2.

How are securities brokers different from securities dealers?

I. Brokers work for commissions, getting buyers and sellers together

II. Brokers have an ownership position in the securities they offer for sale

III. Brokers typically buy and sell securities from their own inventories

Select one:

a.

I only

b.

I and II only

c.

I and III only

d.

I, II, and III

3.

Market-makers:

I. Buy and sell securities from their own inventories

II. Enhance liquidity on official exchanges

III. Underwrite newly-issued securities

Select one:

a.

I only

b.

I and II only

c.

I and III only

d.

I, II, and III

4.

Successful venture capital deals usually:

I. Require long-term commitments from investors

II. Avoid having to plan for an exit strategy

III. Can provide substantial returns to investors

Select one:

a.

I only

b.

I and II only

c.

I and III only

d.

I, II, and III

5.

The following are considered securites firms:

I. Investment banks

II. Brokerage firms

III. Commercial banks

IV. Broker-dealers

a.

I and II only

b.

I, II and III only

c.

I, II and IV only

d.

I, II, III and IV