投资学第7版TestBank答案04之欧阳地创编.docx
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投资学第7版TestBank答案04之欧阳地创编.docx
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投资学第7版TestBank答案04之欧阳地创编
MultipleChoiceQuestions
时间:
2021.03.04
创作:
欧阳地
1.Whichoneofthefollowingstatementsregardingopen-endmutualfundsisfalse?
A)Thefundsredeemsharesatnetassetvalue.
B)Thefundsofferinvestorsprofessionalmanagement.
C)Thefundsofferinvestorsaguaranteedrateofreturn.
D)BandC.
E)AandB.
Answer:
CDifficulty:
Moderate
Rationale:
Noinvestmentoffersaguaranteedrateofreturn.
2.Whichoneofthefollowingstatementsregardingclosed-endmutualfundsisfalse?
A)ThefundsalwaystradeatadiscountfromNAV.
B)Thefundsredeemsharesattheirnetassetvalue.
C)Thefundsofferinvestorsprofessionalmanagement.
D)AandB.
E)Noneoftheabove.
Answer:
DDifficulty:
Moderate
Rationale:
Closed-endfundsaresoldattheprevailingmarketprice.
3.Whichofthefollowingfunctionsdomutualfundcompaniesperformfortheirinvestors?
A)Recordkeepingandadministration
B)Diversificationanddivisibility
C)Professionalmanagement
D)Lowertransactioncosts
E)Alloftheabove.
Answer:
EDifficulty:
Easy
Rationale:
Mutualfundsareattractivetoinvestorsbecausetheyofferallofthelistedservices.
4.MultipleMutualFundshadyear-endassetsof$457,000,000andliabilitiesof$17,000,000.Therewere24,300,000sharesinthefundatyear-end.WhatwasMultipleMutual'sNetAssetValue?
A)$18.11
B)$18.81
C)$69.96
D)$7.00
E)$181.07
Answer:
ADifficulty:
Moderate
Rationale:
(457,000,000-17,000,000)/24,300,000=$18.11
5.GrowthFundhadyear-endassetsof$862,000,000andliabilitiesof$12,000,000.Therewere32,675,254sharesinthefundatyear-end.WhatwasGrowthFund'sNetAssetValue?
A)$28.17
B)$25.24
C)$19.62
D)$26.01
E)$21.56
Answer:
DDifficulty:
Moderate
Rationale:
(862,000,000-12,000,000)/32,675,254=$26.01
6.DiversifiedPortfolioshadyear-endassetsof$279,000,000andliabilitiesof$43,000,000.IfDiversified'sNAVwas$42.13,howmanysharesmusthavebeenheldinthefund?
A)43,000,000
B)6,488,372
C)5,601,709
D)1,182,203
E)Noneoftheabove.
Answer:
CDifficulty:
Moderate
Rationale:
($279,000,000-43,000,000)/$42.13=5,601,708.996.
7.PinnacleFundhadyear-endassetsof$825,000,000andliabilitiesof$25,000,000.IfPinnacle'sNAVwas$32.18,howmanysharesmusthavebeenheldinthefund?
A)21,619,346,92
B)22,930,546.28
C)24,860,161.59
D)25,693,645.25
E)Noneoftheabove.
Answer:
CDifficulty:
Moderate
Rationale:
($825,000,000-25,000,000)/$32.18=24,860,161.59.
8.Mostactivelymanagedmutualfunds,whencomparedtoamarketindexsuchastheWilshire5000,
A)beatthemarketreturninallyears.
B)beatthemarketreturninmostyears.
C)exceedthereturnonindexfunds.
D)donotoutperformthemarket
E)Noneoftheaboveisacorrectstatement.
Answer:
DDifficulty:
Easy
Rationale:
Mostactivelymanagedmutualfundsfailtoequalthereturnearnedbyindexfunds,possiblyduetohighertransactionscosts.
9.Poolsofmoneyinvestedinaportfoliothatisfixedforthelifeofthefundarecalled
A)closed-endfunds.
B)open-endfunds.
C)unitinvestmenttrusts.
D)REITS.
E)redeemabletrustcertificates.
Answer:
CDifficulty:
Easy
Rationale:
Unitinvestmenttrustsarefundsthatinvestinaportfolio,oftenfixed-incomesecurities,andholdittomaturity.
10.Investorsinclosed-endfundswhowishtoliquidatetheirpositionsmust
A)selltheirsharesthroughabroker.
B)selltheirsharestotheissueratadiscounttoNetAssetValue.
C)selltheirsharestotheissueratapremiumtoNetAssetValue.
D)selltheirsharestotheissuerforNetAssetValue.
E)holdtheirsharestomaturity.
Answer:
ADifficulty:
Moderate
Rationale:
Closed-endfundsharesaresoldonorganizedexchangesthroughabroker.
11.Closedendfundsarefrequentlyissuedata______toNAVandsubsequentlytradeata__________toNAV.
A)discount,discount
B)discount,premium
C)premium,premium
D)premium,discount
E)Noconsistentrelationshiphasbeenobserved.
Answer:
DDifficulty:
Moderate
Rationale:
Closed-endfundsaretypicallyissuedatapremiumtoNetAssetValueandsubsequentlytradeatadiscount.
12.Atissue,offeringpricesofopen-endfundswilloftenbe
A)lessthanNAVduetoloadsandcommissions.
B)greaterthanNAVduetoloadsandcommissions.
C)lessthanNAVduetolimiteddemand.
D)greaterthanNAVduetoexcessdemand.
E)lessthanorgreaterthanNAVwithnoapparentpattern.
Answer:
BDifficulty:
Difficult
Rationale:
Open-endfundsareredeemableondemandatNAVsotheyshouldneversellforlessthanNAV.However,loadsandcommissionscanincreasethepriceaboveNAV.
13.WhichofthefollowingstatementsaboutRealEstateInvestmentTrustsistrue?
A)REITSinvestinrealestateorloanssecuredbyrealestate.
B)REITSraisecapitalbyborrowingfrombanksandissuingmortgages.
C)REITSaresimilartoopen-endfunds,withsharesredeemableatNAV.
D)Alloftheabovearetrue.
E)BothAandBaretrue.
Answer:
EDifficulty:
Moderate
Rationale:
RealEstateInvestmentTrustsinvestinrealestateorreal-estate-securedloans.Theymayraisecapitalfrombanksandbyissuingmortgages.Theyaresimilartoclosed-endfundsandsharesaretypicallyexchangetraded.
14.In2004theproportionofmutualfundsspecializingincommonstockswas
A)21.7%
B)28.0%
C)54.1%
D)73.4%
E)63.5%
Answer:
CDifficulty:
Moderate
Rationale:
SeeTable4.1.
15.In2004theproportionofmutualfundsspecializinginbondswas
A)15.9%
B)28.0%
C)54.1%
D)73.4%
E)63.5%
Answer:
ADifficulty:
Moderate
Rationale:
SeeTable4.1.
16.In2004theproportionofmutualfundsspecializinginmoneymarketsecuritieswas
A)21.7%
B)28.0%
C)54.1%
D)73.4%
E)23.6%
Answer:
CDifficulty:
Moderate
Rationale:
SeeTable4.1.
17.Managementfeesandotherexpensesofmutualfundsmayinclude
A)front-endloads.
B)back-endloads.
C)12b-1charges.
D)AandBonly.
E)A,BandC.
Answer:
EDifficulty:
Easy
Rationale:
Allofthelistedexpensesmaybeincludedinthecostofowningamutualfund.
18.TheProfitabilityFundhadNAVpershareof$17.50onJanuary1,2005.OnDecember31ofthesameyearthefund'sNAVwas$19.47.Incomedistributionswere$0.75andthefundhadcapitalgaindistributionsof$1.00.Withoutconsideringtaxesandtransactionscosts,whatrateofreturndidaninvestorreceiveontheProfitabilityfundlastyear?
A)11.26%
B)15.54%
C)16.97%
D)21.26%
E)9.83%
Answer:
DDifficulty:
Moderate
Rationale:
R=($19.47-17.50+.75+1.00)/$17.50=21.26%
19.TheYachtsmanFundhadNAVpershareof$36.12onJanuary1,2005.OnDecember31ofthesameyearthefund'sNAVwas$39.71.Incomedistributionswere$0.64andthefundhadcapitalgaindistributionsof$1.13.Withoutconsideringtaxesandtransactionscosts,whatrateofreturndidaninvestorreceiveontheYachtsmanFundlastyear?
A)22.92%
B)17.68%
C)14.39%
D)18.52%
E)14.84%
Answer:
EDifficulty:
Moderate
Rationale:
R=($39.71-36.12+.64+1.13)/$36.12=14.84%
20.Investors'ChoiceFundhadNAVpershareof$37.25onJanuary1,2005.OnDecember31ofthesameyearthefund'srateofreturnfortheyearwas17.3%.Incomedistributionswere$1.14andthefundhadcapitalgaindistributionsof$1.35.Withoutconsideringtaxesandtransactionscosts,whatendingNAVwouldyoucalculateforInvestors'Choice?
A)$41.20
B)$33.88
C)$43.69
D)$42.03
E)$46.62
Answer:
ADifficulty:
Moderate
Rationale:
.173=(P-$37.25+1.14+1.35)/$37.25;P=$41.20
21.Whichofthefollowingisnotanadvantageofmutualfunds?
A)Theyofferavarietyofinvestmentstyles.
B)Theyoffersmallinvestorsthebenefitsofdiversification.
C)Theytreatincomeas"passedthrough"totheinvestorfortaxpurposes.
D)A,BandCarealladvantagesofmutualfunds.
E)NeitherAnorBnorCareadvantagesofmutualfunds.
Answer:
CDifficulty:
Easy
Rationale:
Adisadvantageofmutualfundsisthatinvestmentincomeispassedthroughfortaxpurposesandinvestorsmaythereforelosetheabilitytoengageintaxmanagement.
22.Whichofthefollowingwouldincreasethenetassetvalueofamutualfundshare,assumingallotherthingsremainunchanged?
A)anincreaseinthenumberoffundsharesoutstanding
B)anincreaseinthefund'saccountspayable
C)achangeinthefund'smanagement
D)anincreaseinthevalueofoneofthefund'sstocks
E)adecreaseinthefund's12b-1fee
Answer:
DDifficulty:
Easy
23.Whichofthefollowingcharacteristicsapplytounitinvestmenttrusts?
I)Mostareinvestedinfixed-incomeportfolios.
II)Theyareactivelymanagedportfolios.
III)Thesponsorpoolssecurities,thensellspublicsharesinthetrust.
IV)Theportfolioisfixedforthelifeofthefund.
A)IandIV
B)IandII
C)I,III,andIV
D)I,II,andIII
E)I,II,III,andIV
Answer:
CDifficulty:
Moderate
24.JargonRapidGrowthisamutualfundthathastraditionallyacceptedfundsfromnewinvestorsandissuednewsharesatnetassetvalue.JeremyJargonmanagesthefundhimselfandhasbecomeconcernedthatitslevelofassetshasbecometoohighforhismanagementabilities.HeissuesastatementthatJargonwillnolongeracceptfundsfromnewinvestors,butwillcontinuetoacceptadditionalinvestmentsfromcurrentshareholders.WhichofthefollowingistrueaboutJargonRapidGrowthfund?
A)Jargonusedtobeanopen-endfundbuthasnowbecomeaclosed-e
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