投资学第7版TestBank答案04之欧阳育创编.docx

投资学第7版TestBank答案04之欧阳育创编.docx

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投资学第7版TestBank答案04之欧阳育创编

MultipleChoiceQuestions

时间：

2021.02.04

创作：

欧阳育

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