IFIC (Unit 11 Quiz) UPDATED
ACTUAL Exam Questions and
CORRECT Answers
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Terms in this set (34)
Three elements Three elements of face-to-face
of _______________ communication:
communication: 1. Words
1. Words 2. Tone of voice
2. Tone of voice 3. Non-verbal communication
3. Non-verbal
communication
,Three elements Three elements of communication:
of - Hearing
______________________ - Understanding
: - Interpreting
- Hearing
-
Understanding
- Interpreting
____________ needs: Implied needs: problems that a
problems that a client expresses but is not ready
client to address.
expresses but is - A problem can only be
not ready to addressed if a client explicitly
address. indicates that they want to fix it.
- A problem
can only be
addressed if a
client explicitly
indicates that
they want to fix
it.
,It is the dealing It is the dealing representative's
representative's role to help the client understand
role to help the that not acting to address
client problems may result in larger
understand that problems
not acting to - This can be avoided by offering
address solutions
problems may
result in larger
problems
- This can be
avoided by
offering _________
, Three stage Three stage process to determine
process to trade suitability for a client:
determine 1. Know your client (KYC)
trade _____________ - Gather necessary info to make
for a client: sure an investment is right for your
1. Know your client
client (KYC) 2. Know your product (KYP)
- Gather - MF dealer must do research on a
necessary info product before they are offered to
to make sure an clients
investment is - Dealing reps must also do their
right for your own research before offering a
client product to a client
2. Know your 3. Assess suitability
product (KYP) - Matching investment with
- MF dealer investor needs (matching NYP
must do with KYC)
research on a
product before
they are
offered to
clients
- Dealing reps
must also do
their own
ACTUAL Exam Questions and
CORRECT Answers
Save
Terms in this set (34)
Three elements Three elements of face-to-face
of _______________ communication:
communication: 1. Words
1. Words 2. Tone of voice
2. Tone of voice 3. Non-verbal communication
3. Non-verbal
communication
,Three elements Three elements of communication:
of - Hearing
______________________ - Understanding
: - Interpreting
- Hearing
-
Understanding
- Interpreting
____________ needs: Implied needs: problems that a
problems that a client expresses but is not ready
client to address.
expresses but is - A problem can only be
not ready to addressed if a client explicitly
address. indicates that they want to fix it.
- A problem
can only be
addressed if a
client explicitly
indicates that
they want to fix
it.
,It is the dealing It is the dealing representative's
representative's role to help the client understand
role to help the that not acting to address
client problems may result in larger
understand that problems
not acting to - This can be avoided by offering
address solutions
problems may
result in larger
problems
- This can be
avoided by
offering _________
, Three stage Three stage process to determine
process to trade suitability for a client:
determine 1. Know your client (KYC)
trade _____________ - Gather necessary info to make
for a client: sure an investment is right for your
1. Know your client
client (KYC) 2. Know your product (KYP)
- Gather - MF dealer must do research on a
necessary info product before they are offered to
to make sure an clients
investment is - Dealing reps must also do their
right for your own research before offering a
client product to a client
2. Know your 3. Assess suitability
product (KYP) - Matching investment with
- MF dealer investor needs (matching NYP
must do with KYC)
research on a
product before
they are
offered to
clients
- Dealing reps
must also do
their own
