Which of the following is true of a general partner of a limited liability partnership (LLP)?

a. A general partner of a limited liability partnership (LLP) is liable only to the extent of his/her investment in the partnership.

b. A general partner of a limited liability partnership (LLP) cannot participate in the management of the business.

c. A general partner of a limited liability partnership (LLP) is considered as an investor only.

d. A general partner of a limited liability partnership (LLP) is taxed for the limited partners' share of the partnership's income.

e. A general partner of a limited liability partnership (LLP) is fully personally liable for all business debts.

2. Revenue bonds are used to:

a. raise funds to repay loans borrowed from the federal government.

b. raise funds to repay loans borrowed by the local government.

c. raise funds for projects that require additional funding by increasing tax rates.

d. raise funds for projects that will generate revenues.

e. raise funds to pay interest on T-bills issued by the state government.

3. Which of the following statements is true of the price of a bond that is less than the bond's face value?

a. The price of the bond will increase as the bond gets closer to its maturity because the bond's value has to equal its face value at maturity.

b. As the coupon rates remain constant, the market value of the bond remains unchanged.

c. The market value of the bond will increase with the interest received at the maturity of the bond.

d. The par value of the bond will increase with an increase in the bond price in the market until maturity.

e. The price of the bond will decrease further below the bond's face value when the rates in the market are too high