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Posted Date: 21 Dec 2008 Posted By: Nilesh Panchal Member Level: Platinum
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2008 Association of Mutual Funds in India (AMFI) AMFI Advisor Module AMFI AMFI Model Mock Sample Test L University Question paper
1.A change in the following key people does not materially impact the performance of the fund
a. Fund sponsors
b. Trustees of the fund
c. Fund Manager
d. Members of the AMFI Committee
2.To transfer the management of a scheme from one AMC to another, the consent of the following is required
a. SEBI
b. Unit holders
c. Both SEBI and unit holders
d. None of the above
3.As per SEBI's principles, the AMC and the Board of Trustees of a fund should belong to the same sponsors
a. True
b. False
4.After UTI, the first mutual funds were started by
a. Private sector banks
b. Public sector banks
c. Financial institutions
d. Non-banking finance companies
5.The highest authority among the following is the
a. SEBI
b. Company Law Board
c. RBI
d. Ministry of Finance
6.The entity that SEBI does not regulate is
a. Share registrars
b. Mutual funds
c. Stock exchanges
d. Non-banking finance companies
7.The accounts and all other records of an AMC are filed with
a. AMFI
b. Registrar of Companies
c. Agent's Association
d. UTI
8.A close-ended scheme of a mutual fund is not governed by
a. Exchange Rules of the stock exchange where it is listed
b. Listing Agreement between the fund and the stock exchange
c. Guidelines issued by the Ministry of Commerce
d. Companies Act provisions relating to transactions in securities
9.The entry of mutual funds in India was initiated by mutual funds set up by
a. Public Sector Banks
b. Private Sector mutual funds
c. Unit Trust of India
d. Mutual funds set up by insurance companies
10.For a close-ended scheme to change its fundamental attributes, it must obtain the consent of
a. 50% of unit holders
b. 50% of trustees
c. 75% of unit holders
d. None of the above
181.The largest corpus of investable funds in India is with
a. Bank-owned mutual funds
b. Private Sector mutual funds
c. UTI
d. Insurance Companies
12.The Board of Trustees of the UTI does not have nominees from
a. RBI
b. LIC
c. IDBI
d. The Bombay Stock Exchange (BSE)
13.UTI cannot provide
a. Corporate finance
b. Engage in real estate and property development business
c. Provide merchant banking services
d. Invest in securities
14.The "Capital" of a scheme does not include
a. Unit capital
b. Reserves
c. Borrowing
d. Networth of the AMC
15.Which of the following are Self-Regulatory Organisations
a. Bombay Stock Exchange
b. SEBI
c. AMFI
d. RBI
16.A Self-Regulatory Organisation can regulate
a. All entities in the market
b. Only it’s own members in a limited way
c. Its own members with total jurisdiction
d. No entity at all
17.The amount of authority enjoyed by a Self-regulatory organisation is defined by
a. The apex regulatory authority
b. Company law board
c. It’s own members
d. RBI
18.The role of AMFI in the mutual funds industry is not to
a. Promote the interests of the unit holders
b. Set a Code of Ethics
c. Regulate mutual funds
d. Increase public awareness of mutual funds in the county
19.The rights of investors in a mutual fund scheme are laid down in
a. The Offer Document of that scheme
b. Quarterly Reports
c. Annual Reports
d. Marketing brochures
10.Unit holders of a mutual fund scheme do not have a right to
a. Proportionate ownership of the scheme's assets
b. Dividend declared for that scheme
c. Dividend declared for other schemes of the mutual funds
d. Income declared under that scheme
11.After dividend declaration, unit-holders are entitled to receive dividend within
a. One week
b. One month
c. 42 days
d. Six weeks
12.Unit holder's right to information does not include
a. Obtaining from the trustees any information having an adverse effect on their investments
b. Inspecting major documents of a fund
c. Receiving of a copy of the annual financial statements of that fund
d. Approving investment decisions of the fund
13.Shortfalls in the case of assured returns schemes are met
a. By sponsors of such schemes
b. Only if the offer document specifically provided such a guarantee by a named sponsor
c. The Government of India
d. AMFI
14.Unit-holders aggrieved by a Fund or AMC can get redressed from
a. Consumer Courts
b. SEBI
c. AMFI
d. RBI
15.If the Directors of an AMC commit fraud, the Department of Company Affairs and the Company Law Board cannot protect Unit-holders investments
a. True
b. False
16.The responsibilities of a unit-holder do not include :
a. Monitor his investments carefully
b. Being aware of information that affects his investment in a major way
c. Carefully studying the offer document
d. Taking decisions about where the fund managers should invest
17.Unit scheme US-64 falls under the purview of SEBI
a. True
b. False
18.UTI was set up by
a. SEBI
b. AMFI
c. A special act
d. RBI
19.Bank owned Mutual Funds are supervised by
a. SEBI
b. RBI
c. Jointly by SEBI & RBI
d. AMFI
20.Investor does not have the right to receive any interest from an AMC if his redemption proceeds are not despatched within 10 working days
a. True
b. False
21.If an investor failed to claim his redemption proceeds within 3 years, he can claim the proceeds at
a. Par
b. Prevailing NAV
c. The on the date he has applied for redemption
d. 15% below the prevailing NAV
22.After closures of the initial offer an open-ended scheme, on going sales and repurchases must start within
a. One week
b. 30 days
c. 45 days
d. 180 days
23.For scheme to be able to change its fundamental attributes, it must obtain the consent of
a. 50% of the unit holders
b. 50% of the trustees
c. 75% of the unit holders
d. None of the above
24.The prospectus of Offer Document containing the details of new scheme is first registered with the
a. AMFI
b. SEBI
c. Bombay Stock Exchange
d. Ministry of Finance
25.The offer document issued by mutual funds does not serve the purpose of
a. Announcing the scheme
b. Giving detailed information about the scheme
c. Inviting the the investors
d. Giving the fund manager's investment outlook for the next quarter
26.The prospectus of a close-ended fund is issued
a. Every year
b. Only once at the time of issue
c. Every quarter
d. Every six months
27.Fundamental attributes of scheme
a. Do not include the objective of the scheme
b. Can be changed without the investor’s approval or knowledge
c. Include the terms of the scheme
d. Are not necessary for deciding whether to invest in the scheme or not
28.The offer document
a. Contains the terms of issue
b. Gives no information relevant for making an investment decision
c. Is not the operating document describing the scheme
d. Cannot be called a reference document
29.SEBI does not require the following to be included in the offer document issued by a mutual fund
a. Details of the Sponsor and the AMC
b. Description of the Scheme & investment objective/strategy
c. Investor's Rights and Services
d. Performance of other mutual funds
30.'Key Information Memorandum' is
a. An abridged version of the offer document
b. The Memorandum & Articles of Association of the AMC
c. A sheet containing historical NAV's of other fund schemes
d. Annual Report of the AMC
31.The Offer document for a scheme remains valid even if
a. The AMC is reconstituted
b. Entry or exit load are changed
c. The scheme's NAV changes
d. New plans are added to existing schemes
32.An investor wishes to switch between a money market mutual fund and equity fund. What would you advise him?
a. It would be better to stick to one type of fund, the one that meets his investment objective
b. He should keep switching parts of his investment from the equity fund to the money market fund as the market rises and switch back to the equity fund when the market falls
c. He should switch from the money market fund to the equity fund in a rising market and switch back to money market fund when the market falls
d. None of the above
33.For choosing an appropriate benchmark to measure a scheme's performance, All of the following are required except
a. The composition and size of the portfolio
b. The investment objective
c. Historical data of fund performance
d. The nature of investments
34.Which of the following characteristic of a fund that a risk averse investor should choose
a. Gross dividend yield 15% beta 1.5, ex-marks 90
b. Gross dividend yield 10% beta 1,ex-marks 70
c. Gross dividend yield 11%,beta 0.9,ex-marks 80
d. Gross dividend yield 12%, beta 1.2,ex-marks 80
35.A mainstream diversified debt fund is most affected by
a. Reinvestment risk
b. Liquidity risk
c. Interest risk
d. Default risk
36.If yields fall, a debt fund manager will do all of the following except
a. Sell short maturity securities and buy long maturity securities
b. See that the fund's average duration becomes longer than the market's average duration
c. Sell long duration securities and buy short duration securities
d. Sell high coupon securities and buy low coupon securities
37.In which type of schemes should an unmarried professional will invest
a. Scheme investing 80% in debt securities
b. 50% in equity funds and 50% in income funds
c. 90% n equity funds having a higher p/e ratio than the market
d. All the money in a balanced fund
38.An investor buys units in a fund that has given excellent returns in the past, but his expectations are not met as the fund does not perform well this year. The investor can
a. Sue the AMC
b. Sue the trustees
c. Sue the agent
d. None of the above
39.A fund's investments at market value total Rs.700.00 Crores, total liabilities stand at Rs.50.00 Lacs and the number of units outstanding is 28 Crores. What is the NAV
a. Rs.30.19
b. Rs.24.98
c. Rs.32.15
d. Rs.40.49
40.The role of an AMC is to act as
a. Promoters
b. Investment Management
c. Distribution agents
d. Regulators
41.A mutual fund may invest in short-term deposits of scheduled commercial banks
a. True
b. False
42.Mutual funds are allowed to lend
a. Loans
b. Securities
c. Physical assets
d. None of the above
41.The tenure of an Indira Vikas Patra is
a. 7 years
b. 6 years
c. 5 years
d. 3 years
42.The maturity period of RBI Relief Bonds is
a. 5 years
b. 6 years
c. 7 years
d. 8 years
43.Debt fund with long-term investments carries higher risk of capital loss
a. True
b. False
44.The differentiating factor among debt funds of comparable maturity and quality is
a. Gross yields
b. Costs
c. Fund age
d. Tenure of the fund manager
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