2025 TEST CIFC VCE FREE 100% PASS | PASS-SURE CIFC: CANADIAN INVESTMENT FUNDS COURSE EXAM 100% PASS

2025 Test CIFC Vce Free 100% Pass | Pass-Sure CIFC: Canadian Investment Funds Course Exam 100% Pass

2025 Test CIFC Vce Free 100% Pass | Pass-Sure CIFC: Canadian Investment Funds Course Exam 100% Pass

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q168-Q173):

NEW QUESTION # 168
What information does Fund Facts provide to potential investors?

  • A. The remuneration paid to the Independent Review Committee.
  • B. The portfolio management strategy that is used.
  • C. How to calculate the taxes owed from investment income.
  • D. What the mutual fund is currently investing in.

Answer: D


NEW QUESTION # 169
Yesterday, Mariana who is new to investing and purchased mutual funds for the very first time. She shared her excitement with her good friend, Julius. However, after Julius learned about her investment, he admits that he had a bad experience with mutual fund investing and that he lost money. Mariana regrets not talking to Julius prior to making her decision. Her feelings of enthusiasm have changed to fear. She is wondering if it is too late to change her mind and cancel her purchase order.
Which statement regarding the right of withdrawal is CORRECT?

  • A. Mariana has to wait two business after her purchase order has been settled to exercise the right of withdrawal.
  • B. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within.
  • C. The Canadian Securities Administrators (CSA) created legislation that addresses the right of withdrawal for investors.
  • D. The Mutual Fund Dealers Association of copyright (MFDA) have written conduct rules regarding the right of withdrawal.

Answer: B

Explanation:
Explanation
The right of withdrawal is a statutory right that allows investors to cancel their purchase order of mutual funds within a specified period of time and receive a refund of the amount they paid. The right of withdrawal is also known as the cooling-off period or the rescission right. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within, as each jurisdiction has its own securities legislation and regulations that govern the mutual fund industry. For example, in Ontario, the right of withdrawal is two business days after receiving the simplified prospectus or the fund facts document, whichever is later1. In Quebec, the right of withdrawal is two business days after receiving the simplified prospectus or confirmation of purchase, whichever is later2. In British Columbia, the right of withdrawal is 48 hours after receiving confirmation of purchase3. Therefore, Mariana may still be able to exercise her right of withdrawal, depending on where she bought her mutual funds and when she received the required documents. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 3: The Regulatory Environment, Section 3.2: The Right of Withdrawal, page 3-54 Ontario Securities Commission - Mutual Funds - Buying and Selling1 Autorite des marches financiers - Mutual Funds - Buying and Selling2 British Columbia Securities Commission - Mutual Funds - Buying and Selling3


NEW QUESTION # 170
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?

  • A. Comparing historical rates of return between different types of mutual funds.
  • B. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
  • C. Referencing the fund code for each mutual fund that is being compared.
  • D. The rights a client has if there is a desire to cancel the purchased mutual fund.

Answer: B


NEW QUESTION # 171
Which of the following statements regarding mutual fund fees is correct?

  • A. The mutual fund dealer receives trailer fees based on the value of assets under management.
  • B. Redemptions are made from units held by investors to pay trailer fees.
  • 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: A

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 # 172
Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

  • A. A period of economic expansion is of the same length in every cycle.
  • B. A period of economic expansion is followed by a period of economic contraction.
  • C. A period of economic expansion is always of the same length as a period of economic contraction.
  • D. A period of at least 3 consecutive months of contraction is called a recession.

Answer: B

Explanation:
Explanation
A business cycle is a cycle of fluctuations in the aggregate economic activity of a nation around its long-term natural growth rate. It consists of four phases: expansion, peak, contraction, and trough. A period of economic expansion is followed by a period of economic contraction, which is also called a recession. A recession is defined as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales1. The other statements are not true about the movement of business cycles in the Canadian economy. The length of each phase and cycle varies depending on various factors, such as fiscal and monetary policies, external shocks, consumer confidence, and technological changes. There is no fixed rule that a period of economic expansion or contraction must last for a certain number of months or quarters. A period of at least 3 consecutive months of contraction is not sufficient to define a recession; it must also be significant and widespread across the economy. References: Business Cycle: What It Is, How to Measure It, the 4 Phases, Business Cycle - Definition, How to Measure and 6 Different Stages, Business Cycle - Definition, Phases, Graphs, Economics Examples


NEW QUESTION # 173
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