A Mutual Fund Had Average Daily Assets of $4

question 66

Multiple Choice

A mutual fund had average daily assets of $4.0 billion in 2012.The fund sold $1.5 billion worth of stock and purchased $1.6 billion worth of stock during the year.The fund's turnover ratio is

• A)37.5%.
• B)22%.
• C)15%.
• D)45%.
• E)20%.

---

Definitions:

Equal Protection Clause

Part of the Fourteenth Amendment to the United States Constitution, requiring states to apply the law equally to all people, without discrimination.

Governmental Action

Governmental action refers to any activity, measure, rule, or procedure carried out by a government or its agencies in the course of managing, ruling, or administering its territories and subjects.

U.S. Supreme Court

The highest court in the United States, which has ultimate appellate jurisdiction over all federal and state court cases involving issues of federal law.

U.S. Constitution

The foundational legal document of the United States that outlines the framework of government, the division of powers, and the rights and freedoms of citizens.