投资学题库Chap004

4-1Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter04MutualFundsandOtherInvestmentCompaniesMultipleChoiceQuestions1.Whichoneofthefollowingstatementsregardingopen-endmutualfundsisfalse?A.Thefundsredeemsharesatnetassetvalue.B.Thefundsofferinvestorsprofessionalmanagement.C.Thefundsofferinvestorsaguaranteedrateofreturn.D.Thefundsofferinvestorsprofessionalmanagementandaguaranteedrateofreturn.E.Thefundsredeemsharesatnetassetvalueandofferinvestorsprofessionalmanagement.2.Whichoneofthefollowingstatementsregardingclosed-endmutualfundsisfalse?A.ThefundsalwaystradeatadiscountfromNAV.B.Thefundsredeemsharesattheirnetassetvalue.C.Thefundsofferinvestorsprofessionalmanagement.D.ThefundsalwaystradeatadiscountfromNAVandredeemsharesattheirnetassetvalue.E.Noneoftheoptions4-2Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.3.Whichofthefollowingfunctionsdoinvestmentcompaniesperformfortheirinvestors?A.RecordkeepingandadministrationB.DiversificationanddivisibilityC.ProfessionalmanagementD.LowertransactioncostsE.Alloftheoptions4.MultipleMutualFundshadyear-endassetsof$457,000,000andliabilitiesof$17,000,000.Therewere24,300,000sharesinthefundatyear-end.WhatwasMultipleMutual'snetassetvalue?A.$18.11B.$18.81C.$69.96D.$7.00E.$181.075.GrowthFundhadyear-endassetsof$862,000,000andliabilitiesof$12,000,000.Therewere32,675,254sharesinthefundatyear-end.WhatwasGrowthFund'snetassetvalue?A.$28.17B.$25.24C.$19.62D.$26.01E.$21.564-3Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.6.DiversifiedPortfolioshadyear-endassetsof$279,000,000andliabilitiesof$43,000,000.IfDiversified'sNAVwas$42.13,howmanysharesmusthavebeenheldinthefund?A.43,000,000B.6,488,372C.5,601,709D.1,182,2037.PinnacleFundhadyear-endassetsof$825,000,000andliabilitiesof$25,000,000.IfPinnacle'sNAVwas$32.18,howmanysharesmusthavebeenheldinthefund?A.21,619,346.92B.22,930,546.28C.24,860,161.59D.25,693,645.258.Mostactivelymanagedmutualfunds,whencomparedtoamarketindexsuchastheWilshire5000,A.beatthemarketreturninallyears.B.beatthemarketreturninmostyears.C.exceedthereturnonindexfunds.D.donotoutperformthemarket.4-4Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.9.PoolsofmoneyinvestedinaportfoliothatisfixedforthelifeofthefundarecalledA.closed-endfunds.B.open-endfunds.C.unitinvestmenttrusts.D.REITS.E.redeemabletrustcertificates.10.Investorsinclosed-endfundswhowishtoliquidatetheirpositionsmustA.selltheirsharesthroughabroker.B.selltheirsharestotheissueratadiscounttonetassetvalue.C.selltheirsharestotheissueratapremiumtonetassetvalue.D.selltheirsharestotheissuerfornetassetvalue.E.holdtheirsharestomaturity.11.Closedendfundsarefrequentlyissuedata______toNAVandsubsequentlytradeata__________toNAV.A.discount,discountB.discount,premiumC.premium,premiumD.premium,discountE.Noconsistentrelationshiphasbeenobserved.4-5Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.12.Atissue,offeringpricesofopen-endfundswilloftenbeA.lessthanNAVduetoloadsandcommissions.B.greaterthanNAVduetoloadsandcommissions.C.lessthanNAVduetolimiteddemand.D.greaterthanNAVduetoexcessdemand.E.lessthanorgreaterthanNAVwithnoapparentpattern.13.Whichofthefollowingstatementsaboutrealestateinvestmenttrustsistrue?A.REITsinvestinrealestateorloanssecuredbyrealestate.B.REITsraisecapitalbyborrowingfrombanksandissuingmortgages.C.REITsaresimilartoopen-endfunds,withsharesredeemableatNAV.D.REITsinvestinrealestateorloanssecuredbyrealestateandraisecapitalbyborrowingfrombanksandissuingmortgages.E.Alloftheoptionsaretrue.14.Whichofthefollowingstatementsaboutrealestateinvestmenttrustsistrue?A.REITsmaybeequitytrustsormortgagetrusts.B.REITsareusuallyhighlyleveraged.C.REITsaresimilartoclosed-endfunds.D.REITsmaybeequitytrustsormortgagetrustsandareusuallyhighlyleveraged.E.Alloftheoptionsaretrue.4-6Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.15.Whichofthefollowingstatementsaboutmoneymarketmutualfundsistrue?A.Theyinvestincommercialpaper,CDs,andrepurchaseagreements.B.Theyusuallyoffercheck-writingprivileges.C.Theyarehighlyleveragedandrisky.D.Theyinvestincommercialpaper,CDs,andrepurchaseagreements,andtheyusuallyoffercheck-writingprivileges.E.Alloftheoptionsaretrue.16.In2012theproportionofmutualfunds(basedontotalassets)specializingincommonstockswasA.21.7%.B.28.0%.C.44.8%.D.73.4%.E.63.5%.17.In2012theproportionofmutualfunds(basedontotalassets)specializinginbondswasA.24.8%.B.28.0%.C.54.1%.D.73.4%.E.63.5%.4-7Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.18.In2012theproportionofmutualfunds(b