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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q260-Q265):

NEW QUESTION # 260
Jonathan is a Dealing Representative who has just finished an appointment with his new client, Shirley.
Jonathan has concluded that Shirley has a low-risk profile but wants to establish additional savings of
$500,000. During their discussion, Shirley emphasizes she wants investments that are also tax efficient.
Jonathan learned that currently Shirley has no registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room due to using those opportunities by investmenting elsewhere.
What variable is a PRIMARY consideration for Jonathan when making an investment recommendation?

A. Shirley's risk profile.
B. The tax consequences.
C. Expected time horizon.
D. Investment objective

Answer: A

Explanation:
Shirley's risk profile is the primary consideration for Jonathan when making an investment recommendation.
Risk profile is a measure of how much risk an investor is willing and able to take on in their portfolio. It is determined by factors such as age, income, net worth, investment objectives, time horizon, and personal preferences. It is essential for a dealing representative to assess the risk profile of their client before recommending any investment products or strategies, as they have a fiduciary duty to act in the best interest of their client and ensure that their recommendations are suitable for their client's needs and goals. The other variables are also important, but they are secondary to the risk profile. References: [Risk Profile], [Know Your Client (KYC)]

NEW QUESTION # 261
The performance of ABC Mutual Fund ranks 54 out of 100 funds in its peer group. What is its quartile ranking?

A. 1st quartile
B. 3rd quartile
C. 4th quartile
D. 2nd quartile

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Quartile rankings divide funds into four equal groups, with the 1st quartile being the top 25%. A rank of 54 out of 100 places the fund in the 3rd quartile (51-75). The feedback from the document states:
"A quartile sorts performance into four equal parts or blocks. The quartiles are given a rank - 1, 2, 3 or 4 - to show how well a certain fund's performance compared to all other funds in the peer group, with the 1st quartile representing the top 25 performers." Reference:Chapter 14 - Understanding Mutual Fund PerformanceLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 262
What term describes the range of possible future outcomes on the price of a security?

A. Risk
B. Fluctuation
C. Return
D. Beta

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Risk refers to the potential volatility in returns or the range of possible future outcomes on the price of a security. This concept captures the uncertainty associated with a security's future value, a fundamental aspect of investment analysis. The feedback from the document states:
"Risk is the potential volatility in returns or the range of possible future outcomes on the price of a security." Reference:Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 263
Which of the following statements about your mutual fund registration is CORRECT?

A. Your online application must be reviewed and approved by your mutual fund dealer before you can begin to sell mutual funds.
B. You must renew your registration through the online NRD system every two years.
C. You can sell mutual funds anywhere in Canada as long as you are registered with one of the provincial or territorial securities commissions.
D. You must inform the regulatory authorities of any material or significant changes to your personal circumstances.

Answer: D

Explanation:
According to the Registered Investments (RIs) - Canada.ca, you must inform the regulatory authorities of any material or significant changes to your personal circumstances, such as a change of name, address, or employment status. You must also report any disciplinary actions, criminal charges, or civil lawsuits that may affect your suitability as a registrant. Failing to do so may result in suspension or revocation of your registration.

NEW QUESTION # 264
Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. Jehona has reviewed her client Sokol's account and wants to adjust the holdings and re-balance the portfolio. Which of the following statements about Jehona's permitted activities is CORRECT?

A. If Sokol has signed a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
B. If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.
C. If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.
D. If Sokol has given Jehona discretionary trading authority, Jehona can process trades in the account without Sokol's pre-approval.

Answer: B

Explanation:
The statement that is correct about Jehona's permitted activities is option B. According to Section 13.3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI
31-103), registered individuals must not engage in discretionary trading, meaning that they must not execute a transaction for a client's account without the specific authorization of the client before the transaction.
Therefore, if Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered. The other statements are not correct about Jehona's permitted activities. Option A is false because a Limited Authorization Form does not allow Jehona to process trades in the account without Sokol's pre-approval; rather, it allows Jehona to accept instructions from a third party authorized by Sokol, such as a spouse or a lawyer. Option C is false because Sokol cannot give Jehona discretionary trading authority, as it is prohibited by NI 31-103 for mutual fund dealers and their representatives. Option D is false because appointing Jehona as his Power of Attorney does not allow Jehona to execute trades without Sokol's pre-approval; rather, it allows Jehona to act on behalf of Sokol in legal and financial matters, subject to certain conditions and limitations. References: [Registration Requirements, Exemptions and Ongoing Registrant Obligations], [Discretionary Trading | GetSmarterAboutMoney.ca],
[Limited Authorization Form | IFIC], [Power of Attorney | GetSmarterAboutMoney.ca]

NEW QUESTION # 265
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