IFSE Institute CIFC Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

You are collecting know your client (KYC) information for your new client, Yael. She has recently accepted an early retirement package from her employer and has $100,000 to invest. She is looking for an investment that will provide income to help pay her ongoing monthly expenses. Without this extra income, she would have trouble paying her bills. From your discussions, Yael understands that markets fluctuate and says she is comfortable with high risk. Which of the following would be a suitable investment?

Aglobal equity fund

Bmoney market fund

Cmortgage fund

DCanadian equity index fund

Correct : C

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Aglobal equity fund

Bmoney market fund

Cmortgage fund

DCanadian equity index fund

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Question 2

Which of the following applies to a mutual fund trust?

AIt has a board of directors and shareholders.

BIt has unitholders.

CIt is not efficient at passing through income to investors.

DIt is always closed-end.

Correct : B

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AIt has a board of directors and shareholders.

BIt has unitholders.

CIt is not efficient at passing through income to investors.

DIt is always closed-end.

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Question 3

Which of the following is a conflict of interest that should be AVOIDED?

AArilla's client, Gwen, wants to co-invest with Arilla in units of a real estate limited partnership.

BDavu's client, Ester, wants him to refer her to an accountant to help her with filing her tax return.

CFred's client, Hildie, wants to buy a life insurance policy and Fred is dually licensed as an Insurance Agent.

DJamal's client, Laila, wants to buy the Focus Canadian Growth Fund that pays Jamal trailer fees.

Correct : A

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AArilla's client, Gwen, wants to co-invest with Arilla in units of a real estate limited partnership.

BDavu's client, Ester, wants him to refer her to an accountant to help her with filing her tax return.

CFred's client, Hildie, wants to buy a life insurance policy and Fred is dually licensed as an Insurance Agent.

DJamal's client, Laila, wants to buy the Focus Canadian Growth Fund that pays Jamal trailer fees.

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Question 4

Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff's post-secondary education. She has called you to ask about registered education savings plans (RESPs).

Which of the following statements is TRUE?

AIf Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000.

BIf Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable.

CGeorge may open an RESP for Jeff but it will not quality to receive Canada Savings Education Grants (CESGs).

DIf Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond

Correct : D

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AIf Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000.

BIf Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable.

CGeorge may open an RESP for Jeff but it will not quality to receive Canada Savings Education Grants (CESGs).

DIf Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond

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Question 5

In which of the following situations would the client mobility exemption apply?

AOlaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.

BSigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.

CAlthough her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.

DKarl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.

Correct : C

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Master IFSE Institute CIFC Exam with Reliable Practice Questions

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