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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a
$US dollar (USD) dividend of $882.02 from a foreign-based corporation. The USD/CAD exchange rates is
1.3605.
Firmansyah's federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.
What federal tax liability will be result from his investment income?

A. $348.00
B. $870.00
C. $695.76
D. $522.00

Answer: C

Explanation:
To calculate the federal tax liability from the investment income, we need to consider the following steps:
* Convert the foreign dividend to Canadian dollars using the exchange rate.In this case, $882.02 USD x
1.3605 = $1,200.00 CAD.
* Gross up the eligible dividend by the enhanced dividend gross-up rate of 38%.In this case, $1,800 x
1.38 = $2,484.
* Add the grossed-up eligible dividend and the foreign dividend to get the total taxable income from dividends.In this case, $2,484 + $1,200 = $3,684.
* Multiply the total taxable income from dividends by the federal marginal tax rate of 29% to get the gross federal tax payable.In this case, $3,684 x 0.29 = $1,068.36.
* Multiply the grossed-up eligible dividend by the federal dividend tax credit rate of 15% to get the federal dividend tax credit.In this case, $2,484 x 0.15 = $372.60.
* Subtract the federal dividend tax credit from the gross federal tax payable to get the net federal tax liability.In this case, $1,068.36 - $372.60 = $695.76.
Therefore, Firmansyah's federal tax liability from his investment income is $695.76.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

NEW QUESTION # 43
Which of the following is a rationale for a portfolio manager to use a passive portfolio management strategy?

A. The manager does not believe in using benchmarks.
B. The manager believes he or she can outperform the market with his or her stock picking skills.
C. The manager believes that as the markets are fairly priced, it would be futile to look for mis-priced securities.
D. The manager wishes to create capital gains in the mutual fund by frequently buying and selling stocks

Answer: C

Explanation:
D is correct because a passive portfolio management strategy is based on the assumption that the markets are efficient and that it is impossible or very difficult to consistently find mis-priced securities that can generate abnormal returns. A passive portfolio manager aims to replicate the performance of a market index or benchmark by holding a diversified portfolio of securities that mirrors the index or benchmark. A passive portfolio manager does not believe in using active strategies such as market timing, security selection, or sector rotation. The manager does not need to use benchmarks (A), as they are essential for measuring and evaluating the performance of a passive portfolio. The manager does not wish to create capital gains in the mutual fund by frequently buying and selling stocks (B), as this would incur higher transaction costs and taxes, and deviate from the index or benchmark. The manager does not believe he or she can outperform the market with his or her stock picking skills , as this would imply an active portfolio management strategy.
References: Investment Funds in Canada (IFC) | Canadian Securities Institute

NEW QUESTION # 44
Raybert has a very short-term investment objective and has decided to purchase money market instruments.
There are plenty of 90-day money market securities available for him to choose from. Although Raybert is aware that all the respective issuers have a similar need for his capital, no matter what he decides, he can only afford to purchase one.
In terms of financial markets and their relationship to the principles of supply and demand, which characteristic of investment capital are the issuers being exposed to?

A. Risk
B. Sensitivity
C. Mobility
D. Scarcity

Answer: D

Explanation:
Scarcity is a characteristic of investment capital that refers to the limited availability of capital relative to the demand for it. Scarcity affects the price and return of capital, as well as the allocation of capital among different issuers and sectors. When capital is scarce, issuers have to compete for it by offering higher returns or lower prices, or by adjusting their financing strategies. When capital is abundant, issuers have more access to it at lower costs or higher prices, or by diversifying their sources of capital. In this case, Raybert has a very short-term investment objective and has decided to purchase money market instruments. There are plenty of
90-day money market securities available for him to choose from, but he can only afford to purchase one.
This means that the issuers of these securities are exposed to the scarcity of capital, as they have to attract Raybert and other investors with similar objectives by offering competitive rates or discounts.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 1: Economic Factors and Financial Markets, Section 5.1.1: Characteristics of Investment Capital1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.1.1 2

NEW QUESTION # 45
Marc asks his new client for copies of his mortgage documents. Which Know Your Client component is Marc researching?

A. Financial circumstances
B. Financial goals and objectives
C. Investment knowledge
D. Personal circumstances

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Financial circumstances are a critical component of the Know Your Client (KYC) process, as they determine the client's ability to commit savings to investments and the level of risk they can assume. Mortgage documents provide insights into the client's debt and obligations, which are essential for assessing financial circumstances. The feedback from the document states:
"Financial circumstances are an important consideration in judging the suitability of investments, because they determine the amount of savings clients can commit to investing and the level of risk they can assume.
Marc's client's mortgage document will give Marc valuable insights into the level of debt and mortgage obligations his client has, helping in evaluating the client's financial circumstances." Reference:Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 46
Which of the following is included when calculating a country's gross domestic product (GDP)?

A. the cost of all goods produced
B. the value of work done by volunteers
C. total income of all employed individuals
D. the market value of goods and services sold to final users

Answer: D

Explanation:
Gross domestic product (GDP) is a measure of the total economic activity in a country. It is calculated by adding up the market value of all the final goods and services produced within a country's borders in a given period of time, usually a year or a quarter. Final goods and services are those that are sold to the end users, such as consumers, businesses, or the government, and are not used as inputs for further production. For example, a loaf of bread sold to a consumer is a final good, but the flour used to make the bread is not. The market value of goods and services is the price that buyers are willing to pay for them in the market. This reflects the value added by the producers at each stage of production and avoids double counting. For example, if a farmer sells wheat for $10 to a miller, who then sells flour for $20 to a baker, who then sells bread for $30 to a consumer, the value added at each stage is $10, $10, and $10, respectively. The total value added is $30, which is equal to the market value of the final good (bread). Therefore, GDP only includes the market value of final goods and services and excludes intermediate goods and services.
Canadian Investment Funds Course, Unit 4, Section 4.1; 5; 6; 7; 8

NEW QUESTION # 47
......

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