11. Which of the following is exempt from the reporting provisions of the 1934 Securities Act?

a. Financial derivatives used for hedging.

b. Securities issued by mutual funds.

c. Securities issued by a state government.

d. Preferred stock issued by corporations.

12. Securities issued by all of the following organizations are exempt from the registration requirements of the 1933 Securities Act except:

a. Not-for-profit organizations.

b. State and local governments.

c. Banks.

d. Investment companies.

13. The SEC is organized into several divisions, including all of the following except:

a. Division of Investment Management.

b. Division of Trading and Markets.

c. Division of Enforcement.

d. Division of Fraud and Insider Trading.

14. The SEC division most frequently encountered by accountants is the:

a. Division of Corporation Finance.

b. Division of Enforcement.

c. Division of Trading and Markets.

d. Division of Investment Management.