1) Closed-end funds are A) less liquid than open-end funds. B) b est purchased when they are selling at a premium. C) purchased directly from the funds' manager D) traded at NAV. 2) Which one of the following statements concerning ETFs is correct? A) ETFs are based solely on U.S. indexes B) The ETF based on the S C) Spiders are based on the DJIA tandard & Poor's 500 Index is priced at 1/10 the value of that index. D) The ETF based on the Dow is priced at 1/10 of the value of the DJIA. 3) Which of the following I. professional portfolio management II. dividend reinvestment are advantages offered by mutual funds? III. consistent returns in excess of the overall market rate of return IV. modest capital outlay for investors A) I and II only B) I and IV only C) II, III and IV only D) I, II and IV only 4) Investors who seek triple (federal, state, and local) tax-free income should invest in bond funds. A) convertible B) indexed C) mortgage-backed D) single-state municipal 5) The commission charged when shares of an open-end mutual fund are purchased is called a A) management fee B) back-end load. C) front-end load. D) 12(b)-1 fee