最新 [2026年08月05日] リアルCISI IFC試験問題集解答
IFC問題集を使って一日でInvestment Funds in Canada試験合格（最新の490解答)
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質問 # 114
Jasmine received an inheritance from her grandmother of $10,000. She wants to invest her money wisely. She has seen in the news that a particular energy company is doing very well and has good prospects. She has also seen how volatile its share price has been in the last year. She knows the risks of the resource sector and wants to invest but is not comfortable with so much volatility. Which of the following mutual fund benefits would address her concern?
- A. low cost
- B. diversification
- C. convenience
- D. liquidity
正解：B
解説：
Diversification is the mutual fund benefit that would address Jasmine's concern about volatility.
Diversification means spreading investments across different asset classes, sectors, regions, and companies to reduce risk and volatility. A mutual fund provides diversification by pooling money from many investors and investing in a portfolio of securities that meet the fund's investment objective and strategy. By investing in a mutual fund, Jasmine can gain exposure to the energy sector without putting all her money in one company.
She can also benefit from the professional management and research of the fund manager, who can select and monitor the best securities for the fund. References: Mutual Funds, Diversification
質問 # 115
Which organization regulates mutual and investment funds?
- A. Bourse de Montreal
- B. Investment Industry Regulatory Organization of Canada (IIROC)
- C. Securities commissions
- D. ICE Futures Canada
正解：C
解説：
Securities commissions are responsible for regulating mutual and investment funds in Canada. The feedback from the document confirms:
"The responsibility of regulating mutual funds lies with the securities commissions." Reference: Chapter 2 - Overview of the Canadian Financial MarketplaceLearning Domain: An Introduction to the Mutual Funds Marketplace
質問 # 116
Irina Pluskova is a financial advisor for a multi-national firm. She is a well-known personality within the local community for her philanthropic work with children's charities. What must Irina do to uphold the Standards of Conduct?
- A. Disclose her charitable work to her colleagues.
- B. Conduct her charitable work outside of business hours.
- C. Disclose her charitable work to her clients.
- D. Conduct her charitable work in a responsible and moderate manner.
正解：D
質問 # 117
Which statement CORRECTLY describes index mutual funds and traditional exchange-traded funds (ETFs)?
- A. Index funds use an active investment management style, whereas ETFs use a passive investment management style.
- B. Both types of funds are closed-end investments that are required to hold the same securities as the index at all times.
- C. Both types of funds attempt to replicate the return of a specific market index, but their returns may not perfectly match the index.
- D. The market price of an ETF must match its net asset value (NAV), whereas there can be discrepancy in the pricing of index funds.
正解：A
解説：
Index mutual funds and traditional exchange-traded funds (ETFs) are both types of investment funds that use a passive investment management style, which means they try to track the performance of a specific market index, such as the S&P/TSX Composite Index or the S&P 500 Index. They do so by holding the same securities as the index or a representative sample of them, and by adjusting their portfolio composition and weighting to reflect any changes in the index. However, both types of funds may not be able to exactly replicate the return of the index for various reasons, such as fees, expenses, tracking error, rebalancing frequency, dividend reinvestment, and cash holdings. Therefore, there may be some deviation or difference between the fund's return and the index's return, which is called tracking difference.
Canadian Investment Funds Course, Chapter 4: Types of Investments1
質問 # 118
Which client has demonstrated the endowment behavioural bias?
- A. Kendra, who believed that funds managed by a certain fund management company must be good quality since she often sees the advertisements
- B. Farida, who purchased shares in a real estate company based on the success of previous real estate company purchases
- C. Peter, who chose to hold his mutual fund shares despite the fact that the shares had lost value, the prospects for the fund were poor and believing there are stronger alternative investments available
- D. Dave, who wants to sell his income property at a price that is higher than comparable properties in the area
正解：D
解説：
The endowment bias occurs when investors place a higher value on assets they already own compared to the market value, simply because of ownership.
Dave overvalues his property relative to the market.
Farida = representativeness bias.
Kendra = availability bias.
Peter = status quo bias.
Thus, Dave demonstrates endowment bias.
質問 # 119
Sylvia decided to use the savings from her bank account to purchase a 5-year bond. The face value of the bond is $10,000, the market price is $9,230 and the coupon rate is 7%.
What is the current yield on the bond? Round to 2 decimal places.
- A. 7.25%
- B. 7.58%
- C. 7.75%
- D. 7.00%
正解：B
解説：
The current yield on a bond is the annual interest payment divided by the current market price of the bond. In this case, the annual interest payment is 7% of the face value, which is $700. The current market price of the bond is $9,230. Therefore, the current yield is:
9230700×100%=7.58%
The current yield is different from the coupon rate, which is the annual interest payment divided by the face value of the bond. The coupon rate does not change over the life of the bond, but the current yield changes as the market price of the bond fluctuates. References:
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
質問 # 120
What type of pension plan usually provides better protection against inflation up to the time of retirement?
- A. Career average
- B. Group RRSP
- C. Final average
- D. Defined contribution
正解：C
解説：
Defined benefit pension plans base retirement income on formulas that may use:
Career average earnings # lower protection against inflation.
Final average earnings (last few years of salary) # better protection against inflation, since the calculation reflects recent, higher earnings that have already adjusted for inflation.
Defined contribution and group RRSPs do not guarantee inflation-adjusted benefits.
Thus, the Final average pension plan offers better inflation protection before retirement.
質問 # 121
What type of risk is the fundamental risk factor for fixed-income securities?
- A. Interest rate risk
- B. Reinvestment risk
- C. Market risk
- D. Liquidity risk
正解：A
解説：
Comprehensive and Detailed Explanation From Exact Extract:
Interest rate risk is the primary risk for fixed-income securities, as their value decreases when interest rates rise due to fixed cash flows. The feedback from the document states:
"Interest rate risk is the fundamental risk factor for fixed-income securities such as bonds, mortgages and preferred shares. As interest rates move up, the value of a fixed-income security falls. This is because the cash flow from the fixed-income security is fixed." Reference:Chapter 11 - Conservative Mutual Fund ProductsLearning Domain:Analysis of Mutual Funds
質問 # 122
What entity receives all fund money obtained from investors buying units/shares?
- A. Fund manager
- B. Registrar
- C. Custodian
- D. Dealer
正解：C
解説：
The custodian, typically a trust company, receives and holds all funds from investors and other sources, managing the fund's assets and expenses. The feedback from the document states:
"The Custodian. When a mutual fund is established, a separate organization, most often a trust company, is appointed as the fund's custodian. The custodian receives and holds the fund's money obtained from all sources - investors buying the fund's units or shares, income earned by the fund's investment portfolio, proceeds from the sale of the fund's investments, holds all the fund's assets and distributes the fund's money to pay the fund's expenses." Reference: Chapter 10 - The Modern Mutual FundLearning Domain: The Modern Mutual Fund
質問 # 123
Your client, Kimberly has investments in both registered and non-registered plans. Which of the following investment strategies is best suited for Kimberly from a tax perspective?
- A. Include interest paying investments in the registered plan and dividend paying investments in the non- registered plan.
- B. Include dividend paying investments in the registered plan and interest paying investments in the non- registered plan.
- C. Include domestic pay assets in the registered plan and foreign pay assets in the non-registered plan.
- D. Include investments paying capital gains in the registered plan and foreign pay investments in the non- registered plan.
正解：A
解説：
According to the Canadian Investment Funds Course, different types of investment income are taxed differently in Canada. Interest income is fully taxed at the marginal rate, while dividend income is favourably taxed with a dividend tax credit. Capital gains are taxed on 50% of the gain at the marginal rate, and foreign income is subject to withholding tax. Therefore, a tax-efficient strategy is to include interest paying investments, such as bonds or GICs, in the registered plan, where they can grow tax-deferred until withdrawal. Dividend paying investments, such as Canadian stocks or ETFs, should be included in the non- registered plan, where they can benefit from the lower tax rate and the dividend tax credit. Foreign income should also be avoided in the non-registered plan, unless it is held in a U.S. dollar account or a foreign currency hedged ETF, to reduce the impact of withholding tax and currency fluctuations.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)
質問 # 124
Which of the following is a rationale for a portfolio manager to use a passive portfolio management strategy?
- A. The manager believes that as the markets are fairly priced, it would be futile to look for mis-priced securities.
- B. The manager wishes to create c apital gains in the mutual fund by frequently buying and selling stocks
- C. The manager believes he or she can outperform the market with his or her stock picking skills.
- D. The manager does not believe in using benchmarks.
正解：A
解説：
D is correct because a passive portfolio management strategy is based on the assumption that the markets are efficient and that it is impossible or very difficult to consistently find mis-priced securities that can generate abnormal returns. A passive portfolio manager aims to replicate the performance of a market index or benchmark by holding a diversified portfolio of securities that mirrors the index or benchmark. A passive portfolio manager does not believe in using active strategies such as market timing, security selection, or sector rotation. The manager does not need to use benchmarks (A), as they are essential for measuring and evaluating the performance of a passive portfolio. The manager does not wish to create capital gains in the mutual fund by frequently buying and selling stocks (B), as this would incur higher transaction costs and taxes, and deviate from the index or benchmark. The manager does not believe he or she can outperform the market with his or her stock picking skills , as this would imply an active portfolio management strategy.
References: Investment Funds in Canada (IFC) | Canadian Securities Institute
質問 # 125
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. This is a form of tax evasion and is therefore considered illegal based on income tax legislation.
- B. Whether the couple saves on income tax will be dependent on Minu's marginal tax rate.
- C. Regardless of how much income each person reports, the total amount of income taxes will not change.
- D. Minu will be exposed to a pension adjustment (PA) if she receives income from his pension.
正解：B
解説：
Whether the couple saves on income tax will be dependent on Minu's marginal tax rate. Pension income splitting is a tax planning strategy that allows a spouse or common-law partner who receives eligible pension income to allocate up to 50% of that income to their spouse or common-law partner1. This may result in tax savings if the transferring spouse or common-law partner is in a higher tax bracket than the receiving spouse or common-law partner1. The tax savings depend on the difference between the marginal tax rates of the spouses or common-law partners1. The other statements are incorrect. Minu will not be exposed to a pension adjustment (PA) if she receives income from Saheed's pension. A PA is a measure of the value of benefits accrued in a registered pension plan or deferred profit sharing plan during a calendar year2. It reduces the RRSP contribution room of the plan member, not the spouse or common-law partner who receives part of their pensionincome2. Pension income splitting is not a form of tax evasion and is not illegal based on income tax legislation. It is a legitimate way to reduce taxable income and taxes payable by shifting income from a higher-income spouse or common-law partner to a lower-income spouse or common-law partner1. Pension income splitting may change the total amount of income taxes paid by the couple, depending on their marginal tax rates. If the transferring spouse or common-law partner is in a higher tax bracket than the receiving spouse or common-law partner, pension income splitting may lower their combined taxes payable1. However, if they are in the same tax bracket, pension incomesplitting may not have any effect on their taxes payable1. References: Pension income splitting, Pension adjustment
質問 # 126
Which of the following best describes how a target date fund works?
- A. Through the years, the asset allocation shifts from fixed income towards equities as the maturity date approaches.
- B. Through the years, the asset allocation shifts from equities towards fixed income as the maturity date approaches.
- C. The mutual fund is constantly rebalanced to maintain an even split between equities and fixed income through the life of the mutual fund.
- D. In exchange for a lump-sum purchase the unitholder receives guaranteed monthly payments for life.
正解：B
解説：
This is because a target date fund is designed to reduce the risk and volatility of the portfolio as the investor gets closer to their retirement or other savings goal. Equities tend to have higher returns but also higher risk than fixed income, so a target date fund gradually reduces the exposure to equities and increases the exposure to fixed income over time. This way, the investor can benefit from the growth potential of equities in the early years and preserve their capital with the stability of fixed income in the later years.
質問 # 127
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?
- A. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
- B. The rights a client has if there is a desire to cancel the purchased mutual fund.
- C. Comparing historical rates of return between different types of mutual funds.
- D. Referencing the fund code for each mutual fund that is being compared.
正解：A
解説：
B is correct because assessing historical differences in the rate of return per unit of risk of similar mutual funds helps a Dealing Representative to compare the performance and risk-adjusted returns of different mutual funds and select the most suitable one for a client's risk tolerance and investment objectives.
Comparing historical rates of return between different types of mutual funds (A) does not account for the risk involved in each type of fund. Referencing the fund code for each mutual fund that is being compared © does not provide any information about the fund's characteristics, features, or suitability. The rights a client has if there is a desire to cancel the purchased mutual fund (D) are not relevant for determining a suitable mutual fund for a client.
質問 # 128
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
- A. It will have no effect. RRSP contribution room is based on earned income only.
- B. It will reduce Suiay's contribution room by 51,800.
- C. It will reduce Suiay's contribution room by $1800
- D. It will reduce Suiay's contribution room by $3,600.
正解：D
解説：
D is correct because Sujay's registered retirement savings plan (RRSP) contribution room for the year will be reduced by $3,600. This is because his employer's defined contribution pension plan is considered a registered pension plan (RPP), which affects his RRSP contribution room through a pension adjustment (PA).
The PA is calculated as 18% of his earned income in the previous year minus his RPP contributions in the current year. In this case, Sujay's PA for the current year is $3,600, which is 18% of his $60,000 salary minus his 3% contribution ($1,800) and his employer's 3% contribution ($1,800). The PA reduces his RRSP contribution room for the next year by the same amount. It will have an effect on his RRSP contribution room (A), as it is not based on earned income only, but also on RPP contributions. It will not reduce his contribution room by $51,800 (B), as this is more than his earned income. It will not reduce his contribution room by $10,800 ©, as this is 18% of his earned income without subtracting his RPP contributions.
質問 # 129
Why do speculators tend to avoid diversification?
- A. Not diversifying a portfolio exposes the investor to the total risk of the securities
- B. Diversifying a portfolio tends to reduce the probability of very large gains and losses
- C. Diversifying a portfolio tends to increase the probability of very large gains and losses
- D. Diversifying a portfolio may result in overall risk that is lower than that of its component securities
正解：B
解説：
Speculators avoid diversification because it reduces the potential for both large losses and large gains, which they seek to achieve significant wealth. The feedback from the document states:
"Diversification affects the returns that investors hope to earn. Diversification tends to reduce the probability of both very large losses and very large gains. Speculators tend to avoid diversification for this reason. Great wealth can be achieved only through an absence of diversification." Reference: Chapter 8 - Constructing Investment Portfolios
質問 # 130
The Canadian Investor Protection Fund provides what amount of maximum protection for eligible customer losses due to a dealer member's insolvency?
- A. $250,000
- B. $1,000,000
- C. $100,000
- D. $500,000
正解：B
解説：
The correct answer is D. $1,000,000. The Investment Funds in Canada curriculum explains that the Canadian Investor Protection Fund (CIPF) provides protection to eligible customers if a CIRO (formerly IIROC or MFDA) dealer member becomes insolvent.
CIPF coverage applies to losses of property such as cash, securities, and other investment assets that were held by the dealer on behalf of clients. The CIFC text clearly states that coverage is provided up to $1 million per account category, such as general accounts and registered accounts.
It is important to note that CIPF does not protect against market losses, poor investment performance, or unsuitable advice. Its sole purpose is to restore client property when it is missing due to dealer insolvency.
The other amounts listed are incorrect and do not reflect current CIFC standards. The $1 million limit ensures investor confidence in the Canadian investment system and is a key component of investor protection.
Therefore, Option D is the correct and fully verified answer under the Investment Funds in Canada framework.
質問 # 131
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 capital gain
- B. as interest income
- C. as a dividend
- D. as return of capital
正解：B
解説：
A treasury bill is a short-term debt instrument issued by the government at a discount from its face value and redeemed at par value at maturity. The difference between the purchase price and the face value is the interest income earned by the investor. Therefore, Megan treats the $1,800 difference as interest income for tax purposes. Interest income is fully taxable at the investor's marginal tax rate in the year it is received. Megan does not report any capital gain, dividend, or return of capital from the treasury bill.
1: Canadian Investment Funds Course, Unit 5, Section 5.2
質問 # 132
Which of the following statements about nominee name accounts is TRUE?
- A. The dealer is the registered owner of the account and holds funds in trust for the client.
- B. Holding accounts in nominee name means the client no longer needs to provide any trading instructions.
- C. Discretionary trading on a client's account, without specific instructions, is permitted.
- D. A Limited Trading Authorization (LTA) is necessary since the dealer, and not the client, is the registered owner of the mutual funds.
正解：A
解説：
A nominee name account is a type of account where the dealer, not the client, is the registered owner of the mutual funds held in the account. The dealer holds the funds in trust for the client and acts as the nominee for the client. The client is the beneficial owner of the funds and retains all the rights and benefits associated with the ownership. The dealer is responsible for maintaining the records of the client's transactions and holdings, and for providing the client with confirmations, statements, and tax slips.
References = Canadian Investment Funds Course, Unit 8: Mutual Fund Administration, Lesson 1: Account Registration, Section 8.1.2: Nominee Name Accounts1; CIFC prepkit, Chapter 8: Mutual Fund Administration, Question 8.1.2 2
質問 # 133
Sonya meets with her client Elijah to review different investment approaches that could be offered to help him reach his financial goals. Part of that discussion included Sonya mentioning factors such as inflation, interest rates, and rates of return. Which stage of the Strategic Investment Planning (SIP) process does this describe?
- A. Clarify Client Status, Problems and Opportunities
- B. Monitor and Update
- C. Implement the Plan
- D. Identify Strategies and Present the Plan
正解：D
解説：
The Strategic Investment Planning (SIP) process is a four-step process that helps advisors to create and deliver customized investment plans for their clients. The four steps are:
* Clarify Client Status, Problems and Opportunities: This step involves gathering information about the client's personal and financial situation, goals, risk tolerance, and investment knowledge. The advisor also identifies the client's problems and opportunities, such as tax issues, estate planning needs, or market trends.
* Identify Strategies and Present the Plan: This step involves analyzing the information collected in the previous step and developing strategies to address the client's problems and opportunities. The advisor also presents the plan to the client, explaining the rationale, benefits, costs, and risks of the proposed strategies. This is the stage where Sonya mentions factors such as inflation, interest rates, and rates of return, as they are relevant to the investment approaches she is offering to Elijah.
* Implement the Plan: This step involves executing the agreed-upon strategies with the client's consent.
The advisor also ensures that the necessary documentation and transactions are completed.
* Monitor and Update: This step involves reviewing the performance of the plan and making adjustments as needed. The advisor also communicates with the client regularly and updates the plan according to any changes in the client's situation or goals.
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 2: The Sales Process, Section 2.3: The Strategic Investment Planning (SIP) Process, page 2-81 Strategic Investment Planning Process - IFSE Institute2
質問 # 134
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a
$120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan.
Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?
- A. How much do you make individually each year?
- B. What is your investment objective for these savings?
- C. How would you feel if you lost part of your money in the short-term?
- D. What is your net worth?
正解：B
解説：
The question that you should ask Sarah and Kyle next is what is their investment objective for these savings.
An investment objective is a statement that defines the purpose and goals of an investment. It helps investors and advisors select suitable investment products and strategies that match the investor's needs and expectations. An investment objective typically considers factors such as risk tolerance, return expectations, time horizon, liquidity needs, tax situation, and personal preferences. Therefore, option B is the correct question to ask Sarah and Kyle next. The other options are not relevant or sufficient to determine their investment objective. Option A is related to their risk tolerance, but it is not the only factor that affects their investment objective. Option C is related to their net worth, but it does not indicate their purpose and goals for their savings. Option D is related to their income, but it does not reflect their return expectations or liquidity needs for their savings. References: [Investment Objective Definition], [Investment Objectives: What They Are and How to Use Them], [Investment Objectives | GetSmarterAboutMoney.ca]
質問 # 135
What type of managed fund, recently introduced to Canada, is allowed greater use of short sales, leverage, and derivatives compared to mutual funds, but not to the same extent as hedge funds?
- A. Private equity
- B. Closed-end discretionary fund
- C. Liquid alts
- D. Principal-protected notes
正解：C
解説：
Comprehensive and Detailed Explanation From Exact Extract:
Liquid alternative funds (liquid alts) are designed to offer more flexibility in using short sales, leverage, and derivatives compared to traditional mutual funds, but with less freedom than hedge funds. The feedback from the document states:
"Liquid alts, also known as alternative mutual funds, were recently introduced into Canada, and are allowed greater use of short sales, leverage, and derivatives compared to regular mutual funds, but not to the same extent as hedge funds." Reference:Chapter 13 - Alternative Managed ProductsLearning Domain:Understanding Alternative Managed Products
質問 # 136
The following table shows Sabrina's earned income for the past few years:
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?
- A. $22,500
- B. $24,270
- C. $26,100
- D. $25,200
正解：B
解説：
Sabrina's RRSP contribution room for Year 3 is $24,270. This is because the maximum contribution limit for Year 3 is $24,270 and Sabrina has always maximized her RRSP contributions, so she has no carry-forward room available.
Canadian Investment Funds Course, Chapter 5: Registered Plans
質問 # 137
What does suitability mean?
- A. Recommendations are appropriate for the client's unique situation and investment objectives
- B. Understanding the personal and financial knowledge of the client
- C. The investor's major concerns are addressed
- D. Recommendations are not based on the personal and financial knowledge of the client
正解：A
解説：
Suitability ensures that recommendations align with the client's unique situation and investment objectives, based on their personal and financial circumstances. The feedback from the document states:
"Suitability means ensuring that all recommendations are appropriate for the client's unique situation and investment objectives. It also means that recommendations are based on a personal and financial knowledge of the client and knowledge of the investment products being recommended." Reference: Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain: An Introduction to the Mutual Funds Marketplace
質問 # 138
What is the most substantial reward for providing excellent customer service as a mutual fund sales representative?
- A. Increases referral business.
- B. Protects the integrity of the industry.
- C. Improves product knowledge.
- D. Promotes the firm's initiatives.
正解：A
質問 # 139
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