投资学第7版Test Bank答案
36. Which of the following investments does not allow the investor to choose how to
allocate assets?
A) Variable Life insurance policies
B) Keogh plans
C) personal funds
D) tax qualified defined contribution plans
E) Universal Life policies
Answer: E Difficulty: Moderate
Rationale: Universal Life policies are managed by the insurance company, whose
portfolio managers make the decisions about asset allocation.
37. Pension funds
I) accept contributions from employers, which are tax-deductible.
II) pay distributions that are taxed as ordinary income.
III) pay benefits only from the income component of the fund.
IV) accept contributions from employees, which are not tax-deductible.
A) I and IV
B) II and III
C) I and II
D) I, II, and IV
E) I, II, III, and IV
Answer: C Difficulty: Moderate
Rationale: The funds aren't limited to using only the income component for payouts and
employees' contributions are tax deductible.
Use the following to answer questions 38-41:
Stephanie Watson is 23 years old and has accumulated $4,000 in her self-directed defined contribution pension plan. Each year she contributes $2,000 to the plan and her employer contributes an equal amount. Stephanie thinks she will retire at age 67 and figures she will live to age 81. The plan allows for two types of investments. One offers a 3.5% risk-free real rate of return. The other offers an expected return of 10% and has a standard deviation of 23%. Stephanie now has 5% of her money in the risk-free investment and 95% in the risky investment. She plans to continue saving at the same rate and keep the same proportions invested in each of the investments. Her salary will grow at the same rate as inflation.
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