매달, 우리는 1000명 이상의 사람들이 시험 준비를 잘하고 시험을 잘 통과할 수 있도록 도와줍니다.
CSI Canadian Securities Course Exam 2 온라인 연습
최종 업데이트 시간: 2025년10월03일
당신은 온라인 연습 문제를 통해 CSI CSC2 시험지식에 대해 자신이 어떻게 알고 있는지 파악한 후 시험 참가 신청 여부를 결정할 수 있다.
시험을 100% 합격하고 시험 준비 시간을 35% 절약하기를 바라며 CSC2 덤프 (최신 실제 시험 문제)를 사용 선택하여 현재 최신 185개의 시험 문제와 답을 포함하십시오.
정답:
Explanation:
The description of a company's fixed assets, including details about their nature, valuation methods, and depreciation, is typically found in the notes to the financial statements. These notes provide additional context, explanations, and details about the figures presented in the financial statements. The statement of financial position will list fixed assets, but the comprehensive description is found in the notes.
Reference: Volume 1, Chapter 11: Corporations and Their Financial Statements, section on "Notes to the Financial Statements" describes how notes are used to provide critical details about items in the financial statements, including fixed assets.
정답:
Explanation:
When submitting a trade ticket for a short sale, an investment advisor must mark the sell-order ticket as a short sale. This ensures compliance with regulatory requirements and informs the broker and exchange that the sale involves borrowed shares. Marking the order appropriately helps maintain transparency and enables monitoring for potential market manipulation.
Why Other Options are Incorrect:
A. Verify the client can borrow the shares: The responsibility for ensuring share availability lies with the broker, not the advisor.
C. Obtain minimum margin amount from client: This is done separately as part of the account setup and transaction process, not when submitting the trade ticket.
D. Mark it as a margin order: Short sales involve margin, but the ticket must specifically indicate "short sale" rather than just "margin."
Reference: CSC Volume 1, Chapter 9, "Short Selling C Trade Requirements" details the process and importance of marking short-sale tickets.
정답:
Explanation:
Investing in a listed private equity company offers the benefit of access to a broad array of skills and a large talent pool. Unlike traditional private equity investments, these entities are publicly traded and often operate with extensive resources and expertise to evaluate and manage investment opportunities.
Detailed Explanation
Key Features of Listed Private Equity Companies
They provide liquidity compared to traditional private equity, as shares can be traded on public exchanges.
They leverage a diverse team of analysts, strategists, and operational experts to identify and optimize investment opportunities.
Evaluating Other Options:
Average levels of liquidity (A): Listed private equity companies are considered to have higher liquidity relative to traditional private equity funds.
Controls and Limits (C): These companies may not necessarily impose stricter controls than traditional private equity.
Ability to act on legitimate insider information (D): Insider trading is strictly regulated and prohibited by law.
Risk and Return Trade-Off: While providing advantages like transparency and liquidity, listed private equity investments may be subject to market volatility akin to other publicly traded equities.
Reference: Volume 2, Chapter 22: Alternative Investments C Section on Listed Private Equity.
Volume 2, Chapter 20: Investment Structures and Risks C Private Equity Analysis.
정답:
Explanation:
One of the most significant factors limiting the effectiveness of fiscal policy is the time lag involved in implementing tax changes or expenditure adjustments. This lag exists because fiscal policy measures typically require parliamentary approval and detailed legislative processes, delaying their impact on
the economy.
Detailed Explanation
Types of Fiscal Policy Lags
Recognition Lag: Time taken to recognize the need for intervention.
Decision Lag: Time taken by policymakers to design and approve a fiscal response.
Implementation Lag: Time taken for the effects of the fiscal measures to manifest in the economy.
Other Options Considered:
Level of Tax Rates (A): While high tax rates may reduce economic activity, they do not inherently limit fiscal policy effectiveness.
Level of Inflation (B): Inflation primarily impacts monetary policy rather than fiscal policy directly.
Short-Term Interest Rates (C): These are more relevant to monetary policy, which is managed separately by the central bank.
Illustrative Case: In scenarios requiring rapid economic intervention (e.g., recessions), these lags often mean fiscal responses are delayed, sometimes reducing their relevance or efficiency by the time they are implemented.
Reference: Volume 2, Chapter 13: Fundamental Macroeconomic Analysis C Fiscal Policy Impact.
Volume 1, Chapter 5: Economic Policy C Challenges of Government Policy Implementation.
정답:
Explanation:
The Tax-Free Savings Account (TFSA) is a fiscal policy measure introduced by the Canadian government to encourage individuals to save. Unlike other savings mechanisms, the TFSA provides a unique tax advantage: any income earned within the account, whether from interest, dividends, or capital gains, is completely tax-free. This structure incentivizes saving by maximizing the growth potential of the funds invested without the burden of tax erosion.
Detailed Explanation
Nature of the TFSA
Introduced in 2009, the TFSA allows Canadians aged 18 or older to contribute a specific annual limit (indexed to inflation) to the account. Contributions are made with after-tax dollars, meaning withdrawals, including investment income, are not taxed.
Comparison to Other Measures in the Options:
First Home Savings Account (FHSA): This is a targeted saving vehicle to assist first-time homebuyers and is more restrictive in its purpose.
Capital Gain Inclusion Rate: Although it reduces taxable income by allowing only a portion of capital gains to be taxed, it doesn't offer the complete tax-exempt growth and withdrawal benefits of a TFSA.
Dividend Tax Credit: This offsets taxes on eligible dividends but is designed to encourage investment in Canadian corporations rather than promote individual saving per se.
Economic Impact
By encouraging Canadians to save, the TFSA bolsters household financial security and indirectly supports the broader economy by increasing available investment capital.
Reference: Volume 2, Chapter 24: Canadian Taxation C Section on Tax-Free Savings Accounts.
Volume 2, Chapter 13: Macroeconomic Analysis C Fiscal Policy Measures.
정답:
Explanation:
The dividend discount model (DDM) is based on the premise that a company’s intrinsic value is the present value of all future dividends. This model works best when:
Dividends are stable or follow a predictable growth rate.
The company has an established dividend payout history.
Inapplicability to Fluctuating Dividend Patterns:
A company with changing dividend payments and fluctuating growth rates lacks the consistency required for the DDM. The fluctuating nature introduces uncertainty, making it difficult to estimate future dividends accurately. This diminishes the model’s reliability in valuing such companies.
Comparison with Other Options:
Option A: Changing dividend payments but a stable growth rate could still provide a predictable valuation framework using DDM.
Option B: Stable dividends and a stable growth rate align perfectly with DDM assumptions.
Option C: Stable dividends and fluctuating growth rates are more predictable than Option
D. Supporting Study Material
Reference: Volume 2, Chapter 13 (Fundamental Analysis): Explains the relevance of consistent dividend patterns in equity valuation, emphasizing
정답:
Explanation:
A bond swap involves selling one bond and simultaneously using the proceeds to buy another bond, typically to capitalize on differences in yield, credit quality, or market valuation. In the scenario provided:
Reason for Selling the Regular Bond:
Jerry believes Company A's regular bond is overvalued. This indicates that Jerry expects the bond price to decrease in the future or that it no longer aligns with his investment objectives.
Reason for Buying the Convertible Bond:
Jerry invests in Company A’s convertible bond for its equity component, which he believes is undervalued. Additionally, the convertible bond's attractive coupon rate aligns with his expectation of falling interest rates, which typically increases bond prices. Convertible bonds combine the features of fixed-income securities with potential equity upside, which aligns well with Jerry's forecast.
Fixed-Income Management Style:
Jerry is performing a bond swap―switching between two bonds to optimize portfolio returns based on market conditions and his expectations for interest rates and equity valuation.
Supporting Study Material
Reference: Volume 1, Chapter 6: Discusses bond features and types, including the rationale for using fixed-income securities like convertible bonds. It outlines factors that influence bond prices and yields.
Volume 2, Chapter 15 (Portfolio Management): Highlights fixed-income manager styles, including strategies like bond swaps that aim to optimize portfolio yield and valuation alignment.
정답:
Explanation:
Fee-based accounts charge clients a fixed percentage of assets under management rather than commissions on individual trades. While these accounts offer benefits like cost transparency and reduced incentive for excessive trading, they may also impose restrictions on the number of trades allowed without incurring additional fees.
Disadvantages of Fee-Based Accounts:
Trade Limits: Some fee-based accounts cap the number of trades to ensure trading costs remain within the agreed fee structure.
Higher Fixed Costs: These accounts can be more expensive for clients who trade infrequently or have smaller portfolios.
Why Other Options Are Incorrect:
B: Fee-based accounts reduce the advisor's incentive for frequent trading as they are not commission-based.
C: Fee-based accounts typically allow access to a broad range of advisory services.
D: Investment opportunities are not restricted in fee-based accounts.
Reference: CSC Volume 2, Chapter 25: Advantages and Disadvantages of Fee-Based Accounts.
정답:
Explanation:
A discount brokerage is an ideal platform for clients who seek professional advice but do not require comprehensive financial planning. Discount brokers allow clients to trade securities with minimal fees, offering tools and resources for investment decision-making without the cost of full-service advisory.
Why This Platform is Appropriate:
Clients retain control over their portfolios but can access limited advisory services when needed.
Suitable for investors who are comfortable with self-directed investing and require occasional guidance.
Why Other Options Are Incorrect:
A: A family office provides high-end services, including financial planning, making it excessive for this client.
B: A self-directed brokerage is entirely self-managed, without access to advisory support.
C: ETFs are an investment product, not a platform.
Reference: CSC Volume 2, Chapter 25: Overview of Fee-Based and Discount Brokerage Accounts.
정답:
Explanation:
An estate freeze is a strategy used to minimize future tax liability by freezing the value of an individual's assets at their current level and transferring future growth to others (e.g., family members). This helps lock in the current value for taxation purposes while passing on potential growth to the next generation without incurring immediate taxes.
Key Benefits of an Estate Freeze:
Ensures that future appreciation in asset value is taxed in the hands of beneficiaries rather than the original owner, typically at lower tax rates.
Facilitates succession planning by transferring control of assets to heirs. Limits tax exposure while maintaining flexibility in estate planning.
Why Other Options Are Incorrect:
A: An estate freeze does not eliminate probate fees, though it may reduce taxable estate value.
B: Asset price volatility is unrelated to the purpose of an estate freeze.
C: While asset control may change, this is not the primary reason for an estate freeze.
Reference: CSC Volume 2, Chapter 24: Estate Planning and Tax Strategies.
정답:
Explanation:
Low levels of government and consumer indebtedness create a positive macroeconomic environment for investor expectations and securities prices. When debt levels are manageable, governments and consumers have greater financial flexibility, which can lead to increased economic activity and improved investor confidence.
Why This Impacts Investor Expectations Positively:
Low government debt allows for expansionary fiscal policies (e.g., increased spending or tax cuts) without significantly increasing borrowing costs.
Low consumer debt supports higher disposable income, enabling more spending and investment.
Both factors reduce the risk of higher interest rates, keeping borrowing costs low for businesses and individuals, which supports economic growth and, in turn, securities prices.
Why Other Options Are Incorrect:
A: Targeted monetary policies may benefit specific sectors but are not a universally positive factor for all securities.
B: Increased taxes on corporations can reduce profitability and negatively impact investor expectations.
D: A decrease in government spending with tax cuts could slow economic growth, negatively impacting securities prices.
Reference: CSC Volume 2, Chapter 13: Macroeconomic Factors and their impact on securities.
정답:
Explanation:
A simplified prospectus is a streamlined legal document that allows fund companies to qualify mutual funds for sale under National Instruments 81-101. It provides essential information about a fund’s investment objectives, risks, fees, and performance in a concise and accessible format, enabling investors to make informed decisions. This document complements the more detailed financial disclosures and annual reports rather than replacing them.
Simplified prospectuses apply specifically to mutual funds and are not used for real property funds or to provide detailed holding updates.
Reference: CSC Volume 2, Chapter 17: Mutual Funds C The Simplified Prospectus.
CSC Volume 2, Chapter 23: Structured Products C Legal and Regulatory Frameworks.
정답:
Explanation:
Model-based account management refers to discretionary accounts where advisors execute trades following a predefined model portfolio. Client consent is crucial as advisors must adhere to fiduciary responsibilities and ethical standards. This consent is typically obtained through agreements and clear disclosure documents when opening such accounts. The necessity for client approval ensures alignment with the investor's risk tolerance and financial objectives.
Tax loss selling and solicitation are unrelated to the operational mechanics of model-based accounts, while the emphasis on short-term use contradicts the long-term nature of these accounts.
Reference: CSC Volume 2, Chapter 25: Fee-Based Accounts C Documentation for Managed Accounts.
CSC Volume 2, Chapter 26: Working with Retail Clients C Ethical Standards and Client Consent Requirements.
정답:
Explanation:
Standard deviation measures the dispersion or variability of returns around the mean of a portfolio or security's historical performance. It is a widely used statistical metric in finance to assess risk, as it captures the degree to which returns can deviate from their expected value. A high standard deviation indicates higher risk, reflecting greater volatility in returns, while a low standard deviation suggests more stable performance.
Beta measures market risk relative to a benchmark, correlation measures the relationship between securities, and alpha represents excess return above a benchmark. However, standard deviation is the most common measure of total risk applicable to portfolios and individual securities.
Reference: CSC Volume 2, Chapter 15: Introduction to the Portfolio Approach C Measuring Risk.
CSC Volume 2, Chapter 16: The Portfolio Management Process C Risk Metrics.
정답:
Explanation:
Exchange-traded notes (ETNs) are debt instruments issued by financial institutions that provide returns linked to a specified index or benchmark. Unlike exchange-traded funds (ETFs) or mutual funds, ETNs do not hold assets like stocks or bonds. Instead, they rely on the issuer’s creditworthiness. Tracking error occurs when the performance of an investment fund deviates from its benchmark index due to operational factors like fees, rebalancing, or dividend treatment. Since ETNs directly track the performance of the underlying index through a structured debt instrument, they are immune to the operational causes of tracking error.
Reference: CSC Volume 2, Chapter 23: Structured Products C Types and Features.
CSC Volume 2, Chapter 19: Exchange-Traded Funds C Tracking Error Risks and Benefits.