Q. A register can be described as an internal document that:

1. describes an organisations mission, values and objectives.
2. articulates business relationships and obligations undertaken by parties.
3. contains obligations, past actions, and future or outstanding requirements.

Q. The average compound return earned per year over a multi-year period is known as the:

1. arithmetic mean return.
2. geometric average return.
3. normal distribution of returns.

Q. Standard deviation measures the:

1. average return.
2. frequency of negative returns.
3. volatility of the securitys return.

Q. Performance attribution on an active portfolio strategy is designed to:

1. measure the levels of risk within a portfolio.
2. assess from where a fund manager's performance was derived.
3. measure how well a fund manager is performing relative to an expected return.

Q. An investor holding a short position in a maturing futures contract may:

1. have to deliver the underlying asset to the holder of the long position.
2. exercise the option to sell the asset to the holder of the long position.
3. take delivery of the underlying asset from the holder of the long position.

Q. The coupon rate on a callable bond compared to an otherwise identical non-callable bond would most likely be:

1. lower.
2. equal.
3. higher.

Q. The discount rate that equates the present value of a bond's future cash flows to its market price represents the bond's:

1. yield curve.
2. current yield.
3. yield to maturity.

Q. Which of the following types of funds sells shares to the public in an initial public offering?

1. Closed-end funds
2. Exchange-traded funds
3. Open-end mutual funds

Q. Alpha is best measured by which of the following?

1. Market risk
2. A factor model
3. Peer-group benchmarks

Q. Microeconomics includes the study of factors that:

1. influence the supply of a product.
2. affect the level of national income.
3. determine the general price level of the economy.

Q. A product whose consumption is positively correlated with another is known as:

1. an inferior product.
2. a substitute product.
3. a complementary product.

Q. In a rights offering, the exercise price relative to the market price is generally:

1. lower.
2. the same.
3. higher.