SOS!! (I have 1 hour, it is an online exam)

3.1. What is the difference in cash flow between short selling an asset and entering a short futures position? Shortly describe each type of transactions! (10 points)

3.2. Collect the key benefits to small investors investing through mutual funds! List also the most important costs connected to this investment type! (10 points)

4. Analyse the difference between Mutual Funds and Hedge Funds. Outline differences by the following criteria: risk, return, transparency, regulation, target investor type? (max. 35 points)