Sen. Peter Fitzgerald (R-Ill.) has suggested banishing the phrase "mutual fund" from our financial vocabulary because of investors wrongly thinking they collectively own a fund company.

That got us thinking. What if we asked college students and professors to define the term "mutual fund?" Would our feedback be a la Jay Leno's "Jaywalking" segments in which the egg-headedness of the United States blares through our T.V. screens? We had to find out.

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