CMO planned amortization class tranche closed end management companyC. Mutual FundC. B due to required industry firewalls, registered representatives are prohibited from talking to the administrative personnel of mutual fund companies. If prices rise, smaller dollar purchases must be made; while if prices fall, larger dollar purchases must be madeD. Find the expected value (to the company) per policy sold. Every year that the fund distributes dividends and capital gains, both must be included on that years income tax return - whether or not the investor reinvests the monies in additional fund shares or whether the investor takes the monies as cash. A They hedge all positions to limit risks. Which of the following terms are synonymous? Which statements are TRUE when the Federal Reserve enters into a repurchase agreement with a U.S. Government securities dealer? If a fund distributes a dividend to shareholders, the Fund shares are reduced by the value of the distribution. Which of the following statements are TRUE regarding a life annuity? A. C money market funds impose management fees, Which of the following statements are TRUE about variable annuities? If an individual wishes to redeem shares of a mutual fund under a systematic withdrawal plan, he or she gets to elect a withdrawal option. Fundamental analysisD. DIAmonds are an American Stock Exchange traded index fund based on all stocks: A. rated AA or betterB. Acme $9.90 10.25 +.10 C The purchaser pays the next computed Net Asset Value plus a sales charge if the fund imposes a sales load. For a no load fund, the customer would simply pay Net Asset Value - this is the minimum price for an open-end fund. A random sample recorded the amount of money and potential taxable income of the emigrants from New York. IV Investment in collectibles is permitted When discussing mutual funds with a customer, which statements are prohibited? II and III B. III and IV The initial offering of closed-end investment company shares is made under a prospectus. After the LOI is completed, the additional NAV from the asset appreciation is added to the account balance, and establishes a new higher base level ($25,000 deposited plus $5,000 asset appreciation = $30,000) from which the sales charge will be calculated on any future purchases. requiring minimum initial fund capital of $100,000. Increase in value when asset falls in price C Thus, if the market is fluctuating fairly evenly, periodic investments of the same dollar amount result in a lower average cost per share. If real estate does well as an investment, the shares will appreciate, giving the investor a capital gain. registered or unregisteredD. for the Board of Trustees Question: Multiple Select Question Select all that apply Which statements are true of money market instruments? Write a paragraph to form a hypothesis about why India's Supreme Court put a temporary ban on the pesticide endosulfan. Their shareholders have unlimited liability. The current economic environment is characterized by low interest rates and flat stock prices - and this is expected to remain unchanged for a number of years. A The customer pays the offering price of $9.59 per share x 200 shares = $1,918.00. B The fund has the following breakpoint schedule: Purchase Amount Sales Charge$0 -$10,000 7.75 % $10,001 - $25,000 7.25 %$25,001 - Over 6.50 %. C. I and IV (c, moderate) Types of Mutual Funds 14. The rate at which large banks in London are willing to lend money among themselves is known by the acronym ________ . SPDR lower average return on investmentD. redeemableC. requiring minimum initial fund capital of $100,000 A The best answer is A. 20 years to the annuitant or beneficiary, All of the following sources of REIT income are counted towards the 75% test required by Subchapter M EXCEPT: A customer who places an order to buy 100 shares of Acme Fund will pay approximately: Multiple choice question. donor Fixed sharesB. 1) Which of the following statements about the money markets are true? $951B. Mutual funds financial statements are sent to shareholders: A. monthlyB. This is credit risk. Which of the following statements are TRUE about REITs? An open-end fund portfolio is managed and the fund continuously issues and redeems its common shares - so it is an open end management company. stability. 1 business dayB. This comes with higher fees, but this customer is 22 years old and is newly rich. IV The trustee must ensure that future funding is adequate, A. I and III One specific type of violation is market timing - the practice of frequently buying and selling a funds shares to exploit inefficiencies in how the mutual fund company computes NAV per share. A. I and II B . B. Inverse (Short) S&P 500 Index ETF Fixed periodC. Ask; Net Asset ValueD. Which statement is TRUE regarding money market funds? $951 plus a commissionC. The Net Asset Value per share is constant at $10 C. Net Asset Value per share varies with the performance of the portfolio D. Net Asset Value per share cannot be determined in a money market fund Cul es la forma correcta del presente indicativo o subjuntivo del verbo en parntesis? The shares are not listed on an exchange, like an open-end fund. If market prices are fluctuating, the plan will produce a lower average per share costC. If expenses rise (such as a higher management fee), or assets fall (caused by increased redemptions), the ratio will rise. requiring at least 40% of the fund's Board of Directors to be "non-interested" parties II. These are fund shares that trade like any other stock. All of the above. III Hedge fund managers are compensated based on a percentage of capital appreciation in the fund C >$20,000 - $45,000 6 % 12b-1 plans allow a mutual fund to charge, as an expense to the existing shareholders, the cost of advertising and soliciting for new customers. II Salespeople must register with both FINRA and the State Insurance Commission The investor redeems the 100 shares at an NAV of $15 per share after holding them for 5 months. For the rest of the year, the investor is locked into the investment. A customer redeems a mutual fund. A customer who buys will pay the current market price plus a commission. The shares are not redeemable; they are negotiable. limited partnershipsD. A client has $99,000 of inherited funds to invest and wishes to use the proceeds to buy a mutual fund that has breakpoints at $10,000 intervals. Mutual funds cannot be purchased on margin because they are a new issue prospectus offering - and new issues are not marginable until they have seasoned for 30 days. I and IIC. The Act does not set sales charges for mutual fund purchases - these are set by FINRA - which allows a maximum sales charge of 8 1/2%. Thus, closed-end funds can trade at NAV; below NAV; or above NAV. II If the securities in the portfolio make dividend distributions, the Net Asset Value per share is unaffected The representative has acted properly - no additional disclosures are required to be made to the customerB. Contingent deferred sales charge. I and II only $14.25 x 100 shares = $1,425 received upon redemption. closed end management company Redemption of shares should have no effect on NAV per share. Correct Answer A. When discussing mutual funds with a customer, all of the following statements are prohibited EXCEPT: A. REPOs are repurchase agreements; ADRs are American Depositary Receipts; and ADSs are American Depositary Shares. regulated fundD. Correct B. I and IV REITs offer diversification of investments similar to investment companies, except that the investments are being made in various types of real estate. C The receipt of these monies into the Fund increases NAV per share. A customer who places an order to buy 100 shares of Adap Fund will pay approximately: IV Mutual funds cannot be sold short; exchange traded funds can be sold short A registered representative primarily services institutional hedge fund customers that direct a large volume of trades to that brokerage firm. B If a fund distributes a dividend to shareholders, an ex date is set by the Board of Directors of the Fund. All of the following statements are true EXCEPT the: A. customers yield will decreaseB. II and IV, What is the main objective of investing in Equity REITs? Instead, it will only redeem anywhere from 5% to 25% of the investors net assets at a single time. I and III onlyD. Dollar cost averaging results in slightly more shares being bought as prices fall than when prices rise. Which of the following investment purchase recommendations would help achieve this objective? 5 business daysD. Though such market timing is not technically illegal, FINRA has taken the view that this activity can hurt existing fund shareholders because it can dilute the value of the existing shares. III The number of annuity units is fixed; the annuity payment may vary I, II, III, IV. An engineer prepares a report to evaluate a project using PW and IRR. It is an investment company that owns an underlying portfolio of securities. B An investor buys 100 shares of an open-end investment company with a 5% contingent deferred sales charge. Monday, June 19thD. Fund Net Asset Mutual funds can be redeemed every business day, so they are liquid. They also may provide for additional income and loss-sharing features such as salaries, bonuses, and interest allowances on invested capital. Which statement is TRUE? The ex-date is set by the Board of Directors of the Fund II and IIID. If an individual wishes to redeem shares of a mutual fund under a systematic withdrawal plan, he or she gets to elect a withdrawal option. B interest income from mortgages custodian, In 2018, an unmarried person under age 50 earning $73,000 a year, is not covered by a pension plan. It pays a fixed stream of income without a contractual obligation to make the payments. $10,450D. Conforming; subprime. Most are AMEX listed (now renamed the NYSE American), but there are ETFs on the NYSE and NASDAQ as well. 6 % Corporations may exclude 70% of dividends received from domestic corporations from taxable income. Need help? I public sector retirement plans Their yields are interpreted as real interest rates. Fund dividends are taxable, whether or not they are automatically reinvested in additional fund shares. A call with a 15 strike, when the market is $10.75, is 4 . Technical analysis. Class A shares typically charge an up-front sales charge, but have no, or very low, annual 12b-1 fees. Convey the right to sell the asset that have outperformed the Dow Jones Industrial Average. On that date, the price of the shares is reduced for any distributions. A) Most money market securities do not pay interest. II Mutual funds cannot be purchased on margin; exchange traded funds can be purchased on margin What are the terms used for the price specified in an options contract at which the underlying asset can be bought or sold? The best answer is C. Interest payments on loans, intangible drilling costs (the cost of drilling for oil and gas), and depletion allowances (the recovery of monies paid to buy the oil or gas reserve) are all tax deductible items under the Internal Revenue Code since they are "ordinary and necessary business expenses." Which statement is TRUE regarding money market funds? Exchange Traded Funds, as the name says, trade on stock exchanges. The letter can extend for a maximum time period of 13 months, inclusive of the 90-day backdating. IV. III The front end load that will be earned Money Market Yield: The interest rate earned by investing in securities with high liquidity and maturities of less than one year such as negotiable certificates of deposit , U.S. Treasury bills . Nonconforming; subprime I Investment ClubII Omnibus AccountIII Corporate PurchaserIV Individual Purchaser, A. I and II onlyB. $30 per shareB. He doesnt have time to redo the analysis. Distributions made by the fund have no bearing on the ratio. The receipt of these monies into the Fund increases NAV per share. C. must look for a buyer for the shares on the NYSE floor They are exempt from securities regulation since the general public cannot invest, except for the anti-fraud rules. This is the vehicle for trading foreign stocks in the U.S. An ARS is an Auction Rate Security and a VRDO is a Variable Rate Demand Obligation. If the actual interest rate earned in the separate account underlying a variable annuity contract is lower than the "AIR," the annuity payment: A. will increase B. I and IV [3] Their interest income is usually exempt from state and local taxation in the issuing state. C I The income yield of the fund consists of both the dividend distributions and the capital gains distributionsII If you buy the fund with a few friends, the purchase will be large enough for a breakpointIII Buy the fund shares now just before the dividend is paid so you can get immediate incomeIV Buy shares of different funds of the same sponsor and the total purchase qualifies for a breakpoint, A. I and IIIB. 5%, CLOSED END BOND FUNDS $10,800. Then the shares are listed on an exchange and trade like any other stock. Fund dividends are taxable, whether or not they are automatically reinvested in additional fund shares. Since this ETF is -1x, it is an inverse ETF that moves at the same rate (1x), but in the opposite direction (-), to the market. Ask is the same thing as Public Offering Price. The management fee is not decided on by the shareholders of the fund. $6,500 If the securities in the fund portfolio pay dividends, these are received by the Fund. lines of latitude. If the disclosure is not made, the registered representative has committed a violation known as a breakpoint sale. A backing away violation is where a firm quote is given to a customer and then not honored - the representative has backed away from that quote. $50,001 - $100,000 4% Matching a funds composition to a benchmark index is passive asset management. When a manager actually selects which investments to buy and which investments to sell, this is active asset management. Management fees are much higher for active management than for passive management. I The ability of the customer to make periodic payments into the plan Because new shares can be created, these are registered as open-end funds under the Investment Company Act of 1940. $11.00 / .915= $12.02, Which of the following statements are TRUE regarding REITs? Under FINRA rules, the maximum sales charge that may be imposed on a mutual fund purchase is: A. B. an autobiographical sketch of Ivan Ilych. B 0 $12.02 (Specialists/DMMs are obligated, under NYSE rules to make a continuous market in the assigned stock. The representative has committed a violation known as backing away. both are regulated by the Investment Company Act of 1940 (b) They work as an intermediary between the savers and the investors by mobilising funds between them. C There is no sales charge, but they impose annual 12b-1 fees and service fees. I, II, IIID. The representative tells the hedge fund customer of the conversation, after which the customer places daily orders to buy and sell that fund's shares in amounts of $750,000. III and IVD. The letter of intent to receive a breakpoint can be backdated 90 days. Which statements are TRUE regarding a Roth IRA? Regularly scheduled investments of the same dollar amount in fund shares will most likely result in a: A. lower average price per shareB. Money market funds usually do not impose sales charges. 7 % I The Fed buys U.S. Government securities from the dealer II The Fed sells U.S. Government securities to the dealer III The Federal Reserve is loosening credit in the banking system Both individuals are covered by qualified retirement plans. The most shareholders can lose in event of the failure of the corporation is their original investment because of what is referred to as ________ _______ . $10,450C. A mutual fund portfolio is managed by an investment adviser and the fund continuously issues and redeems its common shares - so it is an open end management company. A) ETF indexes allow the investor to easily become fully diversified. They are insured by the Federal Deposit Insurance Corporation. I and IV onlyD. The representative has committed a violation known as a breakpoint saleD. If a customer is close to a breakpoint, it is a violation to not make the customer aware that putting in the additional funds to reach that level will result in a lower sales charge. E. a response to Charles Dickens's Sketches by Boz. typical maturities of securities held in the portfolio are 30 days or less $750 True false question. Correct Answer B. I and IV This type of ETF has shorted 20+ year Treasuries in the hopes that prices will drop and the positions can be covered (bought back) for a profit. In this case, a 5% sales charge is imposed if the fund is redeemed within the first year. $46.94 It is a price-weighted index. It appears that the hedge fund is engaging in the prohibited practice of late trading of mutual fund shares C. II and III ETFs are almost a hybrid type of investment company structure because they allow for the creation of additional shares, like an open-end fund; but they are listed and trade like a closed-end fund. C. III only II and IV, The purchaser of a variable annuity bears which of the following risks? True or false: Development in financial markets worldwide include the construction of indexes for foreign markets. The formula to find the offering price is: Net Asset Value $9.45 $9.45 = = = $10.33100%-Sls Chrg 100%-8.5% .915. II and IV, A customer has purchased $25,000 of a mutual fund. The representative was required to tell the customer about the family of funds featureC. The Ask Price is Net Asset Value plus the maximum sales charge imposed by that fund. _______ bonds give the firm the option to repurchase the bond from the holder at a stipulated call price. Under FINRA rules, the maximum sales charge that may be imposed on a mutual fund purchase is: A. So, only the 1% of the income retained will be taxed. A On this date, the Funds shares are reduced by the value of the distribution. Which of the following statements are TRUE about the Investment Company Act of 1940s requirements for management companies? D The market price of the fund could be: A. II onlyB. When a sales charge is imposed on a fund purchase, this is known as a: A. front-end load fundB. IV The annuity payment is fixed; the number of annuity units may vary dividend income from investments, d (To qualify as a regulated investment company, 75% of REIT income must be real estate related. Finally, REIT dividend taxation is truly not that great. While dividends received from common stock investments, including mutual funds, qualify for the lower 15% or 20% tax rate, the tax law specifically denies this benefit to REIT dividend distributions. Under the Investment Company Act of 1940, customers who redeem must be paid within 7 calendar days (the same as 5 business days, or 1 week) of the redemption date. A. B I, III, and IV. Also note that FINRA specifically looks for market timing customers that attempt to avoid detection by flying under the radar by using multiple account numbers or trading in amounts just beneath the audit thresholds. This fund family has an exchange feature at NAV, which means that shares of one fund can be redeemed and reinvested in shares of another fund within the family without any sales charge. Which of the following customers is NOT allowed a breakpoint on mutual fund purchases? II Money market funds typically do not impose management fees A I and III You can argue this one either way, but we go with the fund of hedge funds. With a fund of hedge funds, a professional manager picks the best hedge fund investments. $990 plus a commissionD. A money market fund's . hedge fund. 5% of Net Asset ValueB. Their common stock can be bought or sold freely on stock exchanges. no load fundC. A mutual fund has a net asset value per share of $11.00. However, because the shares were reduced by the exchange for the dividend where they were traded on the ex date, the net effect of the dividend receipt to the fund is 0 (tricky, huh!). The customer is purchasing enough of the fund to qualify for a 6.50% sales charge. Any such late orders are not supposed to be processed at that days closing NAV; rather, they should be processed at the following days NAV. operating efficiencyC. D capital gains potentialD. A registered representative primarily services institutional hedge fund customers that direct a large volume of trades to that brokerage firm. Governments and can also be invested in the shares of other REITs, though this rarely happens. Money market funds typically invest in government securities, certificates of deposit, commercial paper of companies, and other highly liquid, low-risk securities. No collateral is required to borrow from this market. If a fund distributes a dividend to shareholders, which statements are TRUE? It appears that the hedge fund is engaging in the prohibited practice of market timing of mutual fund shares Thus, on the NYSE floor, a customer is always assured that the trade will be executed- however the price at which the trade is executed is always subject to market conditions. 7% of the amount investedC. D. II and IV, Exchange Traded Funds (ETFs) are: II and IV The shares are not redeemable; they are negotiable. Which of the following statements are TRUE regarding the Federal tax treatment of a regulated mutual fund investing solely in municipal securities? Which statements are TRUE when comparing an index mutual fund to an index exchange traded fund? There are 2 specific types of violations: **Late Trading: The practice of placing orders to buy, redeem, or exchange mutual fund shares after the time as of which the fund calculates its daily NAV (typically at 4:00 PM ET). Share x 200 shares = $ 1,918.00 annual 12b-1 fees and service.! 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Backing away rules, the customer would simply pay Net asset mutual funds with U.S.! Solely in municipal securities of a mutual fund companies Question: Multiple Select Question all... Load fund, the shares will appreciate, giving the investor is locked the! & P 500 index ETF fixed periodC listed on an exchange and trade like any other stock Equity. Holder at a single time there are ETFs on the ratio from 5 % to %. Holder at a stipulated call price emigrants from New York rated AA or betterB market &. A paragraph to form a hypothesis about why India 's Supreme Court put temporary... Have outperformed the Dow Jones Industrial average decided on by the fund portfolio dividends. On the pesticide endosulfan plan will produce a lower average price per shareB known by the Federal tax treatment a... Variable annuities into a repurchase agreement with a 5 % to 25 % of the following statements are TRUE the! 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