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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q243-Q248):

NEW QUESTION # 243
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 and re-balance the portfolio. Which of the following statements about Jehona's permitted activities is CORRECT?

A. If Sokol has given Jehona discretionary trading authority, Jehona can process trades in the account without Sokol's pre-approval.
B. If Sokol has signed a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
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 Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.

Answer: D

Explanation:
The statement that is correct about Jehona's permitted activities is option B. According to Section 13.3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI
31-103), registered individuals must not engage in discretionary trading, meaning that they must not execute a transaction for a client's account without the specific authorization of the client before the transaction.
Therefore, if Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered. The other statements are not correct about Jehona's permitted activities. Option A is false because a Limited Authorization Form does not allow Jehona to process trades in the account without Sokol's pre-approval; rather, it allows Jehona to accept instructions from a third party authorized by Sokol, such as a spouse or a lawyer. Option C is false because Sokol cannot give Jehona discretionary trading authority, as it is prohibited by NI 31-103 for mutual fund dealers and their representatives. Option D is false because appointing Jehona as his Power of Attorney does not allow Jehona to execute trades without Sokol's pre-approval; rather, it allows Jehona to act on behalf of Sokol in legal and financial matters, subject to certain conditions and limitations. References: [Registration Requirements, Exemptions and Ongoing Registrant Obligations], [Discretionary Trading | GetSmarterAboutMoney.ca],
[Limited Authorization Form | IFIC], [Power of Attorney | GetSmarterAboutMoney.ca]

NEW QUESTION # 244
What is Widget Inc.'s gross profit?
Widget Inc. Earnings Statement
Sales: $200,000
Cost of Goods Sold: $80,000
Selling & General Expenses: $40,000
Depreciation: $5,000
Total Expenses: $30,000
Net Earnings: $40,000

A. $75,000
B. $50,000
C. $120,000
D. $45,000

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Gross profit is calculated as sales minus the cost of goods sold. For Widget Inc.: $200,000 - $80,000 =
$120,000. The feedback from the document states:
"Sales are reduced by the expenses that were incurred in order to generate the goods sold (cost of goods sold).
These expenses include the cost of inventories used to produce the goods as well as the labour that went into their production. The sales revenue, net of the cost of producing those goods, is known as gross profit. In this case, gross profit = $200,000 - $80,000 = $120,000." Reference:Chapter 9 - Understanding Financial StatementsLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 245
10 years ago, Felipe opened a registered retirement savings plan (RRSP) account and purchased a mutual fund. The mutual fund purchased included a 7-year deferred sales charge (DSC). At the time of making his investment, him and his Dealing Representative agreed that he had a 25-year growth objective. Since Felipe knew that he was not planning to use his investment until he retired, he was not concerned about the DSC. Although the rate of return did vary from year-to-year, he never noticed his mutual fund having a drop in value. This gave Felipe more confidence in the investment. As a result, he has never made any changes to his investment.
What category of Know Your Client (KYC) information has been given?

A. Personal circumstances
B. Risk profile
C. Financial circumstances
D. Investment experience

Answer: D

Explanation:
The category of Know Your Client (KYC) information that has been given is investment experience.
Investment experience refers to the level of knowledge and familiarity that a client has with various types of investments, such as mutual funds, stocks, bonds, etc. It also includes the client's past performance, frequency of trading, and length of holding period. In this case, Felipe has given information about his investment experience by stating that he purchased a mutual fund with a deferred sales charge, that he had a 25-year growth objective, that he never noticed his mutual fund having a drop in value, and that he never made any changes to his investment.
References = Know Your Client (KYC): What It Means, Compliance Requirements, Know Your Client (KYC) - Overview, Importance and Benefits, Process, IFSE CIFC Module 2: The Investment Industry, page 2-
14.

NEW QUESTION # 246
In the OTC market, who enters the bid and ask quotations?

A. Mutual fund company
B. Issuing company or government
C. Dealers
D. Retail investors

Answer: C

Explanation:
The OTC (dealer) market is a negotiated market where investment dealers (market makers) post bid and ask quotations via electronic platforms.
Mutual fund companies and issuing companies do not post quotes directly.
Retail investors place orders through dealers, but they do not set bid-ask spreads.
Thus, the correct answer is D. Dealers.

NEW QUESTION # 247
Which statement regarding the Fund Facts document is CORRECT?

A. The Fund Facts document must not contain performance data.
B. Before accepting an order from a client, a Dealing Representative is expected to provide and explain the Fund Facts document.
C. For leveraged accounts, the Fund Facts document is not required if the client has been provided with the Leverage Risk Disclosure document.
D. The Fund Facts document must be delivered to the client, electronically or in writing, within 5 days of the transaction date.

Answer: B

Explanation:
The Fund Facts document is a summary disclosure document that highlights key information about a mutual fund or an exchange-traded fund (ETF), such as the performance history, investments, fees, and risks.
According to the Point of Sale (POS) disclosure rules, a Dealing Representative must provide and explain the Fund Facts document to the client before accepting an order to buy or switch a fund. This allows the client to make an informed investment decision and to know their rights.
References = Fund Facts | AMF - Autorite des marches financiers, Fund Facts/ETF Facts - Fidelity, Understanding Fund Facts | GetSmarterAboutMoney.ca, IFSE CIFC Module 2: The Investment Industry, page
2-16.

NEW QUESTION # 248
......

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