[2024年最新] リアルなIFSE Institute問題集を使って 100%無料CIFC試験問題集
リアルCIFC問題集で最新のIFSE Institute練習テスト問題集
質問 # 57
You are meeting a new client, Steven, and you are trying to determine his level of understanding of different investments. Which question would give you the most information regarding your client's familiarity with investing?
- A. Do you understand the relationship between risk and return?
- B. Do you have the resources to invest for the long-term?
- C. Do you want to minimize taxes from your investments?
- D. What rate of return do you expect from investing?
正解：A
解説：
Explanation
This question would give you the most information regarding your client's familiarity with investing because it tests their basic knowledge of one of the fundamental concepts in finance. The relationship between risk and return is the trade-off that investors face when choosing between different investments. Generally, the higher the risk, the higher the expected return, and vice versa. A client who understands this relationship would be able to evaluate the potential outcomes and costs of their investment decisions and choose the ones that match their risk tolerance and return objectives. A client who does not understand this relationship might have unrealistic expectations or make unsuitable choices.
References = Risk-Return Tradeoff Definition - Investopedia, Risk and Return - Corporate Finance Institute, Risk and Return: An Introduction - Morningstar
質問 # 58
Which of the following is typical for a normal yield curve?
- A. long term rates are lower than short term rates
- B. short and long term rates are the same
- C. yields decline as term to maturity increases
- D. short term rates are lower than long term rates
正解：D
解説：
Explanation
A yield curve is a graphical representation of the relationship between the interest rates (or yields) and the term to maturity of different fixed income securities, such as bonds or debentures. A normal yield curve is upward sloping, meaning that the interest rates increase as the term to maturity increases. This is because investors typically demand higher compensation for lending their money for longer periods of time, as they face more uncertainty and risk. Therefore, a normal yield curve implies that short term rates are lower than long term rates.
References: Canadian Investment Funds Course, Unit 5, Section 5.2
質問 # 59
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?
- A. If you leave your employer, your group RRSP stays with the employer.
- B. It is more costly and time consuming to administer than traditional pension plans.
- C. You need to wait until you file your taxes to receive your contribution tax deduction.
- D. The employer chooses the plan provider.
正解：D
解説：
Explanation
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
* Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
* Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
* Statement C: You do not need to wait until you file your taxes to receive your contribution tax
* deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
References: Canadian Investment Funds Course, Unit 9, Section 9.1
質問 # 60
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 ultimate designated person
- B. the chief compliance officer
- C. the chief executive officer
- D. the trustee
正解：B
解説：
Explanation
In a mutual fund dealer, the chief compliance officer (CCO) is the person responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance by the dealer and its representatives. The CCO must report to the board of directors or senior management of the dealer and must meet certain proficiency requirements, such as passing the Mutual Fund Dealers Compliance Exam. The CCO is also accountable to the securities regulators and self-regulatory organizations for any compliance issues or breaches. References: Guide to Broker-Dealer Registration
質問 # 61
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. labour-sponsored investment fund
- C. global equity 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 # 62
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. redeemable
- B. participating
- C. retractable
- D. convertible
正解：C
解説：
Explanation
Retractable preferred shares are those that give the holder the option to sell them back to the issuer at a predetermined price and date. This is the case for Evan, who can sell his shares back to Ingram at par value any time from now until September 1st two years from now. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 63
Your client, James, would like to work beyond the normal retirement age. He comes to you for advice on his registered retirement savings plan (RRSP). What are the rules regarding terminating an RRSP?
- A. James must terminate the plan by the end of the year he turns 71.
- B. James must terminate the plan by the end of the year he turns 70.
- C. James must terminate the plan by the end of the year he turns 67.
- D. James must terminate the plan by the end of the year he turns 65.
正解：A
解説：
According to the Canadian Investment Funds Course, an RRSP is a retirement savings plan that allows individuals to defer taxes on their contributions and investment income until they withdraw the funds.
However, an RRSP cannot be held indefinitely and must be terminated by the end of the year the annuitant turns 71. At that point, the annuitant has three options to withdraw the funds from the RRSP:
Make a lump-sum withdrawal, which is subject to withholding tax and income tax.
Convert the RRSP to a registered retirement income fund (RRIF), which provides a steady stream of income with a minimum amount that must be withdrawn each year.
Purchase an annuity, which offers a guaranteed income for life or for a specified period.
References: 1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)
質問 # 64
What areas are addressed in the Client Relationship Model (CRM) regulation?
- A. fraud prevention, relationship disclosure, and proper conduct
- B. client communications, regulatory reporting, and fraud prevention
- C. ethics, proper conduct, and client reporting
- D. relationship disclosure, client communications, and client reporting
正解：D
質問 # 65
Russell is a Dealing Representative with Wealth Quest Strategies Ltd., a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA). Russell is developing his website to include sales content on a Target Date Fund. Which of the following is Russell permitted to include on his website about the Target Date Fund?
i. the asset mix through the life of the fund until the future date
ii. the expected decline in the fund's risk level as the fund reaches its target date iii. the guaranteed return that the client will receive on the future date iv. a graphic illustration of the fund's promised growth on target date
- A. i and ii
- B. iii and iv
- C. i and iii
- D. ii and iv
正解：A
解説：
Explanation
A target date fund is a type of mutual fund that adjusts its asset allocation and risk level according to a predetermined future date, such as retirement or college education. A target date fund typically starts with a higher proportion of stocks and a lower proportion of bonds and cash, and gradually shifts to a more conservative mix as the target date approaches. This is called the fund's glide path, which shows the asset mix through the life of the fund until the future date. Russell is permitted to include this information on his website, as it is factual and relevant to the fund's characteristics and suitability. Russell is also permitted to include information about the expected decline in the fund's risk level as the fund reaches its target date, as this is part of the fund's objective and strategy. However, Russell is not permitted to include any information that implies or suggests that the target date fund offers a guaranteed return or a promised growth on the future date, as this would be misleading and inaccurate. Target date funds are not guaranteed investments, and their performance depends on the market conditions and the fund manager's decisions. Russell must not make any false or exaggerated claims about the target date fund's benefits or returns on his website.
References: Canadian Investment Funds Course, Chapter 7: Know Your Product1
質問 # 66
Xerxes, 45 years old, is a successful architect, having an annual income of $185,000. He has around $10,000 in his non-registered account, which he is looking to invest in a tax-efficient manner.
From the following options, which would be the most tax-efficient?
- A. bond fund
- B. Canadian equity index fund
- C. target date fund
- D. asset allocation fund
正解：B
解説：
Explanation
A Canadian equity index fund is a type of mutual fund that invests in a portfolio of stocks that track the performance of a Canadian stock market index, such as the S&P/TSX Composite Index. This fund would be the most tax-efficient option for Xerxes, because it has low turnover and generates mostly capital gains, which are taxed at a lower rate than interest income or dividends. A bond fund would generate interest income, which is taxed at the highest marginal rate. An asset allocation fund would have a mix of different types of investments, which may not be optimal for Xerxes' tax situation. A target date fund would adjust its asset mix over time based on a predetermined retirement date, which may not match Xerxes' goals or risk tolerance.
(Canadian Investment Funds Course, Chapter 9, Section 9.2)
References:
* Canadian Investment Funds Course, Chapter 9, Section 9.2: Tax-Efficient Investing
* IFSE Institute: Tax-Efficient Investing1
* Investopedia: Tax-Efficient Investing2
質問 # 67
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, 12.12
- B. $1,200.00
- C. $1,320.00
- D. $1-188.00
正解：A
解説：
Explanation
To convert the proceeds from USD to CAD, Frederic needs to divide the amount in USD by the exchange rate.
The exchange rate is $1 CAD for $0.99 USD, which means that $0.99 USD is equivalent to $1 CAD.
Therefore, Frederic will receive
CAD in Canadian dollars. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 8, Lesson 2
質問 # 68
Which of the following best describes how a target date fund works?
- A. Through the years, the asset allocation shifts from equities towards fixed income as the maturity date approaches.
- B. The mutual fund is constantly rebalanced to maintain an even split between equities and fixed income through the life of the mutual fund.
- C. Through the years, the asset allocation shifts from fixed income towards equities as the maturity date approaches.
- D. In exchange for a lump-sum purchase the unitholder receives guaranteed monthly payments for life.
正解：A
解説：
Explanation
This is because a target date fund is designed to reduce the risk and volatility of the portfolio as the investor gets closer to their retirement or other savings goal. Equities tend to have higher returns but also higher risk than fixed income, so a target date fund gradually reduces the exposure to equities and increases the exposure to fixed income over time. This way, the investor can benefit from the growth potential of equities in the early years and preserve their capital with the stability of fixed income in the later years.
質問 # 69
Wilma has always used the services of a tax preparation firm to file her taxes but is skeptical that she has really benefitted. This year she plans to file her own taxes for the first time.
What would be useful for her to know?
- A. Wilma's tax deductions permit her to reduce her tax payable dollar-for-dollar.
- B. Wilma's marginal tax rate may be lowered when tax deductions are applied to her total income.
- C. Wilma's top marginal tax rate will be applied to every taxable dollar when her tax return is filed.
- D. Wilma's non-refundable tax credits may only reduce her taxable income dollar-for-dollar.
正解：B
質問 # 70
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. Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.
- 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. This is a form of tax evasion and is therefore considered illegal based on income tax legislation.
正解：C
質問 # 71
In which of the following situations would the client mobility exemption apply?
- A. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.
- B. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.
- C. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.
- D. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.
正解：B
解説：
Explanation
The client mobility exemption is a provision in the National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that allows a registered individual to continue dealing with a client who moves to another jurisdiction without having to register in that jurisdiction, subject to certain conditions. One of the conditions is that the individual must not have more than five clients in each of the other jurisdictions where they are not registered. Therefore, the client mobility exemption would apply to Lori's situation, as she has five or fewer clients in Alberta, where she is not registered. The client mobility exemption would not apply to the other situations, as they do not meet the conditions for the exemption. For example, Olaf's mutual fund dealer is not registered in New Brunswick, which is a requirement for the exemption. Sigrid's brother-in-law is not an existing client who moved to another jurisdiction, but a new client who resides in a different jurisdiction. Karl has more than five clients in British Columbia, where he is not registered, which exceeds the limit for the exemption.
References: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1
質問 # 72
Which document contains information regarding the Independent Review Committee compensation?
- A. Management Reports of Fund Performance
- B. Simplified Prospectus
- C. Fund Facts
- D. Annual Information Form
正解：D
解説：
Explanation
The Annual Information Form (AIF) is a document that provides detailed information about a mutual fund, such as its history, structure, management, fees, expenses, risks, policies, and performance. The AIF also contains information regarding the Independent Review Committee (IRC) compensation, which is the amount of fees and expenses paid by the fund to the IRC members for their services. The IRC is a committee of independent individuals who oversee the fund manager's decisions on conflict of interest matters and act in the best interests of the fund and its investors12 References = web search results from search_web(query="Independent Review Committee compensation")12 and Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.2: Mutual Funds3
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf
質問 # 73
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. Mutual fund trusts can only distribute capital gains and Canadian dividends.
- B. Distributions from mutual fund corporations are not taxable to investors.
- C. Capital losses may be distributed from mutual fund corporations.
- D. Any income received by a mutual fund corporation is distributed in the form of either capital gains or Canadian dividends.
正解：D
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 # 74
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. Purchase put options for the fund's existing assets.
- B. Agree to buy forward contracts where he is in the "long' position.
- C. Buy call options for the existing stocks stored within the fund.
- D. Avoid the use of derivatives because they are speculative in nature.
正解：A
質問 # 75
Grant is a Dealing Representative with WealthPlus Securities Inc. Grant becomes a volunteer member of his local arena's Hockey Association and is appointed as the Association's new Treasurer. Which of the following statements about Grant's appointment as Treasurer is CORRECT?
- A. If Grant is not compensated for the Treasurer position, his firm's approval is not required.
- B. Grant must obtain the firm's approval before he starts the Treasurer position.
- C. Grant must disclose the Treasurer position to his firm once he has accepted the position.
- D. Since Grant holds the Treasurer position on a voluntary basis, it is not an outside activity.
正解：B
解説：
Explanation
Grant's appointment as Treasurer is considered an outside activity, regardless of whether he is compensated or not. According to the CIFC, Dealing Representatives must obtain their firm's written approval before engaging in any outside activity that could interfere with their ability to perform their duties or create a conflict of interest with their clients or employer. Grant must disclose the nature and extent of his involvement with the Hockey Association and how it may affect his availability, reputation, or potential for conflicts of interest. The firm may approve, reject, or impose conditions on Grant's outside activity.
References: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1
質問 # 76
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. 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".
- B. 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".
- C. 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".
- D. 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).
正解：A
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 # 77
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?
- A. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
- B. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
- C. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
- D. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
正解：B
解説：
Explanation
Based on Orel's stated need, recommending an RRSP contribution is unsuitable because RRSP withdrawals are taxed as income and may affect Orel's eligibility for government benefits. A TFSA is more suitable for Orel's goal of developing emergency savings because TFSA withdrawals are tax-free and do not affect income-tested benefits. References: Investment Funds in Canada (IFC) | Canadian Securities Institute
質問 # 78
What information does Fund Facts provide to potential investors?
- A. The remuneration paid to the Independent Review Committee.
- B. How to calculate the taxes owed from investment income.
- C. What the mutual fund is currently investing in.
- D. The portfolio management strategy that is used.
正解：C
解説：
Explanation
A Fund Facts document is a summary disclosure document that provides key information about a mutual fund, such as its investment objectives, risks, past performance, and fees. One of the information items that a Fund Facts document provides to potential investors is what the mutual fund is currently investing in, such as its top 10 holdings, asset mix, geographic allocation, and sector allocation. A Fund Facts document does not provide information on how to calculate taxes, portfolio management strategy, or remuneration of the Independent Review Committee. References: Fund facts guide | Sun Life Global Investments, Mutual Funds - Fund Facts | ScotiaFunds
質問 # 79
Which of the following statements about pension adjustments (PA) is TRUE?
- A. They increase your registered retirement savings plan (RRSP) room by the amount of the pension adjustment.
- B. You will receive a PA whether you are in a defined contribution or a defined benefit pension plan.
- C. They represent how much your pension will increase due to years of service.
- D. They represent how much your pension is reduced due to market conditions.
正解：B
解説：
Explanation
A pension adjustment (PA) is the amount that the Canada Revenue Agency (CRA) assigns to your pension plan each year to reflect the value of the pension benefits that you earned. The PA reduces your registered retirement savings plan (RRSP) contribution room for the following year by the same amount. The PA ensures that all taxpayers have access to comparable tax assistance, regardless of the type of pension plan they participate in. You will receive a PA whether you are in a defined contribution or a defined benefit pension plan, but the calculation of the PA will differ depending on the type of plan. (Canadian Investment Funds Course, Chapter 8, Section 8.2) References:
* Canadian Investment Funds Course, Chapter 8, Section 8.2: Retirement Savings Plans and Pension Plans
* Investopedia: Pension Adjustment: Definition and Types of Plans1
* PlanEasy: What Is A Pension Adjustment?2
質問 # 80
What information does Fund Facts provide to potential investors?
- A. The remuneration paid to the Independent Review Committee.
- B. How to calculate the taxes owed from investment income.
- C. What the mutual fund is currently investing in.
- D. The portfolio management strategy that is used.
正解：C
質問 # 81
......
CIFC問題集PDFでCIFCリアルな試験問題アンサー：https://jp.fast2test.com/CIFC-premium-file.html