The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Which of the following direct marketing methods has the highest ROI index?

A) direct mail B) telemarketing C) catalogue marketing D) direct e-mail

You have just read the annual report of a mutual fund. It boasted of a 26% return and advertised that it had beat the market return last year by three percentage points

In doing some research you discover the fund had a beta of +1.5 and the return on risk-free Treasury securities was 15.0%. Assuming a market risk premium of 8.0% should be used to evaluate performance means that A) the fund's performance was impressive; three percentage points is significant, given the above data. B) the fund's performance was good, but not impressive; it beat the market, but only by one percentage point?not three. C) the fund's performance was no better than what you would have expected. D) the fund's performance was actually a percentage point less than what you would have expected.