6. Verysmall Mutual Funds investment portfolio is comprised of the following: 1,000 shares of General Mills (GIS, current price is $50 per share); 3,000 shares of Bank of America Corp (BAC, current price is $30 per share); and 2,500 shares of United Airlines Holdings (UAL), current price is $90 per share). Verysmall Mutual Fund has sold a total of 15,000 of its own shares to customers. What is Verysmall Mutual Funds net asset value?

A. Less than $20 B. Between $20 and $30 C. Between $30 and $40 D. Between $40 and $50 E. Over $50

7. A no-load mutual fund:

A. has zero operating expenses. B. is typically marketed directly to customers, charging no commission. C. is a type that no longer exists. D. does not invest in common stocks. E. has a zero or negative rate of return in the most recent year.

8. Hedge funds differ from open-end mutual funds in the sense that ______

A. they require a much smaller initial investment. B. they are open to additional investments at any time. C. their investors cannot sell shares back to the fund at any time they desire. D. they invest in very limited set of securities. E. they declare their investment strategies in the prospectus.