IFSE Institute CIFC Free Sample Exam Questions 2026

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Page: 1 / 45
Total Questions: 224

Questions & Answers PDF

• Question 1

  

  Reagan has accepted a role to be the Chief Revenue Officer of a charitable organization. She is currently registered as a Dealing Representative for Sunshine Financial Services.Which of the following would apply to her?

  • The dealer will closely monitor her sales activities to ensure any clients from the charity are not getting a discount on potential fees.
  • Holding both positions at the same time is a violation of securities industry rules and regulations .
  • Reagan is not required to inform her dealer of this outside activity if none of her colleagues from the charity become clients.
  • The regulator will limit her from providing financial services to anyone associated with the charity.

  Reveal Answer Answer: C Next Question

• Question 2

  

  Jonathan is a Dealing Representative who has just finished an appointment with his new client, Shirley. Jonathan has concluded that Shirley has a low-risk profile but wants to establish additional savings of $500,000. During their discussion, Shirley emphasizes she wants investments that are also tax efficient. Jonathan learned that currently Shirley has no registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room due to using those opportunities by investmenting elsewhere.What variable is a PRIMARY consideration for Jonathan when making an investment recommendation?

  • Investment objective
  • Shirley's risk profile.
  • Expected time horizon.
  • The tax consequences.

  Reveal Answer Answer: B Next Question

• Question 3

  

  Sven owns preferred shares that give him the option to sell his holdings back to the issuing company at a predetermined price and within a specified time. What type of preferred shares does Sven own?

  • retractable
  • participating
  • convertible
  • redeemable

  Reveal Answer Answer: A Next Question

• Question 4

  

  Marta is turning 71 years old this year. She will have to convert her registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF). Which of the following statements is TRUE?

  • She will be able to continue contributing to her RRIF and be subject to the same annual limits as her RRSP.
  • When she converts her RRSP to a RRIF, she will incur a tax liability.
  • She will be subject to annual maximum withdrawal limits.
  • She does not have to withdraw the minimum amount this year.

  Reveal Answer Answer: D Next Question

• Question 5

  

  Dakota is a Dealing Representative with Harvest Wealth Inc., a mutual fund dealer. Dakota starts a marketing campaign to contact prospective new clients and increase sales with existing clients.Which of the following CORRECTLY describes activities that Dakota can engage in under her marketing campaign?

  • Dakota can make telemarketing calls to clients who are listed on the National Do Not Call List
  • Dakota can send promotional emails to clients who have opted into Harvest Wealth's Do Not Call List
  • Dakota can send promotional emails to clients who have opted in to receive commercial electronic messages (CEMs).
  • Dakota can make telemarketing calls to clients who have opted in to receive commercial electronic messages (CEMs).

  Reveal Answer Answer: C Next Question

• Question 6

  

  Michael had invested in several mutual funds, most of which have appreciated in value. He is not sure if he needs to report the gain as capital gains when he files his income tax return.What would you tell Michael?

  • Capital gains are taxed when they are realized.
  • He has to report any unrealized capital gains each year.
  • Capital gains are taxed only on equity mutual funds.
  • Capital gains are not subject to tax.

  Reveal Answer Answer: A Next Question

• Question 7

  

  When you buy a put option, which of the following is TRUE?

  • You have the right to sell a set number of shares at a set price.
  • You have the right to purchase a set number of shares at a set price.
  • You have the obligation to sell a set number of shares at a set price.
  • You have the obligation to buy a set number of shares at a set price.

  Reveal Answer Answer: A Next Question

• Question 8

  

  Daisy is a Dealing Representative registered in the province of Saskatchewan only. Daisy’s client, Orville, a resident of Lloydminster, Saskatchewan is a retiree who presently has a $1,000,000 with her dealer, Easy Ride Financial. Orville is now planning to move to Vegreville, Alberta next month. Easy Ride Financial is registered in Alberta and Saskatchewan. Neither Easy Ride Financial nor Daisy have any clients who are resident in Alberta.Which of the following should Daisy do if she wants to continue to service Orville’s account?

  • Request approval from the Mutual Fund Dealers Association of Canada to be eligible to be a registered Dealing Representative in Alberta
  • Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.
  • Daisy will need to forfeit her registration in Saskatchewan if she wants to be registered in Alberta to keep Orville as a client.
  • Register with a different mutual fund dealer that is registered in Alberta so she can keep Orville as a client.

  Reveal Answer Answer: B Next Question

• Question 9

  

  What type of shares offer its shareholders the opportunity to receive additional dividends if the company’s profit exceeds a stated level?

  • Redeemable preferred shares
  • Cumulative preferred shares
  • Convertible preferred shares
  • Participating preferred shares

  Reveal Answer Answer: D Next Question

• Question 10

  

  The owners of Underground Airways Ltd. want to take their privately owned corporation public through an initial public offering (IPO). They are speaking to a specialist from an investment dealer to determinewhether it would be advisable to become listed on a stock exchange or the over-the-counter (OTC) market.In comparing the two options, which of the following considerations is TRUE?

  • Underground would be subject to less stringent listing requirements if they chose the stock exchange as compared to the OTC market.
  • If Underground chose to list on the OTC market, there would be no secondary market available for investors.
  • Underground would still be directly involved in the trading of their shares on either market.
  • A stock exchange listing would provide Underground with greater market exposure and public confidence than listing on the OTC market.

  Reveal Answer Answer: D Next Question

Page: 1 / 45
Total Questions: 224

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