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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q116-Q121):

NEW QUESTION # 116
A risk-averse investor is meeting with their advisor to discuss investment solutions. Traditionally, the investor has considered GICs only, but they are open to considering other alternatives. To what emotional bias is the investor most susceptible?

A. Hindsight
B. Endowment
C. Loss aversion
D. Status quo

Answer: D

NEW QUESTION # 117
Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?

A. Clarence determines that the Absolute Alternative Fund is suitable for all of his clients. Clarence believes that all investors need alternative funds in order to be properly diversified.
B. Roderik determines that the model portfolio he has developed will be suitable for all of his clients.Roderik has included investments with both income and growth to appeal to all investors.
C. Li Ming recommends the Venturex Labour-Sponsored Fund to her client, Park. While Park has low tolerance and capacity for risk, Li Ming provides detailed disclosure which explains the fund's risks.
D. Kiri recommends the Conservative Bond Fund to his client, Myrtle. The fund generates income and Myrtle's investment objective is "income" on her Know Your Client (KYC) form.

Answer: D

Explanation:
Kiri has correctly fulfilled his suitability obligation by matching the risk-return profile of the fund with the personal circumstances of his client. The Conservative Bond Fund is a low-risk, low-return fund that pays regular interest income to investors. Myrtle's investment objective is "income", which means she wants to receive steady income from her investments and preserve her capital. Therefore, Kiri's recommendation is reasonably suitable for Myrtle in all the circumstances. (Canadian Investment Funds Course, Chapter 2, Section 2.3) Canadian Investment Funds Course, Chapter 2, Section 2.3: Conflicts of Interest IFSE Institute: Suitability Obligations1 SFC: Frequently Asked Questions on Compliance with Suitability Obligations2

NEW QUESTION # 118
A client has $100,000 in savings, $5,000 in bank accounts, and $10,000 in loans. Calculate his net worth.

A. $95,000
B. $105,000
C. $90,000
D. $115,000

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Net worth is calculated as total assets minus total liabilities. The client's assets are $100,000 (savings) +
$5,000 (bank accounts) = $105,000. The liabilities are $10,000 (loans). Thus, net worth = $105,000 - $10,000
= $95,000. The feedback from the document confirms:
"Net worth is calculated as the value of all of the client's assets after subtracting outstanding loan and mortgage balances. In this example, the client has $100,000 + $5,000 = $105,000 in assets, and $10,000 in loans. Therefore, his net worth is $105,000 - $10,000 = $95,000." Reference:Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 119
What does suitability mean?

A. Recommendations are not based on the personal and financial knowledge of the client
B. Understanding the personal and financial knowledge of the client
C. Recommendations are appropriate for the client's unique situation and investment objectives
D. The investor's major concerns are addressed

Answer: C

Explanation:
Suitability ensures that recommendations align with the client's unique situation and investment objectives, based on their personal and financial circumstances. The feedback from the document states:
"Suitability means ensuring that all recommendations are appropriate for the client's unique situation and investment objectives. It also means that recommendations are based on a personal and financial knowledge of the client and knowledge of the investment products being recommended." Reference: Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain: An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 120
Which of the following statements about standard deviation is CORRECT?

A. A standard deviation greater than one indicates a higher level of volatility than the market.
B. Indicates how much an investment's performance fluctuates around its average historical return.
C. Standard deviation is also referred to as beta.
D. Measures the systematic risk of an investment relative to a benchmark index.

Answer: B

Explanation:
The correct answer is A. Indicates how much an investment's performance fluctuates around its average historical return.
Standard deviation is a measure of how spread out the data points are from the mean value. It is calculated as the square root of the variance, which is the average of the squared differences from the mean. Standard deviation can be used to assess the volatility or risk of an investment by showing how much the returns deviate from the expected or average return. A higher standard deviation means that the investment has a wider range of possible outcomes, which implies more uncertainty and risk. A lower standard deviation means that the investment has a narrower range of possible outcomes, which implies more stability and consistency.
B). A standard deviation greater than one indicates a higher level of volatility than the market. This statement is incorrect because the standard deviation of an investment is not directly comparable to the standard deviation of the market, unless they have the same mean return. The standard deviation of an investment only measures the absolute variation of the returns, not the relative variation to the market. A better measure of the relative volatility of an investment to the market is beta, which is the ratio of the covariance of the investment and the market to the variance of the market.
C). Measures the systematic risk of an investment relative to a benchmark index. This statement is incorrect because the standard deviation of an investment does not distinguish between the systematic risk and the unsystematic risk. The systematic risk is the risk that affects the entire market or a large segment of the market, such as inflation, interest rates, or political events. The unsystematic risk is the risk that affects a specific investment or a small group of investments, such as management decisions, product quality, or lawsuits. The standard deviation of an investment captures both types of risk, whereas the beta of an investment only captures the systematic risk.
D). Standard deviation is also referred to as beta. This statement is incorrect because standard deviation and beta are different measures of risk. Standard deviation measures the absolute variation of the returns of an investment, whereas beta measures the relative variation of the returns of an investment to the market.
Standard deviation is a measure of total risk, whereas beta is a measure of systematic risk.

NEW QUESTION # 121
......

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