33 câu hỏi
You sold short 100 shares of common stock at \$45 per share. The initial margin is 50%. Your initial investment was
\$7,200. b \$4,800.
\$12,000.
\$2,250.
none of the above
You sold short 100 shares of common stock at \$45 per share. The initial margin is 50%. At what stock price would you receive a margin call if the maintenance margin is 35%?
\$40
none of the above
\$35
\$65
\$50
You sold short 100 shares of common stock at \$75 per share. The initial margin is 50%. At what stock price would you receive a margin call if the maintenance margin is 30%?
none of the above
\$87.12
\$86.54
\$90.23
\$88.52
You sold short 200 shares of common stock at \$60 per share. The initial margin is 60%. Your initial investment was
\$5,600.
\$7,200.
\$12,000.
none of the above.
\$4,800.
You want to purchase GM stock at \$40 from your broker using as little of your own money as possible. If initial margin is 50% and you have \$4000 to invest, how many shares can you buy?
100 shares
200 shares
50 shares
25 shares
500 shares
A mutual fund had average daily assets of \$3.0 billion in 2009. The fund sold \$600 million worth of stock and purchased \$700 million worth of stock during the year. The fund's turnover ratio is .
20%
12%
25%
15%
27.5% 600M /3b
A mutual fund had NAV per share of \$19.00 on January 1, 2009. On December 31 of the same year the fund's NAV was \$19.14. Income distributions were \$0.57 and the fund had capital gain distributions of \$1.12. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?
10.54%
7.97%
11.26%
8.26%
9.63%
A mutual fund had NAV per share of \$37.12 on January 1, 2009. On December 31 of the same year the fund's rate of return for the year was 11.0%. Income distributions were \$2.26 and the fund had capital gain distributions of \$1.64. Without considering taxes and transactions costs, what ending NAV would you calculate?
\$36.28
\$47.25
\$34.52
\$37.30
\$37.93
A mutual fund had year-end assets of \$250,000,000 and liabilities of
\$4,000,000. There were 3,750,000 shares in the fund at year-end. What was the mutual fund's Net Asset Value?
\$92.53
\$17.46
\$65.60
\$63.24
\$67.39
Assume that you purchased shares of a mutual fund at a net asset value of \$14.50 per share. During the year you received dividend income distributions of \$0.27 per share and capital gains distributions of \$0.65 per share. At the end of the year the shares had a net asset value of \$13.74 per share. What was your rate of return on this investment?
1.10%
1.78%
3.07%
2.91%
-1.18%
At issue, offering prices of open-end funds will often be
less than or greater than NAV with no apparent pattern.
less than NAV due to loads and commissions.
greater than NAV due to loads and commissions.
less than NAV due to limited demand.
greater than NAV due to excess demand
Closed end funds are frequently issued at a ______to NAV and subsequently trade at a ________to NAV.
premium, discount
No consistent relationship has been observed.
discount, premium
discount, discount
premium, premium
Differences between hedge funds and mutual funds are that______
hedge funds are only subject to minimal SEC regulation.
hedge funds are typically open only to wealthy or institutional investors.
hedge funds are only subject to minimal SEC regulation, are typically open only to wealthy or institutional investors, fund managers can pursue strategies not available to mutual funds such as short selling, heavy use of derivatives, and leverage, and are commonly structured as private partnerships.
hedge funds are commonly structured as private partnerships.
hedge fund managers can pursue strategies not available to mutual funds such as short selling, heavy use of derivatives, and leverage.
Investors' Choice Fund had NAV per share of \$37.25 on January 1, 2009. On December 31 of the same year the fund's rate of return for the year was 17.3%. Income distributions were \$1.14 and the fund had capital gain distributions of \$1.35. Without considering taxes and transactions costs, what ending NAV would you calculate for Investors' Choice?
\$33.88
\$46.62
\$41.20
\$42.03
\$43.69
Investors in closed-end funds who wish to liquidate their positions must
sell their shares through a broker.
sell their shares to the issuer at a discount to Net Asset Value.
hold their shares to maturity.
sell their shares to the issuer at a premium to Net Asset Value.
sell their shares to the issuer for Net Asset Value
Management fees and other expenses of mutual funds may include?
front-end loads and back-end loads.
12b-1 charges.
front-end loads, back-end loads, and 12b-1 charges.
back-end loads.
front-end loads
Most actively managed mutual funds, when compared to a market index such as the Wilshire 5000,
always underperform the market.
do not generally outperform the market.
exceed the return on index funds.
beat the market return in most years.
beat the market return in all years.
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?
\$18.81
\$7.00
\$181.07
\$18.11
\$69.96
Of the following types of ETFs, an investor that wishes to invest in a diversified portfolio that tracks the MSCI Japan Index should choose
EWJ.
SPY.
QQQQ.
VTI.
IWM
Of the following types of mutual funds, an investor that wishes to invest in a diversified portfolio of stocks worldwide (including the U.S.) should choose
global funds.
ETFs because mutual funds do not exist that will provide the desired objective.
international funds.
emerging market funds.
regional funds.
Of the following types of mutual funds, an investor that wishes to invest in a diversified portfolio of foreign stocks (excluding the U.S.) should choose
regional funds.
ETFs because mutual funds do not exist that will provide the desired objective.
international funds.
emerging market funds. e.global funds.
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?
21,619,346.92
26,124,567.73
24,860,161.59
25,693,645.25
22,930,546.28
Pools of money invested in a portfolio that is fixed for the life of the fund are called
unit investment trusts.
redeemable trust certificates.
REITS.
closed-end funds.
open-end funds
The fee that mutual funds use to help pay for advertising and promotional literature is called a
structured fee.
operating expense fee.
front-end load fee.
back-end load fee.
12b-1 fee
The Profitability Fund had NAV per share of \$17.50 on January 1, 2009. On December 31 of the same year the fund's NAV was \$19.47. Income distributions were \$0.75 and the fund had capital gain distributions of \$1.00. Without considering taxes and transactions costs, what rate of return did an investor receive on the Profitability fund last year?
21.26%
9.83%
11.26%
16.97%
15.54%
Which of the following functions do investment companies perform for their investors?
Diversification and divisibility
Professional management
Record keeping and administration, diversification and divisibility, professional management, and lower transaction costs
Record keeping and administration
Lower transaction costs
Which of the following statements about Money Market Mutual Funds is true?
They are highly leveraged and risky.
They invest in commercial paper, CDs, and repurchase agreements.
They usually offer check-writing privileges.
They invest in commercial paper, CDs, and repurchase agreements and usually offer check-writing privileges.
All of the above are true.
Which of the following statements about Real Estate Investment Trusts is true?
REITs raise capital by borrowing from banks and issuing mortgages.
All of the above are true.
REITs are similar to open-end funds, with shares redeemable at NAV.
REITs invest in real estate or loans secured by real estate and raise capital by borrowing from banks and issuing mortgages.
REITs invest in real estate or loans secured by real estate
Which of the following would increase the net asset value of a mutual fund share, assuming all other things remain unchanged?
A change in the fund's management
A decrease in the value of one of the fund's stocks
An increase in the number of fund shares outstanding
An increase in the value of one of the fund's stocks
An increase in the fund's accounts payable
Which one of the following statements regarding closed-end mutual funds is false?
The funds redeem shares at their NAV.
The funds sometimes trade at a premium to NAV.
The funds offer investors professional management.
The funds are sold at the prevailing market price.
The funds sometimes trade at a discount from NAV
Which one of the following statements regarding open-end mutual funds is false?
The funds offer investors professional management and a guaranteed rate of return.
The funds offer investors a guaranteed rate of return.
The funds redeem shares at net asset value.
The funds offer investors professional management.
The funds redeem shares at net asset value and offer investors professional management
You purchased shares of a mutual fund at a price of \$12 per share at the beginning of the year and paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would be_____%.
2.65
4.75
1.95
3.54
2.39
You purchased shares of a mutual fund at a price of \$20 per share at the beginning of the year and paid a front-end load of 5.75%. If the securities in which the fund invested increased in value by 11% during the year, and the fund's expense ratio was 1.25%, your return if you sold the fund at the end of the year would be______%.
2.45
4.33
6.87
3.44
5.16