QUESTION 69

1. The most likely characteristic that would indicate a low ability to take risk is the:

   		a. Average age.
   		b. Plans surplus.
   		c. Liquidity issue.
   		d. Number of employees.

QUESTION 70

1. An endowment fund has a board of trustees that refuses to invest in any company that manufactures or distributes tobacco and alcohol related products. The portfolio manager of the fund will most likely record this preference as a:

   		a. Time constraint.
   		b. Liquidity constraint.
   		c. Unique circumstance constraint.
   		d. Regulatory constraint.