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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q141-Q146):

NEW QUESTION # 141
If the Consumer Price Index (CPI) was 140.6 last year and 146.9 this year, what was the inflation rate over the year?

A. 4.48%
B. 4.12%
C. 5.20%
D. 6.04%

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The inflation rate is calculated by subtracting the previous year's CPI from the current year's CPI, dividing by the previous year's CPI, and multiplying by 100. In this case:
(146.9 - 140.6) / 140.6 = 6.3 / 140.6 # 0.0448 or 4.48%.
The feedback from the document confirms:
"To calculate the rate of inflation over a period of time one must subtract the CPI at the beginning of the period from the CPI at the end of the period and then divide the result by the CPI at the beginning of the period. In this example, the solution can be derived as follows: (146.9 - 140.6) / 140.6." Reference:Chapter 3 - Economic PrinciplesLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 142
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. Control
C. Disclosure
D. Avoidance

Answer: D

Explanation:
Avoidance is a method of addressing conflict of interest by preventing it from occurring in the first place.
Ethical Financial's policies and procedures manual (PPM) require that Catarina decline the gift from Darlene, which is a potential source of conflict of interest. By doing so, Catarina avoids any appearance of favouritism or bias towards Darlene's mutual fund family. (Canadian Investment Funds Course, Chapter 2, Section 2.3)
:
Canadian Investment Funds Course, Chapter 2, Section 2.3: Conflicts of Interest IFSE Institute: Conflicts of Interest1

NEW QUESTION # 143
Which statement regarding the underwriting process and over-the-counter (OTC) markets is CORRECT?

A. The disclosure standards for stock exchanges are not as stringent as those imposed by the OTC market.
B. Many new stock issues that are underwritten by securities firms are first listed on a stock exchange before they are sold over-the-counter.
C. Corporations must have their shares listed both on an exchange and the OTC market during the underwriting process.
D. During the underwriting process investment bankers raise investment capital from investors on behalf of corporations and governments issuing securities.

Answer: D

Explanation:
Underwriting is the process through which an individual or institution takes on financial risk for a fee. This risk most typically involves loans, insurance, or investments. In the case of securities, underwriting involves conducting research and assessing the degree of risk each applicant or entity brings to the table before assuming that risk. During the underwriting process, investment bankers raise investment capital from investors on behalf of corporations and governments issuing securities. They also help determine the company's underlying value compared to the risk of funding its IPO. References: Underwriting: Definition and How the Various Types Work - Investopedia, The future of insurance underwriting | Deloitte Insights

NEW QUESTION # 144
What bias results in investors valuing an asset that they own over an asset that another individual owns?

A. Representativeness
B. Endowment
C. Risk aversion
D. Status Quo

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Endowment bias leads investors to overvalue assets they own compared to similar assets they do not own. The feedback from the document states:
"People who are subject to endowment bias place more value on an asset they hold property rights to than on an asset they do not hold property rights to." Reference:Chapter 5 - Behavioural FinanceLearning Domain:The Know Your Client Communication Process

NEW QUESTION # 145
In what circumstance would an investor receive a T3 or T5 reporting a capital gain from a mutual fund investment?

A. When the value of the fund's investments has risen
B. When the investor sells her fund units at a price higher than their average cost
C. When the value of the investor's fund units has risen
D. When the fund sells investments at a price higher than the average cost of the investment

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
A T3 or T5 slip reporting a capital gain is issued when an investor sells their mutual fund units at a profit, not when the fund itself realizes gains. The feedback from the document states:
"In the normal course of portfolio management, shares are bought and sold either at a gain or at a loss for the fund. By the end of the year, many funds will have generated net capital gains on their portfolio transactions.
The capital gains are distributed in the form of a capital gains dividend reported on a T5 or T3." However, for the investor, the correct answer is A, as clarified by standard tax rules: capital gains are realized by the investor upon selling units at a price higher than their average cost.
Reference:Chapter 16 - Mutual Fund Fees and ServicesLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 146
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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q141-Q146):

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