NO.PZ2023032703000031
问题如下：
Margit asks Cécile to analyze liability-based mandates for a meeting with Villash Foundation. Villash Foundation is a tax-exempt client. Prior to the meeting, Cécile identifies what she considers to be two key features of a liability-based mandate.
Feature 1 It can minimize the risk of deficient cash inflows for a company.
Feature 2 It matches expected liability payments with future projected cash inflows.
Is Cécile correct with respect to key features of liability-based mandates?
选项：
A.Yes
No, only Feature 1 is correct.
No, only Feature 2 is correct.
解释：
A is correct. Liability-based mandates are investments that take an investor’s future obligations into consideration. Liability-based mandates are managed to match expected liability payments with future projected cash inflows. These types of mandates are structured in a way to ensure that a liability or a stream of liabilities can be covered and that any risk of shortfalls or deficient cash inflows for a company is minimized.
Feature 1 It can minimize the risk of deficient cash inflows for a company.
我的理解，这句话说的是liability-based 可以最小化公司的现金流短缺风险。而公司现金流短缺风险跟公司生产经营过程中的现金流管理能力有关，liability-based不能帮助公司解决生产经营过程中的现金流管理问题，所以这个说法是错误的。请老师帮忙分析一下。
