Online Access Free IFSEInstitute.CIFC.v2023-12-18.q41 Practice Test (Page 3)

CIFC Exam Question 6

What information does Fund Facts provide to potential investors?

A.The portfolio management strategy that is used.

B.The remuneration paid to the Independent Review Committee.

C.How to calculate the taxes owed from investment income.

D.What the mutual fund is currently investing in.

CIFC Exam Question 7

Which of the following statements best describes dollar-cost averaging?

A.It is buying a set dollar amount of a mutual fund on a regular basis

B.It is a type of systematic withdrawal program.

C.It is the strategy of purchasing a set number of units of a mutual fund on a regular basis.

D.It is making lump-sum purchases when the market price for a mutual fund is low.

CIFC Exam Question 8

Yesterday, Mariana purchased mutual funds for the first time from Diablo, who is a Dealing Representative for Horizon Financial. When Mariana mentions to her friend Marcus that she just started to invest, Marcus confides that he experienced losses from mutual fund investing. Her initial feelings of excitement have now changed to worry and regret. She wished she had talked to her friend before investing and wonders if she can change her mind.
Which statement regarding the right of withdrawal applies?

A.The right of withdrawal is based on the securities act legislation within the jurisdiction the purchase occurred.

B.Before Mariana can cancel her order, she must wait two business days to pass before she can cancel her order.

C.The Canadian Securities Administrators have instituted national instruments regarding Mariana's right to cancel her order.

D.How the right of withdrawal can be applied is determined by the Mutual Fund Dealers Association of Canada's conduct rules.

CIFC Exam Question 9

Saheed is a retiree who is considering splitting his pension income with his wife, Minu.
Which of the following outcomes may occur if he shares his pension benefits?

A.Whether the couple saves on income taxwill be dependent on Minu's marginal tax rate.

B.Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.

C.Regardless of how much income each person reports, the total amount of income taxes will not change.

D.This is a form of tax evasion and is therefore considered illegal based on income tax legislation.

CIFC Exam Question 10

Daisy is a Dealing Representative registered in the province of Saskatchewan only. Daisy's client, Orville, a resident of Lloydminster, Saskatchewan is a retiree who presently has a $1,000,000 with her dealer, Easy Ride Financial. Orville is now planning to move to Vegreville, Alberta next month. Easy Ride Financial is registered in Alberta and Saskatchewan. Neither Easy Ride Financial nor Daisy have any clients who are resident in Alberta.
Which of the following should Daisy do if she wants to continue to service Orville's account?

A.Request approval from the Mutual Fund Dealers Association of Canada to be eligible to be a registered Dealing Representative in Alberta

B.Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.

C.Register with a different mutual fund dealer that is registered in Alberta so she can keep Orville as a client.

D.Daisy will need to forfeit her registration in Saskatchewan if she wants to be registered in Alberta to keep Orville as a client.

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CIFC Exam Question 6

CIFC Exam Question 7

CIFC Exam Question 8

CIFC Exam Question 9

CIFC Exam Question 10

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