Free IFSE Institute CIFC Exam Questions

Become IFSE Institute Certified with updated CIFC exam questions and correct answers

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Total 225 Questions | Updated On: Oct 28, 2025

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Question 1

Quintin has been a Dealing Representative for Global Maximum Financial for 5 years. Today, he opened an account for his new client, Reginald. In addition to opening a new account, Reginald agreed to accept Quintin's investment recommendation and placed a purchase order to buy units of the Global Maximum Value Equity fund. Quintin informed his Branch Manager Lupita about this new account on the same day the purchase order was received. Lupita told Quintin that she would complete her review of the New Client Application Form (NCAF) by no later than tomorrow. Which statement regarding this new account opening is CORRECT?

A : Quintin cannot accept purchase orders from a client until Lupita completes her review of the NCAF.

B : Lupita has two business days from the date of opening the new account to approve the NCAF completed by Quintin.

C : Quintin and Lupita are both following proper procedure regarding new account openings and purchase orders.

D : Unless Quintin is presently under probation, he does not need Lupita-s approval regarding the NCAF.

Answer: A

Question 2

Megan purchases a treasury bill for $98,200. When it matures for $100,000, how does Megan treat the $1,800 difference?

A : as interest income

B : as a capital gain

C : as a dividend

D : as return of capital

Answer: A

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?

A : retractable

B : participating

C : convertible

D : redeemable

Answer: A

Question 4

Your clients, Philip and Helen, have a disabled son, Alex, age 22. They want to set up a registered disability savings plan (RDSP) for Alex and have asked you for some information. Which statement is TRUE?

A : Philip and Helen’s contributions are refundable to them.

B : There is no annual or lifetime maximum limit on contributions.

C : Alex must qualify for the disability tax credit.

D : Philip and Helen’s contributions are tax-deductible.

Answer: C

Question 5

Which of the following could be a passively managed fund?

A : commodity pool

B : exchange traded fund (ETF)

C : hedge fund

D : labour-sponsored investment fund

Answer: B

Page: 1 / 45

Total 225 Questions | Updated On: Oct 28, 2025

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