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Callie has a new client who wants to begin investing in mutual funds with the $5,000 she has pulled out of her savings account. The client has indicated she wants to set this money aside in a separate account so that her baby girl, now 2 years old, can have the “wedding of her dreams” when she grows up. Based on the information the client has provided, Callie believes the client would benefit most by purchasing shares of a certain fund that offers Class A, Class B, and Class C shares. Given these facts, Callie’s client is probably best off purchasing the shares of which class?
A. Class A
B. Class B
C. Class C
D. None of that above. Based on the facts, Callie’s client would be better off buying a Treasury STRIP that matures in 20 to 30 years.
Tex Payor is an investor in the Invest4U Mutual Fund. The manager of the fund, fearing a substantial decline in the stock market, sold a lot of the fund’s holdings to lock in profits. As a result, the fund earned a lot of long-term capital gain income. Which of the following statements is true regarding the tax treatment of this income?
A. Tex must pay taxes on that portion of the long-term capital gain income that Invest4U
distributes to him.
B. Tex must pay taxes on his proportionate share of the long-term capital gain income earned by Invest4U, whether distributed or not.
C. Tex must pay taxes only on dividend income distributed by Invest4U.The mutual fund itself pays tax on any capital gains it earns.
D. None of the above is a true statement.
The Securities Exchange Act of 1934: I. regulates the market for new issues. II. delineates the registration requirements for investment advisers. III. regulates secondary market activities. IV. requires that officers and some other employees of member firms submit their fingerprints to the U.S. attorney general’s office.
A. I and II only
B. II and III only
C. III and IV only
D. I, II, III, and IV
By investing in a diversified portfolio, an investor will:
A. lower both his risk and his expected return.
B. lower his risk without affecting his expected return.
C. lower his risk and increase his expected return.
D. eliminate all the market risk associated with his investment portfolio.
A broker-dealer is required to file a Currency Transaction Report with the Treasury Department for:
A. any transaction exceeding $10,000 in value.
B. any cash transaction exceeding $10,000.
C. any cash transaction exceeding $3,000.
D. any transaction exceeding $5,000.
Which of the following investments would have the least interest rate risk?
A. a 6-month Treasury bill
B. a 20-year, AAA-rated municipal bond
C. a 3-year Treasury STRIP
D. a 15-year, AAA-rated corporate bond
Which of the following is not an auction market?
D. All of the above are auction markets
Which of the following securities laws regulates the organizational structure and day-to-day operations of investment companies?
A. The Securities Act of 1933
B. The Securities Exchange Act of 1934
C. The Investment Company Act of 1940
D. The Investment Advisers Act of 1940
Uncle Scrooge (uncharacteristically) wants to set up a Section 529 college savings plan for his nephew, Louie. If he does so:
A. he can contribute at most $2,000 a year.
B. his contributions will be tax deductible.
C. any withdrawals that Louie makes to cover tuition, books, and room and board will be free from both federal and state taxes.
D. and Louie decides not to go to college, Uncle Scrooge can name Louie’s brother, Huey, as the beneficiary of the plan without any tax consequences.
Tex Payor bought 1,500 shares of the Bonds4U Mutual Fund, a no load fund, on June 12th for $28 a share and sold the shares the following year on June 11th for $40 a share. This will result in which of the following tax consequences for Tex?
A. Tex will have to pay tax on $18,000, taxed as ordinary income at his marginal tax rate.
B. Tex will have to pay tax on $40,000, taxed as ordinary income at his marginal tax rate.
C. Tex will have to pay tax on $18,000 of capital gain income, taxed at the preferential rate for long-term capital gains.
D. Tex will have to pay tax on $40,000 of capital gain income, taxed at the preferential rate for long-term capital gains.
Common stock and preferred stock differ in that:
A. the firm is legally mandated to make the dividend payments on its preferred stock; there
is no legal obligation to make dividend payments on its common stock.
B. common stock pays a fixed dividend while the dividend associated with preferred stock will typically increase as the earnings of the firm increases.
C. preferred stockholders have more voting rights than the common stockholders of the firm.
D. preferred stockholders will receive their part of the proceeds if the firm is liquidated before the common shareholders receive anything.
Any compensation earned by a broker-dealer and its registered representative on the sale of mutual fund shares must be returned to the fund’s underwriter if the purchaser decides to redeem his shares within:
A. 30 days.
B. 1 week.
C. 7 business days.
D. 5 business days.
A fund’s transfer agent is responsible for: I. calculating and distributing the capital gain and dividend income of the fund. II. mailing shareholder account statements. III. paying fund expenses.
A. I only
B. II only
C. I and II only
D. I, II, and III
The premiums paid on which of the following are paid into the general account of an insurance company? I. whole life II. universal life III. term life IV. variable life
A. I only
B. I and III only
C. I, II, and III only
D. I, II, III, and IV
A passive asset allocation strategy that involves establishing specific targeted percentages for the various asset classes and rebalancing only as necessary to maintain those percentages as long as the investor’s investment objectives remain unchanged is called:
A. strategic asset allocation.
B. tactical asset allocation.
C. interactive asset allocation.
D. dynamic asset allocation
A bond has a face value of $1,000, matures in 12 years, and pays an 4% coupon, with interest paid semiannually. If the bond is priced to yield 3.5%, it is selling:
A. at par.
B. at a discount.
C. at a premium.
D. at its maturity value.