Roberta Cartwright Puts Money Each Month into a Mutual Fund

question 60

Multiple Choice

Roberta Cartwright puts money each month into a mutual fund that has very few controls;in that,the managers can invest in whatever they want because this type of fund is not regulated by the SEC.Roberta has a(n) ________ fund.

• A)open-end
• B)closed-end
• C)hedge
• D)no-load
• E)back-end load

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Definitions:

Unconditional Promise

A commitment made without any stipulations or requirements for its fulfillment.

Signature

A person's name written in a distinctive way as a form of identification in authorizing a document.

EFT Transfers

Electronic Funds Transfer involves moving money from one bank account to another without the need for physical money exchange, using digital systems.

Bank's Obligation

The responsibilities and duties a bank owes to its customers, such as safeguarding deposits and honoring withdrawals.