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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
Which of the following statements regarding mutual fund fees is correct?

A. Redemptions are made from units held by investors to pay trailer fees.
B. The mutual fund dealer receives trailer fees based on the value of assets under management.
C. Trading commissions are paid from the management fee.
D. Trailer fees are only paid to mutual fund dealers when a purchase is made.

Answer: B

Explanation:
Explanation
Trailer fees are ongoing fees that are paid by mutual fund managers to mutual fund dealers for providing ongoing services to their clients who hold units of their funds. Trailer fees are calculated as a percentage of the value of assets under management (AUM) of the clients who hold units of the fund. Trailer fees are paid out of the management fee that is charged by the mutual fund manager to cover the costs of operating and administering the fund. Therefore, option C is correct regarding mutual fund fees. The other options are incorrect. Option A is false because redemptions are not made from units held by investors to pay trailer fees; rather, trailer fees are paid out of the management fee that is deducted from the net asset value (NAV) of the fund. Option B is false because trailer fees are not only paid to mutual fund dealers when a purchase is made; rather, trailer fees are paid on an ongoing basis as long as the clients hold units of the fund. Option D is false because trading commissions are not paid from the management fee; rather, trading commissions are paid from the trading expense ratio (TER) that reflects the costs of buying and selling securities within the fund.
References: [Mutual Fund Fees Explained | Wealthsimple], [Mutual Fund Fees | GetSmarterAboutMoney.ca],
[Understanding Mutual Fund Fees | Investopedia]

NEW QUESTION # 104
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.

Answer: B

Explanation:
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

NEW QUESTION # 105
Dakota is a Dealing Representative with Harvest Wealth Inc., a mutual fund dealer. Dakota starts a marketing campaign to contact prospective new clients and increase sales with existing clients. Which of the following CORRECTLY describes activities that Dakota can engage in under her marketing campaign?

A. Dakota can make telemarketing calls to clients who have opted in to receive commercial electronic messages (CEMs).
B. Dakota can make telemarketing calls to clients who are listed on the National Do Not Call List
C. Dakota can send promotional emails to clients who have opted into Harvest Wealth's Do Not Call List
D. Dakota can send promotional emails to clients who have opted in to receive commercial electronic messages (CEMs).

Answer: D

Explanation:
Explanation
Dakota can send promotional emails to clients who have opted in to receive commercial electronic messages (CEMs). A CEM is any electronic message that encourages participation in a commercial activity, such as an email, a text message, or a social media message. Under Canada's anti-spam legislation (CASL), Dakota must obtain consent from the recipients before sending CEMs, either explicitly (e.g., by asking them to sign up for a newsletter) or implicitly (e.g., by having an existing business relationship with them). Dakota must also identify himself and his dealer, provide contact information, and include an unsubscribe mechanism in every CEM. The other statements are incorrect. Dakota cannot make telemarketing calls to clients who are listed on the National Do Not Call List (DNCL). The DNCL is a list of telephone numbers of consumers who do not want to receive unsolicited telemarketing calls. Under the Telecommunications Act, Dakota must register with the National DNCL operator, subscribe to the National DNCL, and avoid calling any number on the list, unless he has express consent from the consumer or an exemption applies. Dakota cannot send promotional emails to clients who have opted into Harvest Wealth's Do Not Call List. A Do Not Call List is a list of telephone numbers of consumers who do not want to receive telemarketing calls from a specific organization.
Under the Telecommunications Act, Dakota must maintain an internal Do Not Call List for his dealer and respect the requests of consumers who ask not to be called by his dealer. However, this does not mean that he can send promotional emails to those consumers, as that would violate CASL. Dakota cannot make telemarketing calls to clients who have opted in to receive commercial electronic messages (CEMs). Opting in to receive CEMs does not imply consent to receive telemarketing calls, as they are different forms of communication governed by different laws . Dakota must obtain separate consent from the clients before making telemarketing calls to them, either explicitly or implicitly. References: [Canada's anti-spam legislation], [National Do Not Call List]

NEW QUESTION # 106
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a
$120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan.
Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?

A. How would you feel if you lost part of your money in the short-term?
B. How much do you make individually each year?
C. What is your investment objective for these savings?
D. What is your net worth?

Answer: C

Explanation:
Explanation
The question that you should ask Sarah and Kyle next is what is their investment objective for these savings.
An investment objective is a statement that defines the purpose and goals of an investment. It helps investors and advisors select suitable investment products and strategies that match the investor's needs and expectations. An investment objective typically considers factors such as risk tolerance, return expectations, time horizon, liquidity needs, tax situation, and personal preferences. Therefore, option B is the correct question to ask Sarah and Kyle next. The other options are not relevant or sufficient to determine their investment objective. Option A is related to their risk tolerance, but it is not the only factor that affects their investment objective. Option C is related to their net worth, but it does not indicate their purpose and goals for their savings. Option D is related to their income, but it does not reflect their return expectations or liquidity needs for their savings. References: [Investment Objective Definition], [Investment Objectives: What They Are and How to Use Them], [Investment Objectives | GetSmarterAboutMoney.ca]

NEW QUESTION # 107
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?

A. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
B. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
C. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
D. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.

Answer: D

NEW QUESTION # 108
......

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q103-Q108):

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