Series 24: Answers

Answers

1. 1. Answer: B. Rationale: The Act defines three types of what it calls investment companies – open-end or closed-end mutual fund companies, face-amount certificate companies, and unit investment trusts.
2. 2. Answer: A. Rationale: The current net asset value of an open-end fund shall be computed no less frequently than once daily, Monday through Friday, at the specific time or times during the day that the board of directors of the investment company sets.
3. 3. Answer: D. Rationale: Jason can invest a large enough amount in a single fund to trigger a breakpoint, say $50,000, which will allow him to pay a lower sales charge. A letter of intent allows him the lower charge by promising to reach the breakpoint with subsequent