投资学第7版Test Bank答案
17. The investment horizon is:
A) the investor's expected age at death.
B) the starting date for establishing investment constraints.
C) based on the investor's risk tolerance.
D) the date at which the portfolio is expected to be fully or partially liquidated. E) none of the above.
Answer: D Difficulty: Easy
Rationale: The investment horizon is the planned liquidation date.
18. Liquidity is:
A) the ease with which an asset can be sold.
B) the ability to sell an asset for a fair price.
C) the degree of inflation protection an asset provides.
D) all of the above.
E) both A and B.
Answer: E Difficulty: Moderate
Rationale: Liquidity refers to the speed at which an asset can be sold for a fair price.
19. The objectives of personal trusts normally are __________ in scope than those of
individual investors and personal trust managers typically are __________ than
individual investors.
A) broader, more risk averse
B) broader, less risk averse
C) more limited, more risk averse
D) more limited, less risk averse
E) none of the above
Answer: C Difficulty: Moderate
20. When a company sets up a defined contribution pension plan, the __________ bears all
the risk and the __________ receives all the return from the plan's assets.
A) employee, employee
B) employee, employer
C) employer, employee
D) employer, employer
E) cannot tell; depends on the economic environment.
Answer: A Difficulty: Moderate
Rationale: With a defined contribution plan, the employee bears the risk of the portfolio
returns and thus risk of benefit levels. However, the employee also receives all of the returns generated by the defined contribution plan.
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