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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q83-Q88):

NEW QUESTION # 83
Malik has been saving money for retirement but he is worried about the impact inflation may have on the value of his savings. He wants to purchase a bond that will give him a steady stream of income that is greater than the inflation rate. He has found a bond issued by a major airline with a market price of $9,200, a par value of $10,000, and a coupon rate of 6.75%.What is the current yield of this bond?

A. 6.21%
B. 6.75%
C. 7.34%
D. 6.25%

Answer: C

Explanation:
The current yield of a bond is the annual interest payment divided by the current market price of the bond.
The annual interest payment is the coupon rate multiplied by the par value of the bond. In this case, the annual interest payment is:
6.75%×10,000=675
The current market price of the bond is $9,200. Therefore, the current yield is:
9200675×100%=7.34%
The current yield is higher than the coupon rate because the bond is selling at a discount, meaning that its market price is lower than its par value. This implies that the bond is offering a higher return than the prevailing market interest rate. However, the current yield does not take into account the capital gain or loss that will occur when the bond matures or is sold. A more accurate measure of the bond's return is the yield to maturity (YTM), which is the annualized rate of return that accounts for both the interest payments and the price change of the bond over its remaining term.
:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 5: Fixed-Income Securities, Section 5.2:
Bond Pricing and Yield, page 5-61
Current Yield Definition - Investopedia2

NEW QUESTION # 84
Wilma has always used the services of a tax preparation firm to file her taxes but is skeptical that she has really benefitted. This year she plans to file her own taxes for the first time.
What would be useful for her to know?

A. Wilma's tax deductions permit her to reduce her tax payable dollar-for-dollar.
B. Wilma's top marginal tax rate will be applied to every taxable dollar when her tax return is filed.
C. Wilma's marginal tax rate may be lowered when tax deductions are applied to her total income.
D. Wilma's non-refundable tax credits may only reduce her taxable income dollar-for-dollar.

Answer: C

Explanation:
Tax deductions are amounts that reduce your total income before calculating your tax payable. They lower your marginal tax rate, which is the tax rate that applies to your last dollar of income. For example, if Wilma's total income is $50,000 and she claims $5,000 in tax deductions, her taxable income will be $45,000 and her marginal tax rate will be lower than if she had no deductions. Therefore, A is the correct answer.
References: All deductions, credits, and expenses - Personal income tax - Canada.ca

NEW QUESTION # 85
You are the portfolio manager for the ABC asset allocation fund. Interest rates are going up; the stock market has been very volatile recently and is forecast to continue that way for the next two quarters. What changes, if any, will you make to your current asset allocation of 50% bonds and 50% equities?

A. Temporarily move a significant amount into money market securities
B. Increase the allocation to bonds because interest rates are rising
C. Increase the allocation to equities to take advantage of the volatility
D. None - the fund is balanced

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
In volatile market conditions with rising interest rates, asset allocation fund managers may shift to money market securities to reduce risk. The feedback from the document states:
"Asset allocation funds ideally provide a 'balanced' mix of safety, income and capital appreciation... When both bond and stock markets are volatile, they will hold large amounts of money market securities. In other words, asset allocation mutual fund managers attempt to time the market to get the best returns depending on market conditions." Reference:Chapter 12 - Riskier Mutual Fund ProductsLearning Domain:Analysis of Mutual Funds

NEW QUESTION # 86
Your client, Helen, just received her non-registered account statement which states that one of her mutual funds made an interest income distribution during the year. She asks you how she will be taxed on the distribution. What do you tell Helen?

A. She will pay taxes at her top marginal tax rate.
B. She will pay taxes on 50% of the distribution.
C. She will pay taxes at her average tax rate.
D. She will pay taxes on the grossed-up amount of the income.

Answer: A

Explanation:
Interest income distribution is a type of income that a mutual fund pays to its investors from the interest earned on its fixed-income investments, such as bonds and mortgages. Interest income distribution is taxed as ordinary income at the investor's top marginal tax rate, which is the highest tax rate that applies to their income bracket. Therefore, B is the correct answer. References: Interest Income and Taxes - Fidelity, Topic No. 403, Interest Received | Internal Revenue Service

NEW QUESTION # 87
Which of the following asset allocation statements is correct?

A. You should review a client's asset allocation when the investment environment changes
B. Portfolio security selection determines the long-term growth potential
C. Equity weightings greater than 90% should not be recommended
D. A fixed income component of less than 25% is appropriate for conservative portfolios

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Asset allocation should be reviewed when the investment environment changes to ensure it remains suitable for the client's objectives. The feedback from the document states:
"In general terms, an equity weighting of less than 25% is considered conservative and more than 75% is considered aggressive. Only if the client is very aggressive should the weighting of his equity component reach 90%." Reference:Chapter 8 - Constructing Investment PortfoliosLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 88
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