The management expense ratio (MER) represents the total of all management fees and operating expenses charged to the fund, expressed as a percentage of average net asset value.
Operating expense ratio is not a standard measure.
Management fee ratio refers only to the management fee portion.
Trading expense ratio covers only trading commissions.
Therefore, mutual fund investors pay expenses through the MER

Unique risk, also known as firm-specific risk, is reduced through diversification, as it relates to volatility caused by information specific to individual securities. The feedback from the document states:
"If a security's price is affected by new information, and if new information arrives frequently, then its price will tend to be volatile and so will the returns that it generates. This source of volatility is specific to a given security and is known as unique risk. Diversifying a portfolio reduces unique risk." Reference: Chapter 15 - Selecting a Mutual FundLearning Domain: Evaluating and Selecting Mutual Funds

Common shares provide their holders with ownership rights in a corporation, including the right to vote at shareholders' meetings, such as the annual general meeting (AGM). The Investment Funds in Canada course explains that common shareholders are the residual owners of the corporation, meaning they have a claim on profits after all obligations are met and the ability to participate in corporate governance.
Voting rights typically allow common shareholders to elect the board of directors, approve major corporate changes, and vote on other significant matters affecting the company. This right distinguishes common shares from other financial instruments. The CIFC text highlights that common shares "generally carry voting rights, allowing shareholders to influence the direction of the company." Preferred shares, while also equity securities, usually do not carry voting rights except in special circumstances, such as when preferred dividends are in arrears. Corporate bonds represent debt, not ownership, and bondholders are creditors with no voting rights. Options are derivative instruments that provide the right to buy or sell an underlying security but do not convey ownership or voting privileges unless exercised into common shares.
Because only common shareholders are entitled to regular voting rights at the issuing company's annual meeting, Option A is the correct and fully verified answer according to the Investment Funds in Canada curriculum.

Direct investment means the investor owns the asset directly, e.g., real estate property, stocks, or bonds held personally.
Mutual funds (B) are indirect investments since they pool money.
Government bonds (C) can be direct if held individually, but in CSC context, examples of direct investments often emphasize real estate ownership as the clearest form.
Advisor purchases stocks for a client (D) is indirect because the advisor acts on behalf of the client.

Dustin needs to ensure that his recommendation is suitable for the new joint account, which may have a different risk profile than the individual accounts of Salvatore and Harriet. A joint account is an account that is owned by two or more people who share the rights and responsibilities of the account. A joint account may have different investment objectives, time horizon, risk tolerance, and financial situation than the individual accounts of the joint owners. Therefore, Dustin needs to conduct a know your client (KYC) process for the joint account and determine the appropriate risk profile for the account, based on the collective responses of Salvatore and Harriet. The risk profile of the joint account will guide Dustin in recommending suitable investment products and services that match the goals and needs of the joint owners