In determining the appropriate asset allocation for a clients investment account, the manager should:
A. Consider only the investors risk tolerance.
B. Incorporate forecasts of future economic conditions.
Consider the investors risk tolerance and future needs,but not forecasts of market conditions.
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A top-down security analysis begins by:
Analyzing a firms business prospects and quality of management.
B. Identifying the most attractive companies within each industry.
C. Examining economic conditions.
In a defined contribution pension plan:
A. The employee accepts the investment risk.
B. The plan sponsor promises a predetermined retirement income to participants.
C. The plan manager attempts to match the funds assets to its liabilities.
Compared to exchange-traded funds （ETFs）, open-end mutual funds are typically associated with lower:
A. Brokerage costs.
B. Minimum investment amounts.
C. Management fees.
Which of the following is least likely to be considered an appropriate schedule for reviewing and updating an investment policy statement？
At regular intervals （e.g.,every year）.
B. When there is a major change in the clients constraints.
C. Frequently,based on the recent performance of the portfolio.
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