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IFSE Institute Updated CIFC Exam Questions and Answers by matias

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IFSE Institute CIFC Exam Overview :

Exam Name: Canadian Investment Funds Course Exam
Exam Code: CIFC Dumps
Vendor: IFSE Institute Certification: Investments & Banking
Questions: 224 Q&A's Shared By: matias
Question 12

Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average $65,000

per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has always

made his own investment decisions. His money is mostly invested in balanced funds. He feels most comfortable with these types of mutual funds since they offer potential investment growth but without being too aggressive. Cosmo has no other assets.

What additional information do you need about Cosmo to fulfill your know your client obligation?

Options:

A.

time horizon

B.

income and net worth

C.

risk tolerance

D.

investment objectives

Discussion
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Question 13

Lucas wants to participate in the Lifelong Learning Program (LLP). He currently has $10,000 in his registered retirement savings plan (RRSP) for this purpose. He plans to make his maximum permitted

withdrawal of $10,000 under the LLP in two months. Based on this information, what would be his investment objective for the $10,000 currently sitting in his RRSP?

Options:

A.

safety of principal

B.

income

C.

growth

D.

tax-deferral

Discussion
Question 14

The following table shows Sabrina's earned income for the past few years:

Questions 14

Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available. If the maximum contribution limit for Year 3 is $24,270, what is her RRSP contribution room for Year 3?

Options:

A.

$22,500

B.

$24,270

C.

$25,200

D.

$26,100

Discussion
Question 15

Which of the following best describes implied needs of your clients?

Options:

A.

They are needs reflected by statements made by clients regarding problems and dissatisfactions.

B.

They are statements made by you showing readiness to solve a client's problem.

C.

They are statements made by clients expressing the desire for lower commissions.

D.

They are statements of wants and needs made by clients.

Discussion
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