答案和详解如下： 6.Both open-end and closed-end funds typically charge: A) a front-end load. B) a redemption fee. C) an annual management fee. D) a premium to the underlying net asset value (NAV). The correct answer was C) Both types of managed funds, open-end and closed-end, typically charge an annual management fee. Open-end funds sometimes charge a front-end load or a redemption fee, but closed-end funds do not. Closed-end funds can sell at a premium (or discount) to underlying NAV, but this does not result in compensation to the fund. 7.An investment company that stands ready to redeem investor shares at market value is classified as: A) a closed-end investment company. B) a no-load investment company. C) a managed investment company. D) an open-end investment company. The correct answer was D) A closed-end investment company does not redeem investor shares; after issuance, shares trade in the secondary market. “No-load” refers to the absence of a sales commission, which has no bearing on whether or not there is a redemption feature. Some managed investment companies may redeem shares, but others may not. An open-end investment company always offers a redemption feature. 8.The per-share value of an investment company’s assets minus its liabilities is called the: A) net asset value. B) current market value. C) premium. D) discount. The correct answer was A) The net asset value (NAV) of an investment company is calculated as assets minus liabilities, stated on a per-share basis. 9.For the equity shares of an open-end investment company, the share value: A) may or may not equal NAV. B) never equals NAV. C) always equals NAV. D) is determined in the secondary market. The correct answer was C) Shares of a closed-end investment company are determined in the secondary market and may or may not equal NAV. Share value of an open-end investment company always equals NAV because the investment company stands ready to redeem shares at their net asset value. 10.The net asset value (NAV) of an open-end fund is determined by the: A) supply and demand for the shares in the investment management company. B) market value of all assets minus the redemption fee, then divide by the number of shares outstanding. C) market value of assets minus liabilities divided by the number of shares outstanding. D) book value of all assets divided by the number of shares outstanding. The correct answer was C) This is the equation for the calculation of NAV. | 
发表于 2008-4-4 10:04
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