欧阳阳理创编 2021.03.04
Multiple Choice Questions
时间：2021.03.05 创作：欧阳理 1. Which one of the following statements regarding open-end mutual funds is false? A) The funds redeem shares at net asset value. B) The funds offer investors professional management. C) The funds offer investors a guaranteed rate of return. D) B and C. E) A and B.
Answer: C Difficulty: Moderate
Rationale: No investment offers a guaranteed rate of return. 2. Which one of the following statements regarding closed-end mutual funds is false?
A) The funds always trade at a discount from NAV. B) The funds redeem shares at their net asset value. C) The funds offer investors professional management. D) A and B. E) None of the above.
Answer: D Difficulty: Moderate
Rationale: Closed-end funds are sold at the prevailing market
price.
3. Which of the following functions do mutual fund
companies perform for their investors?
A) Record keeping and administration B) Diversification and divisibility C) Professional management D) Lower transaction costs E) All of the above.
Answer: E Difficulty: Easy
Rationale: Mutual funds are attractive to investors because they
offer all of the listed services.
4. Multiple Mutual Funds had year-end assets of
$457,000,000 and liabilities of $17,000,000. There were
欧阳阳理创编 2021.03.04
欧阳阳理创编 2021.03.04
24,300,000 shares in the fund at year-end. What was Multiple Mutual's Net Asset Value?
A) $18.11 B) $18.81 C) $69.96 D) $7.00 E) $181.07
Answer: A Difficulty: Moderate
Rationale: (457,000,000 - 17,000,000) / 24,300,000 = $18.11 5. Growth Fund had year-end assets of $862,000,000 and
liabilities of $12,000,000. There were 32,675,254 shares in the fund at year-end. What was Growth Fund's Net Asset Value?
A) $28.17 B) $25.24 C) $19.62 D) $26.01 E) $21.56
Answer: D Difficulty: Moderate
Rationale: (862,000,000 - 12,000,000) / 32,675,254 = $26.01 6. Diversified Portfolios had year-end assets of
$279,000,000 and liabilities of $43,000,000. If
Diversified's NAV was $42.13, how many shares must have been held in the fund?
A) 43,000,000 B) 6,488,372 C) 5,601,709 D) 1,182,203 E) None of the above.
Answer: C Difficulty: Moderate
Rationale: ($279,000,000 - 43,000,000) / $42.13 =
5,601,708.996.
7. Pinnacle Fund had year-end assets of $825,000,000 and
liabilities of $25,000,000. If Pinnacle's NAV was $32.18, how many shares must have been held in the fund?
欧阳阳理创编 2021.03.04
欧阳阳理创编 2021.03.04
A) 21,619,346,92 B) 22,930,546.28 C) 24,860,161.59 D) 25,693,645.25
E) None of the above.
Answer: C Difficulty: Moderate
Rationale: ($825,000,000 - 25,000,000) / $32.18 =
24,860,161.59.
8. Most actively managed mutual funds, when compared to
a market index such as the Wilshire 5000,
A) beat the market return in all years. B) beat the market return in most years. C) exceed the return on index funds. D) do not outperform the market E) None of the above is a correct statement.
Answer: D Difficulty: Easy
Rationale: Most actively managed mutual funds fail to equal
the return earned by index funds, possibly due to higher transactions costs.
9. Pools of money invested in a portfolio that is fixed for the
life of the fund are called
A) closed-end funds. B) open-end funds. C) unit investment trusts. D) REITS. E) redeemable trust certificates.
Answer: C Difficulty: Easy
Rationale: Unit investment trusts are funds that invest in a
portfolio, often fixed-income securities, and hold it to maturity.
10. Investors in closed-end funds who wish to liquidate their
positions must
A) sell their shares through a broker. B) sell their shares to the issuer at a discount to Net Asset
Value.
欧阳阳理创编 2021.03.04
投资学第7版TestBank答案04之欧阳理创编
