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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q85-Q90):

NEW QUESTION # 85
Based on the financial planning pyramid, what security would be appropriate for a very aggressive investor?

A. Foreign stocks
B. Tax shelters
C. Over the Counter (OTC) Securities
D. Commodities

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The financial planning pyramid illustrates the risk-return spectrum of investments. For a very aggressive investor, high-risk securities like OTC securities are suitable. The feedback from the document states:
"As a visual aid, the planning pyramid helps you show clients how mutual funds fit into the investment universe. A very aggressive investor could consider investments such as OTC Securities." Reference:Chapter 4 - Getting to know the clientLearning Domain:The Know Your Client Communication Process

NEW QUESTION # 86
Which statement about a net capital loss incurred by a mutual fund trust is CORRECT?

A. A net capital loss is permitted to be carried forward indefinitely by the mutual fund.
B. A net capital loss is permitted to be carried forward by the mutual fund for up to 3 years.
C. A net capital loss is permitted to be carried back indefinitely by the mutual fund.
D. A net capital loss is passed on to the unit holders by the mutual fund in the year it occurs.

Answer: A

Explanation:
A net capital loss is the excess of allowable capital losses over taxable capital gains in a taxation year. A mutual fund trust is a type of investment fund that is structured as a trust and distributes its income and capital gains to its unit holders. A mutual fund trust cannot pass on its net capital losses to its unit holders, as it can only distribute its net income and net realized capital gains. However, a mutual fund trust can carry forward its net capital losses indefinitely and use them to offset its taxable capital gains in future years. This reduces the amount of tax payable by the mutual fund trust and increases the amount of distributions available to its unit holders. A mutual fund trust cannot carry back its net capital losses to previous years, as this option is only available to corporations12. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.3: Taxation of Mutual Funds, page 7-103
* Capital Losses and Deductions - Canada.ca1
* Mutual Fund Trusts - Canada.ca2

NEW QUESTION # 87
Yesterday, Mariana who is new to investing and purchased mutual funds for the very first time. She shared her excitement with her good friend, Julius. However, after Julius learned about her investment, he admits that he had a bad experience with mutual fund investing and that he lost money. Mariana regrets not talking to Julius prior to making her decision. Her feelings of enthusiasm have changed to fear. She is wondering if it is too late to change her mind and cancel her purchase order.
Which statement regarding the right of withdrawal is CORRECT?

A. The Canadian Securities Administrators (CSA) created legislation that addresses the right of withdrawal for investors.
B. The Mutual Fund Dealers Association of Canada (MFDA) have written conduct rules regarding the right of withdrawal.
C. Mariana has to wait two business after her purchase order has been settled to exercise the right of withdrawal.
D. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within.

Answer: D

Explanation:
The right of withdrawal is a statutory right that allows investors to cancel their purchase order of mutual funds within a specified period of time and receive a refund of the amount they paid. The right of withdrawal is also known as the cooling-off period or the rescission right. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within, as each jurisdiction has its own securities legislation and regulations that govern the mutual fund industry. For example, in Ontario, the right of withdrawal is two business days after receiving the simplified prospectus or the fund facts document, whichever is later1. In Quebec, theright of withdrawal is two business days after receiving the simplified prospectus or confirmation of purchase, whichever is later2. In British Columbia, the right of withdrawal is 48 hours after receiving confirmation of purchase3. Therefore, Mariana may still be able to exercise her right of withdrawal, depending on where she bought her mutual funds and when she received the required documents. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 3: The Regulatory Environment, Section 3.2: The Right of Withdrawal, page 3-54
* Ontario Securities Commission - Mutual Funds - Buying and Selling1
* Autorite des marches financiers - Mutual Funds - Buying and Selling2
* British Columbia Securities Commission - Mutual Funds - Buying and Selling3

NEW QUESTION # 88
Why is it important that an investor receive a copy of the Fund Facts document when buying a mutual fund?

A. The investor can verify that his statutory rights have been respected
B. The investor can verify that the fund's stated investment objectives and risk profile match his own
C. The investor can verify that the fund has not misstated any material facts
D. The investor can verify that the fund manager is adhering to the fund's stated investment objectives

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The Fund Facts document provides essential information to ensure the fund's objectives and risk profile align with the investor's needs. The feedback from the document states:
"The fundamental purpose of a Fund Facts document is to provide 'full, plain and true' disclosure of material information concerning the securities and the issuer of the securities, so that potential purchasers can make informed decisions about purchasing the new securities. The fundamental investment objectives of a mutual fund can be found in the Fund Facts. It specifies what the fund intends to accomplish and how it is to be done." Reference:Chapter 10 - The Modern Mutual FundLearning Domain:The Modern Mutual Fund

NEW QUESTION # 89
Stan, a portfolio manager, is looking at two steel companies as potential investments. Truesteel Inc. has a current ratio of 2:1 while Strongco Ltd. has a current ratio of 0.8:1.
What could this information indicate?

A. It appears that Truesteel is more profitable than Strongco.
B. The stock market is more optimistic about the prospects for Truesteel than Strongco.
C. Truesteel is better able to meet its short-term financial obligations than Strongco.
D. Stronqco is reiving less on debt financing than Truesteel.

Answer: C

Explanation:
The current ratio is a liquidity ratio that measures a company's ability to pay its short-term obligations with its current assets. A higher current ratio indicates that the company has more current assets than current liabilities, which means it can meet its short-term obligations more easily. A lower current ratio indicates that the company has less current assets than current liabilities, which means it may face liquidity problems or default risk. Therefore, the information given in the question indicates that Truesteel is better able to meet its short-term financial obligations than Strongco. The current ratio does not necessarily reflect the profitability, market outlook, or debt financing of the companies. References: Current Ratio Explained With Formula and Examples, Current Ratio Formula, Current ratio

NEW QUESTION # 90
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