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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q170-Q175):
NEW QUESTION # 170
Which of the following are obligations on mutual fund dealing representatives imposed by The Proceeds of Crime (Money Laundering) and Terrorist Financing Act?
- A. record-keeping of large transactions, account-related information, and other relevant records
- B. confirming client identity each time before concluding any transaction
- C. reporting all financial transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
- D. enhancing public awareness of matters related to money laundering and terrorist financing
Answer: A
NEW QUESTION # 171
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. Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
- C. After the distribution. Sean will have J&625 in cash and JB8.350 worth of the Penn Canadian Equity Fund.
- D. The NAVPU of the mutual fund does not change after the distribution since Sean reinvests his distribution and purchases additional units.
Answer: B
NEW QUESTION # 172
Anthony purchased 500 units of XYZ Fund at a price of $12.00 per unit. Near the end of the year, the mutual fund made a distribution of $1.50 per unit. The net asset value per unit (NAVPU) immediately before the distribution was $16.50. Anthony immediately reinvested his distribution at the new NAVPU. How many new units did Anthony purchase when his distribution was reinvested?
- A. 50.00
- B. 45.50
- C. 55.40
- D. 52.60
Answer: A
Explanation:
Explanation
When a mutual fund makes a distribution, its net asset value per unit (NAVPU) decreases by the amount of the distribution. Therefore, the new NAVPU of XYZ Fund after the distribution was $$(16.50 - 1.50 = 15.00)
NEW QUESTION # 173
Derek submits an order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. His proceeds will be based on the net asset value per unit (NAVPU) for which day (assume no holidays)?
- A. Wednesday, January 11
- B. Monday, January 9
- C. Tuesday, January 10
- D. Friday, January 6
Answer: C
Explanation:
Explanation
The net asset value per unit (NAVPU) is the price at which mutual fund units are bought and sold. The NAVPU is calculated at the end of each business day, based on the closing market value of the fund's assets and liabilities. When an investor submits an order to buy or sell mutual fund units, the order is processed at the NAVPU of the next valuation date, which is the next business day after the order is received by the fund company. This is called forward pricing. In this case, Derek submits his order to sell 300 units of the Evergreen Canadian Mortgage Fund at 8:00 p.m. EST on Friday, January 6. This is after the cut-off time for that day, which is usually 4:00 p.m. EST. Therefore, his order will be processed at the NAVPU of the next valuation date, which is Monday, January 9. However, since the Evergreen Canadian Mortgage Fund is a money market fund, it has a one-day settlement period, which means that Derek will receive his proceeds on the following business day after his order is processed. Therefore, his proceeds will be based on the NAVPU for Tuesday, January 10. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.4: Buying and Selling Mutual Funds, page 4-161 Forward Pricing Definition - Investopedia2 Money Market Fund Definition - Investopedia3
NEW QUESTION # 174
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?
- A. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
- B. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
- C. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
- D. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
Answer: A
Explanation:
Explanation
Based on Orel's stated need, recommending an RRSP contribution is unsuitable because RRSP withdrawals are taxed as income and may affect Orel's eligibility for government benefits. A TFSA is more suitable for Orel's goal of developing emergency savings because TFSA withdrawals are tax-free and do not affect income-tested benefits. References: Investment Funds in Canada (IFC) | Canadian Securities Institute
NEW QUESTION # 175
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