QUESTION 23 A money manager generates a return of 11% when the benchmark returns 9 6. The manager's asset allocation decisions underperform by 50 basis points. Which is most accurate? a. Asset allocation decisions helped the manager outperform the benchmark. b. The manager outperforms the benchmark by 250 basis points. c. The manager excelled in both asset allocation and security selection decisions. d. Security selection decisions outperform by 250 basis points. QUESTION 34 A firm has $5 billion outstanding in long-term bonds. The firm currently has sufficient cash flow to make the scheduled coupon and sinking fund payments but would struggle to make those payments in the future if a substantial weakening of the economy occurs. The most likely rating on these bonds is: a. B. b. CCC. c. AAA. d. BBB