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Question 1 of 10
1. Question
What percentage of syndication and selling charge will be deducted from each subscription to reimburse the Fund, the General Partner or the Clearing Broker for the syndication and selling expenses incurred on behalf of the Fund?
Correct
According to NFA Rule 2-13, A five percent sales and syndication fee will be deducted from each subscription to reimburse the Fund, the General Partner and/or the Clearing Broker for the syndication and sales expenses incurred on behalf of the Fund.
Incorrect
According to NFA Rule 2-13, A five percent sales and syndication fee will be deducted from each subscription to reimburse the Fund, the General Partner and/or the Clearing Broker for the syndication and sales expenses incurred on behalf of the Fund.
Question 2 of 10
2. Question
Which of the following authorities are involved in the fees contracted by the Fund:
I. General Partner
II. Clearing Trader
III. Clearing Broker
IV. Trading Advisor
Correct
According to NFA Rule 2-13, The fees that the Fund has negotiated with the General Partner, the Trading Director, the Trading Adviser and the Clearing Broker as defined in “Fees, Compensation and Expenses.”
Incorrect
According to NFA Rule 2-13, The fees that the Fund has negotiated with the General Partner, the Trading Director, the Trading Adviser and the Clearing Broker as defined in “Fees, Compensation and Expenses.”
Question 3 of 10
3. Question
What percentage of the Fund’s actual accounting, auditing, legal and other operating expense contribute to the Fund’s Net Asset Value?
Correct
According to NFA Rule 2-13, The Fund’s actual accounting, auditing, legal and other operating expenses will be borne by the Fund. These expenses are expected to amount to approximately 2.05 percent of the Fund’s Net Asset Value.
Incorrect
According to NFA Rule 2-13, The Fund’s actual accounting, auditing, legal and other operating expenses will be borne by the Fund. These expenses are expected to amount to approximately 2.05 percent of the Fund’s Net Asset Value.
Question 4 of 10
4. Question
The analysis included in an actual disclosure document must include all of the fees and expenses of any type which will have an impact on which of the following sections:
I. Break-even point
II. Upfront fees
III. Performance records
IV. Any expense
Correct
According to NFA Rule 2-13, The analysis included in an actual disclosure document must include all of the fees and expenses of any type which affects the break-even point of that investment.
Incorrect
According to NFA Rule 2-13, The analysis included in an actual disclosure document must include all of the fees and expenses of any type which affects the break-even point of that investment.
Question 5 of 10
5. Question
Which calculations must be made by the CPO to overcome any incentive fees that would be incurred by a participant before the participant recovering the amount of their initial investment?
Correct
According to NFA Rule 2-13, The CPO must calculate the additional trading profit necessary to overcome any incentive fees that would be incurred by a participant prior to the participant recovering the amount of their initial investment.
Incorrect
According to NFA Rule 2-13, The CPO must calculate the additional trading profit necessary to overcome any incentive fees that would be incurred by a participant prior to the participant recovering the amount of their initial investment.
Question 6 of 10
6. Question
In which scenario the CPO must calculate the additional trading profit?
Correct
According to NFA 2-13, This will occur whenever the pool plans to incur costs that would not be deducted from the net results that are the basis for calculating the incentive fee.
Incorrect
According to NFA 2-13, This will occur whenever the pool plans to incur costs that would not be deducted from the net results that are the basis for calculating the incentive fee.
Question 7 of 10
7. Question
On which of the following factors is the break-even presentation is based:
I. Minimum initial investment amount
II. Maximum initial investment amount
III. Minimum total subscription amount
IV. Maximum total subscription amount
Correct
According to NFA Rule 2-13, the break-even presentation should be based on the minimum initial investment amount and the minimum total subscription amount required for the pool to commence trading.
Incorrect
According to NFA Rule 2-13, the break-even presentation should be based on the minimum initial investment amount and the minimum total subscription amount required for the pool to commence trading.
Question 8 of 10
8. Question
Which percentage is received by the Trading Advisor?
Correct
According to NFA Rule 2-13, The Trading Advisor will receive an incentive fee of 15% of Trading Profits exclusive of interest income.
Incorrect
According to NFA Rule 2-13, The Trading Advisor will receive an incentive fee of 15% of Trading Profits exclusive of interest income.
Question 9 of 10
9. Question
On which of the following factors the calculation of the incentive fees is based upon:
I. Brokerage commissions
II. Trading manager fees
III. Trading advisor management fees
IV. Overall trading income
Correct
According to NFA Rule 2-13, The incentive fees are based upon the net of total trading income, brokerage commissions, trading fees, and the trading advisor management fees.
Incorrect
According to NFA Rule 2-13, The incentive fees are based upon the net of total trading income, brokerage commissions, trading fees, and the trading advisor management fees.
Question 10 of 10
10. Question
What percentage of the incentive fee is charged by the General Partner and on which of the following factors the incentive fee is based upon:
I. The General Partner charges a 20% quarterly incentive fee based upon New Net High Profits
II. The General Partner charges a 20% monthly incentive fee based upon the Upfront fees
III. The General Partner charges a 20% yearly incentive fee based upon New Net High Profits
IV. The General Partner charges a 10% quarterly incentive fee based upon the Upfront fees
Correct
According to NFA Rule 2-13, The General Partner charges a 20% quarterly incentive fee based upon New Net High Profits.
Incorrect
According to NFA Rule 2-13, The General Partner charges a 20% quarterly incentive fee based upon New Net High Profits.
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