20.Which one of the following is not true? Select one: a. An investor holding the bond until maturity expects to receive its par value. b. Rating agencies use financial statements to assess the default probability of firms. c. A bond issuers rating is affected by its default risk. d. Inflation does not affect the interest rates of bonds.

19.Bank liquidity management: Select one: a. ensures that just the right amount of capital reserves is available without compromising the performance of the business b. ensures that just the right amount of liquid resources is available without compromising the performance of the business c. ensures that just the right amount of cash is available without compromising the performance of the business d. ensures that just the right amount of funds is available without compromising the performance of the business

18.An investment bank specialises in: Select one: a. call loans from commercial banks. b. accepting deposits and making commercial loans. c. monetary policy. d. helping businesses and governments sell their new security issues (debt or equity) in the primary markets to finance capital expenditures.