Suppose you own shares of open-end mutual fund, SPDR. When you decide to sell your SPDR shares, what is the sale price relative to SPDR's net asset value (NAV)?

	A.	The sale price should be equal to SPDR's NAV.
	B.	The sale price should be higher than SPDR's NAV.
	C.	The sale price could be higher or lower than SPDR's NAV, depending on market demand.
	D.	The sale price should be lower than SPDR's NAV.

Which of the following statements is true regarding mutual funds?

	A.	Open-end funds issue a fixed number of shares, and their share prices could fluctuate depending on market demand.
	B.	Closed-end funds issue shares that require investors to hold for a certain period of time.
	C.	Closed-end funds can trade at a price that is greater than, equal to, or less than the NAV.
	D.	Open-end funds guarantee investors a minimum NAV.

Which of the following groups of financial institutions (FIs) does not lend money to customers or corporations?

	A.	Depository institutions
	B.	Finance companies
	C.	Insurance companies
	D.	Mutual funds