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Practice Questions for AMFI Test

1. A close-ended mutual fund has a fixed : the agent through which he/she subscribed
a.NAV to the units of the fund size
c.rate of return 9. The "load" charged to an investor in a mutual fund
d.number of distributors is
a.entry fee
2. The maximum load that a fund can charge is b.cost of the paper on which the unit certificates
determined by the : are printed
a.AMC c.the fee the agent charges to the investor
b.SEBI d.the expenses incurred by fund managers for
c.AMFI marketing a mutual fund scheme
d.distribution agents based on demand for the
fund 10. A mutual fund is owned by
a.the Govt. of India
3. The amount required to buy 100 units of a scheme b.SEBI
having an entry load of 1.5% and NAV of Rs.20 is : c.all its investors
a.Rs.2000 d.AMFI
c.Rs.1985 11. Units from an open-ended mutual fund are bought
d.Rs.2030 a.on a stock exchange
b.from the fund itself
4. A gilt fund is a special type of fund that invests : c.from AMFI very high quality equity only d.from a stock broker instruments issued by companies with a
sound track record 12. A mutual fund is not short-term securities a.owned jointly by all investors government securities only b.a company that manages investment portfolios
of high networth individuals
5. Of the following fund types, the highest risk is c.a pool of funds used to purchase securities on
associated with behalf of investors
a.Balanced Funds d.a collective investment vehicle
b.Gilt Funds
c.Equity Growth Funds 13. "Load" cannot be recovered
d.Debt Funds the time of the investor's entry into the fund a fixed amount each year
6. The NAV of a mutual fund : the time the investor exits the fund always constant d.from the fund's distribution agent
b.keeps going up at a steady rate
c.fluctuates with market price movements 14. The most important advantage of a money market
d.cannot go down at all mutual fund is
a.quick capital appreciation
7. An open-ended mutual fund is one that has : b.high regular income option to invest in any kind of security of principal
b.units available for sale and repurchase at all loads
times upper limit on its NAV 15. Some close-ended funds are quoted at a discount
d.a fixed fund size to their NAV because
a.of high expense ratios
8. An investor in a close-ended mutual fund can get b.investors do not expect the current NAV to be
his/her money back by selling his/her units: sustained in future
a.back to the fund c.the repurchase price fixed by the fund in lower a special trust at NAV than the NAV
c.on a stock exchange where the fund is listed
d.of the inherent risk involved in investing in
such type of funds 24. A Systematic Withdrawal Plan, allows investors
to get back the principal amounts invested in addition
16. The NAV of each scheme should be updated on to the income on investment
AMFI's website a.True
a.every quarter b.False
b.every month
c.every hour 25. Which of the following is untrue of an automatic
d.every day reinvestment plan?
a.The plan allows for automatic reinvestment of
17. Debt funds target all income and capital gains
a.low risk and stable income b.Automatic reinvestment allows for of principal accumulation of additional units of the fund
c.high growth with risk c.The major benefit of automatic reinvestment is
d.long term capital appreciation compounding
d.The benefit of automatic reinvestment is often
18. In which of the following do debt funds not invest lost on account of the heavy load charge on the
a.government debt instruments reinvestment
b.corporate paper institutions' bonds 26. Constraints imposed by most funds on check
d.equity of private companies writing are:
a.Account balance should not fall below the
19. Which of the following risks do not affect a debt minimum capital required
fund b.Checks issued must be for at least the
a.default by issuer on payment of interest or minimum amount specified
principal c.Number of checks per month must not exceed a
b.price fluctuations of the debt securities specified number
c.share price movements d.Both a & b above
d.interest volatility
27. The performance of a fund is largely measured by
20. Assured return or guaranteed monthly income the success of
plans are essentially a.the marketing function
a.Hybrid funds b.the operations function
b.Growth Funds c.the portfolio market function
c.Debt/Income funds d.none of the above
d.Sector funds
28. Generally invest in
21. A Fixed Term Plan Series is a.unlisted open-ended fund
b.a close-ended fund c.thinly traded
c.a fixed term bank deposit d.privately placed
d.a fixed term corporate bond
29. Which of the following is not an equity
22. NAVs of equity funds are not affected by instrument
a.Stock market movements a.preference shares
b.Events affecting the industry/sector in which b.equity warrants
the fund has invested Happenings in the c.ordinary debentures
companies in which the fund has invested d.convertible debentures
c.real estate prices
30. The drawback of an ordinary share is
23. The greatest potential for growth in capital is A.possibility of capital appreciation
offered by B.ownership privilege of the company
a.debt funds C.guaranteed dividend income
b.gilt funds guaranteed income or security
c.growth funds
d.balanced funds
b.dividend per face value
31. An owner of preference shares is given which of c.dividend per share to current market price
the following rights d.none of the above rights
b.fixed dividend income from post-tax profits 39. Value stocks rights and unlimited dividend income a.have high current dividend yield guaranteed rights b.yield high growth in earnings
c.are currently under valued
32. Market capitalisation of a company is calculated d.none of the above
by multiplying the number of outstanding shares by
a.R.10 40. A better performance than the return on index is
b.Face value of each share given by
c.Current market value of each share a.passive fund manager
d.dividend yield active fund manager
c.all fund managers
33. The Price/Earnings (P/E) Ratio is an important d.non fund manager
measure of a company's anticipated performance. It is
calculated using: 41. A change in key personnel especially the fund
a.Market price and dividend manager of an AMC does not necessitate a revision
b.Market price and earning per share of the offer document
c.Market capitalisation and dividend a.True
d.Market price and face value b.False

34. A company whose earnings are strongly related to 42. If fresh litigation cases or adjudication
the state of economy is known as proceedings are referred by SEBI against the fund
a.Economy stocks sponsors or a company associated with the sponsors,
b.Cyclical Stocks then the offer document needs to be revised
c.Value Stocks a.True
d.Growth stocks b.False

35. A Growth stock refers to shares of a company 43. The offer document need not be revised if the
whose earnings are projected to grow at the normal management or the controlling interest in the AMC
market rates change
a.True a.True
b.False b.False

36. Which of the following is generally true for a 44. An AMC cannot explain adverse variations
growth stock between expense estimates for the scheme on offer
a.steady capita appreciation and steady dividends and actual expenses for past schemes in
yields newspapers
b.high capital appreciation and high dividend channels on TV
yields c.the offer document
c.high capital appreciation but low dividend d.AMFI newsletter
d.steady capital appreciation but high dividend 45. Information on estimated expenses to be incurred
yields by a scheme is not found in the offer document, but
in brochures of the fund
37. Shares of companies with large capital market a.True
capitalisation b.False
a.have greater growth potential
b.are more liquid 46. When comparing a fund's performance with that
c.are not available of its peer group, the following cannot be compared
d.none of the above a.Two debt funds with 5 year maturities
b.A broad-based equity fund with an IT Sector
38. Dividend yield for a stock is Fund
a.dividend per share c.A bond fund with a bond
d.A government securities fund with a e.the type of securities in which the scheme will
government security invest principally
f.asset allocation pattern
47. An AMC must explain adverse variation between g.policy of diversification
expense estimates for the scheme on offer and actual h.the specific securities in which the fund will
a.expenses for past schemes in invest newspapers channels on TV 55. If a scheme's name implies that it will invest
d.offer document primarily in a particular type of security or in certain
e.AMFI Newsletter industry/sector, then it should invest atleast the
48. Information on estimated expenses to be incurred following percentage of its total assets in the
by a scheme is not found in the offer document, but indicated type of security/industry/sector
in brochures of the fund e.100%
a.True f.80%
b.False g.65%
49. The offer document and key information h.40%
memorandum contain financial information for
a.all schemes of all mutual funds in the capital 56. For assured return schemes, information about the
market guarantor's net worth which justifies the guarantor's
b.all schemes launched by the particular fund ability to meet any shortfalls in the returns assured
during the last 3 fiscal years under the scheme can be found in
c.none of the schemes e.the offer document
d.companies in which investment is proposed f.the key information memorandum
50. The functions and responsibilities of the sponsor, g.both (a) and (b)
AMC, trustees and custodian of the mutual fund are h.none of the above
listed in
a.offer document only 57. The names and background of key personnel of
b.key information memorandum the AMC
c.both offer document and key information e.need not be disclosed to investors
memorandum f.are of no relevance as they may change
d.none of the above g.are disclosed in the offer document
51. Information about trusteeship fees is included in h.are declared in newspaper advertisements
the offer document but not in the key information
memorandum 58. The minimum amount to be raised, and the
e.True maximum target amount
f.False e.are not known before the offer is concluded
f.can be decided based on investor response to
52. The following information about the constitution the offer
of the mutual fund is found in both the offer g.are defined as per SEBI Regulations before the
document and key information memorandum offer is made
e.activities of the sponsor h.need not be disclosed in the offer document
f.summary of trust deed provisions and addresses of the board of trustees 59. The circumstances for refund of investment in the
h.all of the above initial offer and period within which refund must be
carried out are not specified in the offer document,
53. The investment objectives of the fund an investor but only on the application
selects for investment e.True
e.are of no relevance f.False
f.should be the same as his own investment
objectives 60. Offer related information required to be listed in
g.change with market movements the offer document and key information
h.change with change in the AMC's key memorandum includes
personnel e.dates of opening, closing, earliest closing,
allotment and despatch of certificates
54. The investment policies listed out in the offer f.procedure for transfer and transmission of units
document of a fund do not include g.both the above
h.neither of the above
68. As a part of borrowing policy, the following need
61. In the offer document, funds are required to make not be disclosed in an offer document
disclosures summarising associate transactions and e.purpose and circumstances of borrowing
their impact on the performance of the scheme for the f.regulatory limits on borrowing
last g.potential risk to AMC and unit-holders fiscal year h.names of lenders
f.2 fiscal years
g.3 fiscal years 69. Valuation norms for non-traded securities should
h.5 fiscal years be disclosed the end of every financial year
62. The circumstances under which a scheme shall be f.every quarter
wound up are to be described in the offer document at the offer document at the time of launch of
the time of the initial launch of the scheme itself the scheme
e.True h.should not be disclosed, being confidential
f.False information

63. The following do not form a part of the 70. Procedure for redemption or repurchase need not
investment procedure described in an offer document described in the offer document
e.various plans under the scheme (e.g. dividend f.include how redemption or repurchase price of
reinvestment plant) units would be determined
f.minimum initial (and subsequent) investment g.include names of centres where redemption can
g.details of who can invest be effected
h.details of other competing mutual funds h.indicate the redemption or repurchase price as
at the end of the current fiscal year
64. A scheme's policy on dividends and distribution decided by the fund manager as per is market 71. The fund need not describe its accounting policies
outlook in the offer document as these are of no use to an
f.can be changed to suit the requirements of the investor
AMC e.True
g.need not be consistent f.False
h.should be disclosed at the time of initial launch
72. The accounting policies of a fund should be in
65. SEBI restricts mutual fund investments in accordance with
companies forming part of the same group as the d.GAAP
AMC. This is: e.SEBI regulations
e.not true f.ICAI Guidelines the interest of investor protection g.American GAAP
g.applied only to some mutual funds, not all
h.not favourable to investors at all 73. Tax treatment of investments does not
e.form a section in the offer document
66. A disclosure should be made in the offer f.describe the tax elements applicable to
document if an AMC has invested more than the investors who invest in the fund
following percentage of its net assets in group g.form a section in the key information
companies memorandum
e.50% h.offer tax advice to investors
g.25% 74. Documents available to investors for inspection
h.10% do not include
c.Memorandum and Articles of Association of
67. Mutual funds are allowed to borrow AMC
e.freely to meet their requirements d.consent of auditors and legal advisors
f.for investment purposes e.investment management reports
g.only to meet redemption demands f.reports based on which actual investments are
h.not allowed at all made
75. Investors' rights under a scheme are 84. It is compulsory to use fund agents/intermediaries
e.uniform for all schemes of all funds for investing MFs
f.not defined e.True
g.listed in the offer document f.False
h.available with stock exchanges
85. Generally, which category of investors need
76. The offer document for a scheme should describe advice for Investing in Mutual Funds
how the NAV of the scheme is to be computed c.Non Banking Finance Companies
e.True d.Insurance Companies
f.False e.Foreign Institutional Investors
77. An offer document contains an AMC's investor
grievance's history for the past 86. Most eligible investors of Mutual Funds can fiscal year broadly be grouped into either individual or
f.2 fiscal years institutional investors
g.3 fiscal years e.True
h.six months f.False

78. Any pending cases or penalties levied on the 87. Commission rates or loads applicable to big
sponsors or AMC should be disclosed in the offer investors and small investors are
document e.same
e.True f.different
f.False g.not charges to either
h.none of the above
79. Who among the following are not eligible to
invest in MF 88. What document Mutual Fund distributors need to
e.Indian Companies refer for finding out eligible category of investors in a
f.Banks particular Mutual Fund Scheme
g.Non Banking Finance Companies e.SEBI Regulations Manual
h.Foreign Citizens f.AMFI booklet
g.Offer document
80. NRIs are eligible to invest in Mutual Funds h.RBI Guidelines
b.False 89. As per AMFI figures, how many agents
approximately, are there in India selling Mutual
81. The most important link between Mutual Fund Funds
and Investors is e.50000
e.Government f.100000
f.SEBI g.75000
g.Fund distributors h.150000
90. Which Mutual Fund has majority of the agents
82. Are Overseas Corporate Bodies allowed to invest selling its Mutual Fund units in India
in Mutual Funds e.LIC Mutual Fund
e.No f.UTI Mutual Fund
f.Yes g.SBI Mutual Fund
g.if Ministry of Finance approves h.None of the above
h.if AMFI approves
91. Mutual Fund agents/distributors are not allowed
83. Who among the following are not Institutional to sell Financial Products other than Mutual Funds
Investors c.True
e.Banks d.False
f.Resident Individuals
g.Provident Funds 92. Are Mutual Fund agents/distributors in India
h.Non Banking Finance Companies
required to pass any examination to qualify to sell e.True
Mutual Fund Units f.False
c.Yes, a test conducted by AMFI
d.Yes, a test conducted by SEBI
e.No 101. Standard risk factors are not
f.a Post Graduate university course driven
h.common to all schemes
93. How many major distributor Companies are there i.of relevance to novice investors
in India selling Mutual Fund units to a regular investor
c.approximately 9
d.approximately 11 102. The risk of a scheme's NAV moving up or down
e.approximately 10 on the basis of capital market movements is a
f.approximately 25 standard risk factor
94. The offer document is not a legal document j.False
f.False 103. Past performance of a sponsor/AMC mutual
fund is not indicative of the future performance of the
95. A copy of all changes in the offer document has to scheme. This is
be filed with SEBI i.not true
c.True j.a standard risk factor for all schemes
d.False k.a scheme-specific risk factor
l.applicable only to gilt funds
96. The legal responsibility for the accuracy of the
statements made in the offer document lies with 104. Risk arising from a scheme's investment
e.SEBI objective/strategy and proposed asset allocation is
f.the AMC i.not present
g.AMFI j.common to all schemes
h.the Company Law Board k.specific to that scheme
l.not applicable to debt funds
97. Though the offer document of a scheme is
prepared as per SEBI Regulations and is filed with 105. In an assured returns scheme, if assurance is
SEBI, SEBI does not certify the accuracy or only for a limited period, it must be stated in the offer
adequacy of the document document that there is no guarantee for sustaining the
f.True assured return for the remaining duration of the
g.False scheme
98. The following need not be covered in a Key j.False
Information Memorandum
c.Risk Factors 106. If the AMC is managing a fund for the first time,
d.Opening, Closing and earliest Closing Date of this information can be found in
the offer i.newspapers
e.Disclaimer Clause j.SEBI
f.Functions and responsibilities of the sponsor, k.AMFI Newsletter
trustees, AMC and Custodian responsibilities l.Offer document

99. The front page of an offer document need not 107. A compliance officer
cover i.stands guarantee to the information contained in
e.opening, closing and earliest closing date of the the offer document
offer j.belongs to SEBI
f.disclaimer clause k.cannot certify that the AMC's legal and and regulator compliance procedural obligations are fulfilled
h.price of units l.cannot be appointed by the AMC

100. A "glossary" of Defined Terms must be included 108. The due diligence certificate that must be
in the offer document
submitted to SEBI along with the draft offer
document cannot be signed by 116. Sales practices are never mandated by
i.the managing director of the AMC regulators, but arise from convention only executive director of the AMC i.True
k.the compliance officer j.False
l.Investor relations officer
117. Agents are compensated by mutual funds
109. A due diligence certificate does not certify that i.through salaries
g.the draft offer document forwarded to SEBI is j.through commissions
in accordance with SEBI regulations k.through an annual fee
h.all legal requirements connected with l.not in cash but in kind
launching of the scheme have been complied
with 118. In India the minimum or maximum commissions
i.disclosures made in the offer document are true, payable to distributors are not prescribed by law, but
fair and adequate are decided using the fund's own discretion
j.the AMC guarantees a good performance i.True
110. In developed countries, an important Mutual
Fund marketing channel is through 119. Lowest commissions are paid on
i.Insurance Companies i.Equity funds
j.Banks benefit schemes of mutual funds
k.Non-Banking Finance Companies k.debt funds
l.Retail Distributors l.long-term investments in mutual funds

111. Emerging or new channel for 120. Excess distribution expenses are to be borne by
distributors/marketing of Mutual Fund in India is the
i.Insurance Companies i.AMC
j.Banks j.unit holders
k.Qualified Mutual Fund agents k.SEBI
l.Direct Sales agents of respective mutual funds l.AMFI

112. Mutual Funds often use their own employees to 121. To cover fund distribution expenses, open ended
mobilise funds from funds
g.retail investors g.charge a fee from agents
h.High Networth individuals/institutional h.charge entry and exit loads from investors
investors i.create a reserve
i.all investors j.sell investments
j.foreign investors
122. Trail commission means paying
113. Retail distribution channels are a critical element commission at all
in the distribution of mutual funds in India i.the entire commission up-front
i.True j.part of the commission up-front and the balance
j.False in phases
k.the entire commission after five years
114. "Sales Practices" cover the following areas
i.desirable marketing practices 123. Sub-brokers serve as agents of the principal
j.agents' responsibilities to the investor broker and a mutual fund is not answerable for their
k.ethical code of conduct activities
l.all of the above i.True
115. The following are not termed as "sales practices"
i.agents commission 124. In India, Mutual fund agents' rate and services
j.before-and after-sales service to investors are at present defined by
k.advertising of schemes g.SEBI rules
l.stock broking h.stock exchange bye-laws
i.AMFI rules
j.convention ensuring compliance with applicable regulations is
the responsibility of
125. Along with the application, it is mandatory to i.the fund
distribute j.the agent
i.investment rebate k.AMFI
j.offer document l.SEBI
k.key information memorandum
l.none of the above 134. The terms of appointment of a broker by a fund
126. To sell funds effectively, an agent need not g.laid down by SEBI fully aware of the important characteristics h.laid down by AMFI
of the scheme i.not uniform to all funds
h.know his/her client's risk profile j.none of the above
i.give after sales service
j.offer large investment rebates 135. The code of ethics for mutual funds published
127. For investors to correctly compare performance mandatory
of different funds SEBI's advertising codes include in the form of recommended practices
i.uniform computation of yields unfavourable to investors
j.uniform presentations of dividends j.does not cover distribution and selling practices
k.identical time periods
l.all of the above 136. The AMFI code of ethics does not cover the
following prescriptions
128. SEBI's advertising code mandate that all g.Adequate disclosures should be made to the
performance calculations in a fund's advertisement investors
should be based h.Funds should be managed in accordance with
g.NAV stated investment objectives
h.the NSE Fifty Index i.conflict of interest should be avoided in
i.the BSE Sensex dealings with directors or employees
j.none of the above j.each investment decision should be approved
by investors
129. An agent's appointment by a fund
i.requires SEBI's approval 137. Distribution and sales practices are only partly a lengthy and cumbersome process regulated by SEBI at present mandatorily preceded by an AMFI test i.True
l.does not require any approval j.False

130. An investor does not have recourse to his agent 138. Which of the following distribution channels is
in case of errors, problems or the quality of the preferred by private mutual funds
investment i.Individual Agents
c.True j.Small Distribution companies
d.False k.established distribution companies
l.the Internet
131. An agent can offer and sell a funds's units at
i.any price he chooses 139. Which of the following sales practices is
j.a price determined by competition among prescribed by regulation
agents i.AMFI Code of Ethics
k.a price based on demand for that fund's units j.SEBI Advertising
l.the public offering price currently in effect k.AMFI's Code for Agents
l.None of the above
132. All buy orders through an agent do not become
valid till the fund accepts and confirms the orders 140. In a mutual fund investors' subscriptions are
i.True accounted for as
j.False i.liabilities
133. When an agent purchases, offers or sells units, k.unit capital
l.none of the above
149. For a close-ended fund, the repurchase price
141. Investments made by a mutual fund on behalf of should not be lower than
investors are accounted as i.NAV
e.assets j.95% of NAV
f.liabilities k.93% of NAV l.97% of NAV
h.none of the above
150. For a scheme that has a load, the AMC can
142. Liabilities in the balance sheet of a mutual fund change an investment management fee not exceeding
are g.1.50% the form of long-term loans h.2.00%
h.strictly short term in nature i.1.25%
i.combination of long term and short term j.0.50%
j.not allowed as per regulations 151. Initial expenses of launching schemes should not
143. Net Asset Value (NAV) of a mutual fund scheme k.15% of amount received
is defined as the schemes l.10% of amount raised
g.assets minus liabilities m.6% of amount raised
h.assets per unit n.5% of the amount raised
i.assets minus liabilities per unit
j.none of the above 152. Which of the following expenses cannot be
charged to the scheme
144. The day on which NAV is calculated by a fund is k.Audit fees
known as l.costs related to investor communication
g.computation date m.winding costs for terminating the scheme
h.valuation date n.penalties and fines for infraction of laws
i.record date closure date 153. Which of the following are not true for Equity
Linked Savings Schemes?
145. A funds NAV is affected by m.Investors can claim an income tax rebate
e.Purchase and sale of investment securities n.There is a lock-in period before investment can
f.valuation of all investment securities held be withdrawn
g.units sold or redeemed o.There are not specific restrictions on
h.all of the above investment objectives for the fund managers
p.These funds cannot invest in equity
146. When computing NAV of fund SEBI requires
accrual of major expenses to be accounted 154. Which of the following is not true for Index
i.quarterly Funds
j.annually m.These funds invests in the shares that
k.on a day to day basis constitute a specific index
l.when actually paid n.The investment in shares is in the same
proportion as in the index
147. If a fund calculates NAV daily, it will include all o.These funds take only the overall market risk
the transaction concluded up to p.These funds are not diversified
h.last week
i.last two days 155. The structure which is required to be followed
j.previous day by mutual funds in India is laid down by k.Financial Ministry
l.Securities & Exchange Board of India (SEBI)
148. For a open-ended fund,the repurchase price m.Fund Sponsor
should not be lower than n.Association of Mutual Funds of India (AMFI)
h.95% of NAV 156. The Board of Trustees of a mutual fund:
i.93% of NAV m.act as a protector of investors' interests
j.97% of NAV n.directly manage the portfolio of securities not have the right to dismiss the AMC
p.cannot supervise and direct the working of the 164. The sponsor of a mutual fund may be compared
AMC to
m.a director in a Company
157. The AMC of a mutual fund cannot n.the Chief Executive of a Company
m.undertake advisory services or financial o.Promoter of a Company
consulting equity shareholder in a Company
n.cannot invest the funds in government paper
o.act as a trustee of more than one mutual fund 165. Issuing and redeeming units of a mutual fund is
p.cannot invest the funds in securities the role
m.the custodian
158. The trust that manages a mutual fund is n.the transfer agent
appointed by o.the trustees
m.The Finance Ministry p.the bankers
o.SEBI 166. The fund sponsors should have a sound financial
p.The sponsor of that mutual fund track record of
k.7 years
159. The custodian of a mutual fund: l.12 months appointed for safekeeping of securities m.5 years
l.need not be an entity independent of the n.3 years
m.not required to be registered with SEBI 167. The networth of an asset management company
n.does not give or receive deliveries of physical should be greater than
securities m.Rs.100 Crores
n.can be decided by the Sponsor
160. Transfer Agents of a mutual fund are not o.should be atleast Rs. 10 Crores at all times
responsible for p.should be greater than Rs.10 Crores
m.issuing and redeeming units of the mutual
fund 168. The AMC and directors are answerable to
n.updating investor records k.Stock Exchanges
o.preparing transfer documents l.The Board of Trustees
p.investing the funds in securities markets m.Agents and distributors
n.Stock Brokers
161. Distributors or agents
m.can distribute several mutual funds 169. The role of an AMC is to act as
simultaneously 1.promoters
n.cannot appoint sub-agents or sub-brokers 2.investment managers
o.should be only individuals not companies or 3.distribution agents
banks 4.regulators
p.should not be an employee or associate of the
AMC 170. A change in the following key people does not
materially impact the performance of the fund
162. A transfer in the management of a close-ended m.Fund sponsors
scheme does not require the consent of n.Trustees of the fund
k.unit holders with 75% voting rights o.Fund Manager
l.SEBI p.Members of the AMFI Committee
n.AMC 171. To transfer the management of a scheme from
one AMC to another, the consent of the following is
163. The fund sponsor has to contribute required
k.nothing to the AMC k.SEBI
l.the total networth of the AMC l.Unit holders
m.atleast 40% of the AMC's networth m.both SEBI and unit holders
n.exactly 50% n.none of the above
172. As per SEBI's principles, the AMC and the 180. The largest corpus of investable funds in India is
Board of Trustees of a fund should belong to the with
same sponsors e.Bank-owned mutual funds
l.True f.Private Sector mutual funds
m.False g.UTI
h.Insurance Companies
173. After UTI, the first mutual funds were started by
k.private sector banks 181. The Board of Trustees of the UTI does not have
l.public sector banks nominees from institutions m.RBI
n.non-banking finance companies n.LIC
174. The highest authority among the following is the p.The Bombay Stock Exchange (BSE)
l.Company Law Board 182. UTI Cannot provide
m.RBI k.corporate finance
n.Ministry of Finance l.engage in real estate and property development
175. The entity that SEBI does not regulate is m.provide merchant banking services
m.share registrars n.invest in securities funds
o.stock exchanges 183. The "Capital" of a scheme does not include
p.non-banking finance companies m.unit capital
176. The accounts and all other records of an AMC o.borrowing
are filed with p.networth of the AMC
l.Registrar of Companies 184. Which of the following are Self Regulatory
m.Agents' Association Organisations
n.UTI k.Bombay Stock Exchange
177. A close-ended scheme of a mutual fund is not m.AMFI
governed by n.RBI
m.Exchange Rules of the stock exchange where
it is listed 185. A Self Regulatory Organisation can regulate
n.Listing Agreement between the fund and the k.all entities in the market
stock exchange l.only its own members in a limited way
o.guidelines issued by the Ministry of Commerce m.its own members with total jurisdiction
p.Companies Act provisions relating to entity at all
transactions in securities
186. The amount of authority enjoyed by a
178. The entry of mutual funds in India was initiated 1.self-regulatory organisation is defined by
by mutual funds set up by 2.the apex regulatory authority
k.Public Sector Banks law board
l.Private Sector mutual funds 4.its own members
m.Unit Trust of India 5.RBI funds set up by insurance companies
187. The role of AMFI in the mutual funds industry is
179. For a close-ended scheme to change its not to
fundamental attributes, it must obtain the consent of k.promote the interests of the unit holders
m.50% of unit holders l.set a Code of Ethics
n.50% of trustees m.regulate mutual funds
o.75% of unit holders n.increase public awareness of mutual funds in
p.none of the above the country
i.Monitor his investments carefully
188. The rights of investors in a mutual fund scheme j.being aware of information that affects his
are laid down in investment in a major way
m.the Offer Document of that scheme k.carefully studying the offer document
n.Quarterly Reports l.taking decisions about where the fund managers
o.Annual Reports should invest brochures
196. UTIs scheme US-64 falls under the purview of
189. Unit holders of a mutual fund scheme do not SEBI
have a right to m.True
m.proportionate ownership of the scheme's assets n.False
n.dividend declared for that scheme
o.dividend declared for other schemes of the 197. UTI was set up by
mutual funds l.SEBI
p.income declared under that scheme m.AMFI
n.A special act
190. After dividend declaration, unit-holders are o.RBI
entitled to receive dividend within week 198. Bank owned Mutual Funds are supervised by month k.SEBI
o.42 days l.RBI
p.six weeks m.jointly by SEBI & RBI
191. Unit holders' right to information does not
include 199. Investor does not have the right to receive any
i.obtaining from the trustees any information interest from an AMC if his redemption proceeds are
having an adverse effect on their investments not despatched within 10 working days
j.inspecting major documents of a fund m.True
k.receiving of a copy of the annual financial n.False
statements of that fund
l.approving investment decisions of the fund 200. If an investor failed to claim his redemption
proceeds within 3 years, he can claim the proceeds at
192. Shortfalls in the case of assured returns schemes k.Par
are met l.Prevailing NAV sponsors of such schemes m.the on the date he has applied for redemption
l.only if the offer document specifically provided n.15% below the prevailing NAV
such a guarantee by a named sponsor 201. After closure of the initial offer an open ended
m.the Government of India scheme, on going sales and repurchases must start
n.AMFI within
o.One week
193. Unit-holders aggrieved by a Fund or AMC can p.30 days
get redressed from q.45 days
k.Consumer Courts r.180 days
m.AMFI 202. For scheme to be able to change its fundamental
n.RBI attributes, it must obtain the consent of
o.50% of the unit holders
194. If the Directors of an AMC commit fraud, Unit- p.50% of the trustees
holders investments' cannot be protected by the q.75% of the unit holders
Department of Company Affairs and the Company r.none of the above
Law Board
k.True 203. The prospectus or Offer Document containing
l.False the details of new scheme is first registered with the
195. The responsibilities of a unit-holder do not r.SEBI
include: s.Bombay Stock Exchange
t.Ministry of Finance
211. The offer document has to be fully revised and
204. The offer document issued by mutual funds does updated
not serve the purpose of q.every six months
q.announcing the scheme r.once in two years detailed information about the scheme s.every quarter
s.inviting the the investors t.every month the fund manager's investment outlook
for the next quarter 212. An addendum giving details of material change
in the offer document should be circulated
205. The prospectus of a close-ended fund is issued o.distributors/brokers
o.every year p.unit holders
p.only once at the time of issue q.SEBI
q.every quarter r.all of the above
r.every six months
213. Which of the following is not true for offer
206. Fundamental attributes of scheme documents of open-ended schemes not include the objective of the scheme is first issued at the time the scheme is
r.can be changed without the investor's approval launched
or knowledge is registered with SEBI
s.include the terms of the scheme has to be revised periodically
t.are not necessary for deciding whether to invest need not be revised at all
in the scheme or not
214. All important disclosures that the mutual fund is
207. The offer document required to make, by regulation, are contained in the
q.contains the terms of issue offer document no information relevant for making an q.True
investment decision r.False not the operating document describing the
scheme 215. The offer document issued when an open-ended
t.cannot be called a reference document scheme is launched is valid for all times, until
208. SEBI does not require the following to be q.True
included in the offer document issued by a mutual r.False
q.details of the Sponsor and the AMC 216 The most important source of information for a
r.Description of the Scheme & investment prospective investor is
objective/strategy o.offer document
s.Investors' Rights and Services p.Annual Report of the AMC
t.Performance of other mutual funds q.Economic Times
r.AMFI Newsletter
209. 'Key Information Memorandum' is abridged version of the offer document 217 The offer document need not be studied by an
p.the Memorandum & Articles of Association of investor before investing in a scheme
the AMC q.True
q.a sheet containing historical NAVs of other r.False
fund schemes
r.Annual Report of the AMC 218 The offer document is not a legal document
210. The offer document for a scheme remains valid p.False
even if
q.the AMC is reconstituted 219 Initial issue expenses are charged to a scheme in
r.entry or exit load are changed the first year itself
s.the scheme's NAV changes m.True plans are added to existing schemes n.False
p.stocks whose worth will be recognised by the
220 Scheme-wise annual report of a mutual fund market in the long term
need not be q.high current yield
q.sent to all unit-holders r.long term capital appreciation
r.forwarded to SEBI
s.published as an advertisement 229 From an investor's viewpoint, the most important
t.stock exchanges is
q.a fund's investment style
221 Mutual funds value their investments r.performance of the fund purchase price s.the fund manager's judgement
p.on a mark-to-market basis t.none of the above par book value 230 Fundamental analysis involves
i.checking the foundations of the company's
222 Investors are totally exempt from paying any tax factory building
on the dividend income they receive from mutual j.research into the operations and finances of the
funds company
n.True k.studying the company's share prices
o.False l.none of the above

223 Income distributed to unit-holders by a debt fund 231. Which of the following is not considered for
is liable to dividend distribution tax technical analysis
o.True q.historical data on the company's share price
p.False r.the company shares' trading volume
s.current market sentiment
224 A close-ended has average weekly net assets of t.the company's regulatory environment
Rs 200 crore.As per SEBI regulations, the AMC can
charge the fund with investment and advisory fees 232. Quantitative analysis is more likely to be done to
upto: evaluate a particular sector or industry rather than any
o.Rs 2.25 crore specific stock
p.Rs 2.00 crore o.True
q.Rs 2.50 crore p.False
r.Rs 3.00 crore
233. Fundamental analysis forms the basis to decide
225 A passive fund manager q.when to buy a given share
q.researches stocks extensively r.whether to buy a given share or not
r.does not buy and sell stocks often s.whether to use technical analysis or
s.does not have to go through the process of quantitative analysis
stock selection t.whether the company's factory can withstand
t.does not have to track stocks earthquakes

226 A fund manager managing an index fund 234. Technical analysis guides the decision on
o.has to keep fund expenses low o.whether to buy or sell
p.does not have to research stocks p.the right time to buy or sell
q.does not have to balance his portfolio q.whether company's technical personnel are
r.none of the above adequately qualified
r.none of the above
227 A growth manager looks for
q.high current income 235. Which of the following is not an investment
r.undervalued stocks philosophy
s.above average earnings growth o.capitalising on economic cycles
t.none of the above p.focusing on growth sectors
228 A value manager does not look for r.finding value stocks
o.stocks that are currently undervalued in the
236. When expecting a fall in market price, fund 245. In India, a large part of debt securities pay
managers can reduce the loss in portfolio value by interest on
k.speculating m.a floating rate basis
l.not buying and selling shares at all for some n.a fixed rate plus a variable portion
days o.a fixed rate
m.using equity derivatives coupon basis TV interviews to improve sentiment
246. The Indian debt market is largely wholesale in
237. Equity derivative instruments are nature
o.shares o.True
p.bonds p.False
r.notes 247. In the wholesale debt market, the largest
proportion of trading is seen in
238. A futures contract allows one to buy or sell the 1.Government Securities
underlying shares, but need not result in delivery 2.Corporate Bonds
q.True 3.T-Bills
r.False 4.PSU Bonds

239. Derivatives cannot be based on market indices 248. The largest proportion of trades done in the
q.True wholesale debt market is accounted by
r.False funds
p.foreign banks
240. In a mutual fund, the overall decisions on q.Indian banks
allocating money to particular industries/sectors are institutions
taken by
q.equity analysts 249. Certificates of Deposits (CDs) are issued by managers o.Regional Rural Banks dealers p.Corporates
t.trustees q.Scheduled commercial banks
r.none of the above
241. Continuous tracking of the companies in which
a mutual fund has invested is done by 250. Commercial Paper is issued by Corporate bodies
m.continuous tracking systems meet short-term working capital
n.equity analysts requirements
o.trustees finance the acquisition of long term capital dealers assets retire long term debt
242. Security dealers of a mutual fund pay dividend
o.guard the cabin of the fund manager 251. Government securities are issued through the
p.execute buy and sell orders for the fund RBI
q.decide which shares to buy or sell s.True
r.none of the above t.False

243. As per SEBI's requirements each scheme of a 252. The yield on Treasury Bill (T-Bill) us
mutual fund should have a different fund manager determined by
o.True s.the Government of India
u.the State Governments
244. Debt securities bought at a discount to their face v.floating rate method
value are generally
m.interest bearing 253. Which of the following are not normally found coupon bonds in the portfolio of a debt fund
o.paying interest at a floating rate u.long-dated Government Securities
p.none of the above v.Corporate debentures
w.bonds issued by financial institutions x.fundamental analysis
x.certificates of deposit issued by banks
262. When interest rates rise, bond prices
254. Which of the following do not represent the 1.also rise
amount an investor of a debt security will be paid 2.fall
upon maturity 3.are not affected
u.par value 4.fluctuate either up or down
v.face value
w.fair value 263. Yield curve is also known as
x.redemption value s.Curve of Interest
t.Term Structure of Interest Rates
255. Coupon of a debt security refers to u.Curve that yields
s.a piece of paper attached to the certificate v.none of the above
t.the return on investor would earn
u.the amount rate of interest paid on par value of 264. An important indicator of expected trends in
the bond interest rates is
v.none of the above s.The Economic Times
t.the Sensex
256. Which of the following do not apply to the term u.the Yield Curve
'maturity' of a debt security? v.the Chief Minister's Speech
u.the date on which the certificates becomes old
v.the term of the bond 265. It may not be possible to reinvest interest
w.the date of redemption received at the same rate as principal. This is known
x.the date on which the issuer has to repay the as
amount s.reinvestment risk
t.inflation risk
257. Call or put provisions are used to modify the u.interest-rate risk
fixed maturity of debt securities risk
v.False 266. A bond's rating indicates its
s.reinvestment risk
258. A call provision in a debt issue allows the issuer t.default risk
to u.inflation risk out the names of the investors v.interest-rate risk
v.redeem the debt on maturity
w.extend the tenure of the debt 267. If a bond cannot be sold at a price near its value,
x.redeem the debt before maturity it means that investment in this bond has
s.high liquidity risk
259. A put provision in a debt issue allows t.high default risk
1.investor to put away the certificates in safe u.low liquidity risk
deposit vaults v.inflation risk
2.investors to redeem debt prior to maturity
3.issuers to redeem debt prior to maturity 268. The additional yield required to account for the
4.investors to extend the tenure of debt risk of default by the borrower is known as
q.yield plus
260. Current yield relates interest on a security to r.yield spread
u.its current market price s.yield extra
v.its face value t.yield premium
w.its fair value
x.the current price of T-Bills 269. A high credit rating does not mean
o.high yield spread
261. To compare bonds with different coupon rates, p.high perceived safety
maturities and prices, investors would use: q.low yield spread
u.current yield r.low risk premium
v.technical analysis
w.yield to maturity 270. If 10-year government securities Neil 10% and a
10-Year fixed deposit in a company yields 12%, the
yield spread is 278. A mutual fund manager is not allowed to sell
u.12% short when he expects a crash in the market
v.22% s.True
w.10% t.False
279. In a mutual fund, having many schemes, al
271. The "duration" of an interest-bearing bond is securities bought can be held in a general account and
s.longer than its maturity transferred later to various schemes to attain certain
t.less than its maturity profit or loss objectives
u.equal to its maturity u.True
v.the quality of paper used for the certificate v.False

272. A bond with a coupon of 9% when interest rates 280. A mutual fund may invest in short-term deposits
for similar maturities are 11% will sell of scheduled commercial banks
p.above par m.True
q.below par n.False par a price unrelated to the prevailing interest 281. Mutual funds are allowed to lend
273. Changes in foreign exchange rates have no w.physical assets
bearing on interest rates x.none of the above
r.False 282. In case of listed securities of group companies of
the sponsor, mutual fund is not allowed to invest
274. Inflation and interest rates are inversely q.25% of its net assets
proportional r.10% of its net assets
s.True all
t.False t.>5% of net assets

275. Investment policies of a mutual fund are 283. A mutual fund may transfer investments from
determined by one scheme to another
u.the fund manager u.not at all
v.the AMC management current market rates
w.the marketing department based on what cost price
distributors want a fixed premium over market rate
x.the investors
284. Interest Rate Risk for an Indian debt fund can be
276. Which of the following measures are not taken reduced by using
by SEBI for protecting investors of mutual funds s.Futures
s.mandating minimum levels of diversification t.Options
for mutual funds u.Interest Rate Swaps
t.ensuring that the funds are not used to favour a v.none of the above
few companies
u.tracking the securities that each fund has 285. The Interest Rate Forecasting Unit of a debt
invested in fund is generally manned by
v.ensuring that the funds are invested in s.technicians
approved securities only t.statisticians
u.economists & econometricians
277. As per SEBI norms, a fund's investments, in the
equity shares of any one company are restricted to
u.25% of NAV 286. AMCs need not maintain records in support of
v.10% of NAV each investment decision
w.50% of NAV o.True
x.100% of NAV p.False expenses and average net assets
287. When interest rates for similar maturities' bonds expenses and total assets
are 11%, bond with a 9% coupon rate will sell s.average expenses and average net assets
s.above par t.none of the above
t.below par par 295. While computing the Expense Ratio for a fund, a price unrelated to the interest rates for brokerage commissions on the fund's transactions are
similar securities not included in the fund expenses
288. The most suitable measure for a fund's r.False
performance does not depend on the
s.type of fund 296. The Expense Ratio is not of utmost importance
t.investment objective of the fund in case of market conditions q.Debt fund
v.amount invested by investor r.Index fund
s.Equity fund
289. If the NAV of an open-ended fund was Rs.16 at t.Bond fund
the beginning of the year and Rs.22 after 13 months,
the annualised change in NAV is 297. The Expense Ratio is not affected by
s.6.0% size
t.34.6% q.average account size
u.40.6% r.portfolio composition
v.37.5% s.stock market conditions

290. Change in NAV as a measure of fund 298. The Income Ratio as a measure of a fund's
performance is more suitable for performance is defined by the fund's
u.growth funds income and total assets
v.income funds investment income and net assets
w.funds with withdrawal plans income and net assets
x.none of the above v.none of the above

291. The difference between NAV change and total 299. The Income Ratio is more suitable for evaluating
return as measures of fund performance is the performance of
q.none s.Equity Funds return takes dividend into account while t.Growth Funds
NAV change does not u.Regular Income Funds return does not take NAVs into account v.Index Funds return does not take the time period into
account 300. Portfolio turnover rate of a fund measure the
s.size of the fund's portfolio
292. The most suitable measure of fund performance t.amount of buying and selling done by the fund
for all fund types is u.the average number of units sold by the fund in
s.NAV Change one day
t.Total Return v.none of the above
u.Total Return with reinvestment 301. A high turnover rate for a fund indicates
v.none of the above u.high transaction costs
v.greater efficiency
293. The expense ratio used for measuring fund w.high returns to the investor
performance is an indicator of x.a rising market
q.product market condition
r.growth in the economy 302. Turnover rates would be most relevant to
s.prevalent market practices analyse the performance of
t.the fund's efficiency w.equity funds
x.growth funds
294. The Expense Ratio as a measure of a fund's y.debt funds
performance is defined by a fund's z.value funds
303. Transaction costs include 311. For evaluating funds, the preferred benchmark
y.all expenses related to trading would be the
z.all expenes charged to the fund y.BSE Sensex
aa.distribution expenses z.S&P CNX Nifty
bb.none of the above aa.BSE 200
bb.S&P CNX Sectoral Indices
304. Which of the following are not included in
Transaction costs? 312. To evaluate a close-ended debt-fund, a suitable
y.brokerage commissions benchmark would be
z.stamp duty on transfers s.BSE Sensex
aa.custodians fees t.I-Sec's I-BEX
bb.agent commissions u.interest on bank fixed deposits of similar
305. Which of the following transaction costs are not v.S&P CNX Defty
quantified in the offer document
w.brokerage commissions 313. When comparing performance of two funds, the spreads following need not be similar
y.custodian's fees w.Risk profiles
z.registrar's fees x.Investment objectives
y.Fund size
306. The size of a fund has no bearing on its z.Fund managers
y.True 314. Which of the following is false?
z.False w.ROI is a measure similar to Total Return with
Reinvestment of distribution
307. As per SEBI, mutual funds can borrow for short x.Total Return with Reinvestment of
term to the extent of distributions assumes reinvestment at NAV on net assets the distribution date
x.50% of net assets y.As a measure of performance, Total Return
y.25% of net assets with Reinvestment of distribution seeks to
z.20% of net assets overcome the shortcomings of simple Total
308. Which of the following is of no relevance in z.Because of its simplicity, simple Total Return is
evaluating a fund's performance preferred in practice to Total Return with
y.The performance of the stock market as a Reinvestment of distribution
z.The performance of other mutual funds 315. The basis of genuine investment advice should
aa.The returns given by other comparable be
financial products 1.the current market situation
bb.The change in wholesale price index 2.the agent commissions paid by different funds planning to suit the investor's
309. The choice of an appropriate benchmark for situation
evaluating a fund's performance depends on 4.planning to complete the agent's annual targets
s.the fund manager
t.the investment objective of the fund 316. Financial goals do not include
u.SEBI w.buying a home
v.AMFI x.winning a sports gold medal
y.planning for retirement
310. An actively managed equity fund expects to z.saving for child's education able to beat the benchmarks
z.earn the same returns as the benchmark 317. Financial planning allows a person
aa.have no benchmarks become a billionaire
bb.underperform when compared with the achieve financial goals through proper
benchmark management of finances invest in foreign countries
z.none of the above the financial planner and the client has no
318. Financial plans do not alter in any way the y.True
amount of tax an investor pays as the tax is on his z.False
u.True 328 The constraint on financial planning due to
v.False insufficient investable resources can be remedied to
some extent by
319. Which of the following works with an investor u.decreasing the standard of living
on his overall financial situation v.disciplining children
s.Tax Advisor w.disciplined monthly budgeting
t.Financial Planner x.none of the above
u.Insurance Agent
v.Financial Advisor 329 In the growth option offered by mutual funds, the
number of units held by an investor increases because
320. A financial planner takes responsibility for the of
financial well-being of his/her clients w.growth in net asset value i.e. capital
y.True appreciation
z.False x.reinvestment of dividend which is like
321. Financial planners and their clients should focus y.interest received on the fund's assets
on z.none of the above
w.allocating funds to asset classes (e.g. debt,
equity etc.) 330 To maximise returns on investment, once an
x.allocating funds to individual securities investor buys into a fund, he/she should hold on to it
y.tracking stocks which they feel have potential no matter what happens
z.none of the above o.True
322. Within an asset class, which individual security
to invest in should be decided by 331 If an investor keeps investing a fixed amount at
t.the financial planner regular intervals, the average cost of his purchases
u.the investor himself will always be less than if he makes investment at
v.a professional fund manager irregular periods objective advisor y.True
323. Financial Planning comprises
s.defining a client's profile and goals 332. Which of the following lets an investor book
t.recommending appropriate asset allocation profits in a rising market and increase holdings in a
u.monitoring financial planning falling market
recommendations u.Fixed Rates of Asset Allocation
v.all of the above v.Flexible Ratio of Asset Allocation
w.Investment without any asset allocation plan
324. Financial planning is relevant only for high x.Buy and Hold Strategy
networth individuals
u.True 333. A Flexible Ratio of Asset Allocation means
v.False y.continuously changing the ratio of various
assets in the portfolio
325. Financial planning does work for older clients z.not doing any re-balancing and letting the
y.True profits run
z.False switching
bb.none of the above
326 Financial planning is primarily tax planning
w.True 334. The strategy advisable for an investor to
x.False maximise investment return in the long run is and hold on to investments for a long time
327 In financial planning, all responsibility ends with
x.liquidate poorly performing investments from w.Low entry price
time to time x.High yield after tax
y.liquidate good performing investments fro time
to time 342. Listing of shares at a stock exchange ensures
z.switch from poor performers to good w.guaranteed returns
performers x.long term capital appreciation
y.low risk
335. A criticism of rupee-cost averaging is z.high liquidity
w.Investment is for the same amount at regular
intervals 343. The rate of interest paid by a company on
x.Over a period of time, the average purchase debentures issued by it depends on
price will work out higher than if one tries to u.the stock market situation
guess the market highs and lows v.SEBI guidelines
y.It does not tell you when to buy, sell or switch w.the company's credit rating
from one scheme to another x.the amount of money being raised
z.Rupee cost averaging has no serious
shortcomings 344. Which of the following is not a characteristic of
company fixed deposits
336. In India, individual investors do not have direct u.A higher rate of interest
access to v.higher risk market instruments w.unfavourable effect of tax
r.real estate x.very high liquidity
s.bullion market instruments 345. Which of the following is untrue for Public
Provident Fund Schemes
337. Which of the following entities can given loans s.The interest is tax-free
against securities t.Post-tax returns are attractive
w.UTI u.Liquidity is rather low
x.Banks v.none of the above
y.Mutual funds
z.none of the above 346. Indira Vikas Patra is an investment product
popular with
338. Which of the following investment products do u.rural investors
not give guarantee for return or capital v.investors in high tax bracket
w.Bank deposits w.urban investors
x.Pubic provident fund (PPF) x.risk taking investors
y.National Savings Certificates (NSC)
z.Units of a mutual fund 347. Finance Acts of 2000 and 2001 have reduced
tax-free interest on Public Provident Fund to
339. The biggest advantage of investment in gold is t.12%
w.High returns u.10.5%
x.High appreciation in value v.9%
y.Low Purchase price w.11%
z.Hedge against inflation
348 Most individuals invest in life insurance policies
340. The biggest disadvantage of investment in real for
estate is w.risk protection
y.Less potential for capital appreciation benefits
z.High purchase price y.easy liquidity
aa.Depreciation in value as time passes z.high returns
bb.Value gets eroded due to inflation
349. Annual contribution to Public Provident Fund
341. Which of the following is not an advantage of should be
bank deposits? w.Rs.10000
u.Liquidity x.between 100 and Rs.6000
v.High perceived safety y.between Rs.600 and Rs.1000
z.none of the above
358. A small investor can build a diversified
350. The current yield on Indira Vikas Patra works portfolio by
out to aa.buying one share each of all listed
w.10.5% companies
x.11% bb.investing in a mutual fund
y.10% cc.borrowing enough money to buy shares
z.9% of well-managed companies
351. The tenure of an Indira Vikas Patra is dd.none of the above
y.7 years
z.6 years 359. Which of the following is not an advantage
aa.5 years of mutual fund investment over direct investment
bb.3 years cc.Higher liquidity
dd.Lower transaction costs
352. The maturity period of RBI Relief Bonds is ee.Greater convenience
aa.5 years ff.guaranteed returns
bb.6 years
cc.7 years 360. There is no contractual guarantee for
dd.8 years repayment of principal or interest to an investor
353. The annual yield on RBI Relief Bonds is deposit
cc.9.5% x.debt fund
dd.9.5% before tax y.secured debentures
ee.8.5% before tax z.all of the above
ff.8.5% after tax
361. Which of the following debt investments is
354. Individual investors do not normally invest not rated
in Government Securities because cc.Corporate Bonds
cc.individual investors re not allowed to dd.Commercial Paper
invest in Government Securities ee.Company Deposit
dd.the amount required for investment is ff.Debt Fund
very large of principal is not guaranteed 362. Gold and real estate are attractive
ff.none of the above investment options only in high inflation
355. The amount an insurance company would cc.True
pay to the nominee if a policyholder died is dd.False
known as the
aa.premium 363. Direct investment in stock market can be a
bb.sum assured better option than investing through mutual
cc.face value funds if the investor
dd.real value w.wants better returns than those offered by
mutual funds
356. Dividends distributed by mutual funds are x.has large capital, knowledge and
aa.taxed at source resources for research
bb.taxed in the hands of the investors y.has identified a bullish phase in the stock
cc.are subject to capital gains tax market
dd.are tax-free in the hands of the investor z.wants to invest for the long term

357. Investing through mutual fund is a better 364. Deciding on strategies such as long-term
option than investing directly in the stock market compounding, cost averaging, value averaging,
because active switching, all depend on the
identifying stocks is a difficult process aa.stock market situation on date
agents get commissions on mutual fund investment bb.amount of money to be invested
returned are guaranteed by mutual funds cc.investor's risk tolerance
all of the above
dd.phase through which the economy is
passing 374. As compared to a fund with fluctuating total
returns, a fund with stable positive earnings
365. Financial Planning involves higher returns
aa.studying financial management less risky
bb.managing the risks of investing lower returns
cc.financing the client's investments more risky
dd.none of the above
375. "Risk" is equated with
366. Greater returns come only from assuring w.volatility of earnings
higher risks, and a higher risk portfolio x.level of earnings
guarantees higher returns y.the number of investors in a fund
w.True z.the number of schemes of a fund family
376. Volatility of an equity fund portfolio is
367. The risk tolerance of an investors is independent of the
independent of aa.kind of stocks in the portfolio
aa.his age of diversification of the portfolio
bb.his income manager's success at market timing
cc.the stock market movements dd.number of investors in the scheme
dd.his job security
377. Equity price risks are
368. A sector fund is a specific
aa.low risk fund level
bb.moderate risk fund aa.sector specific
cc.high risk fund bb.all of the above
dd.low-to-moderate risk fund
378. Diversification reduces
369. International funds invest in various and so specific risk
are low risk funds level risk
w.True cc.both of the above
x.False dd.none of the above

370. Investment in gold is a hedge against 379. Which of the following is most risky?
inflation but investment in a precious metal fund y.Investing in a money market mutual fund
falls in the high risk category z.Investing in an index fund
w.True aa.Short term investment in an equity fund
x.False bb.Long term investment in an equity fund

371. By their very nature, growth funds are 380. A fund with a high beta coefficient gives
considered as high risk funds greater returns in a rising market, and is more
aa.True risky in a falling market
bb.False aa.True
372. Short Term bond funds are
aa.low risk funds 381. Which of the following is a disadvantage of
bb.moderate risk funds Standard Deviation as a measure of risk
cc.high risk q.Standard Deviation measures total risk,
dd.of the above depending on the market not just market risk
r.It is based on past returns, which does not
373. The risk level of commodity funds is necessarily indicate further performance
x.high risk category s.It is an independent number
y.determined by the commodity price t.All types of funds can be measured with
movements standard deviation
z.cannot be specified
aa.low risk category 382. The role of an agent is to
aa.point out the features and benefits of aa.Debt funds
various investments options bb.Equity funds the investor develop the right cc.Money Market funds
approach to investing dd.All of the above
cc.recommend some investment option
available 390. To satisfy a young investor's need for
dd.offer ad hoc advise whenever the growth, a greater proportion of investment
investor has surplus money available should be advised in
aa.Gilt funds
383. One of the most effective ways to invest bb.Income Funds
through mutual funds is to cc.Equity Growth funds
y.develop a model portfolio dd.Liquid funds a few units of every mutual fund
scheme available 391. A very high proportion of investment in all
aa.invest all the money in one fund scheme types of equity funds is advisable for investors
bb.invest all the money in different schemes distribution phase
of the same fund family accumulation phase transition phase
384. Mutual fund should be advised to expect ff.who are wealth preserving affluent
cc.low post tax returns individuals
dd.dramatic results
ee.better returns than every other available 392. The transition phase of an investor's wealth
option cycle is when
ff.only realistic wealth accumulation goals y.the financial goals have been already met
z.the investor has retired
385. Asset Allocation is goals are approaching
aa.keeping certificates of the physical bb.investor suddenly gets a windfall
securities in proper places
bb.allocation the available money to all the 393. A high proportion of investment in income
securities available funds is required by
cc.allocating the right proportion of funds to aa.accumulating investors
equity, debt and money market securities bb.affluent investors
dd.none of the above cc.investors in the inter-generational transfer
386. Once a financial advisor works out ideal dd.investors in the distribution phase
Asset Allocation, it can be used for all investors
whom he/she advises 394. Retired investors should
aa.True y.not draw down on their capital
bb.False z.not invest in securities which bear risk of
capital erosion
387. Asset distribution among equity, debt and aa.continue holding a major portion of their
money market securities should correspond to holding in equity growth funds
the investors' need for capital growth, income bb.never invest in equity
and liquidity
u.True 395. For older investors who want to transfer
v.False their wealth financial planning is required
388. The liquidity needs of an investor are met z.the right investment strategy depends
through upon who the beneficiaries are
aa.Equity Funds aa.the right investment strategy depends
bb.Index Funds upon the state of the stock market
cc.Money Market Funds bb.all the funds can be invested in
dd.Sector Funds aggressive equity funds

389. A retired person generally needs a greater 396. Investors who acquire sudden wealth
proportion of
w.can speculate with all the acquired money lower for investors who stay invested in the
in the stock markets scheme longer
x.should not use any of the new wealth to the same for all investors irrespective of how
invest in equity long they stay invested
y.should take the effect of taxes into account not allowed to be charged to mutual fund
z.need not pay any taxes on the newly investors in India
acquired wealth as it is not a part of their
regular income 405 A fund's declared NAV does not include loads
397. Only if a specialty offshore fund has ff.False
consistently given very good performance, it can
be considered for investment by a retiree 406. Which of the following fund types are
y.True comparable
z.False ee.An aggressive equity fund and a money
market mutual fund
398. Past performance should not be solely ff.A value fund and a government securities fund
relied on for selecting a fund gg.A bond fund and a debt fund
x.True hh.A diversified equity fund and a debt fund
407. Who is the primary guardian of unitholders'
399. Between the past performance of a fund funds/assets
and its suitability for an investor, past ee.The AMC
performance is more important ff.The Trustees
aa.True gg.The Registrars
bb.False hh.The custodians

400. Structural characterisations of an equity 408. In case of a fund merger or Take-over

fund include gg.High Court approval may not be necessary
aa.costs of investing hh.SEBI approval is a must
bb.the specific securities in which the fund ii.all unitholders must be informed
has invested jj.all of the above
cc.the number of employees of the AMC
dd.all of the above 409. Units of a money market mutual fund can be
401. An equity fund's age and size are irrelevant issued to
when selecting a fund for investment aa.individuals
cc.True bb.banks
dd.False cc.trusts
dd.all of the above
402. The charge to an investor at the time of he
redeems his units from the fund is known as 410. Though Indian mutual funds have restrictions on
ee.recovery charge borrowings (only20% of net assets and for six months
ff.repurchase load only) which are to meet cash needs for redemption
gg.redemption weight only, UTI is allowed to borrow within more relaxed
hh.exit load norms
403. The load amount charged to a scheme over a hh.False
period of time is called
gg.entry load 411. An equity fund can be said to be concentrated
hh.exit load when
ii.deferred load ee.when it invests in only in two or three stocks ff.when it invests in may companies of the same
404. Contingent Deferred Sales Charge (CDSC) gg.when top ten holdings account for more than higher for investors who stay invested in 50% of net assets invested
the scheme longer hh.when top ten holdings account for more than
25% of net assets invested
412. The size of the market capitalisation of a fund's 420. Yield-to-maturity of a debt fund's portfolio is
equity holdings is inversely proportional to the more important when the investment objective is
returns that cc.current income
aa.can be expected from the fund return
bb.level of risk assumed by the fund ee.liquidity
cc.state of the stock market ff.all of the above
dd.all of the above
421. Compared to equity funds, income margins for
413. A steady holding of investments in an equity debt funds are
fund's portfolio indicates ee.narrow
ee.long-term orientation ff.higher
ff.lower transaction costs gg.the same
gg.both the above hh.almost nil
hh.none of the above
422. Debt funds with long-term investments carry
414. Ex-Mark of an equity fund measures its higher risk of capital loss
ee.performance bb.True
ff.risk cc.False
gg.both the above
hh.none of the above 423. The differerentiating factor among debt funds of
comparable maturity and quality is
415. Beta of an equity fund measures its aa.gross yields
y.performance bb.costs
z.risk age
aa.both the above dd.tenure of the fund manager
bb.none of the above
424. Dstribution tax should be taken into into account
416. The best equity fund, relative to others, would when computing net returns from
have aa.equity funds
ee.higher Ex Marks, lower Beta and higher Gross bb.debt funds
Dividend Yield cc.both the above
ff.higher Ex Marks, higher Beta and higher dd.none of the above
Gross Dividend Yield
gg.lower Ex Marks, lower Beta and lower Gross 425. All debt fund investors are exposed to risk of
Dividend Yield principal loss
hh.lower Ex Marks, higher Beta and higher ee.True
Gross Dividend Yield ff.False

417. When selecting equity funds for investing, those 426. Running a money market mutual fund requires
at the top of the performance rankings should be more of
avoided analysis skills
ee.True dd.equity analysis skills
ff.False ee.patience skills
418. A debt fund's age and size are not important
when selecting a fund for investment 427. Which is the most important in selecting debt
y.True fund for better return
z.False ee.past performance
ff.level of interest rates
419. Debt schemes are popular because expertise
y.the Indian Stock Market is always going down hh.the securities in which it has invested
z.the returns are more predictable
aa.most investors are always in debt 428. Investors should be advised to avoid investing in
bb.all of the above a debt fund with a
cc.lower rated portfolio and higher expense ratio
dd.higher rated portfolio and lower expense ratio ff.a balanced fund
ee.lower rated portfolio and lower expense ratio
ff.lower rated portfolio and higher expense ratio 436. A trail commission is justified when investor cancels his investment
429. An ideal money market mutual fund must have x.the investor redeems his investment in a very
cc.lower returns short time
dd.lower expense ratio agent invests his own money, not that of a
ee.low quality of investments client
ff.all the above agent sells many mutual funds

430. Circumstances that might cause an investor to 437. Of the following, which type of fund would
change the composition of his portfolio have a higher P/E multiple in comparison to the
u.cyclical changes in economy average market multiple
v.unforeseen economic changes affecting the ee.A Value Fund
portfolio's preferred sectors ff.A Growth Fund
w.both the above gg.An Index Fund
x.none of the above hh.Could be any of the above three, one cannot
431. If a charitable trust approaches a distributor with
an application for investment in a mutual fund, the 438. Which of the following is not true as per SEBI
distributor should Regulations for Debt Funds?
ee.accept the application without wasting time ee.Investment in rated debt securities of a single
ff.reject the application outright issuer should not exceed 15% of NAV
gg.refer to the offer document ff.Total investment in unrated debt securities of a
hh.accept the application as a direct application single issuer should not exceed 25% of NAV
gg.Total investment in unrated debt securities
432. An application form for investment in a mutual below investment grade should not exceed 25%
fund is available with of NAV
cc.the offer document hh.Total investment in rated debt securities
dd.the abridged annual report below investment grade should not exceed 25%
ee.the key information memorandum of NAV
ff.a bank challan
439. A Money Market Mutual Fund is most likely to
433. An aggrieved unit-holder of a mutual fund can invest in
sue ee.Corporate Bonds
gg.the AMC ff.Equity Shares
hh.the trustees gg.Government Securities with maturity less
ii.the sponsor if returns have been guaranteed by than 1 year
them hh.All of the above
jj.none of the above
440. Of the following, which would be suitable for a
434. As per SEBI regulations for valuation of retiree with a modest risk appetite
investments held by mutual funds, a security is gg.Value Fund
considered "non-traded" when it hh.Diversified Equity Fund
ee.has not been traded for 60 days prior to ii.Growth Fund
valuation jj.Balanced Fund
ff.has not been traded for 30 days prior to
valuation 441. A high portfolio turnover for a fund indicates not listed on any stock exchange cc.that the fund is active held by the mutual fund without buying or dd.higher transaction costs
selling ee.both the above
ff.none of the above
435. An Ex-Mark of 100% is possible for
cc.a growth fund 442. Unit Trust of India's US-64 Scheme aggressive growth fund listed on stock exchanges index fund ff.has a fixed price for sale and repurchase
gg.has its sale and repurchase price declared ff.False
periodicaly by UTI
hh.has its price determined by market forces 452 The Valuation of non-traded equity shares is done
at the trading price 30 days prior to valuation date
443. The Indian debt market ii.True Wholesale in nature jj.False
dd.comprises large players like financial
institutions and banks 453 If a unit-holder does not agree to the merger of
ee.witnesses large scale trading in government his fund with another, he has not exit option
securities kk.True
ff.all of the above ll.False

444. A fund that charges a load is better than a no- 454. The most important factor look for when
load fund investing in a corporate fixed deposit is the
cc.True kk.yield
dd.False ll.rate of interest rating of the deposit
445. An AMC can approach investors either directly nn.none of the above
or with the help of
aa.individual agents 455. The most important reason for an investor to
bb.banks and non-banking finance companies prefer a bank deposit to a mutual fund is
cc.distribution companies gg.the credit worthiness of the bank
dd.all of the above hh.because the bank does not invest in securities
ii.that the bank offers a guarantee
446. Which of the following is true for Equity Linked jj.all of the above
Savings Scheme (ELSS)
aa.A tax rebate is available to investors in these 456. A deep discount bond
schemes always sold at a discount to its issue price
bb.The investment has to be locked in for 3 years jj.bears interest annually
cc.The minimum amount for investment is fixed redeemed at a price much higher than issue
dd.All of the above price
ll.bears interest at varying interests
447. A prospective investor
z.has the same status as a unit-holder of a fund 457. A mutual fund in India is a
aa.can sue the AMC/trustee ii.body corporate
bb.has no legal recourse
cc.all of the above asset management company
448. An investor can assess the performance of his
mutual fund by comparing it with the performance of 458. When selling a mutual fund, a good agent would
cc.other mutual fund of the same type never
dd.the stock market kk.describe the past performance of the scheme
ee.other financial products the fund with other mutual funds
ff.all of the above mm.assure a rate of return the fund with other financial
449. Unrated securities in the portfolio of a mutual products
fund are not to be valued
ee.True 459. An investor buys one unit of a fund at an NAV
ff.False of Rs.20. He receives a dividend of Rs.3 when the
NAV is Rs.21. The unit is redeemed at an NAV of
450. An exit load guarantees a higher return Rs.22. Total Return is
aa.True ee.25.71%
bb.False ff.Rs.27.51
451 Bonds held in the portfolio of a mutual fund are gg.21.27%
valued at yield to maturity hh.Rs.21.75
ii.It should be bought due to the need for
460. A fund sells 100 units of face value Rs.10/- at an insurance and not as an investment
NAV of Rs.12.25. How much would be credited to jj.All of the above
unit capital?
ii.Rs.1225 468. SEBI Regulations for Mutual Funds were
jj.Rs.225 formulated in
kk.Rs.1000 aa.1992
ll.none of the above bb.1993
461. When a scheme with assured returns is being dd.1996
launched, which of the following need not be
published in the offer document? 469. Expenses incurred by a fund for printing of Key
ii.Means of fulfilling the guarantee Information Memorandum can be amortised over
jj.Information for all schemes launched by the cc.10 Yrs
fund in the past dd.5 Yrs
kk.comparison with other mutual funds ee.15 Yrs
ll.Investment objective ff.Cannot be amortised

462. Mutual fund units can be distributed by 470. A mutual funds' investments are guided by the
ee.trustees of the fund gg.AMC
ff.the AMC hh.Board of Trustees
gg.Non-banking finance companies ii.Investment Objectives
hh.banks jj.Unit holders

463. A debt fund distributes 10% dividend. How 471. UTI was the only mutual fund for the period
much tax does the investor have to pay on this ii.1984 to 1988
dividend? jj.1963 to 1988
ii.10% kk.1964 to 1992
jj.12% ll.none of the above
ll.None 472. Investors who follow the fixed Asset Allocation
464. A debt fund distributes a 10% dividend. How dd.maintain balance in their portfolio by
much tax does the fund have to pay? liquidating a part of the position in the asset class
ii.10% which has given higher return and reinvesting in
jj.12% the other asset class which has lower return
kk.10.2% ee.are not disciplined
ll.None ff.increase their equity position when equity
prices tend to climb
465. How many scrips is the NIFTY constitutes of gg.none of the above
dd.100 473. An investor should not invest in a mutual fund if
ee.30 ee.his capital base is large
ff.none of the above ff.he is able to carry out detailed investment
research and monitor the stock market
466. Which of the following is the first step in gg.both the above
financial planning hh.none of the above
ii.Asset Allocation
jj.Selection of fund 474. Mutual fund can benefit from economies of
kk.Studying the features of a scheme scale because of
ll.None of the above ee.portfolio diversification
ff.risk reduction
467. Why should one buy an insurance policy? gg.large volume of trades
gg.It gives high current returns hh.none of the above
hh.It gives good capital appreciation over its
kk.regulating the industry practices
475. Which of the following is a disadvantage ll.exempting all mutual fund dividends in the
suffered by a mutual fund investor? hands of investors from income tax
gg.High liquidity mm.approving the code of ethics formulated by
hh.diversification AMFI tailor made portfolio nn.doing away with all regulations for mutual
jj.low investment funds

476. A disadvantage suffered by mutual fund investor 484. During the period 1992-99, the mobilisation of
is that he has no control over the costs of investing funds by the mutual fund industry was about
gg.True ii.5% - 6% of gross domestic savings
hh.False jj.2% - 4% of gross domestic savings
kk.7% - 10% of gross domestic savings
477. Which of the following statements about UTI is ll.25% - 40% of gross domestic savings
ii.It was set up in 1963 485. Which of the following about Public Providend
jj.It was formed by RBI Fund (PPF) are untrue
kk.It was established by an act of Parliament gg.50% of the balance of the 4th year can be
ll.It was not given a monopoly status withdrawn in the 7th year
hh.The interest is tax free
478. Which scheme has the largest investor base? ii.The rate of interest is 12% p.a.
gg.ULIP jj.contributions upto Rs.60000 are eligible for tax
hh.UTI Mastershare rebate
jj.SBI Magnum 486. A close-ended scheme is quoted on the stock
exchange at a discount to its NAV when
479. Which was the first diversified equity aa.the markets are bearish
investment scheme in India bb.investors perceive that the fund will be unable
gg.SBI Magnum to maintain the NAV
hh.UTI Mastershare cc.the assets of the fund are undervalued
ii.MEP-91 dd.none of the above
487. Which of the following is a fundamental
480. The private sector was granted permission to attribute of a mutual fund scheme
enter the mutual fund industry in ii.The names and addresses of the registrars and
y.1992 custodians
z.1993 jj.The nature of the scheme being income bearing
aa.1998 kk.The specified stocks in the scheme's portfolio
bb.1995 ll.The name and address of the compliance
481. The first non-UTI mutual fund was
ii.SBI MF 488. Offer Document of a mutual fund is
jj.LIC MF ii.required by investors
kk.Canbank MF jj.required by the AMC for its own reference
ll.Indian Bank MF kk.required as per SEBI regulations
ll.not mandatory as per SEBI
482. The organisation responsible for a
comprehensive set of regulations for all mutual funds 489. The units of a scheme being sold and
in India is repurchases as per the procedure laid down is one of
gg.RBI the fundamental attributes of a scheme
hh.SEBI ii.True
ii.AMFI jj.False
490. The steps involved in the selection of an equity
483. The 1999 Union Government Budget helped the fund for investment are
Mutual Fund industry by
kk.sector selection, asset classification, selection ff.Gross dividend Neil 10%, Beta 1, Ex-Marks
of fund managers and schemes 70
ll.sector selection, selection of fund managers gg.Gross dividend yield 11%, Beta 0.9, Ex-
and schemes, asset classification Marks 80
mm.asset classification, sector selection, hh.Gross dividend yield 12%, Beta 1.2, Ex-
selection of fund managers and schemes Marks 80
nn.selection of fund managers and schemes,
sector selection, asset classification 496. A mainstream diversified debt fund is most
affected by
491. Compounding of interest is best explained by a ee.reinvestment risk
gg.balanced fund ff.liquidity risk
hh.growth fund gg.interest rate risk
ii.value fund hh.default risk
jj.income fund
497. If yields fall, a debt fund manager will do all of
492. From whom can a unit-holder seek redressal if the following except
his complaint is not entertained by the mutual fund dd.sell short maturity securities and buy long
ii.AMC maturity securities
jj.Board of Trustees ee.see that the fund's average duration becomes
kk.SEBI longer than the market's average duration
ll.RBI ff.sell long duration securities and buy short
duration securities
493. An investor wishes to switch between a money gg.sell high coupon securities and buy low
market mutual fund and an equity fund. What would coupon securities
you advise him?
gg.It would be better to stick to one type of fund, 498. In which type of schemes should an unmarried
the one that meets his investment objective. professional working HLL invest
hh.He should keep switching parts of his gg.Scheme investing 80% in debt securities
investment from the equity fund to the money hh.50% in equity funds and 50% in income funds
market fund as the market rises and switch back ii.90% in equity funds having a higher P/E Ratio
to the equity fund when the market falls than the market
ii.He should switch from the money market fund jj.all the money in a balanced fund
to the equity fund in a rising market and switch
back to money market fund when the market 499. An investor buys units in a fund that has given
falls excellent returns in the past, but his expectations are
jj.none of the above not met as the fund does not perform well this year.
The investor can
494. For choosing an appropriate benchmark to gg.sue the AMC
measure a scheme's performance, all of the following hh.sue the Trustees
are required except ii.sue the agent
ee.the composition and size of the portfolio jj.none of the above
ff.the investment objective
gg.historical data of fund performance 500. A fund's investments at market value total
hh.the nature of investments Rs.700 crores, Total liabilities stand at Rs.50 lacs and
the number of units outstanding is Rs.28 Crores.
495. Which of the following characterise the fund What is the NAV
that a risk averse investor should choose cc.Rs.30.19
ee.Gross dividend yield 15% Beta 1.5, Ex-Marks dd.Rs.24.98
90 ee.Rs.32.15
Answers to Practice Question
Q. Ans Q. No Ans Q. No Ans Q. No Ans Q. No Ans
1 b 51 a 101 d 151 c 201 b
2 b 52 d 102 a 152 d 202 d
3 d 53 b 103 b 153 d 203 b
4 d 54 d 104 c 154 d 204 d
5 c 55 c 105 a 155 b 205 b
6 c 56 c 106 d 156 a 206 c
7 b 57 c 107 a 157 c 207 a
8 c 58 c 108 d 158 d 208 d
9 d 59 b 109 d 159 a 209 a
10 c 60 d 110 b 160 d 210 c
11 b 61 c 111 b 161 a 211 b
12 b 62 a 112 c 162 d 212 d
13 d 63 d 113 a 163 c 213 d
14 c 64 d 114 d 164 c 214 a
15 b 65 b 115 d 165 b 215 a
16 d 66 c 116 b 166 d 216 a
17 b 67 c 117 b 167 c 217 b
18 d 68 d 118 a 168 b 218 b
19 c 69 c 119 c 169 b 219 b
20 c 70 d 120 a 170 d 220 d
21 b 71 b 121 b 171 c 221 b
22 d 72 b 122 c 172 b 222 a
23 c 73 d 123 a 173 b 223 b
24 a 74 d 124 d 174 d 224 a
25 d 75 c 125 c 175 d 225 c
26 d 76 a 126 d 176 b 226 a
27 c 77 c 127 d 177 c 227 c
28 b 78 a 128 a 178 c 228 c
29 c 79 d 129 d 179 c 229 b
30 d 80 a 130 a 180 c 230 b
31 b 81 c 131 d 181 d 231 d
32 c 82 b 132 a 182 b 232 a
33 b 83 b 133 b 183 d 233 b
34 b 84 b 134 c 184 c 234 b
35 b 85 d 135 b 185 b 235 c
36 c 86 a 136 d 186 a 236 c
37 b 87 b 137 a 187 c 237 c
38 c 88 c 138 c 188 a 238 a
39 a 89 b 139 b 189 d 239 b
40 b 90 b 140 c 190 b 240 b
41 b 91 b 141 a 191 d 241 b
42 a 92 c 142 b 192 b 242 b
43 b 93 c 143 c 193 b 243 a
44 c 94 b 144 b 194 a 244 b
45 b 95 a 145 d 195 d 245 c
46 b 96 b 146 c 196 b 246 a
47 c 97 a 147 d 197 c 247 a
48 b 98 d 148 c 198 c 248 c
49 B 99 c 149 b 199 b 249 c
50 A 100 a 150 c 200 a 250 a
Answers to Practice Question for AMFI Test
Q. No n Q. No n Q. No n Q. No n Q. No n
s s s s s
251 a 301 a 351 b 401 b 451 a
252 b 302 a 352 a 402 c 452 b
253 d 303 a 353 d 403 c 453 b
254 c 304 d 354 b 404 b 454 c
255 c 305 b 355 b 405 a 455 a
256 a 306 b 356 d 406 c 456 c
257 a 307 d 357 a 407 c 457 c
258 d 308 d 358 b 408 d 458 c
259 b 309 b 359 d 409 d 459 a
260 a 310 a 360 b 410 a 460 c
261 c 311 d 361 d 411 c 461 c
262 b 312 c 362 a 412 b 462 d
263 b 313 d 363 b 413 c 463 d
264 c 314 d 364 c 414 a 464 c
265 a 315 c 365 b 415 b 465 d
266 b 316 b 366 b 416 a 466 a
267 a 317 b 367 c 417 a 467 c
268 b 318 b 368 c 418 a 468 d
269 a 319 b 369 b 419 b 469 b
270 d 320 a 370 a 420 b 470 c
271 b 321 a 371 b 421 a 471 b
272 b 322 c 372 b 422 a 472 a
273 b 323 d 373 a 423 a 473 c
274 b 324 b 374 b 424 b 474 c
275 b 325 a 375 a 425 a 475 c
276 c 326 b 376 d 426 d 476 a
277 b 327 b 377 d 427 c 477 d
278 a 328 c 378 a 428 a 478 c
279 b 329 b 379 c 429 b 479 b
280 a 330 b 380 a 430 c 480 b
281 b 331 a 381 b 431 c 481 a
282 a 332 a 382 b 432 c 482 b
283 b 333 b 383 a 433 c 483 b
284 c 334 d 384 d 434 b 484 a
285 c 335 c 385 c 435 c 485 c
286 b 336 d 386 b 436 b 486 b
287 b 337 b 387 a 437 b 487 b
288 d 338 d 388 c 438 b 488 c
289 c 339 d 389 a 439 c 489 a
290 a 340 b 390 c 440 d 490 c
291 b 341 s 391 b 441 c 491 b
292 c 342 d 392 c 442 c 492 c
293 d 343 c 393 d 443 d 493 b
294 a 344 d 394 b 444 b 494 c
295 a 345 d 395 b 445 d 495 c
296 c 346 c 396 c 446 d 496 c
297 d 347 b 397 b 447 a 497 c
298 b 348 b 398 a 448 d 498 c
299 c 349 b 399 b 449 b 499 d
300 b 350 a 400 b 450 b 500 b