最新のCIFC実際の無料試験問題更新された225問あります
無料で使えるCIFC試験ブレーン問題集認定ガイドの問題と解答
質問 # 62
When you buy a put option, which of the following is TRUE?
- A. You have the obligation to sell a set number of shares at a set price.
- B. You have the obligation to buy a set number of shares at a set price.
- C. You have the right to purchase a set number of shares at a set price.
- D. You have the right to sell a set number of shares at a set price.
正解：D
解説：
Explanation
A put option is a contract that gives the buyer the right, but not the obligation, to sell a set number of shares of an underlying asset at a set price within a specified time frame. The buyer of a put option expects the price of the underlying asset to fall below the strike price before the expiration date. Therefore, A is the correct answer.
References: Put Option: What It Is, How It Works, and How to Trade Them, Put: What It Is and How It Works in Investing, With Examples, Put Options: Definition, Overview, and Example
質問 # 63
Quinton, a Dealing Representative, meets with his client Banji. Banji's Know Your Client (KYC) indicates that her risk profile is "medium''. Banji currently has $35,000 in her account which is invested 50% in the Middleton Balanced Fund and 50% in the Hector Growth Fund. She tells Quinton that she would like to contribute an additional $10,000 to purchase the Prospect Labour-Sponsored Fund. Which of the following statements about Banji's proposed transaction is CORRECT?
- A. Quinton must provide Banji with full disclosure about the risks so that he can proceed with the purchase of the Prospect Labour-Sponsored Fund.
- B. Quinton should update Banji's risk profile to "high" so that he can proceed with the purchase of the Prospect Labour-Sponsored Fund.
- C. Quinton can proceed with the purchase of the Prospect Labour-Sponsored Fund because it is suitable for Banji based on her current KYC.
- D. Quinton should not proceed with the purchase of the Prospect Labour-Sponsored Fund because it is not suitable for Banji based on her current KYC.
正解：D
解説：
Explanation
A labour-sponsored investment fund (LSIF) is a type of mutual fund that invests in small and medium-sized businesses that are not publicly traded. LSIFs are sponsored by labour unions or associations and offer tax credits to investors. However, LSIFs are also very risky and illiquid investments that may not be suitable for investors with a medium risk profile, such as Banji. Therefore, Quinton should not proceed with the purchase of the Prospect Labour-Sponsored Fund because it is not suitable for Banji based on her current KYC.
Therefore, C is the correct answer. References: Labour-Sponsored Investment Funds (LSIFs): Definition and How They Work - Investopedia, Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 64
Axis Wealth Management Inc. is a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA).
Indrek is a Branch Manager for the Guelph Branch and he is responsible for conducting suitability reviews in order to identify any unsuitable transactions or accounts. Which of the following accounts/transactions would be unsuitable?
- A. Hundolf holds the Fortune Small Cap Equity Fund. Hundolf is fully employed, he is saving for his retirement in 18 years, his investment objective is "growth", and his risk profile is "medium-high".
- B. Megara bought a principal protected note (PPN) with a 7-year maturity. Megara wants principal protection and has a long-term investment time horizon (10+ years).
- C. Gilles has invested in various mutual funds using a leverage strategy recommended by his Dealing Representative. Gilles is 82, he is retired, he needs regular income, and his risk profile is "low".
- D. Ulani is saving for the final payment she will owe on her pre-construction condominium. Ulani has invested in the Harbour Money Market Fund because she is seeking "safety".
正解：C
解説：
Explanation
This account/transaction is unsuitable because it does not match Gilles' investment needs and objectives, risk profile, and capacity for loss. A leverage strategy involves borrowing money to invest in mutual funds, which increases the potential returns but also the potential losses. This strategy is very risky and requires a high risk tolerance, a long-term investment horizon, and a sufficient income to cover the interest payments. Gilles is 82 years old, retired, and needs regular income, which means he has a low risk tolerance, a short-term investment horizon, and a limited income. He cannot afford to lose his principal or pay the interest costs. Therefore, a leverage strategy is not appropriate for him.
References = IFSE CIFC Module 3: Investment Products, page 3-24. What is Suitability? | MFDAMSN-0069 | MFDA
質問 # 65
Saheed is a retiree who is considering splitting his pension income with his wife, Minu.
Which of the following outcomes may occur if he shares his pension benefits?
- A. Whether the couple saves on income taxwill be dependent on Minu's marginal tax rate.
- B. This is a form of tax evasion and is therefore considered illegal based on income tax legislation.
- C. Regardless of how much income each person reports, the total amount of income taxes will not change.
- D. Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.
正解：A
質問 # 66
Derek submits an order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. His proceeds will be based on the net asset value per unit (NAVPU) for which day (assume no holidays)?
- A. Monday, January 9
- B. Wednesday, January 11
- C. Tuesday, January 10
- D. Friday, January 6
正解：C
解説：
Explanation
The net asset value per unit (NAVPU) is the price at which mutual fund units are bought and sold. The NAVPU is calculated at the end of each business day, based on the closing market value of the fund's assets and liabilities. When an investor submits an order to buy or sell mutual fund units, the order is processed at the NAVPU of the next valuation date, which is the next business day after the order is received by the fund company. This is called forward pricing. In this case, Derek submits his order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. This is after the cut-off time for that day, which is usually 4:00 p.m. EST. Therefore, his order will be processed at the NAVPU of the next valuation date, which is Monday, January 9. However, since the Evergreen Canadian Mortgage Fund is a money market fund, it has a one-day settlement period, which means that Derek will receive his proceeds on the following business day after his order is processed. Therefore, his proceeds will be based on the NAVPU for Tuesday, January 10. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.4: Buying and Selling Mutual Funds, page 4-161 Forward Pricing Definition - Investopedia2 Money Market Fund Definition - Investopedia3
質問 # 67
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
- A. It will reduce Suiay's contribution room by 51,800.
- B. It will reduce Suiay's contribution room by
- C. It will reduce Suiay's contribution room by $3,600.
- D. It will have no effect. RRSP contribution room is based on earned income only.
正解：C
解説：
Explanation
D is correct because Sujay's registered retirement savings plan (RRSP) contribution room for the year will be reduced by $3,600. This is because his employer's defined contribution pension plan is considered a registered pension plan (RPP), which affects his RRSP contribution room through a pension adjustment (PA). The PA is calculated as 18% of his earned income in the previous year minus his RPP contributions in the current year.
In this case, Sujay's PA for the current year is $3,600, which is 18% of his $60,000 salary minus his 3% contribution ($1,800) and his employer's 3% contribution ($1,800). The PA reduces his RRSP contribution room for the next year by the same amount. It will have an effect on his RRSP contribution room (A), as it is not based on earned income only, but also on RPP contributions. It will not reduce his contribution room by
$51,800 (B), as this is more than his earned income. It will not reduce his contribution room by $10,800 , as this is 18% of his earned income without subtracting his RPP contributions. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 68
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
正解：A
質問 # 69
Karen's know your client (KYC) profile corresponds to someone who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She watches the daily movements of the Toronto Stock Exchange (TSX) and wants a mutual fund that will closely match what she sees.
What kind of mutual fund would be BEST for her?
- A. Canadian equity index fund
- B. Canadian small capitalization equity fund
- C. Canadian bond fund
- D. Canadian dividend fund
正解：A
解説：
Explanation
A Canadian equity index fund is a type of mutual fund that invests in stocks that track a Canadian equity market index, such as the S&P/TSX Composite Index or the S&P/TSX 60 Index. These indices measure the performance of the largest and most liquid companies listed on the Toronto Stock Exchange (TSX). A Canadian equity index fund aims to replicate the returns of the index it follows, before fees and expenses.
Therefore, this type of fund would be best for Karen, who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She also wants a mutual fund that will closely match what she sees on the TSX. References: CIBC Canadian Equity Index ETF, Top Canadian Index Funds of 2023 | The Motley Fool Canada
質問 # 70
What type of mutual fund can invest in specified derivatives and forward contracts for grains, meats, metals, energy products, and coffee?
- A. specialty fund
- B. global equity fund
- C. labour-sponsored investment fund
- D. commodity pool
正解：D
解説：
Explanation
A commodity pool is a type of mutual fund that can invest in specified derivatives and forward contracts for commodities, such as grains, meats, metals, energy products, and coffee. A commodity pool allows investors to gain exposure to the commodity markets without having to buy or sell the physical commodities themselves. A commodity pool may also use leverage and hedging strategies to enhance returns and reduce risks. Therefore, B is the correct answer. References: Commodity Pool: Definition and How It Works - Investopedia, Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 71
The following table shows Sabrina's earned income for the past few years:
Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available. If the maximum contribution limit for Year 3 is $24,270, what is her RRSP contribution room for Year 3?
- A. $25,200
- B. $26,100
- C. $22,500
- D. $24,270
正解：D
解説：
Explanation
Sabrina's RRSP contribution room for Year 3 is $24,270. This is because the maximum contribution limit for Year 3 is $24,270 and Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available.
References: Canadian Investment Funds Course, Chapter 5: Registered Plans
質問 # 72
Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?
- A. It can be carried forward a maximum of seven years.
- B. It may not be more than the RRSP contribution limit for the year in which it is carried forward.
- C. It may not be carried forward.
- D. It can be carried forward to future years.
正解：D
質問 # 73
Quintin has been a Dealing Representative for Global Maximum Financial for 5 years. Today, he opened an account for his new client, Reginald. In addition to opening a new account, Reginald agreed to accept Quintin's investment recommendation and placed a purchase order to buy units of the Global Maximum Value Equity fund.
Quintin informed his Branch Manager Lupita about this new account on the same day the purchase order was received. Lupita told Quintin that she would complete her review of the New Client Application Form (NCAF) by no later than tomorrow.
Which statement regarding this new account opening is CORRECT?
- A. Quintin cannot accept purchase orders from a client until Lupita completes her review of the NCAF.
- B. Unless Quintin is presently under probation, he does not need Lupita's approval regarding the NCAF.
- C. Lupita has two business days from the date of opening the new account to approve the NCAF completed by Quintin.
- D. Quintin and Lupita are both following proper procedure regarding new account openings and purchase orders.
正解：A
解説：
Explanation
According to the MFDA Rules, a Dealing Representative must not accept any purchase orders from a client until the Branch Manager or other designated person has reviewed and approved the New Client Application Form (NCAF) for the client. This is to ensure that the Dealing Representative has obtained and verified all the necessary information about the client, such as identity, investment objectives, risk tolerance, financial situation, and suitability of investments. The review and approval of the NCAF must be completed before any trades are executed for the client, unless there are exceptional circumstances that justify a delay. In this case, Quintin should have waited for Lupita's approval of the NCAF before placing the purchase order for Reginald.
References: 1: MFDA Rules as at December 31, 2021 - MFDA 2 (Rule 2.2.4)
質問 # 74
Your client Gerard is 30 years old and plans to retire at age 65. He has a mutual fund portfolio of $40,000 in which he invests $1,500 monthly. Gerard's objective is to use these funds to meet the 20% down payment requirement to buy a house for $650,000.
What is Gerard's investment time horizon not considering market fluctuations?
- A. 35 years
- B. 15 years
- C. 5 years
- D. 25 years
正解：C
解説：
Explanation
Gerard's investment time horizon is the length of time he plans to hold his investment until he needs to use the money for his specific goal. In this case, Gerard's goal is to use his mutual fund portfolio to meet the 20% down payment requirement to buy a house for $650,000. Therefore, his investment time horizon is determined by how long it will take him to accumulate enough money in his portfolio to cover the down payment amount.
Assuming that Gerard does not withdraw any money from his portfolio and that his portfolio earns a constant annual rate of return of 6%, we can use the following formula to calculate how long it will take him to reach his goal:
FV=PV*(1+r)n+PMT*r(1+r)n1
where:
* FV is the future value of the portfolio
* PV is the present value of the portfolio
* r is the annual interest rate
* n is the number of years
* PMT is the monthly payment
We can rearrange the formula to solve for n:
n=log(1+r)logPV+PMT*r1FVPMT*r1
Plugging in the given values, we get:
n=log(1+0.06)log40,000+1,500*0.061130,0001,500*0.061
n=4.98
Therefore, Gerard's investment time horizon is approximately 5 years, not considering market fluctuations.
This means that he will need to invest his money in a way that matches his risk tolerance and expected return for this time period.
References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.6: Asset Allocation and Diversification, page 4-271
* Future Value of an Annuity Definition - Investopedia2
質問 # 75
Beatrice is looking for comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.
Which document would provide the information she is looking for?
- A. Simplified Prospectus
- B. Fund Facts
- C. Management Reports of Fund Performance
- D. Annual Information Form
正解：C
解説：
Explanation
The Management Reports of Fund Performance (MRFP) are documents that provide information about a mutual fund's financial performance, portfolio composition, risk profile, and management expenses. The MRFP are prepared by the fund manager and filed with the securities regulators twice a year, for the semi-annual and annual periods. The MRFP are also made available to the investors on the fund manager's website or upon request. The MRFP include the following sections:
Financial Highlights: This section summarizes the key financial data of the fund, such as net assets, net asset value per unit, total return, ratios and supplemental data.
Past Performance: This section shows the historical returns of the fund over different time periods and compares them with a benchmark index or category average.
Summary of Investment Portfolio: This section provides a breakdown of the fund's portfolio by asset class, sector, geographic region, and top holdings. It also shows how the portfolio has changed over the reporting period.
Management Discussion of Fund Performance: This section explains the fund's investment objectives, strategies, and risks, and analyzes the factors that affected the fund's performance during the reporting period. It also discloses the fund's management expense ratio (MER), trading expense ratio (TER), and turnover rate.
Financial Statements: This section presents the fund's statement of financial position, statement of comprehensive income, statement of changes in net assets attributable to holders of redeemable units, and statement of cash flows. It also includes notes to the financial statements that provide additional information and disclosures.
The MRFP would provide Beatrice with comprehensive information regarding the analysis of financial statements and fund management expenses as it relates to her current mutual fund investment.
References: Canadian Investment Funds Course, Chapter 6: Fund Operations and Regulations1
質問 # 76
Maureen is 65 years old and will be retiring soon. She has a modest portfolio of mutual funds that focus on growth. As she approaches retirement, Maureen wants to switch to investments that provide steady income with low to medium risk.
Given Maureen's wishes, which of the following mutual funds would be suitable for her?
- A. money market funds. Canadian dividend funds, sector funds
- B. money market funds, global equity funds, bond funds
- C. money market funds, mortgage funds, bond funds
- D. Canadian dividend funds, global equity index funds, bond funds
正解：C
質問 # 77
Frederic recently sold his units in a US dollar (USD) denominated mutual fund. He wants to convert the proceeds back to Canadian dollars (CAD). If he received proceeds of $1,200 USD from the sale and the exchange rate is $1 CAD for $0.99 USD, how much will Frederic receive in Canadian dollars?
- A. $1,320.00
- B. $1-188.00
- C. $1,200.00
- D. $1, 12.12
正解：D
質問 # 78
Felipe is a Dealing Representative who is developing a non-registered investment solution for Laryssa. Felipe is debating between recommending either mutual fund trusts or mutual fund corporations. He wants to recommend an investment that reduces Laryssa's exposure to taxation.
Which feature may influence his recommendation?
- A. Capital losses may be distributed from mutual fund corporations.
- B. Any income received by a mutual fund corporation is distributed in the form of either capital gains or Canadian dividends.
- C. Mutual fund trusts can only distribute capital gains and Canadian dividends.
- D. Distributions from mutual fund corporations are not taxable to investors.
正解：B
解説：
Explanation
A mutual fund corporation is a type of mutual fund structure that is organized as a corporation and issues different classes of shares to investors. A mutual fund corporation has the ability to allocate its income and expenses among the different classes of shares, and to distribute any income received by the corporation in the form of either capital gains or Canadian dividends. These types of distributions are taxed at lower rates than interest or foreign income, which may reduce the tax liability of the investors. A mutual fund corporation can also use capital losses to offset capital gains, and carry them forward or back to reduce taxable income in other years.
References = Canadian Investment Funds Course, Unit 6: Mutual Funds, Lesson 2: Mutual Fund Structures, Section 6.2.2: Mutual Fund Corporations1; CIFC prepkit, Chapter 6: Mutual Funds, Question 6.2.2 2
質問 # 79
Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average $65,000 per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has always made his own investment decisions. His money is mostly invested in balanced funds. He feels most comfortable with these types of mutual funds since they offer potential investment growth but without being too aggressive. Cosmo has no other assets.
What additional information do you need about Cosmo to fulfill your know your client obligation?
- A. time horizon
- B. risk tolerance
- C. investment objectives
- D. income and net worth
正解：B
解説：
Explanation
To fulfill the know your client (KYC) obligation, an advisor must collect and document information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. The KYC rule is a regulatory requirement that ensures that the advisor understands the client's needs and goals, and provides suitable recommendations that match the client's profile. In this case, Cosmo has provided some information about his personal and financial situation, such as his age, occupation, income, assets, and inheritance. He has also given some indication of his investment objectives, such as saving for retirement, and his investment knowledge, such as making his own investment decisions and preferring balanced funds.
However, he has not disclosed his risk tolerance, which is his willingness and ability to accept fluctuations in the value of his investments. Risk tolerance is an important factor that affects the choice of investment strategies and products. Therefore, to complete the KYC process, the advisor needs to obtain additional information about Cosmo's risk tolerance. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section 1.4: The Know Your Client (KYC) Rule, page 1-111 Know Your Client (KYC) Definition - Investopedia2
質問 # 80
Lydia wants to transfer units of her Sussex Growth Fund to her registered retirement savings plan (RRSP) as her RRSP contribution. The current market value is $10,600 and the cost of the units is $4,500.
Which of the following statements is CORRECT?
- A. Lydia's RRSP contribution will be valued at $4,500.
- B. Lydia is only permitted to contribute cash to her RRSP not units of her mutual fund.
- C. Lydia's RRSP contribution will be valued at $10,600.
- D. Lydia will incur a capital gain of $4,500 from the contribution.
正解：C
解説：
Explanation
Lydia can make an in-kind contribution of her mutual fund units to her RRSP, as long as the fund is eligible for RRSPs. The value of her contribution will be based on the fair market value of the units at the time of the transfer, which is $10,600. However, she will also trigger a deemed disposition of the units and realize a capital gain of $6,100 ($10,600 - $4,500), which is taxable in the year of the transfer.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and web search results from search_web(query="RRSP contribution in kind")
質問 # 81
The owners of Underground Airways Ltd. want to take their privately owned corporation public through an initial public offering (IPO). They are speaking to a specialist from an investment dealer to determine whether it would be advisable to become listed on a stock exchange or the over-the-counter (OTC) market.
In comparing the two options, which of the following considerations is TRUE?
- A. Underground would be subject to less stringent listing requirements if they chose the stock exchange as compared to the OTC market.
- B. A stock exchange listing would provide Underground with greater market exposure and public confidence than listing on the OTC market.
- C. If Underground chose to list on the OTC market, there would be no secondary market available for investors.
- D. Underground would still be directly involved in the trading of their shares on either market.
正解：B
解説：
Explanation
According to the Canadian Investment Funds Course, a stock exchange is a centralized and regulated market where securities of listed companies are traded between buyers and sellers. A stock exchange has strict listing requirements that companies must meet in order to be eligible for trading on the exchange. These requirements may include minimum capitalization, number of shareholders, financial reporting, corporate governance, and compliance with securities laws. A stock exchange also provides liquidity, transparency, and efficiency for the trading of securities.
An over-the-counter (OTC) market is a decentralized and unregulated market where securities that are not listed on a stock exchange are traded between dealers and brokers. An OTC market has no physical location, rather the trading is done through phone, email, or computer networks. An OTC market has lower listing requirements than a stock exchange, which makes it easier for smaller or newer companies to access capital.
However, an OTC market also has less liquidity, transparency, and efficiency than a stock exchange.
Therefore, if Underground Airways Ltd. wants to take their privately owned corporation public through an initial public offering (IPO), they would have to weigh the pros and cons of listing on a stock exchange or the OTC market. One of the main considerations is that a stock exchange listing would provide them with greater market exposure and public confidence than listing on the OTC market. This is because a stock exchange listing signals that the company has met the high standards of the exchange and is subject to ongoing regulation and oversight. A stock exchange listing also attracts more investors, analysts, and media attention than an OTC listing. A stock exchange listing may also increase the value and liquidity of the company's shares.
References: 1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 5: Equity Securities)
質問 # 82
......
CIFC認定概要最新のCIFCのPDF問題集：https://www.goshiken.com/IFSE-Institute/CIFC-mondaishu.html
トップクラスIFSE Institute CIFC試験材料で学習ガイド！練習問題バージョン：https://drive.google.com/open?id=1yKqG-YuybDN70_zevMmhHhI3s6hgR8wV