11. Which version of the Efficient Market Hypothesis (EMH) states that only past price information is reflected in prices? (a) Weak form (b) Semi-strong form (c) Strong form (d) None of the above 12. Which of the following is a feature of bonds? (a) The holder has a part ownership share of the company. (b) The holder is entitled to a fixed amount of interest paid annually, half-yearly or quarterly. (c) The holder has the right to vote at company meetings or assemblies. (d) The holder will have the lowest priority for payment in the event of liquidation. 13. An investor who holds some shares in a large listed company has decided to realise their investment. Which of the following is most likely? (a) They will sell the shares back to the issuing company. (b) They will sell the shares privately. (e) They cannot sell the shares without the permission of the issuing company. (d) They will sell the shares via a stock exchange. 14. When comparing equities to bonds, as a general rule equities have a: (a) lower level of risk and a lower potential return. (b) lower level of risk and a higher potential return. (c) higher level of risk and a higher potential return. (d) higher level of risk and a lower potential return. 15. Total risk is measured using: (a) Standard deviation (b) Correlation. (c) Beta. (d) Arithmetic return