CIFC 시험 - IFSE Institute실제시험문제와 답 - 115문항

Question No : 1

One of your clients, Harry, has heard that he can defer paying tax on capital gains. He wants to know if what he has heard is correct and if so, how to defer paying taxes on capital gains.
What would you tell Harry?

A.He should hold profitable investments as long as possible.
B.He should invest in mutual funds just before the dividend paying date to pick up the dividend.
C.Harry should buy and sell investments actively.
D.He should hold unprofitable investments as long as possible.

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Question No : 2

Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a $120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan. Other than a tax-free savings account (TFSA) in Kyle’s name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?

A.How would you feel if you lost part of your money in the short-term?
B.What is your investment objective for these savings?
C.What is your net worth?
D.How much do you make individually each year?

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Question No : 3

Which of the following statements describes a feature of the Home Buyers’ Plan (HBP)?

A.To qualify- as a first-time home buyer you or your spouse must never have previously owned a home
B.Once you are required to repay the amounts back to your RRS
C.any missed or incomplete payments are subject to tax.
D.A qualifying home must be purchased by December 31 of the year of withdrawal.
E.If you have a spouse or common-law partner, each of you can withdraw up to JE50.000 from your registered retirement savings plans (RRSPs).

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Question No : 4

During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a foreign, dividend from his The USD/CAD exchange rates is 1.3605.
Firmansyah’s federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.
What federal tax liability will be due from the investment income?

A.$522.00
B.$348.00
C.$695.76
D.$870.00

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Question No : 5

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 calculate the net asset value per unit (NAVPU) and report it to Give in the trade confirmation.
B.Portia must mark the trade as ^unsolicited" if Clive wants to proceed with the trade and it is not suitable for him.
C.Portia must disclose the costs, expenses, and ongoing fees associated with the investment prior to the trade.
D.Portia must provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade.

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Question No : 6

Which of the following statements regarding mutual fund fees is correct?

A.Redemptions are made from units held by investors to pay trailer fees.
B.Trailer fees are only paid to mutual fund dealers when a purchase is made.
C.The mutual fund dealer receives trailer fees based on the value of assets under management.
D.Trading commissions are paid from the management fee.

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Question No : 7

Ai Fen has recently become registered to sell mutual funds with Acadian Eastern Financial, a mutual fund dealer. Ai Fen determined that with her background of being a Chartered Financial Analyst, she can help people understand the nature of investing more easily than others in her field.
Which registration category will need to be prominently noted on Ai Fen’s business card to comply with the “holding out rule”?

A.Dealing Representative
B.Registered Representative
C.Investment Representative
D.Chartered Financial Analyst

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Question No : 8

Which among the following BEST describes a company’s income statement?

A.It shows the amount of profit that is reinvested in the company in the form of retained earnings.
B.It shows the amount of capital contributed to the company by its shareholders or owners.
C.It shows the earnings and expenses of a business over a period of time.
D.It provides a snapshot of a company's financial position at a specific point in time

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Question No : 9

Last year Peter’s earned income from employment was $50,000.
Last year, after receiving a $2 per share in dividends from 500 shares in ABC Inc., a publicly-traded Canadian corporation, he sold his shares.
The sale resulted in a capital gain of $15,000.

Based on the tax rates mentioned above, what is Peter’s net federal tax liability for the year? (Round to 2 decimal places).

A.$9,953.30
B.$9,193.69
C.$9,113.53
D.$9,696.15

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Question No : 10

Sheldon is a 25 year old graphic designer. He has just started working and saves regularly. Apart from his regular salary he also earns extra money from freelancing after office hours and during weekends.
His earnings from his freelance work are sufficient for meeting his living expenses. He saves the entire amount of his salary. He has heard about lifecycle funds but has come to you for additional information.
Which of the following statement about lifecycle funds is TRUE?

A.As Sheldon gets older, the life cycle asset allocation changes from more risky to less risky.
B.All lifecycle funds start with equal allocations to cash, fixed income and equities before being re-balanced.
C.The asset allocation of a lifecycle fund is set based on the age demographic of its unitholders and remains the same for the time frame of the lifecycle fund.
D.Investor income is the only basis for changing the asset allocation of a lifecycle mutual fund.

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Question No : 11

Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

A.A period of economic expansion is followed by a period of economic contraction.
B.A period of economic expansion is of the same length in every cycle.
C.A period of economic expansion is always of the same length as a period of economic contraction.
D.A period of at least 3 consecutive months of contraction is called a recession.

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Question No : 12

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

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Question No : 13

What role do investment dealers play in the Canadian and global financial markets?

A.They are contributors to a company's profits.
B.They are contributors to an investor's earnings.
C.They assist with the exchange of capital for a financial instrument.
D.By underwriting financial instruments, they raise capital for investors.

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Question No : 14

Nelson is a Dealing Representative with True Wealth Advisors Inc., a mutual fund dealer. Nelson follows proper procedures related to his firm’s Relationship Disclosure Information (RDI).
Which of the following CORRECTLY describes how Nelson is permitted to evidence that he satisfied his RDI obligation?

A.Nelson may retain a copy of the RDI in the client file with detailed notes to confirm that he provided and explained the RDI to the client.
B.Nelson may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RD
C.Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.
D.Nelson can record detailed notes which confirm that he provided and explained the Fund Facts to the client within 2 days of the RD

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Question No : 15

Maxine is a portfolio manager who 15 years ago, purchased 100 shares of Never2Tacky, a social media corporation for Aspirations Global Technology Fund. She purchased the stock when it was trading at $10. Last year, the peak market price was $120. Presently, it is trading at $99. News agencies are now reporting that additional regulations regarding social media companies are about to be agreed upon by G7 countries. Maxine is concerned the market value of Never2Tacky is going to drop. She buys a put option with an exercise price of $95 with an expiry of 9 months.
What type of strategy is Maxine using?

A.Speculating
B.Modern portfolio theory
C.Passively managing
D.Hedging

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IFSE Institute CIFC 시험