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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q53-Q58):

NEW QUESTION # 53
Stan, a portfolio manager, is looking at two steel companies as potential investments. Truesteel Inc. has a current ratio of 2:1 while Strongco Ltd. has a current ratio of 0.8:1.
What could this information indicate?

A. The stock market is more optimistic about the prospects for Truesteel than Strongco.
B. It appears that Truesteel is more profitable than Strongco.
C. Truesteel is better able to meet its short term financial obligations than Strongco.
D. Stronqco is reiving less on debt financing than Truesteel.

Answer: C

NEW QUESTION # 54
Sachin owns units of a long-term bond fund. He has heard that the Bank of Canada is likely to make it more expensive to borrow money. He is worried that the value of his investment is going to drop. What sort of investing risk is Sachin experiencing?

A. liquidity risk
B. market risk
C. inflation risk
D. interest rate risk

Answer: D

Explanation:
Explanation
Sachin is experiencing interest rate risk, which is the risk that changes in interest rates will affect the value of fixed income securities. When interest rates rise, bond prices fall, and vice versa. This is because investors will demand a higher yield to invest in bonds that pay a lower coupon rate than the prevailing market rate.
Therefore, if the Bank of Canada makes it more expensive to borrow money, the existing bonds in Sachin's fund will become less attractive and their prices will drop. Interest rate risk is measured by a fixed income security's duration, with longer-term bonds having a greater price sensitivity to rate changes. Sachin can reduce his interest rate risk by diversifying his bond maturities or hedging using interest rate derivatives1.
References: Canadian Investment Funds Course, Chapter 3: Risk and Return2

NEW QUESTION # 55
Sonya meets with her client Elijah to review different investment approaches that could be offered to help him reach his financial goals. Part of that discussion included Sonya mentioning factors such as inflation, interest rates, and rates of return. Which stage of the Strategic Investment Planning (SIP) process does this describe?

A. Clarify Client Status, Problems and Opportunities
B. Identify Strategies and Present the Plan
C. Implement the Plan
D. Monitor and Update

Answer: B

Explanation:
Explanation
The Strategic Investment Planning (SIP) process is a four-step process that helps advisors to create and deliver customized investment plans for their clients. The four steps are:
Clarify Client Status, Problems and Opportunities: This step involves gathering information about the client's personal and financial situation, goals, risk tolerance, and investment knowledge. The advisor also identifies the client's problems and opportunities, such as tax issues, estate planning needs, or market trends.
Identify Strategies and Present the Plan: This step involves analyzing the information collected in the previous step and developing strategies to address the client's problems and opportunities. The advisor also presents the plan to the client, explaining the rationale, benefits, costs, and risks of the proposed strategies. This is the stage where Sonya mentions factors such as inflation, interest rates, and rates of return, as they are relevant to the investment approaches she is offering to Elijah.
Implement the Plan: This step involves executing the agreed-upon strategies with the client's consent.
The advisor also ensures that the necessary documentation and transactions are completed.
Monitor and Update: This step involves reviewing the performance of the plan and making adjustments as needed. The advisor also communicates with the client regularly and updates the plan according to any changes in the client's situation or goals.
References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 2: The Sales Process, Section 2.3: The Strategic Investment Planning (SIP) Process, page 2-81 Strategic Investment Planning Process - IFSE Institute2

NEW QUESTION # 56
David had $10,000 in his investment account with Dynamic Investments, a mutual funds dealer. On June 28, David wants to buy 500 units in ABC Canadian Dividend Fund that has a Net Asset Value Per Unit (NAVPU) of $14.10. His friend Robert suggests that he may get a better price if he used the strategy of dollar-cost averaging. David then instructs his Dealing Representative to place a purchase order for 100 units on the first of every month starting July 1st for the next 5 months.
The orders are executed at the following NAVPUs.
July 01, $14.00
Aug. 01, $14.50
Sep. 01, $15.00
Oct. 01, $14.25
Nov. 01, $16.50
Did David get a better purchase price following the dollar-cost averaging strategy compared to making a lump-sum purchase of 500 shares on Jun 28, 20xx?

A. David got his 500 units at a lower price than the lump sum price he would have paid.
B. David got his 500 units at a higher price than the lump sum price he would have paid
C. David realizes that Dollar cost averaging is the best strategy for getting lower prices.
D. David got his 500 units at the same price as the lump sum price he would have paid.

Answer: B

Explanation:
Explanation
Dollar-cost averaging is a strategy that involves investing equal amounts of money at regular intervals, regardless of the price of the security. By using dollar-cost averaging, investors may lower their average cost per share and reduce the impact of volatility on their portfolios. However, this strategy does not guarantee a better purchase price than making a lump-sum purchase. In this case, David got his 500 units at a higher price than the lump sum price he would have paid. His average cost per unit was $14.65, while the lump sum price was $14.10. Therefore, D is the correct answer. References: What Is Dollar-Cost Averaging?, What Is Dollar Cost Averaging?, Dollar-Cost Averaging: Definition and Examples

NEW QUESTION # 57
Which of the following Dealing Representatives has fulfilled their "Know Your Product" obligation?

A. Otev meets with his client, Saeed. Saeed's brother invested in the Navigator Eastern Asia Fund and it provided great returns. When Saeed asks Otev if the Navigator Fund or something similar is available through his firm, Otev doesn't know and doesn't look it up.
B. Godfried opens an account for his new client, Nadia. When the investments from her previous dealer are transferred in, Godfried sells the investments. Nadia becomes very upset when she is charged $4,329 in redemption fees that neither she nor Godfried expected.
C. Rehan reviews the features of the Hedge Fund that her client, Georgi, wants to buy. When Rehan explains the product to Georgi, she tells him that the Hedge Fund has a lock-up period and he will not be able to redeem the fund if he needs the money.
D. Tevy recommends the firm's in-house Principal Protected Note (PPN) to her client Mei. Since Mei is seeking safety and liquidity, Tevy determines that the PPN is a good product for her because it's on the firm's list and the principal is guaranteed.

Answer: C

Explanation:
Explanation
The "Know Your Product" obligation requires that Dealing Representatives understand all the products they purchase, sell or recommend for their clients, including their structure, features, risks, costs and suitability.
Rehan has fulfilled this obligation by reviewing the features of the Hedge Fund and explaining them to Georgi, who may not be aware of the lock-up period and its implications. The other Dealing Representatives have failed to fulfill their obligation by either not knowing or not disclosing important information about the products they deal with.
References: Canadian Investment Funds Course, Chapter 7: Know Your Product1

NEW QUESTION # 58
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