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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q183-Q188):

NEW QUESTION # 183
Frederic recently sold his units in a US dollar (USD) denominated mutual fund. He wants to convert the proceeds back to Canadian dollars (CAD). If he received proceeds of $1,200 USD from the sale and the exchange rate is $1 CAD for $0.99 USD, how much will Frederic receive in Canadian dollars?

A. $1, 12.12
B. $1,200.00
C. $1,320.00
D. $1-188.00

Answer: A

Explanation:
Explanation
To convert the proceeds from USD to CAD, Frederic needs to divide the amount in USD by the exchange rate.
The exchange rate is $1 CAD for $0.99 USD, which means that $0.99 USD is equivalent to $1 CAD.
Therefore, Frederic will receive

CAD in Canadian dollars. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 8, Lesson 2

NEW QUESTION # 184
Sean purchases 500 units of Penn Canadian Equity Fund when the net asset value per unit (NAVPU) is
$16.70. On December 15, the mutual fund's NAVPU is $21. On December 16, the mutual fund declares a distribution of $1.25 per unit. Sean's distribution is immediately reinvested and he purchases additional units of the mutual fund.
Which of the following statements about the effect of the distribution is correct?

A. The total value of Sean's mutual fund holdings after the distribution and reinvestment is $9,875.
B. After the distribution. Sean will have J&625 in cash and JB8.350 worth of the Penn Canadian Equity Fund.
C. The NAVPU of the mutual fund does not change after the distribution since Sean reinvests his distribution and purchases additional units.
D. Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.

Answer: D

Explanation:
Explanation
Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
When a mutual fund declares a distribution, it reduces its NAVPU by the amount of the distribution per unit.
In this case, the NAVPU drops from $21 to $19.75 after the distribution of $1.25 per unit. Sean's distribution is $625 ($1.25 x 500 units), which he reinvests in the mutual fund at the new NAVPU of $19.75. He receives

additional units. The total value of Sean's mutual fund holdings after the distribution and reinvestment is (500+31.65)*19.75=$10,500
, not $9,875. The NAVPU of the mutual fund does change after the distribution, regardless of whether Sean reinvests his distribution or not. References: [Unit 7: Mutual Funds Administration]

NEW QUESTION # 185
Which of the following statements about nominee name accounts is TRUE?

A. Holding accounts in nominee name means the client no longer needs to provide any trading instructions.
B. The dealer is the registered owner of the account and holds funds in trust for the client.
C. A Limited Trading Authorization (LTA) is necessary since the dealer, and not the client, is the registered owner of the mutual funds.
D. Discretionary trading on a client's account, without specific instructions, is permitted.

Answer: B

Explanation:
Explanation
A nominee name account is a type of account where the dealer, not the client, is the registered owner of the mutual funds held in the account. The dealer holds the funds in trust for the client and acts as the nominee for the client. The client is the beneficial owner of the funds and retains all the rights and benefits associated with the ownership. The dealer is responsible for maintaining the records of the client's transactions and holdings, and for providing the client with confirmations, statements, and tax slips.
References = Canadian Investment Funds Course, Unit 8: Mutual Fund Administration, Lesson 1: Account Registration, Section 8.1.2: Nominee Name Accounts1; CIFC prepkit, Chapter 8: Mutual Fund Administration, Question 8.1.2 2

NEW QUESTION # 186
Xian-Li believes she is a sophisticated investor. She has constructed her own portfolio and has had some success. She does not believe in studying a company's details such as earnings, expenses, or assets. She is more concerned with patterns in a company's stock price over time. She believes patterns form and can be used to predict future movements in the market.
How does Xian-Li evaluate the companies in her portfolio?

A. technical analysis
B. value analysis
C. flowchart analysis
D. fundamental analysis

Answer: A

NEW QUESTION # 187
Which information is typically included in the Letter of Engagement?

A. Investment Objective
B. Client's responsibilities
C. Process for complaints
D. Payee for deposits

Answer: B

NEW QUESTION # 188
......

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