
Answer: A Question: 39
Which of the following risk is reduced by avoiding to specialize in corporate bonds
Unique risk
Exchange rate risk
Default risk
Interest rate risk
Market risk
Answer: C Question: 40
Harry is a new Mutual fund dealer, he is advising Caitlin on covered call mutual funds, he puts his commissions at the forefront while suggesting her products. He is most likely in breach of
Confidentiality
Duty of care
Compliance
Professionalism
Integrity
Answer: E Question: 41
Based on the risk return metrics, identify the highest risky mutual fund
Dividend funds
Real estate funds
Speciality Funds
Equity funds
Answer: C Question: 42
Harry is invested in a mix of bonds of canadian governments and corporations, which of the following index is most like suitable for measuring his performance
MSCI World ESG Index
SAP 500
MSCI canada ESG Leaders Index
S&P / tsx composite
FTSE Canada Universe bond Index
SAP / TSX 60
FTSE Canada 91 days T - bills index
Answer: E Question: 43
Style drift is usually associated with
Change in managers investment style over a period of time
Change in way of calculating MER
Change in fund management team
Change in top holding of a fund
Answer: A Question: 44
Harry, a Mutual fund dealer, showed his clients AUM with him while bragging at a party he was attending. He is most likely in breach of
Duty of care
Professionalism
Integrity
Confidentiality
Compliance
Answer: D Question: 45
Which of the following risk is generally associated with " Changes in relative value of the currencies of the countries on investment "
Default risk
Exchange rate risk
Unique risk
Market risk
Interest rate risk
Answer: B
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