Complete the Following Statement: the First Law of Thermodynamics States

question 35

Multiple Choice

Complete the following statement: The first law of thermodynamics states that

• A)heat is a form of energy.
• B)entropy is a function of state.
• C)the entropy of the universe is increasing.
• D)the change in the internal energy of a system is given by - W.
• E)no engine can be more efficient than a Carnot engine operating between the same two temperatures.

---

Definitions:

Expense Ratio

The annual fee that all mutual funds and ETFs charge their shareholders, expressed as a percentage of the fund's average net assets.

NAV

Net Asset Value, the per-share value of a mutual fund or ETF, calculated by dividing the total value of all the securities in the portfolio, minus liabilities, by the number of shares outstanding.

Front-end Load

A commission or sales charge applied at the time of the initial purchase of an investment, usually used in mutual funds.

Back-end Load

A fee paid by an investor when shares are sold, typically used in mutual funds, where the fee decreases over time the investment is held.