Here is the Unit #1 Weekly Quiz Answer Sheet that you should

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Here is the Unit #1 Weekly Quiz Answer Sheet that you should submit to your Unit #1 Homework Assignment Folder.Please submit your Unit #1 Quiz Answer Sheet in MS Word format with the following file name: LastNameFirstInitial_Unit 01_QuizAnswerSheet.docx. For example, if you name is John Smith, the file name of your Answer Sheet should be SmithJ_Unit01_QuizAnswerSheet.docx.If you have any questions or comments, please do not hesitate to contact me.NAME: _____________________________________Question NumberQuestion1Describe and Investment Policy Statement (IPS):An IPS details the organization’s procedures for all client investmentsAn IPS is created by the Board of TrusteesAn IPS is a FINRA required documentAn IPS addresses the objectives of the client or pension plan2Which of the following are deposit-taking institutions (DTIs)?Building societiesInsurance companiesInvestment trust companiesRetail banksPension fundsDTIs are the following:2 – 41 and 41 and 23 – 53All of the following make an IPS important, EXCEPT:Helps define all associated parties of their responsibilitiesSets target asset allocationsWill remove all emotions from the investment processHelps identify potential risks the pool of assets may face4Which of the following is the reason why economic sticklers would not consider shares / equities as financial instruments:Shares represent part-ownership in the company and are not redeemableCompanies can re-purchase their sharesPreferred shares are closer to debt instrumentsCompanies can have debt and shares, they are substitutes for each other5Which of the following are functions of a financial system?The operation of a payment systemProviding the means of portfolio adjustmentHelping to reduce unemploymentChannelizing funds between lenders and borrowersHelping speculators to bet on price movementsFunctions of a financial system include:1, 2, and 42, 3, and 52 – 51 and 56Which of the IPS’s factors would change if the client went to another financial professional?Investment strategiesAmount invested by the clientResponsibility for the risk managementClient objectives7Derivatives can be strictly defined asFinancial instrumentsSecurities with strong economic foundationsContracts that may lead to profits or lossesRepresentatives of “claims” of holders on issuers8Which one of the following is the definition of an Investment Policy Statement (IPS)s:A Specific document to govern investing activitiesAn agreement about services and pricesAn engagement letter for investing servicesProtects the client from investment losses9Constructing and IPS is the responsibility ofFinancial professionalInvestorFinancial professional and investorPortfolio manager10How would you classify an Exchange Traded Fund (ETF)?Collective investment scheme (CISs)Alternative investmentsContractual intermediariesQuasi-financial intermediaries (QFTs)11The most important component of an IPS is:Statement of purposeInvestment objectives and constraintsAppendicesSignature of the investor12A well-defined IPS should include of the following, EXCEPT:Investment strategy and asset allocationsDefinition of duties and objectivesPurpose and scopeHow much should be invested

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