A Mutual Fund Has Total Assets Outstanding of $69 Million

question 38

Multiple Choice

A mutual fund has total assets outstanding of $69 million.During the year the fund bought and sold assets equal to $17.25 million.This fund's turnover rate was _____.

• A) 25.00%
• B) 28.50%
• C) 18.63%
• D) 33.40%

---

Definitions:

Financial Position

The status of the assets, liabilities, and equity of an entity as reflected on its financial statements at a specific point in time.

Apparent

Clearly visible or understood; obvious.

Average Collection Period

The average number of days it takes for a company to receive payments owed by its customers.

Trade Credits

An agreement where a buyer is allowed to purchase goods or services and pay the supplier at a later scheduled date.