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質問 # 46
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, mortgage funds, bond funds
- B. money market funds, global equity funds, bond funds
- C. Canadian dividend funds, global equity index funds, bond funds
- D. money market funds. Canadian dividend funds, sector funds
正解：A
質問 # 47
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. This is a form of tax evasion and is therefore considered illegal based on income tax legislation.
- B. Regardless of how much income each person reports, the total amount of income taxes will not change.
- C. Whether the couple saves on income taxwill be dependent on Minu's marginal tax rate.
- D. Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.
正解：C
質問 # 48
Pierre wants to discuss the merits of a specific mutual fund with his Dealing Representative, Simone. There are no trailer fees associated with this fund. Simone is familiar with the mutual fund that Pierre is referring to, which is not offered by her dealer. They schedule an appointment to further discuss his investment portfolio.
Which behaviour from Simone is ethical?
- A. When comparing her dealer's own mutual funds to the one Pierre discovered, Simone emphasizes the importance of similar net rates of return and minimizes the significance of management expense ratios (MERs).
- B. While comparing Fund Facts of the different mutual funds, Simone points out that not only are the fund management expenses different but so are the investor profiles for each fund.
- C. Knowing Pierre does not like that her dealer's funds have trailer fees, she chooses not to discuss the relationship between trailer fees and MER while making comparisons.
- D. Simone's ability to keep her knowledge current on competitors' investment offerings shows that she is putting her client's interest first.
正解：B
質問 # 49
Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. Jehona has reviewed her client Sokol's account and wants to adjust the holdings andre-balance the portfolio. Which of the following statements about Jehona's permitted activities is CORRECT?
- A. If Sokol has qiven Jehona discretionary tradinq authority, Jehona can process trades in the account without Sokol's pre-approval.
- B. If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.
- C. If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.
- D. If Sokol has siqned a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
正解：B
質問 # 50
Solomon is a Dealing Representative who is excited about a new equity fund his dealer recently approved. He thinks investors will be attracted to the fund's historical performance. He has a prospective new client, Madira, who is 25 years old. Madira has invested in mutual funds before, but not with Solomon's dealer. She has made an appointment to open a new RRSP with Solomon's firm.
What does Solomon need to do to make this a suitable recommendation?
- A. Match the past rates of return of the mutual fund with what is the anticipated rate of return.
- B. Show from past fund performance, that mutual fund costs are not important if there are high returns.
- C. Rely on the risk rating of the mutual fund when offering an investment solution.
- D. Identify how the proposed investment is in alignment with the investor's profile and holdings.
正解：D
質問 # 51
Patrick is a portfolio manager for the HyperTally Growth Fund. It has generated an annualized rate of return of
10% this past year. However, with the anticipation of very high inflation to soon occur, there is also an expectation of higher interest rates. Patrick is concerned about the future returns of existing stocks within the fund. What may Patrick do to protect against the market value of the fund dropping?
- A. Avoid the use of derivatives because they are speculative in nature.
- B. Agree to buy forward contracts where he is in the "long' position.
- C. Purchase put options for the fund's existing assets.
- D. Buy call options for the existing stocks stored within the fund.
正解：C
質問 # 52
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. Chartered Financial Analyst
- C. Investment Representative
- D. Registered Representative
正解：A
質問 # 53
Greg, one of your clients, has been advised by a friend to invest in open-end mutual funds. He is not sure about the differences between open and closed-end funds.
What would you tell Greg about open-end funds?
- A. The number of units is not fixed, and varies with investor demand and redemption orders.
- B. Investors holding open-end funds can buy and sell their mutual funds anytime the stock market is open.
- C. Units are bought and sold amongst the unitholders.
- D. Initial shares in the mutual fund are allotted through an initial public offering (IPO)
正解：A
質問 # 54
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 can proceed with the purchase of the Prospect Labour-Sponsored Fund because it is suitable for Banji based on her current KYC.
- C. Quinton should update Banji's risk profile to "high" so that he can proceed with the purchase of the Prospect Labour-Sponsored Fund.
- 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
質問 # 55
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. $870.00
- D. $695.76
正解：D
質問 # 56
In a mutual fund dealer, who is the person responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance?
- A. the trustee
- B. the chief compliance officer
- C. the ultimate designated person
- D. the chief executive officer
正解：B
質問 # 57
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. Investor income is the only basis for changing the asset allocation of a lifecycle mutual fund.
- D. 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.
正解：A
質問 # 58
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 provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade.
- D. Portia must disclose the costs, expenses, and ongoing fees associated with the investment prior to the trade.
正解：D
質問 # 59
The Mutual Fund Dealers Association of Canada (MFDA) has strict rules concerning conflicts of interest.
Which of the following is TRUE?
- A. Borrowing money from a client will always be acceptable provided there is a written contract detailing the nature of the agreement.
- B. Activities that do not relate specifically to your employer need not be reported.
- C. Only actual conflicts must be reported to your employer. Potential conflicts need not be reported because they have not happened yet.
- D. Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval.
正解：D
質問 # 60
On January 2nd of this year Evan purchased 500 preferred shares of Ingram Ltd. The preferred shares have a par value of $25 per share and a quarterly dividend of $0.98 per share. They also give Evan the option to sell the shares back to Ingram at par value any time from now until September 1st two years from now. What type of preferred shares does Evan own?
- A. retractable
- B. participating
- C. redeemable
- D. convertible
正解：A
質問 # 61
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