Performance Report For NISM VA MFD Exam Training by FTA for India Post – Narsaraopet – 18 March 2026

Total Students

Average Score

64%

Pass Rate

74%

Training Signal

Needs Reinforcement

STUDENT CONTENT

Student_Data

Rank	Student	Score %	Correct	Wrong	Unanswered	Time spent	Result	Score Band
1	Sk A R Asif Basha	84	84	16	0	01:00 AM	Pass	80+
2	Sathya M	82	82	18	0	12:57 AM	Pass	80+
3	D Deepak	78	78	20	2	01:14 AM	Pass	70-79
4	sudhakar b	77	77	23	0	01:15 AM	Pass	70-79
5	Moshe	76	76	24	0	01:11 AM	Pass	70-79
6	P.Chitti Babu	75	75	25	0	01:10 AM	Pass	70-79
7	S Narasimha Rao Naik	75	75	25	0	01:13 AM	Pass	70-79
8	Bezawada Vijay	74	74	26	0	01:09 AM	Pass	70-79
9	G Harikrishna	74	74	26	0	01:00 AM	Pass	70-79
10	Guduri Srinivas	72	72	28	0	12:56 AM	Pass	70-79
11	Morapakula Ramarao	70	70	28	2	01:05 AM	Pass	70-79
12	Vankanavath Naresh Naik	69	69	31	0	01:15 AM	Pass	60-69
13	Tarun Kumar	68	68	32	0	01:01 AM	Pass	60-69
14	Dontu Suresh	67	67	33	0	01:15 AM	Pass	60-69
15	NAGARJUNA KOMARAVALLI	67	67	33	0	01:21 AM	Pass	60-69
16	Rajkumar Balakrishna	67	67	32	1	12:54 AM	Pass	60-69
17	JAYASEELA RAO TURIMELLA	66	66	34	0	01:09 AM	Pass	60-69
18	jhani basha syed	66	66	34	0	12:53 AM	Pass	60-69
19	nagaraju maddur	65	65	35	0	01:20 AM	Pass	60-69
20	gali vijaya kumar	64	64	36	0	01:06 AM	Pass	60-69
21	k sai kiran	64	64	36	0	01:04 AM	Pass	60-69
22	palavalli Narendra	63	63	36	1	12:53 AM	Pass	60-69
23	Kalahasthi anil	60	60	40	0	01:02 AM	Pass	60-69
24	Ravindra Mohan	59	59	41	0	12:57 AM	Pass	50-59
25	Narendra Madisetty	58	58	40	2	01:04 AM	Pass	50-59
26	BAJIBABU BATTULA	56	56	44	0	01:08 AM	Pass	50-59
27	G.VENKATESWARARAO	56	56	44	0	01:10 AM	Pass	50-59
28	L Subbarao	55	55	45	0	01:01 AM	Pass	50-59
29	G Sureshbabu	54	54	45	1	12:53 AM	Pass	50-59
30	Kethavath Ramesh Naik	53	53	47	0	01:09 AM	Pass	50-59
31	MUDRABOINA PHANI SEKHAR	53	53	47	0	12:30 AM	Pass	50-59
32	GVPhanikumar	50	50	50	0	12:45 AM	Pass	50-59
33	Ajay Babu	46	46	54	0	12:52 AM	Below pass	<50
34	D SUDHARSAN SYAM	46	46	54	0	12:59 AM	Below pass	<50
35	V SRINIVAS GANDHI	43	43	57	0	12:48 AM	Below pass	<50

Top_Wrong_Questions

Question No	Wrong %	Top Wrong Answer	Top Wrong %
36	91.4	Both Equity and Debt schemes	74.3
19	77.1	A, B and C are true	68.6
32	77.1	Sectoral Funds	40
71	74.3	A and B are true	42.9
81	74.3	Trail Commission	65.7
46	68.6	Yes	68.6
58	68.6	NAV of the day on which funds will be available	31.4
1	62.9	Rs. 2150	34.3
4	62.9	12 months	54.3
66	60	TRUE	60
85	60	TRUE	60
8	57.1	All A, B and C are true	37.1

Distractor_Strength

Question No	Correct %	Top Wrong %	Gap
1	37.1	34.3	2.8
2	88.6	5.7	82.9
3	62.9	28.6	34.3
4	37.1	54.3	-17.2
5	74.3	11.4	62.9
6	82.9	14.3	68.6
7	91.4	5.7	85.7
8	42.9	37.1	5.8
9	74.3	11.4	62.9
10	65.7	28.6	37.1
11	74.3	14.3	60
12	71.4	14.3	57.1
13	48.6	48.6	0
14	71.4	17.1	54.3
15	60	28.6	31.4
16	71.4	11.4	60
17	68.6	28.6	40
18	54.3	17.1	37.2
19	22.9	68.6	-45.7
20	54.3	42.9	11.4
21	45.7	25.7	20
22	57.1	57.1	0
23	51.4	42.9	8.5
24	97.1	0	97.1
25	48.6	51.4	-2.8
26	91.4	5.7	85.7
27	51.4	28.6	22.8
28	80	8.6	71.4
29	85.7	85.7	0
30	57.1	42.9	14.2
31	68.6	68.6	0
32	22.9	40	-17.1
33	85.7	8.6	77.1
34	82.9	11.4	71.5
35	60	34.3	25.7
36	8.6	74.3	-65.7
37	94.3	2.9	91.4
38	57.1	57.1	0
39	68.6	68.6	0
40	85.7	11.4	74.3
41	82.9	8.6	74.3
42	60	22.9	37.1
43	65.7	20	45.7
44	85.7	8.6	77.1
45	80	80	0
46	31.4	68.6	-37.2
47	85.7	8.6	77.1
48	77.1	77.1	0
49	57.1	57.1	0
50	65.7	11.4	54.3
51	80	80	0
52	48.6	51.4	-2.8
53	45.7	54.3	-8.6
54	62.9	62.9	0
55	91.4	5.7	85.7
56	48.6	17.1	31.5
57	68.6	22.9	45.7
58	31.4	31.4	0
59	60	17.1	42.9
60	54.3	37.1	17.2
61	77.1	77.1	0
62	65.7	31.4	34.3
63	97.1	2.9	94.2
64	80	80	0
65	57.1	57.1	0
66	40	60	-20
67	48.6	51.4	-2.8
68	65.7	17.1	48.6
69	88.6	5.7	82.9
70	77.1	11.4	65.7
71	25.7	42.9	-17.2
72	71.4	17.1	54.3
73	60	60	0
74	68.6	68.6	0
75	82.9	11.4	71.5
76	65.7	17.1	48.6
77	60	60	0
78	77.1	14.3	62.8
79	62.9	14.3	48.6
80	42.9	22.9	20
81	25.7	65.7	-40
82	60	22.9	37.1
83	88.6	88.6	0
84	74.3	14.3	60
85	40	60	-20
86	65.7	20	45.7
87	68.6	14.3	54.3
88	91.4	2.9	88.5
89	65.7	20	45.7
90	48.6	31.4	17.2
91	62.9	20	42.9
92	42.9	57.1	-14.2
93	60	25.7	34.3
94	88.6	5.7	82.9
95	54.3	25.7	28.6
96	60	14.3	45.7
97	94.3	2.9	91.4
98	77.1	14.3	62.8
99	62.9	20	42.9
100	51.4	22.9	28.5

Question_Analysis

Question No	Question	Correct Answer	Correct %	Wrong %	Top Wrong Answer	Top Wrong %	Risk Band
1	An investor purchases through a distributor 5000 units of a mutual fund scheme at a NAV of Rs 25. The current NAV of the scheme is Rs 43. What will be the trail commission for today if the trail commission rate is 1% per annum.	Rs. 5.8904	37.1	62.9	Rs. 2150	34.3	Severe
2	According to guidelines given by SEBI, every mutual fund scheme should have a minimum of ____ investors.	20	88.6	11.4	50	5.7	Low
3	Smita is a young investor and her parents advice her to invest in fixed deposits of banks so that these funds can be used for her retirement. If Smita follows her parents advice, what risk does she face?	There is a risk of low returns	62.9	37.1	There is no risk as fixed deposits are quiet safe	28.6	Moderate
4	Investors who have not transacted during the previous ______ are known as dormant investors.	6 months	37.1	62.9	12 months	54.3	Severe
5	Mr. Mohit has filled up a application form for subscribing to a mutual fund scheme. However the address mentioned in the application form is different from the address provided at the time of KYC compliance. Which address will be included in the mutual funds records once the KYC compliance is validated?	The address provided for KYC compliance	74.3	25.7	The address provided in the application form will be used for all communications	11.4	Moderate
6	Who uses the information collected under the Foreign Account Tax Compliance Act (FATCA)?	All of the above	82.9	17.1	Foreign Government or foreign agencies	14.3	Low
7	Which of these entities can invest in Indian mutual funds? A) Foreign portfolio investor B) Insurance company C) Salaried individual	All A, B and C	91.4	8.6	Only C	5.7	Low
8	Identify the TRUE statements with respect to Transmission of mutual fund units - A) Before the transfer is effected, the mutual fund will insist for an indemnity against future problems for the mutual fund arising out of the transfer B) Before the transfer is effected, the mutual fund will not insist on the death certificate of the deceased unit-holder C) Before the transfer is effected, the mutual fund will insist on the KYC documentation from the nominee	A and C are true	42.9	57.1	All A, B and C are true	37.1	High
9	Which of these is NOT a function of Registrars and Transfer Agents?	Analysing mutual fund performance and making it available to investors	74.3	25.7	Maintaining investors records	11.4	Moderate
10	The NAV of an equity fund is Rs. 76.45 and the face value is Rs. 10. An investor invests Rs 30,000. How many units will be allotted to him? (There is no entry load)	392.41	65.7	34.3	3000	28.6	Moderate
11	AMFI Code of Ethics states that _______ cannot become a distributor of mutual fund.	Employees of AMC	74.3	25.7	HNIs	14.3	Moderate
12	Identify the TRUE statement -	The mutual fund investor has the complete freedom to change the distributor any time he wants	71.4	28.6	Once an investor had invested through a distributor, he cannot invest directly with the mutual fund house	14.3	Moderate
13	Indentify the true statement(s) - A) A systematic transaction cannot be cancelled B) Assuming a mutual fund scheme is profitable then the investors can keep encashing some profits through a Systematic Withdrawal Plan	Only B is true	48.6	51.4	Both A and B are true	48.6	High
14	The expenses of _______ cannot be charged to a mutual fund scheme.	software development	71.4	28.6	GST - Goods and Service tax	17.1	Moderate
15	Identify the false statement(s). A) When an investor wants to redeem from a scheme, the distributor must suggest redemption from the scheme with the maximum exit load B) The mutual fund distributors can ignore the impact of exit load at the time of repurchase	Both statements A and B are false	60	40	Only statement B is false	28.6	High
16	Indicate which of these funds have the lowest to highest risk sequence? A) Liquid Fund B) Credit Risk Fund C) Corporate Bond Fund	A - C - B	71.4	28.6	C - A - B	11.4	Moderate
17	Identify the FALSE statement(s) - A) For Index funds, the NAV is calculated upto 4 decimal points B) The AMC and a mutual fund scheme of the AMC can have the same auditor	Only B is false	68.6	31.4	Both A and B are false	28.6	Moderate
18	Long term capital loss from an investment can be set off against ____.	long term capital gains only	54.3	45.7	short term capital gains only	17.1	High
19	Which of these statements are TRUE with respect to time stamping on mutual fund documents? A) Time stamping is relevant for non-financial mutual fund transactions B) The daily time stamping of application does not start with serial 1 C) Breakdown of time stamping process or breaking of seal is mandated to be duly recorded and reported to the Trustees	B and C are true	22.9	77.1	A, B and C are true	68.6	Severe
20	__________ ensures that the information contained in the scheme related documents (SID and SAI) are fully complied with.	The Trustees	54.3	45.7	The AMC	42.9	High
21	Cut-off timing guidelines are not applicable for ______.	Both of the above	45.7	54.3	None of the above	25.7	High
22	Registrar and Transfer Agency function must be independent of the Asset Management Company, and it cannot be retained in-house. State whether this statement is True or False.	False	57.1	42.9	FALSE	57.1	High
23	Today's costs can be translated into future requirement of funds using the formula:	A = P X (1 + i)^n	51.4	48.6	A = P / (1 + i)^n	42.9	High
24	Investments in mutual fund are allowed using _____.	Any of the above	97.1	2.9	ASBA	0	Low
25	The Income Tax Act allows setting-off of the short term capital loss against long term capital gains. State whether True or False.	True	48.6	51.4	FALSE	51.4	High
26	The purchasing power of currency changes on account of which of the following?	Inflation	91.4	8.6	Asset allocation	5.7	Low
27	______________ is a basis to select the better scheme in Index Funds.	Tracking Error	51.4	48.6	Beta	28.6	High
28	Investors' KYC details are stored in the server of _____.	KRA	80	20	AMC	8.6	Moderate
29	Tactical Asset Allocation is the decision that comes out of calls on the likely behaviour of the market - True or False?	True	85.7	14.3	TRUE	85.7	Low
30	Investors have the right to specify upto ___ nominees for their mutual fund investment folios.	3	57.1	42.9	4	42.9	High
31	Lower the expenses of a Mutual Fund, lower would be the NAV - True or False?	False	68.6	31.4	FALSE	68.6	Moderate
32	__________ have to make additional disclosures related to credit evaluation policy, sectors and types of investments in the offer document.	Debt Funds	22.9	77.1	Sectoral Funds	40	Severe
33	PAN No. and KYC documentation is compulsory for mutual fund investments with the only exception of ________.	Micro SIPs	85.7	14.3	Gilt Funds	8.6	Low
34	How many (maximum) bank accounts can a resident individual investor register with a mutual fund folio?	5	82.9	17.1	1	11.4	Low
35	NAV of Equity funds is to be calculated upto ___ decimals.	2	60	40	4	34.3	High
36	Beta as a risk measure is relevant for __________.	Only Equity Schemes	8.6	91.4	Both Equity and Debt schemes	74.3	Severe
37	Which of the following is a truly international asset class?	Gold	94.3	5.7	Equity Share	2.9	Low
38	Liquid schemes are a variant of debt schemes that invest only in debt securities of upto 60-days maturity - True or False?	False	57.1	42.9	FALSE	57.1	High
39	STP is a combination of SIP and SWP - True or False?	True	68.6	31.4	TRUE	68.6	Moderate
40	Which among the following investment avenues does not offer income on a regular basis?	Physical Gold	85.7	14.3	Real estate	11.4	Low
41	What minimum percentage of the mutual fund scheme corpus must be invested in equity and related instruments in case of Equity Linked Savings Schemes (ELSS)?	80 percent	82.9	17.1	65 percent	8.6	Low
42	The difference between NAV and re-purchase price is ________.	Exit Load	60	40	Dividend Stripping	22.9	High
43	The asset allocation that is worked out for an investor based on risk profiling is called ________.	Strategic Asset Allocation	65.7	34.3	Tactical Asset Allocation	20	Moderate
44	For calculating Capital Gains, investment in mutual funds for less then 1 year is considered as ________.	Short Term	85.7	14.3	Ultra Short Term	8.6	Low
45	Interval funds combine features of both open-ended and close-ended schemes - True or False?	True	80	20	TRUE	80	Moderate
46	A Mutual Fund wants to launch a new scheme with a Face Value of Rs 50. Will it get the required permissions?	No	31.4	68.6	Yes	68.6	Severe
47	The ARN number is assigned by ________.	AMFI	85.7	14.3	SEBI	8.6	Low
48	Arbitrage Funds have BASIS risks - True or False?	True	77.1	22.9	TRUE	77.1	Moderate
49	Recurring expenses cannot be charged to a Mutual Fund scheme as it drags down the NAV - True or False?	False	57.1	42.9	FALSE	57.1	High
50	Which amongst the following asset categories can also be purchased for consumption purposes apart from investment?	Real estate	65.7	34.3	Bonds	11.4	Moderate
51	Mutual Funds cannot accept cash from investors for investing in their schemes - True or False?	False	80	20	FALSE	80	Moderate
52	All the records of the investors of a Mutual Fund are maintained by the Fund Manager - True or False?	False	48.6	51.4	TRUE	51.4	High
53	An important objective of SEBI is to represent to the Government, Reserve Bank of India and other bodies on all matters relating to the Mutual Fund Industry - True or False?	False	45.7	54.3	TRUE	54.3	High
54	SEBI approval is required for an AMC to appoint a distributor - True or False?	False	62.9	37.1	FALSE	62.9	Moderate
55	The Price Earning (PE) Ratio of a company is 7 and its Earning Per Share is Rs 10. What is the Market Price of this company?	Rs 70	91.4	8.6	Rs 10	5.7	Low
56	A Mutual Fund scheme has a portfolio of shares whose beta is less than 1. This indicates that the scheme is __________.	Less risky than the market	48.6	51.4	Very Very risk compared to the market	17.1	High
57	For an investor to get a quick sense of the level of risk involved in a mutual fund scheme, SEBI suggested a simplified framework known as ______.	Risk-o-meter	68.6	31.4	Fact sheet	22.9	Moderate
58	An investor gives a cheque of Rs 1 lacs for investing in a Debt scheme at 3.30 pm at a Mutual Fund office. The NAV of which day will be applicable to him?	NAV of the next business day	31.4	68.6	NAV of the day on which funds will be available	31.4	Severe
59	As per the Income Tax Act - which of the below option is True?	Short term capital loss is to be set off against short term capital gain or long term capital gain	60	40	Capital loss, short term or long term, can be set off against any other head of income	17.1	High
60	Of the following documents, which is required to be appended to the application form of a MF scheme?	Key Information Memorandum - KIM	54.3	45.7	Addendum	37.1	High
61	Pension Funds Regulatory and Development Authority (PFRDA) is the regulator for the National Savings System.	False	77.1	22.9	FALSE	77.1	Moderate
62	Every trust has beneficiaries and the beneficiaries, in the case of a mutual fund trust, are __________.	the investors who invest in various schemes of the mutual fund.	65.7	34.3	the Trustees of the AMC	31.4	Moderate
63	All advertisements and Sales Literature containing an AMC(s)/Mutual Fund ranking must prominently disclose __________.	All of the above	97.1	2.9	Criteria on which the ranking is based.	2.9	Low
64	The Entry / Exit Loads and Taxes do not have an impact on the returns to the investors - True or False?	False	80	20	FALSE	80	Moderate
65	Relaxation in documentation requirements for micro-SIPs is not available for ________.	Hindu Undivided Family	57.1	42.9	Non Resident Indians	57.1	High
66	Expenses incurred to launch a new fund can be charged to the fund - True or False?	False	40	60	TRUE	60	Severe
67	Usually Diversified Equity funds are safer than Diversified Debt funds - True or False?	False	48.6	51.4	TRUE	51.4	High
68	An investor purchases through a distributor 20000 units of a mutual fund scheme at a NAV of Rs 65. The current NAV of the scheme is Rs 62. What will be the trail commission for today if the trail commission rate is 1% per annum.	Rs. 33.9726	65.7	34.3	Rs. 19.5543	17.1	Moderate
69	In case a fund manager is managing more than six funds, then performance data of top ___ and bottom___ schemes has to be disclosed in all performance related advertisements.	3, 3	88.6	11.4	2, 2	5.7	Low
70	Gold Future Contracts __________.	are traded on the Commodity Exchanges	77.1	22.9	can be bought through Mutual Funds	11.4	Moderate
71	Identify the TRUE statement(s) with respect to risk levels in mutual funds? A) Corporate bond funds are relatively more riskier than Credit risk fund B) The NAV of Gilt funds generally fluctuate more than NAV of Liquid funds due to changes in yield	Only B is true	25.7	74.3	A and B are true	42.9	Severe
72	A Mutual Fund scheme is known to distribute dividends from time to time. Such MF can be used as a source of __________.	Regular Income	71.4	28.6	Good Capital Appreciation	17.1	Moderate
73	'Once it is finalized, a mutual fund scheme's benchmark cannot be changed at a later date.' State whether the statement is True or False.	False	60	40	FALSE	60	High
74	As per the provisions of the Income Tax Act - Short term capital loss is to be set off against short term capital gain or long term capital gain - True or False?	True	68.6	31.4	TRUE	68.6	Moderate
75	Which of the following is a measure of fluctuation in periodic returns in an equity mutual fund scheme?	Variance	82.9	17.1	Short duration	11.4	Low
76	A Mutual Fund investor can file a case against the ________ for breach of trust.	Trustees	65.7	34.3	Mutual Fund	17.1	Moderate
77	Prediction of equity markets in the short run is easier than in the long run - True or False?	False	60	40	FALSE	60	High
78	Which of the following regulates mutual funds in India?	Securities and Exchange Board of India	77.1	22.9	Association of Mutual Funds in India	14.3	Moderate
79	The investment objective of a ______________ might read as follows: 'To generate capital appreciation from a portfolio of predominantly equity related securities'	Diversified Equity Fund	62.9	37.1	Balanced Fund	14.3	Moderate
80	Of the below options, what is FALSE with respect to Arbitrage Funds?	Arbitrage Funds are more riskier than Sectoral Funds	42.9	57.1	Arbitrage Funds have Basis Risks	22.9	High
81	The amount which is paid to the distributor at the time the money is invested in a scheme is called __________.	Upfront Commission	25.7	74.3	Trail Commission	65.7	Severe
82	The cost of fund management are the highest in __________.	Active Funds	60	40	Index Funds	22.9	High
83	Many AMCs, distribution houses and mutual fund research houses offer free tools in their website which can be used for evaluating a funds performance - True or False?	True	88.6	11.4	TRUE	88.6	Low
84	Which of the following options form the basis of appointment of a Mutual Fund distributor?	An agreement between the AMC and the Distributor	74.3	25.7	An agreement with AMFI	14.3	Moderate
85	The Stock Exchanges which provide facilities for Mutual Fund trading also do the functions of Mutual Fund RTAs. - True or False?	False	40	60	TRUE	60	Severe
86	Open-ended schemes, except ELSS, have to re-open for ongoing sale / re-purchase within ______ business days of allotment.	5	65.7	34.3	3	20	Moderate
87	The trail commission paid by Mutual Funds to a distributor __________.	Is linked to the NAV	68.6	31.4	Is paid to the Corporate and Bank Distributors only	14.3	Moderate
88	Mutual funds can accept cash to the tune of Rs __________ from small investors who do not have a PAN.	Rs 50,000	91.4	8.6	No cash can be accepted by a MF	2.9	Low
89	Asset allocation means __________.	Distribution of funds between various asset classes in a portfolio	65.7	34.3	Distribution of Funds between Fund Managers in a Mutual Fund	20	Moderate
90	Which of the given statements below aptly fit the description of actively managed funds?	Increased role of fund manager and high running cost	48.6	51.4	Increased role of fund manager and low running cost	31.4	High
91	Identify the difference between Sharpe Ratio and Treynor Ratio.	Sharpe Ratio uses Standard Deviation for its calculations whereas Treynor Ratio uses Beta	62.9	37.1	Sharpe Ratio is used for underperforming schemes whereas Treynor Ratio is used for outperforming schemes	20	Moderate
92	Gold ETF's are meant only for FI's and FII's - True or False?	False	42.9	57.1	TRUE	57.1	High
93	As per SEBI regulations, every application form is to be accompanied by __________.	Key Information Memorandum (KIM)	60	40	Scheme Information Document (SID)	25.7	High
94	What are the benefits of Dematerialisation? A) No inconvenience of safekeeping paper certificates B) Reduction in paper work C) Auto credit of bonus units etc.	All A, B and C	88.6	11.4	B and C	5.7	Low
95	Dividend Distribution Tax (DDT) on Equity oriented mutual fund schemes for Corporate Investors is ____ .	NIL TAX	54.3	45.7	10%	25.7	High
96	The Market Value of a scheme is Rs 579 crores. Dividend accrued but not received is Rs 18 crore. The Expenses payable are Rs 3 crore. The total number of outstanding units is 300 lakhs. What is the NAV of the scheme?	198	60	40	206	14.3	High
97	Minors are not legally eligible to contract, so for investing in Mutual Funds they ________.	can invest thro' their guardians	94.3	5.7	have to become 18 years before investing	2.9	Low
98	A person wishes to avail of a loan. For which of the below options he cannot get a loan?	To buy a high priced lottery ticket	77.1	22.9	To start a textile factory	14.3	Moderate
99	The ____________ is the phase when the earning years usually starts.	Young Unmarried	62.9	37.1	During graduation	20	Moderate
100	'To generate income by investing predominantly in a wide range of debt and money market securities' - this could be the investment objective of a ________	Diversified debt scheme	51.4	48.6	Diversified equity scheme	22.9	High

Score Distribution

(We will add chart next step)

Majority of participants are in the 60–80% range, indicating acceptable performance levels. However, a significant portion is close to the passing threshold (50%), suggesting partial understanding. Targeted reinforcement is recommended before final assessment.