Free IFSE Institute CIFC Exam Dumps Questions & Answers

Nelson is a Dealing Representative with True Wealth Advisors Inc., a mutual fund dealer. Nelson follows proper procedures related to his firm's Relationship Disclosure Information (RDI). Which of the following CORRECTLY describes how Nelson is permitted to evidence that he satisfied his RDI obligation?

• A.  Nelson may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RDI.
• B.  Nelson can record detailed notes which confirm that he provided and explained the Fund Facts to the client within 2 days of the RDI.
• C.  Nelson may retain a copy of the RDI in the client file with detailed notes to confirm that he provided and explained the RDI to the client.
• D.  Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.

Saheed is a retiree who is considering splitting his pension income with his wife, Minu.
Which of the following outcomes may occur if he shares his pension benefits?

• A.  Regardless of how much income each person reports, the total amount of income taxes will not change.
• B.  This is a form of tax evasion and is therefore considered illegal based on income tax legislation.
• C.  Whether the couple saves on income tax will be dependent on Minu's marginal tax rate.
• D.  Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.

Your clients, Jessica and Ken, want to buy a house next year. You recommend a money market fund. How do you think a money market fund will help Jessica and Ken reach their goal?

• A.  Money market funds provide high returns without risking the capital invested.
• B.  Money market funds provide investors a guaranteed fixed rate of return.
• C.  Money market funds pay income weekly which can be automatically reinvested.
• D.  Money market funds are safe investments because their net asset value per unit does not usually fluctuate.

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

Jacinta is a Dealing Representative with WealthSource Partners Inc., a mutual fund dealer registered in Ontario. Jacinta meets with her friend Saabir, who is a licensed insurance agent. Saabir asks Jacinta for a list of Jacinta's clients so that Saabir can reach out to them to ensure that their insurance needs are being met.
Which of the following statements about Jacinta sharing the list with Saabir is CORRECT?

• A.  If Jacinta shares the list with Saabir without obtaining the clients' prior consent, she will be in breach of the Personal Information Protection and Electronic Documents Act (PIPEDA).
• B.  If Jacinta determines that there is a reasonable purpose for sharing the list with Saabir, she can disclose the information to Saabir without obtaining prior consent from the clients.
• C.  If Saabir obtains prior consent from Jacinta to use the clients' personal information for a reasonable purpose, Saabir can contact the clients to inquire about their insurance needs.
• D.  If Saabir promptly discloses that he has collected the clients' personal information from Jacinta without their consent, Saabir can use the information for a new stated purpose.