Question 1

Which type of fund does not have a secondary market and its investors directly purchase shares of the fund from the fund management company?

1. An ETF
2. A close-ended mutual fund
3. A pension fund
4. An open-ended mutual fund

Question 2

Price to sales ratio are used for start-up companies, NOT because these companies:

1. Do not have stable COGS.
2. Do not have stable D&A.
3. Do not have stable R&D.
4. Do not have positive profit.