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Arentz Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Universal Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (b) Universal Auto Sales Co.?
A large mutual group such as Fidelity offers a variety of funds. Some, called sector funds, specialize in particular industries; others, known as index funds, simply invest in the market index. Log on to www.fidelity.com and look up the standard deviation of returns on the Fidelity Spartan 500 index fund, which replicates the S&P 500. Now find the standard deviation of fund returns for different industry (sector) funds. Are they larger or smaller than the index fund? How do you interpret your findings?