Online Access Free IFSEInstitute.CIFC.v2024-11-12.q117 Practice Test (Page 6)

CIFC Exam Question 21

Lydia wants to transfer units of her Sussex Growth Fund to her registered retirement savings plan (RRSP) as her RRSP contribution. The current market value is $10,600 and the cost of the units is $4,500.
Which of the following statements is CORRECT?

A.Lydia is only permitted to contribute cash to her RRSP not units of her mutual fund.

B.Lydia's RRSP contribution will be valued at $4,500.

C.Lydia's RRSP contribution will be valued at $10,600.

D.Lydia will incur a capital gain of $4,500 from the contribution.

CIFC Exam Question 22

Portia is a Dealing Representative with Highview Wealth Inc., a mutual fund dealer. Portia recommends the Stature Growth Fund to her client Clive. Which of the following CORRECTLY describes what Portia must do in order to satisfy her obligations under the Client Relationship Model (CRM) and Client Focused Reforms (CFR)?

A.Portia must mark the trade as ^unsolicited" if Clive wants to proceed with the trade and it is not suitable for him.

B.Portia must provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade.

C.Portia must disclose the costs, expenses, and ongoing fees associated with the investment prior to the trade.

D.Portia must calculate the net asset value per unit (NAVPU) and report it to Give in the trade confirmation.

CIFC Exam Question 23

Greg, one of your clients, has been advised by a friend to invest in open-end mutual funds. He is not sure about the differences between open and closed-end funds.
What would you tell Greg about open-end funds?

A.The number of units is not fixed, and varies with investor demand and redemption orders.

B.Investors holding open-end funds can buy and sell their mutual funds anytime the stock market is open.

C.Units are bought and sold amongst the unitholders.

D.Initial shares in the mutual fund are allotted through an initial public offering (IPO)

CIFC Exam Question 24

Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?

A.She can convert her RRSP to a locked-in retirement income fund (LRIF).

B.She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.

C.She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.

D.She can purchase a registered term or life annuity.

CIFC Exam Question 25

The owners of Underground Airways Ltd. want to take their privately owned corporation public through an initial public offering (IPO). They are speaking to a specialist from an investment dealer to determinewhether it would be advisable to become listed on a stock exchange or the over-the-counter (OTC) market.
In comparing the two options, which of the following considerations is TRUE?

A.Underground would be subject to less stringent listing requirements if they chose the stock exchange as compared to the OTC market.

B.A stock exchange listing would provide Underground with greater market exposure and public confidence than listing on the OTC market.

C.If Underground chose to list on the OTC market, there would be no secondary market available for investors.

D.Underground would still be directly involved in the trading of their shares on either market.

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CIFC Exam Question 21

CIFC Exam Question 22

CIFC Exam Question 23

CIFC Exam Question 24

CIFC Exam Question 25

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