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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q89-Q94):

NEW QUESTION # 89
Faruq is a Dealing Representative with Smart Planning Group, a mutual fund dealer. Faruq meets with his new client, Taline, and learns that she lives on a low, fixed income.
Taline tells Faruq that she wants to maximize her investment returns as high as possible to make up the difference. Taline also indicates that she cannot afford large investment losses because her income is low.
Which of the following CORRECTLY describes how Faruq should assess Taline's risk profile?

A. Faruq should override the risk that Taline is able to accept because her return expectations cannot otherwise be met.
B. Taline's risk profile should be "hiqh"" because she is willingto accept risk in order to maximize her investment returns.
C. Taline's risk profile should be"low" because her risk capacityis low and she cannot afford lame investment losses.
D. Faruq should assess Taline's risk profilebased on the higher of her: (1) risk tolerance and (2) risk capacity

Answer: C

NEW QUESTION # 90
Fabiola is an optometrist and an incorporated professional. She has fallen behind schedule regarding saving for retirement. She is considering opening an Individual Pension Plan (IPP).
What provision might encourage her to use an IPP?

A. Withdrawals will be taxable to the business, not to Fabiola, when she starts receiving her pension income.
B. Contributions to her IPP can be greater than what applies to contributions for registered retirement savings plans.
C. Her pension benefit is not pre-determined because it is based on the returns on investments which she chooses.
D. When Fabiola files her personal tax return, she will be able to claim contributions as an eligible deduction.

Answer: B

Explanation:
Explanation
An IPP is a registered, defined-benefit pension plan that provides a fixed retirement benefit to the person designated in the plan. It is similar to an RRSP, but with some differences in contribution limits, deductions, and tax benefits. One of the main advantages of an IPP is that it allows higher contribution limits than an RRSP, especially for older and higher-income individuals. The contributions are based on the actuarial calculations of the pension benefit, and are tax-deductible for the sponsoring corporation. The higher contribution limits can help Fabiola catch up on her retirement savings and reduce her taxable income123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.3:
Individual Pension Plan (IPP) and web search results from search_web(query="individual pension plan")123
https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf

NEW QUESTION # 91
Iliana owns 1,000 participating preferred shares in the First Canadian Bank. Which of the following features are characteristic of her investment?

A. Iliana has a right to share in the bank's net profits over and above the specified dividend rate.
B. Iliana has the right to purchase more preferred shares in the company before common shareholders.
C. Iliana can convert her preferred shares to common shares at a fixed price and within a specified time period.
D. Iliana is able to vote at the annual general meeting and elect members of the board of directors.

Answer: A

Explanation:
Explanation
Participating preferred shares are a type of preferred shares that give the holder a right to share in the issuer's net profits over and above the specified dividend rate. This means that participating preferred shareholders may receive additional dividends if the issuer performs well. Iliana owns participating preferred shares in the First Canadian Bank, which means she has a right to share in the bank's net profits over and above the specified dividend rate. References: Investment Funds in Canada (IFC) | Canadian Securities Institute

NEW QUESTION # 92
Which of the following qualifies as personal information under the Personal Information Protection and Electronic Documents Act (PIPEDA)?

A. employee's name
B. employee's business telephone number
C. employee's credit record
D. employee's business address

Answer: C

Explanation:
Explanation
According to the Personal Information Protection and Electronic Documents Act (PIPEDA), personal information is any factual or subjective information, recorded or not, about an identifiable individual. This includes information in any form, such as age, name, ID numbers, income, ethnic origin, or blood type.
However, PIPEDA also specifies some exceptions to the definition of personal information, such as business contact information. Business contact information is any information that is used for the purpose of communicating or facilitating communication with an individual in relation to their employment, business or profession. This includes the employee's name, position name or title, work address, work telephone number, work fax number or work electronic address. Therefore, an employee's business address and business telephone number are not considered personal information under PIPEDA. An employee's name could be considered personal information if it is not used for business purposes, but it is not clear from the question whether that is the case. An employee's credit record is clearly personal information under PIPEDA, as it reveals sensitive information about the individual's financial situation and history.
References: 1: PIPEDA in brief - Office of the Privacy Commissioner of Canada 2

NEW QUESTION # 93
Which of the following CORRECTLY describes a material conflict of interest that has been properly addressed by the Dealing Representative?

A. Keaira recommends a growth fund to her client, Shilo, but her Compliance Department questions the trade because Shilo's risk profile is too low. Rather than cancel the trade and absorb the market losses herself, Keaira recommends that Shilo keep the investment even though it is not in her best interest.
Keaira updates Shilo's KYC to "high" risk and gets Shilo to sign the KYC update form.
B. Cametra asks to meet with her client, Pietro, to update his Know Your Client (KYC) information. They have not had a face-to-face meeting in years. Pietro feels updating the KYC information is unnecessary.
He tells Cametra he is too busy and there is no reason for her to be concerned with the information she already has. Even though they fail to meet, Cametra continues to submit purchase orders at his request.
C. Gibson reviews two similar mutual funds for his client. One fund pays higher trailer fees than the other.
Gibson discloses the difference between the trailer fees before recommending the fund that has higher trailer fees.
D. Oscar wants to recommend a fund to his client which has a higher management expense ratio (MER) than other mutual funds. Since the MER could impact the client's decision, Oscar reports the conflict of interest to his dealer and discloses the conflict of interest to his client. Oscar explains how the higher MER is in the client's best interest because the overall cost for the client will still be less than a fee-for-service account holding mutual funds with a lower MER.

Answer: D

Explanation:
Explanation
A material conflict of interest is a situation where a Dealing Representative or their firm has an interest that could reasonably be expected to affect the exercise of their professional judgment or influence their actions or recommendations. A Dealing Representative must identify, disclose, and manage any material conflicts of interest in the best interest of their clients. Oscar has properly addressed the material conflict of interest arising from the higher MER by reporting it to his dealer, disclosing it to his client, and explaining how it is in the client's best interest. The other scenarios do not demonstrate proper management of material conflicts of interest.
References: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

NEW QUESTION # 94
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