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Question 1 of 10
1. Question
Investment advisors and consultants are responsible for following laws and standards enforced by which of the following?
I. Government agencies
II. Industry self-regulatory bodies
III. The firms at which they are employed
IV. Corporate private regulatorsCorrect
Investment advisors and consultants are responsible for following laws and standards enforced by numerous government agencies, industry self-regulatory bodies, and the firms at which they are employed.
Incorrect
Investment advisors and consultants are responsible for following laws and standards enforced by numerous government agencies, industry self-regulatory bodies, and the firms at which they are employed.
-
Question 2 of 10
2. Question
As a professional certification body, the Investment Management Consultants Association (IMCA) prescribes and enforces its own code of ethics and standards as is described through which of the following?
I. Code of Professional Responsibility
II. Standards of Practice
III. Code of Professional Ethics
IV. Practical Regulations StandardCorrect
As a professional certification body, the Investment Management Consultants Association (IMCA) prescribes and enforces its own code of ethics and standards as is described through its Code of Professional Responsibility (“code”) and Standards of Practice (“standards”).
Incorrect
As a professional certification body, the Investment Management Consultants Association (IMCA) prescribes and enforces its own code of ethics and standards as is described through its Code of Professional Responsibility (“code”) and Standards of Practice (“standards”).
-
Question 3 of 10
3. Question
Which of the following concepts(s) is/are the described in the IMCA Code of Professional Responsibility and Standards of Practice?
I. Fiduciary responsibilities
II. Competence
III. Conflicts of of interest
IV. ConfidentialityCorrect
The concepts of fiduciary responsibility, disclosure, conflicts of interest, confidentiality,
compliance, and competence are all described and explained in the
readings found in the IMCA Code of Professional
Responsibility and Standards of Practice.Incorrect
The concepts of fiduciary responsibility, disclosure, conflicts of interest, confidentiality,
compliance, and competence are all described and explained in the
readings found in the IMCA Code of Professional
Responsibility and Standards of Practice. -
Question 4 of 10
4. Question
The IMCA Code of Professional Responsibility has been adopted to promote and maintain a high standard of professional conduct in which of the following profession(s)?
I. The industrial management profession
II. The technology management profession
III. The investment management consulting profession
IV. The government management consulting professionCorrect
This Code has been adopted to promote and maintain a high standard of professional
conduct in the investment management consulting profession. All members of IMCA
are expected to subscribe to the Code, which serves to ensure public confidence in
the integrity and service offered by professional investment management consultants.Incorrect
This Code has been adopted to promote and maintain a high standard of professional
conduct in the investment management consulting profession. All members of IMCA
are expected to subscribe to the Code, which serves to ensure public confidence in
the integrity and service offered by professional investment management consultants. -
Question 5 of 10
5. Question
Which of the following is(are) part of the seven elements listed in IMCA’s code?
I. Serve the financial interests of clients.
II. Maintain the confidentiality of all information entrusted by the client.
III. Maintain a high level of professional ethical conduct.
IV. Provide to clients all material information related to the profitable gains.Correct
1. Serve the financial interests of clients. Each professional shall always place the
financial interests of the client first.
2. Disclose fully to clients services provided and compensation received.
3. Provide to clients all material information related to the investment decisionmaking
process.
4. Maintain the confidentiality of all information entrusted by the client.
5. Comply fully with all statutory and regulatory requirements affecting the delivery
of investment consulting services to clients.
6. Maintain competency in investment management consulting and financial services
7. Maintain a high level of professional ethical conduct.Incorrect
1. Serve the financial interests of clients. Each professional shall always place the
financial interests of the client first.
2. Disclose fully to clients services provided and compensation received.
3. Provide to clients all material information related to the investment decisionmaking
process.
4. Maintain the confidentiality of all information entrusted by the client.
5. Comply fully with all statutory and regulatory requirements affecting the delivery
of investment consulting services to clients.
6. Maintain competency in investment management consulting and financial services
7. Maintain a high level of professional ethical conduct. -
Question 6 of 10
6. Question
Which of the following is(are) the consultants highest priority?
I. Employee satisfaction
II. Satisfactory services for customers
III. Client’s financial goals
IV. Responsibilities towards its shareholdersCorrect
Consultants have a responsibility to make the client’s financial
goals their highest priority. All recommendations must be made solely in the client’s
interests and intended to assist clients in reaching their financial goals.Incorrect
Consultants have a responsibility to make the client’s financial
goals their highest priority. All recommendations must be made solely in the client’s
interests and intended to assist clients in reaching their financial goals. -
Question 7 of 10
7. Question
Which of the following is(are) not part of the IMCA code?
I. Comply fully with all statutory and regulatory requirements affecting the delivery
of investment consulting services to clients.
II. Training consultants to better serve clients and enhance investment
management consulting.
III. Maintain a high level of professional ethical conduct.
IV. Provide to clients all material information related to ethical stocks and securities decision processCorrect
1. Serve the financial interests of clients. Each professional shall always place the
financial interests of the client first. All recommendations to clients and decisions
on behalf of clients shall be solely in the best interest of the client.
2. Disclose fully to clients services provided and compensation received. All financial
relationships, direct or indirect, between consultants and investment managers,
plan officials, beneficiaries, sponsors, or any other potential conflicts of
interest shall be fully disclosed on a timely basis.
3. Provide to clients all material information related to the investment decisionmaking
process as well as other information they may need to make informed
decisions based on realistic expectations. All client inquiries shall be answered
promptly, completely, and truthfully.
4. Maintain the confidentiality of all information entrusted by the client, to the
fullest extent permitted by regulatory and legal entities in conjunction with the
professional’s firm/company policy.
5. Comply fully with all statutory and regulatory requirements affecting the delivery
of investment consulting services to clients.
6. Maintain competency in investment management consulting and financial services
through education and training to better serve clients and enhance investment
management consulting.
7. Maintain a high level of professional ethical conduct.Incorrect
1. Serve the financial interests of clients. Each professional shall always place the
financial interests of the client first. All recommendations to clients and decisions
on behalf of clients shall be solely in the best interest of the client.
2. Disclose fully to clients services provided and compensation received. All financial
relationships, direct or indirect, between consultants and investment managers,
plan officials, beneficiaries, sponsors, or any other potential conflicts of
interest shall be fully disclosed on a timely basis.
3. Provide to clients all material information related to the investment decisionmaking
process as well as other information they may need to make informed
decisions based on realistic expectations. All client inquiries shall be answered
promptly, completely, and truthfully.
4. Maintain the confidentiality of all information entrusted by the client, to the
fullest extent permitted by regulatory and legal entities in conjunction with the
professional’s firm/company policy.
5. Comply fully with all statutory and regulatory requirements affecting the delivery
of investment consulting services to clients.
6. Maintain competency in investment management consulting and financial services
through education and training to better serve clients and enhance investment
management consulting.
7. Maintain a high level of professional ethical conduct. -
Question 8 of 10
8. Question
In order to determine the client’s goals, the consultant shall profile each client to determine which of the following?
I. Rate-or-return objectives
II. Risk tolerance
III. Financial status
IV. Time horizonsCorrect
in order to determine the client’s goals, the consultant shall
profile each client to determine rate-of-return objectives, risk tolerance, time horizons,
and tax status.Incorrect
in order to determine the client’s goals, the consultant shall
profile each client to determine rate-of-return objectives, risk tolerance, time horizons,
and tax status. -
Question 9 of 10
9. Question
What are the consultants suppose to do When conflicts or the potential for conflicts arise with clients?
I. Advise clients on the situation
II. Instruct clients for a beneficial outcome
III. Request clients to disembark on their invesments
IV. Compromise with client’s demandsCorrect
When conflicts or the potential for conflicts arise, the client must be fully advised of the
situation. Without full disclosure of the consultant’s role or the firm’s role in any
potential conflict of interest, the client’s best interests may be compromisedIncorrect
When conflicts or the potential for conflicts arise, the client must be fully advised of the
situation. Without full disclosure of the consultant’s role or the firm’s role in any
potential conflict of interest, the client’s best interests may be compromised -
Question 10 of 10
10. Question
In addition to the IMCA Standards of Practice (Standards) and IMCA Code of
Professional Responsibility (Code), consultants shall adhere to which of the following?
I. The shareholder’s code of conduct
II. The firm’s code of conduct and compliance
III. The Board of directors of the firm
IV. The Chairman of the firmCorrect
In addition to the IMCA Standards of Practice (Standards) and IMCA Code of
Professional Responsibility (Code), consultants shall adhere to the firm’s code of
conduct and compliance. If at any time consultants believe that they cannot comply
with these standards, they should resign the contract with the client.Incorrect
In addition to the IMCA Standards of Practice (Standards) and IMCA Code of
Professional Responsibility (Code), consultants shall adhere to the firm’s code of
conduct and compliance. If at any time consultants believe that they cannot comply
with these standards, they should resign the contract with the client.