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質問 1：
Charlotte has received proceeds from a deceased family member's estate. Charlotte decides to visit Malik, who's a Dealing Representative at her bank. She tells Malik, she does not know much about trading ETFs, but she wants to invest in ETFs. Charlotte says she feels fortunate to have this money and that she's not worried about losing it because she never planned on having any of it.
What element of the Know Your Client (KYC) information has Malik been able to learn?
A. Risk Preference
B. Risk Tolerance
C. Risk Capacity
D. Risk Profile
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 2：
In which of the following situations would the client mobility exemption apply?
A. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.
B. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.
C. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.
D. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 3：
Preston has been working for Thompson Industries for just over a year and has been part of Thompson's deferred profit sharing plan (DPSP) program from his start date. Preston wants to know more about these types of plans.
What would you tell Preston about DPSPs?
A. DPSP contributions are tax-deductible to the employer.
B. Investment growth within the plan is taxable each year.
C. The employer is obliged to make DPSP contributions for an amount equal to employee contributions.
D. Once the plan is set up, the employer is obliged to make plan contributions each year.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 4：
Your client Jerry's asset mix is deviating from the original target asset mix because the stock market has had strong performance. Equities are now over-weighted in Jerry's account. The original target asset mix is still valid since Jerry's situation has not changed. He is invested in several bond and equity mutual funds. What should you do?
A. advise him to change his know your client (KYC) form to reflect more growth
B. advise him to sell a portion of assets invested in equity funds and reinvest the proceeds into bond funds
C. advise him to sell a portion of assets invested in bond funds and reinvest the proceeds into equity funds
D. advise him to do nothing since equities could outperform bonds in the next year
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 5：
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?
A. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
B. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
C. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
D. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 6：
Which of the following CORRECTLY describes a material conflict of interest that has been properly addressed by the Dealing Representative?
A. Keaira recommends a growth fund to her client, Shilo, but her Compliance Department questions the trade because Shilo's risk profile is too low. Rather than cancel the trade and absorb the market losses herself, Keaira recommends that Shilo keep the investment even though it is not in her best interest.
Keaira updates Shilo's KYC to "high" risk and gets Shilo to sign the KYC update form.
B. Gibson reviews two similar mutual funds for his client. One fund pays higher trailer fees than the other.
Gibson discloses the difference between the trailer fees before recommending the fund that has higher trailer fees.
C. Cametra asks to meet with her client, Pietro, to update his Know Your Client (KYC) information. They have not had a face-to-face meeting in years. Pietro feels updating the KYC information is unnecessary.
He tells Cametra he is too busy and there is no reason for her to be concerned with the information she already has. Even though they fail to meet, Cametra continues to submit purchase orders at his request.
D. Oscar wants to recommend a fund to his client which has a higher management expense ratio (MER) than other mutual funds. Since the MER could impact the client's decision, Oscar reports the conflict of interest to his dealer and discloses the conflict of interest to his client. Oscar explains how the higher MER is in the client's best interest because the overall cost for the client will still be less than a fee-for-service account holding mutual funds with a lower MER.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 7：
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?
A. Referencing the fund code for each mutual fund that is being compared.
B. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
C. Comparing historical rates of return between different types of mutual funds.
D. The rights a client has if there is a desire to cancel the purchased mutual fund.
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 8：
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?
A. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
B. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
C. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
D. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
Charlotte has received proceeds from a deceased family member's estate. Charlotte decides to visit Malik, who's a Dealing Representative at her bank. She tells Malik, she does not know much about trading ETFs, but she wants to invest in ETFs. Charlotte says she feels fortunate to have this money and that she's not worried about losing it because she never planned on having any of it.
What element of the Know Your Client (KYC) information has Malik been able to learn?
A. Risk Preference
B. Risk Tolerance
C. Risk Capacity
D. Risk Profile
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 2：
In which of the following situations would the client mobility exemption apply?
A. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.
B. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.
C. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.
D. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 3：
Preston has been working for Thompson Industries for just over a year and has been part of Thompson's deferred profit sharing plan (DPSP) program from his start date. Preston wants to know more about these types of plans.
What would you tell Preston about DPSPs?
A. DPSP contributions are tax-deductible to the employer.
B. Investment growth within the plan is taxable each year.
C. The employer is obliged to make DPSP contributions for an amount equal to employee contributions.
D. Once the plan is set up, the employer is obliged to make plan contributions each year.
正解：A
解説: (Pass4Test メンバーにのみ表示されます)
質問 4：
Your client Jerry's asset mix is deviating from the original target asset mix because the stock market has had strong performance. Equities are now over-weighted in Jerry's account. The original target asset mix is still valid since Jerry's situation has not changed. He is invested in several bond and equity mutual funds. What should you do?
A. advise him to change his know your client (KYC) form to reflect more growth
B. advise him to sell a portion of assets invested in equity funds and reinvest the proceeds into bond funds
C. advise him to sell a portion of assets invested in bond funds and reinvest the proceeds into equity funds
D. advise him to do nothing since equities could outperform bonds in the next year
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 5：
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?
A. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
B. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
C. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
D. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 6：
Which of the following CORRECTLY describes a material conflict of interest that has been properly addressed by the Dealing Representative?
A. Keaira recommends a growth fund to her client, Shilo, but her Compliance Department questions the trade because Shilo's risk profile is too low. Rather than cancel the trade and absorb the market losses herself, Keaira recommends that Shilo keep the investment even though it is not in her best interest.
Keaira updates Shilo's KYC to "high" risk and gets Shilo to sign the KYC update form.
B. Gibson reviews two similar mutual funds for his client. One fund pays higher trailer fees than the other.
Gibson discloses the difference between the trailer fees before recommending the fund that has higher trailer fees.
C. Cametra asks to meet with her client, Pietro, to update his Know Your Client (KYC) information. They have not had a face-to-face meeting in years. Pietro feels updating the KYC information is unnecessary.
He tells Cametra he is too busy and there is no reason for her to be concerned with the information she already has. Even though they fail to meet, Cametra continues to submit purchase orders at his request.
D. Oscar wants to recommend a fund to his client which has a higher management expense ratio (MER) than other mutual funds. Since the MER could impact the client's decision, Oscar reports the conflict of interest to his dealer and discloses the conflict of interest to his client. Oscar explains how the higher MER is in the client's best interest because the overall cost for the client will still be less than a fee-for-service account holding mutual funds with a lower MER.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
質問 7：
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?
A. Referencing the fund code for each mutual fund that is being compared.
B. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
C. Comparing historical rates of return between different types of mutual funds.
D. The rights a client has if there is a desire to cancel the purchased mutual fund.
正解：B
解説: (Pass4Test メンバーにのみ表示されます)
質問 8：
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?
A. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
B. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
C. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
D. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
正解：D
解説: (Pass4Test メンバーにのみ表示されます)
Saitou -
友達にCIFC問題集を進めてくれる。この問題集を勉強して、89％の点数を撮りました。大変嬉しいです。