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Quiz 2025 The Best CISI Latest IFC Study Notes

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q196-Q201):

NEW QUESTION # 196
Which of the following form part of the disclosure documents relating to mutual funds?

A. balance sheet, income and cash flow statements of the portfolio management company
B. annual proxy voting record, audited financial statements, and proof of registration
C. new account information form, quarterly financial statements, and security certification
D. statement of net assets, annual information form, management reports of fund performance

Answer: D

Explanation:
Disclosure documents are documents that provide information about a mutual fund's features, risks, performance, fees, and expenses to investors and regulators. Disclosure documents are required by securities laws and must be prepared and filed by the fund manager in accordance with the prescribed rules and standards. Disclosure documents relating to mutual funds include the following:
* Statement of net assets: This is a document that shows the value of the fund's assets and liabilities as of a specific date. It also shows the net asset value per unit (NAVPU) of the fund, which is the price at which investors can buy or sell units of the fund. The statement of net assets is part of the fund's financial statements, which are prepared and filed semi-annually and annually.
* Annual information form (AIF): This is a document that provides additional information about the fund that is not included in the simplified prospectus or the fund facts. The AIF includes information such as the fund's history, organization, management, governance, policies, risks, conflicts of interest, fees, expenses, taxation, and legal matters. The AIF is prepared and filed annually.
* Management reports of fund performance (MRFP): These are documents that provide information about the fund's financial performance, portfolio composition, risk profile, and management expenses.
The MRFPs are prepared by the fund manager and filed semi-annually and annually. The MRFPs include sections such as financial highlights, past performance, summary of investment portfolio, management discussion of fund performance, and financial statements.
1: Canadian Investment Funds Course, Chapter 6: Fund Operations and Regulations1

NEW QUESTION # 197
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?

A. You need to wait until you file your taxes to receive your contribution tax deduction.
B. The employer chooses the plan provider.
C. It is more costly and time consuming to administer than traditional pension plans.
D. If you leave your employer, your group RRSP stays with the employer.

Answer: B

Explanation:
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
* Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
* Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
* Statement C: You do not need to wait until you file your taxes to receive your contribution tax deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
Canadian Investment Funds Course, Unit 9, Section 9.1

NEW QUESTION # 198
Helen is an experienced investor and after all these years she believes that the market is completely efficient.
What action would she undertake?

A. Monitor financial press in order to find securities that are under- or over-valued
B. Use market timing strategy trying to "beat the market"
C. Find a portfolio manager who will be managing her portfolio on an everyday basis
D. Invest in ETF that tracks the S&P/TSX Composite Index

Answer: D

Explanation:
If Helen believes in the Efficient Market Hypothesis (EMH), she accepts that markets fully reflect available information and that it is nearly impossible to consistently beat the market.
The recommended action is passive investing, e.g., buying an index-tracking ETF.
B (market timing) and D (security selection) contradict EMH.

NEW QUESTION # 199
Megan purchases a treasury bill for $98,200. When it matures for $100,000, how does Megan treat the $1,800 difference?

A. as a capital gain
B. as interest income
C. as return of capital
D. as a dividend

Answer: B

Explanation:
A treasury bill is a short-term debt instrument issued by the government at a discount from its face value and redeemed at par value at maturity. The difference between the purchase price and the face value is the interest income earned by the investor. Therefore, Megan treats the $1,800 difference as interest income for tax purposes. Interest income is fully taxable at the investor's marginal tax rate in the year it is received. Megan does not report any capital gain, dividend, or return of capital from the treasury bill.
1: Canadian Investment Funds Course, Unit 5, Section 5.2

NEW QUESTION # 200
Which statement about market risk is true?

A. Market risk is cancelled out by diversification
B. Market risk is measured by the standard deviation
C. Market risk can result from changes in inflation and interest rates
D. Market risk is greater than the sum of the risks of all stocks

Answer: C

Explanation:
Market risk, or systematic risk, arises from factors affecting the entire market, such as changes in inflation or interest rates, and cannot be fully eliminated through diversification. The feedback from the document states:
"Once a portfolio becomes well diversified, the only remaining risk to be concerned about is market risk.
Market risk is defined as the variability of a stock or a portfolio in relation to the market as a whole. The process of diversification cancels out much firm-specific risk, so market risk is less than the total risk you would calculate if you looked at each stock separately. Market risk is also referred to as systematic risk and arises from such things as inflation, the business cycle, and interest rates." Reference: Chapter 8 - Constructing Investment PortfoliosLearning Domain: Understanding Investment Products and Portfolios

NEW QUESTION # 201
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Grace Williams Grace Williams

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