投资学第7版TestBank答案04之欧阳数创编

欧阳数创编

Multiple Choice Questions

时间：2024.03.02 创作：欧阳数 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

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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 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

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欧阳数创编

$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? 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

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