1, Which of the following statements concerning disintermediation is (are) correct? I. It reduces reserves in the banking system. II. It reduces deposits held in banks. A. I only B. II only C. Both I and II D. Neither I nor II

2. Frank and Jim (both male) are married and live in Massachusetts. Under which status can they file their federal income taxes? I. married filing jointly II. married filing single A. I only B. II only C. Both I and II D. Neither I nor II

3. Federal income tax deductions are available to all taxpayers for which of the following types of education funding costs? I. interest on education loans up to an annual maximum deductible amount II. qualified tuition and related expenses up to an annual maximum deductible amount A. I only B. II only C. Both I and II D. Neither I nor II

4. Which of the following statements concerning The American College's Code of Ethics is (are) correct? I. Enforcement of the code is through specified procedures. II. Violations of the code are subject to disciplinary sanctions. A. I only B. II only C. Both I and II D. Neither I nor II

5. Which of the following statements concerning the Sarbanes-Oxley Act of 2002 is (are) correct? I. It created an oversight board to monitor the auditing profession. II. It increased corporate reporting responsibilities. A. I only B. II only C. Both I and II D. Neither I nor II