14. Tarrytown Manufacturing Corporation wants to make an offering of securities to the pub-lic. This offering is not exempt from registration under the Securities Act of 1933. Before Tarrytown sells its securities, it must provide investors with

a. a forward-looking financial forecast.

b. an investment contract.

c. a prospectus.

d. samples of its products.

15. Metal Mining Corporation is a noninvestment company that wants to issue stock of $3 million in a twelve-month period. Metal Mining, with less than $20 million in annual sales, qualifies as a small business issuer. Before Metal Mining sells the stock, it must provide investors with

a. an offering circular.

b. a notice of the issue.

c. a red herring prospectus.

d. a tombstone ad.