If a closed-end mutual fund has a net asset value of $15 and is selling at a discount:

• A.the underlying securities are worth more than $15 per share
• B.the market price of the fund is less than $15 per share
• C.the market price of the fund is greater than $15 per share

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Which one of these patterns is not a continuation pattern?

• A.Flag.
• B.Rectangle.
• C.Double top.

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Which form of efficient market hypothesis assumes that all information is available to everyone at the same time?

• A.the weak form
• B.the semi-strong form
• C.the strong form

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Sally Duvall is estimating the mean of a population with a sample of 35 observations. The variance is unknown. Which of the following statements is FALSE?

• A.Using the t-test is a more conservative approach.
• B.Using the z-test is a better approach for samples greater than 30.
• C.If the underlying distribution is unknown, large samples can be tested with the help of the z-test due to the central limit theorem.

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Which of the following statements is not true in regard to the LIFO inventory cost flow assumption?

• A.The LIFO cost flow assumption does not normally reflect the usual physical flow of inventory units.
• B.For balance sheet purposes, the cost of inventory will approximate the current replacement cost under the LIFO assumption.
• C.If a company uses LIFO for tax purposes, it must also use LIFO for external financial reporting purposes.

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