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.
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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.
Which of the following changes in a firms working capital management is most likely to result in a shorter operating cycle？
A. Reducing stock-outs by carrying greater quantities of inventory.
B. Stretching its payables by paying on the last permitted date.
Changing its credit terms for customers from 2/10,net 60 to 2/10,net 30.
Which of the following would most likely be considered a negative factor in assessing the suitability of a board member？ The board member:
A. Has served for ten years.
B. Has served on other boards.
C. Is a former CEO of another firm.
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