FinancialInstitutionsMarketsandMoney11eby.docx
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FinancialInstitutionsMarketsandMoney11eby.docx
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FinancialInstitutionsMarketsandMoney11eby
CHAPTER19
TRUE/FALSEQUESTIONS
1.(T)Balancedfundsgeneratehigherproportionofincomethangrowthandincomefundsandarelessvolatile.
2.(T)Marketarbitragebyhedgefundsisthesimultaneousbuyingandsellingofasecurityorderivativeofthesecuritytoexploitmarketpricingdifferentials.
3.(F)Whenpurchasingloadmutualfund,theNAVincludestheloadchargeforpurchasingthemutualfunds.
4.(T)Moneymarketmutualfundsinvestincommercialpaper,largebankCDs,andshort-termgovernmentsecurities.
5.(T)Moneymarketmutualfundsarenotsubjecttoreserverequirements.
6.(F)Unitinvestmenttrustshaveahighsecurityturnoverrate,increasingtheircostsoverequivalentmutualfunds.
7.(F)Incomefundsaremadeupofportfoliosofmortgage-backedsecuritiesonly.
8.(T)Mutualfundsofferdiversificationandprofessionalinvestmentmanagementforthefeescharged.
9.(F)Closed-endinvestmentcompaniesstandreadytoredeemtheirsharesattheirNAV.
10.(F)Closed-endinvestmentcompaniesprovideshareholderswithmaturityintermediation.
11.(F)No-loadmutualfundsarecommonlysoldbysecuritybrokersanddealers.
12.(T)Loadmutualfundsharesmaybesoldbacktothefund.
13.(T)Closed-endinvestmentcompanies’securitiesoftensellatadiscounttotheirNAV.
14.(T)Themajorinvestmentofmutualfundsiscommonstock.
15.(T)Hedgefundsaretypicallyorganizedaslimitedpartnershipswiththefundmanagerasthegeneralpartner.
16.(F)Hedgefundshavebeenpopulardiversificationinvestmentsforsmallinvestors.
17.(T)Arbitrageactivitiesofhedgefundstendtoincreasecapitalmarketefficiency.
18.(F)Short-sellingactivitiesofhedgefundslookforhighgrowthcompanies.
19.(F)REITsareopen-endinvestmentcompaniesthatinvestinrealestate.
20.(T)Totalassetsofmutualfundsexceedthoseofcommercialbanks.
21.
(F)Duetotheabilitytohedge,theinvestorsofhedgefundsexperiencedveryminorlossesinsubprimemortgagecrisisfrom2007to2009.
22.(T)OneofthebenefitsinvestinginhedgingfundsissomehedgefundsarenotsubjecttotaxationonfunddistributionsnortoU.S.estatetaxes.
23.(T)Unlikemutualfundsthattheirleverageislimitedbyregulation,hedgefundsandREITsoftenhavehighleverages.
MULTIPLE-CHOICEQUESTIONS
1.(d)Mutualfundcompaniesprovideallbutoneofthefollowingtotheircustomers:
a.diversification
b.paymentservices
c.discountbrokerage
d.insurance
2.(c)Thekeyadvantageofafamilyofmutualfundsis
a.theabilitytodiversifyaninvestmentportfolio.
b.theabilitytoaddfundsonaregularbasissuchaswitha401Kretirementplan.
c.theabilitytoshiftquicklyfromonetypeofmutualfundstoanotherwithlittleornocostandwithoutrollingover401Kmonies.
d.theabilitytoshiftfromonemutualfundmanagementcompanytoanother.
3.(b)Mutualfundmanagementcompaniesofferingfamiliesoffundsareattractivetopension-orientedinvestorsbecause
a.theyprovidehighreturn,lowriskfunds.
b.theyprovideanopportunitytoaltertheinvestmentportfoliowithoutthepaperworkofrollingoverthepensionmonies.
c.theyprovidesignificant"load"feesforcustomers.
d.theyarenotregulatedlikemostmutualfundsare.
4.(b)Mutualfund_______promoteassetgatheringbyprovidingavarietyofmutualfundsfortheirinvestingclients.
a.managers
b.families
c.salesmen
d.societies
5.(c)Whichoneofthefollowingservicesisnotprovidedbyclosed-endinvestmentcompanies?
a.transactioncosteconomies
b.riskdiversification
c.maturityintermediation
d.sharedcostsofinvestmentmanagement
6.
(b)Whichtypeofaninvestmentcompanyallowsshareholderstocashintheirsharesattheirpresentassetvalue?
a.unitinvestmenttrusts
b.open-endinvestmentcompanies
c.closed-endinvestmentcompanies
d.realestateinvestmenttrusts
e.noneoftheabove
7.(b)Thecommercialbankers'responsetothegrowthofretirement-orientedmutualfundswastoseekauthorityto
a.offermoneymarketmutualfunds.
b.marketacompletevarietyofmutualfunds.
c.enterinvestmentbanking.
d.sellinsuranceservices.
8.(d)Loadmutualfundsaresoldat
a.thebestpriceanunderwritercanget.
b.theirpresentassetvalue.
c.theirpresentassetvaluelessadiscount.
d.noneoftheabove
9.(d)Mutualfundsthatdonotchargeafront-endloadcanstillimposea_______thatmustbepaidbyinvestorswhoredeemtheirshares.
a.back-endload
b.contingentdeferredsalescharge
c.redemptionfee
d.alloftheabove
e.noneoftheabove
10.(d)Onemayfindthesharesofwhichofthefollowingtradedonthenationalexchanges?
a.moneymarketmutualfund
b.open-endinvestmentcompany.
c.no-loadmutualfund.
d.closed-endinvestmentcompany.
11.(c)No-loadmutualfundscompensateinvestmentmanagersandsalespeopleby
a.chargingasmallfeeforeachpurchase/sale.
b.chargingafeebasedontheperformanceofthefund.
c.chargingafeebasedonthevalueofthefund'sassets.
d.chargingbrokersafeetoselltheshares.
12.(b)Unitinvestmenttrustsareassociatedwith
a.activelymanaged,short-life,liquidityprovidedbymarket.
b.notactivelymanaged,long-life,liquidityprovidedbyoriginator.
c.notactivelymanaged,long-life,verylittleliquidity.
d.noneoftheabove
13.
(c)Moneymarketmutualfundscompetemostlywithbanks'
a.demanddeposits.
b.timedeposits.
c.MMDAs.
d.regularsavingsaccounts.
14.(e)MoneymarketmutualfundsdoNOTinvestin
mercialpaperandbanker'sacceptances.
b.bankCDs.
c.U.S.Treasurybills.
d.repurchaseagreements.
e.U.S.Treasurynotesandbonds.
15.(c)Themajorityofsecuritiesownedbyopen-endmutualfundsare:
a.real,physicalassets.
b.moneymarketsecurities.
c.capitalmarketsecurities.
d.safe,low-riskgovernmentsecurities.
16.(d)Open-endinvestmentcompaniesarealsocalled________andarecalled"open-end"because
a.highriskfunds;theyareabletoassumehighlevelsofrisk.
b.venturecapitalists;theyinvestinthestockoffirms.
c.mutualfunds;theycanbuyanunlimitednumberofcorporateshares.
d.mutualfunds;theycanissueanunlimitednumberofsharestoinvestors.
17.(c)Thepriceofamutualfundshareis
a.thetotalvalueofmutualfundsharesdividedbythenumberofcorporatesharesheld.
b.thenetassetvalueorthenumberofsharesissueddividedbythenumberofcorporatesharesowned.
c.thenetassetvalueorthevalueofassetsdividedbysharesissued.
d.thenetassetvalueorthenumberofsharesofcorporatestockhelddividedintothetotalvalueofthestockportfolio.
18.(e)Themarketvaluepershareofclosed-endinvestmentcompanies
a.canexceedthenetassetvaluepershare.
b.isdeterminedbythemarket.
c.canbelessthanthenetassetvaluepershare.
d.bothbandc
e.alloftheabove
19.(b)Amutualfund"load"refersto
a.theoperatingexpenseschargedagainsttheassets.
b.thesalescommissions.
c.thesumofthecommissionspaidforbuyingandsellingtheassetsofthefund.
d.thefeesfortheinvestmentmanager.
20.(a)Asinterestrates_________,stockmutualfundstendtoholdmore_________assets.
a.increase;liquid
b.increase;commonstock
c.decrease;liquid
d.fluctuate;commonstock
21.(c)Thecapitalgainsandearningsofmutualfunds
a.aretaxedatalowerratethanindividuals’,amajoraspectoftheirpopularity.
b.aretaxedonlyontheinterestincome,notthecapitalgains,amajoraspectoftheirpopularity.
c.arenottaxedaslongastheydistributeaveryhighproportionofearningstoshareholderswhopaytaxesongainsandincome.
d.arenottaxedonlyaslongastheyinvestintax-freemunicipalsecurities.
22.(c)Realestateinvestmenttrustsare________investmentcompaniesthattendtoprosperwhen
a.open-end;interestratesarelow.
b.open-end;interestratesarehigh.
c.closed-end;interestratesarelow.
d.closed-end;interestratesarehigh
23.(d)Therapidgrowthofrealestateinvestmenttrustsseemstobeassociatedwith
a.lowinterestrates.
b.favorabletaxsheltering.
c.anexpandingeconomy.
d.alloftheabove
24.(c)Moneymarketfundsareincludedindefinitionsofthemoneysupplybecause
a.theyareinvestedinhighqualityassets.
b.theyareinvestedinshort-termassets.
c.theyprovideinvestorsopportunitiestoaccesstheirMMMFaccountsveryquicklyviawiretransfersanddebitcards.
d.ofalloftheabove.
25.(d)Whichofthefollowingisassociatedwithmoneymarketmutualfunds?
a.Short-termmoneymarketinvestments
b.Provideexcellentliquidityforinvestors
c.Highqualityandrelativelyhighyieldwhentheyieldcurveisinverse
d.alloftheabove
26.(c)Mutualfundmanagerscankeeptheircashbalanceslowbyallbutoneofthefollowing:
a.maintaininglinesofcreditatcommercialbanks
b.increasingredemptionfees
c.workingtomaintainlowNAV
d.redeemingshareswithstock
27.(b)Whichofthefollowingisnotassociatedwiththegrowthofmutualfundsinrecentyears?
a.anincreasingnumberofretiringbabyboomers
b.awidespreadshiftfromdefinedcontributiontodefinedbenefitretirementplans
c.theincreasedvarietyofmutualfundsoffered
d.theattractiveratesofreturnoncommonstock
e.Alloftheaboveareassociatedwiththegrowthofmutualfundsinrecentyears.
28.
(b)Thelargestinvestmentsofmutualfundsare_______,followedby_______.
a.bonds;commonstocks
monstocks;bonds
monstocks;preferredstocks
d.moneymarketsecurities;commonstocks
29.(a)Whichofthefollowingmutualfundtypesislikelytohavethelowestexpenseratios?
a.indexfunds
b.aggressivegrowthfunds
c.growthandincomefunds
d.internationalandglobalequityfunds
30.(b)Whichofthefollowingmutualfundty
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