Scarcity is a characteristic of investment capital that refers to the limited availability of capital relative to the demand for it. Scarcity affects the price and return of capital, as well as the allocation of capital among different issuers and sectors. When capital is scarce, issuers have to compete for it by offering higher returns or lower prices, or by adjusting their financing strategies. When capital is abundant, issuers have more access to it at lower costs or higher prices, or by diversifying their sources of capital. In this case, Raybert has a very short-term investment objective and has decided to purchase money market instruments. There are plenty of
90-day money market securities available for him to choose from, but he can only afford to purchase one.
This means that the issuers of these securities are exposed to the scarcity of capital, as they have to attract Raybert and other investors with similar objectives by offering competitive rates or discounts.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 1: Economic Factors and Financial Markets, Section 5.1.1: Characteristics of Investment Capital1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.1.1 2

Fund wraps are managed portfolios with pre-selected asset allocation models, where the wrap sponsor is responsible for allocation decisions. The feedback from the document states:
"A fund wrap program provides a series of portfolios with multiple mutual funds to reflect pre-selected asset allocation models. Each model is designed to meet the needs of a group of investors sharing a similar client profile. Responsibility for the asset allocation decision falls to the wrap sponsor." Reference: Chapter 12 - Riskier Mutual Fund ProductsLearning Domain: Analysis of Mutual Funds

A tax trap is a situation where an investor buys a mutual fund just before its ex-dividend date and ends up paying taxes on the distributions that they receive shortly after. This reduces their after-tax return and erodes their capital. To avoid the tax trap, it is advisable to buy the mutual fund after the ex-dividend date, when the fund's net asset value (NAV) drops by the amount of the distribution. This way, the investor does not receive any taxable income and preserves their capital. Therefore, you should advise Charlie to purchase the Sentinel Canadian Equity Fund after December 20, when the fund goes ex-dividend.
Canadian Investment Funds Course, Unit 8, Section 8.2; 4; 5; 6

For money market funds, performance reporting differs from other mutual funds because the NAVPS is relatively fixed.
Instead of reporting NAVPS, financial sources publish the current yield and effective yield.
The current yield is calculated based on the most recent seven-day yield, expressed as an annualized percentage.
The effective yield compounds the current yield over a year for comparison with other investments.
Thus, the correct answer is Current yield.

Unused RRSP contribution room can be carried forward indefinitely. The carry-forward amount is the unused room minus the current year's contribution: $46,000 - $15,000 = $31,000. The feedback from the document states:
"Any RRSP contribution room that is not used in a taxation year can be carried forward to be used in future years. There is no limit on the amount that can be carried forward. In this example, $46,000 - $15,000 =
$31,000."
Reference: Chapter 6 - Tax and Retirement PlanningLearning Domain: The Know Your Client Communication Process