Free Access IFSEInstitute.CIFC.v2025-02-26.q117 Practice Test (Page 8)

Question 31

Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?

A.Clarence determines that the Absolute Alternative Fund is suitable for all of his clients. Clarence believes that all investors need alternative funds in order to be properly diversified.

B.Kiri recommends the Conservative Bond Fund to his client, Myrtle. The fund generates income and Myrtle's investment objective is "income" on her Know Your Client (KYC) form.

C.Li Ming recommends the Venturex Labour-Sponsored Fund to her client, Park. While Park has low tolerance and capacity for risk, Li Ming provides detailed disclosure which explains the fund's risks.

D.Roderik determines that the model portfolio he has developed will be suitable for all of his clients.Roderik has included investments with both income and growth to appeal to all investors.

Question 32

One of your clients, Harry, has heard that he can defer paying tax on capital gains. He wants to know if what he has heard is correct and if so, how to defer paying taxes on capital gains.
What would you tell Harry?

A.He should hold profitable investments as long as possible.

B.He should invest in mutual funds just before the dividend paying date to pick up the dividend.

C.He should hold unprofitable investments as long as possible.

D.Harry should buy and sell investments actively.

Question 33

Gregory is a conservative investor who wants to hold a portfolio of equity securities that would fall less than the overall market in a downturn.
Which of the following portfolios would you advise Gregory to invest in?

A.a portfolio with a beta equal to 1

B.a portfolio with a beta between 1 and 2

C.a portfolio with a beta greater than 2

D.a portfolio with a beta less than 1

Question 34

Catarina is a Dealing Representative for Ethical Financial which represents 20 different mutual fund families.
Darlene is a fund manager from one of those mutual fund families and wants to send a gift card to Catarina as a symbol of appreciation. Ethical Financial's policies and procedures manual (PPM) require that Catarina decline the gift.
What method of addressing conflict of interest is being used by Ethical Financial?

A.Potential

B.Disclosure

C.Avoidance

D.Control

Question 35

Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?

A.She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.

B.She can convert her RRSP to a locked-in retirement income fund (LRIF).

C.She can purchase a registered term or life annuity.

D.She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.

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