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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q197-Q202):
NEW QUESTION # 197
What type of shares offer its shareholders the opportunity to receive additional dividends if the company's profit exceeds a stated level?
- A. Participating preferred shares
- B. Redeemable preferred shares
- C. Convertible preferred shares
- D. Cumulative preferred shares
Answer: A
Explanation:
Explanation
Participating preferred shares are a type of preferred shares that offer its shareholders the opportunity to receive additional dividends if the company's profit exceeds a stated level. These dividends are paid in addition to the fixed dividends that are normally paid to preferred shareholders. Participating preferred shares allow shareholders to benefit from both fixed and variable income streams, depending on the company's performance. References: Participating Preferred Stock Definition - Investopedia, Preferred Shares Explained | TD Direct Investing
NEW QUESTION # 198
Xerxes, 45 years old, is a successful architect, having an annual income of $185,000. He has around $10,000 in his non-registered account, which he is looking to invest in a tax-efficient manner.
From the following options, which would be the most tax-efficient?
- A. Canadian equity index fund
- B. bond fund
- C. asset allocation fund
- D. target date fund
Answer: A
Explanation:
Explanation
A Canadian equity index fund would be the most tax-efficient option for Xerxes. A Canadian equity index fund is a type of mutual fund that invests in a portfolio of Canadian stocks that track a specific market index, such as the S&P/TSX Composite Index. A Canadian equity index fund would be tax-efficient for Xerxes because it would generate mostly capital gains and eligible dividends, which are taxed at lower rates than interest income or foreign dividends. A Canadian equity index fund would also have low turnover and minimal distributions, which would defer taxes until Xerxes sells his units. The other options are less tax-efficient than a Canadian equity index fund. A target date fund is a type of mutual fund that adjusts its asset allocation over time based on a predetermined retirement date. A target date fund would be less tax-efficient than a Canadian equity index fund because it would have higher turnover and more distributions, which would trigger taxes every year. A target date fund would also invest in a mix of asset classes, such as bonds and foreign equities, which would generate interest income and foreign dividends that are taxed at higher rates than capital gains and eligible dividends. A bond fund is a type of mutual fund that invests in a portfolio of fixed-income securities, such as government bonds, corporate bonds, and mortgage-backed securities. A bond fund would be less tax-efficient than a Canadian equity index fund because it would generate mostly interest income, which is taxed at the highest rate among different types of investment income. A bond fund would also have regular distributions, which would trigger taxes every year. An asset allocation fund is a type of mutual fund that invests in a portfolio of other mutual funds that cover different asset classes, such as stocks, bonds, and cash equivalents. An asset allocation fund would be less tax-efficient than a Canadian equity index fund because it would have higher fees and more distributions, which would reduce the net returns and trigger taxes every year. An asset allocation fund would also invest in a mix of asset classes, some of which would generate interest income and foreign dividends that are taxed at higher rates than capital gains and eligible dividends.
References: [Canadian Equity Index Funds], [Tax-Efficient Investing], [Target Date Funds], [Bond Funds],
[Asset Allocation Funds]
NEW QUESTION # 199
What role do investment dealers play in the Canadian and global financial markets?
- A. They are contributors to a company's profits.
- B. By underwriting financial instruments, they raise capital for investors.
- C. They are contributors to an investor's earnings.
- D. They assist with the exchange of capital for a financial instrument.
Answer: D
NEW QUESTION # 200
At the close of business, Great Lengths Equity Fund had total assets of $135 million and total liabilities of $10 million. They had 11 million units outstanding. In addition, their current assets totalled $13 million and current liabilities were $3 million. Which of the following statements regarding Great Lengths Equity Fund's net asset value per unit (NAVPU) is correct?
- A. Great Lengths Equity Fund's NAVPU is $11.36.
- B. The NAVPU is the total liabilities divided by the number of outstanding units.
- C. Current assets and current liabilities are used in the NAVPU calculation.
- D. There is not enough information available to calculate the NAVPU.
Answer: A
NEW QUESTION # 201
Jabir begins the registration process with his new dealer Prosper Wealth Inc. Jabir is excited about his new career and eager to start calling clients, opening new accounts, and selling investments. Which of the following CORRECTLY describes when Jabir will be eligible to open new client accounts and sell investments?
- A. Upon registration application by the dealer
- B. Upon passing the proficiency course
- C. Upon formal confirmation from the regulator
- D. Upon employment with the dealer
Answer: C
Explanation:
Explanation
Jabir will be eligible to open new client accounts and sell investments only upon formal confirmation from the regulator. Before he can start his activities as a dealing representative, he must complete the registration process, which includes passing the proficiency course, applying for registration through his dealer, and obtaining approval from the securities regulator in his jurisdiction. References: Guide to Broker-Dealer Registration
NEW QUESTION # 202
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