答案和详解如下： Q1. As investors grow older, their time horizons shorten, and: A) most investors have increasing levels of risk tolerance, but wealthy investors with bequest goals may have decreasing risk tolerance. B) most investors have decreasing levels of risk tolerance, but wealthy investors with bequest goals may have increasing risk tolerance. C) a minority of all investors have decreasing levels of risk tolerance. Correct answer is B) Most investors have decreasing levels of risk tolerance, but wealthy investors with bequest goals may have increasing risk tolerance as the focus shifts to the time horizon of the recipient of the bequest. Q2. The desirability of realizing taxable capital gains: A) often becomes greater as the investor’s time horizon shrinks. B) is not affected by changes in the investor’s time horizon. C) often becomes less as the investor’s time horizon shrinks. Correct answer is C) The desirability often becomes less as the investor’s time horizon shrinks. This is because the cost basis will be reset to current fair market value upon date of death, so capital gains taxes are drastically reduced or eliminated at that point. Q3. The rationale for changing risk tolerance is that: A) for most investors, a shorter time horizon implies less ability to tolerate risk, but for wealthy investors, the focus often shifts to the recipients of the estate. B) for most investors, a shorter time horizon implies more ability to tolerate risk, but for wealthy investors, the focus often shifts to the recipients of the estate. C) for wealthy investors, a shorter time horizon implies more ability to tolerate risk, but for most investors, the focus often shifts to the recipients of the estate. Correct answer is A) The rationale for changing risk tolerance is that for most investors, a shorter time horizon implies less ability to tolerate risk, but for wealthy investors, the focus often shifts to the recipients of the estate. | 
发表于 2009-1-20 09:09
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