Q1. Which of the following statements about return objectives is FALSE?

A)   To achieve the capital preservation objective, the nominal rate of return must exceed the inflation rate.

B)   To achieve the capital appreciation objective, the nominal rate of return must exceed the rate of inflation.

C)   The total return objective is less risky than the capital appreciation objective.

Q2. Which of the following return objectives is most likely the primary objective given a 70 year-old widow who owns a portfolio comprised of 100% Treasury bonds?

A)   Capital preservation.

B)   Current income.

C)   Capital appreciation.

Q3. Which of the following statements about return objectives is TRUE?

A)   The total return objective considers returns from both capital gains and current income, net of expected inflation.

B)   To achieve the capital appreciation objective, the nominal rate of return must exceed the rate of inflation.

C)   To achieve the capital appreciation objective, the real rate of return must exceed the rate of inflation.

答案和详解如下：

Q1. Which of the following statements about return objectives is FALSE?

A)   To achieve the capital preservation objective, the nominal rate of return must exceed the inflation rate.

B)   To achieve the capital appreciation objective, the nominal rate of return must exceed the rate of inflation.

C)   The total return objective is less risky than the capital appreciation objective.

Correct answer is A)

To achieve the capital preservation objective, the nominal rate of return must equal the inflation rate. The total return objective is often thought to be riskier than the income objective, but less risky than the capital appreciation objective.

Q2. Which of the following return objectives is most likely the primary objective given a 70 year-old widow who owns a portfolio comprised of 100% Treasury bonds?

A)   Capital preservation.

B)   Current income.

C)   Capital appreciation.

Correct answer is A)

Owning mainly fixed-income securities would generally rule out capital appreciation as an appropriate return objective. The fact that these are Treasury bonds suggests that capital preservation is a higher priority than current income.

Q3. Which of the following statements about return objectives is TRUE?

A)   The total return objective considers returns from both capital gains and current income, net of expected inflation.

B)   To achieve the capital appreciation objective, the nominal rate of return must exceed the rate of inflation.

C)   To achieve the capital appreciation objective, the real rate of return must exceed the rate of inflation.

Correct answer is B)

The total return objective considers returns from both capital gains and the reinvestment of current income, but is not net of inflation (net of inflation, this is the real total return).

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