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CISI Certification
IFC Exam
CISI.IFC.v2026-07-09.q224 Dumps

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Question 181

Jack and Jill hold a mutual fund account as tenants in common. What conditions would apply to their account?
Should either die, full ownership of the account would pass to the other Each would be the owner of 50% of the account's assets Either could issue trading instructions on all account assets Each would be required to provide KYC information

A.2 and 4
B.2 and 3
C.1 and 4
D.1 and 3

Correct Answer: A

In a tenants in common account, each owner holds a pro-rata share (e.g., 50%) and can only issue instructions for their portion, with no right of survivorship. KYC information is required for both owners. The feedback from the document states:
"If more than one person owns an account and it is not specifically identified as being a joint account, each owner owns a pro-rata share of the account, unless ownership is divided in another manner and noted on the account. Where an account is held as tenants in common, there is no right of survivorship and each owner, unless otherwise specified, can only give instructions with regard to the pro-rata portion of the account." Reference: Chapter 17 - Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations

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Question 182

What value are withdrawals under a ratio withdrawal plan based upon?

A.Value at inception of plan
B.Average of start and year-end portfolio value
C.End of year portfolio value
D.Current portfolio value

Correct Answer: D

Withdrawals under a ratio withdrawal plan are based on the current portfolio value, ensuring the fund is never fully depleted unless a 100% payout ratio is used. The feedback from the document states:
"Under a ratio withdrawal plan, the ratio is always based on the current portfolio value. Technically, this means that clients will never fully exhaust their mutual fund investment under this type of plan. Only in the unrealistic situation of a 100% payout ratio would the fund be completely paid out." Reference: Chapter 16 - Mutual Fund Fees and ServicesLearning Domain: Evaluating and Selecting Mutual Funds

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Question 183

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.7.00%
B.7.25%
C.7.58%
D.7.75%

Correct Answer: C

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

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Question 184

What is a permissible selling practice for mutual fund representatives?

A.Quoting a future price.
B.Advertising a registration.
C.Accepting gifts of low value.
D.Offering to repurchase.

Correct Answer: C

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Question 185

What type of risk remains unaffected by diversification?

A.Non-market
B.Firm-specific
C.Systematic
D.Business

Correct Answer: C

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