20-25

20. If BAT fund's NAV = $12 , and its market price-so , then the fund: a. b, c, d. is selling at a 20 % discount. is selling at a 20% premium. is selling at a 16.67% discount. is selling at 16.67% ,premium. 21. A loading fee is a: a. b. c. d. type of income tax. management fee. origination fee. sales charge. 22. Which of the following statements regarding fund expenses and performance is true? a. The higher-performing funds generally have the highest expenses. b. The stock funds generally have higher expenses than bond funds. c. The index funds generally have higher expenses than non-index funds. d The lower performing funds generally have the highest expenses. 23. In the mutual fund industry, the most common performance mesure is a hypothetical rate of return which assumes performance is constant over the entire period and is known as the: a. cumulative total return. b. average annual total return c. total indexed return. d. compounded geometric return 24. On average, which type of mutual fund is expected to have the highest performance? a. money market funds b. bond funds c. equity funds d. municipal bond funds Both open-end and closed-end investment company shares may sell at a discount from NAV 25. (a) True(b)False