21) You want to purchase KO stock at $60 from your broker using as little of your own money as possible. If initial margin is 50% and you have $3,000 to invest, how many shares can you buy?

A) 100 shares B) 200 shares C) 50 shares D) 500 shares E) 25 shares

22) You sell short 100 shares of Loser Co. at a market price of $45 per share. Your maximum possible loss is

A) $4,500. B) unlimited. C) zero. D) $9,000. E) Cannot be determined from the information given.

23) All of the following are considered new trading strategies, except

A) high frequency trading. B) algorithmic trading. C) dark pools. D) short selling.

24) Which of the following orders instructs the broker to sell at or above a specified price?

A) Limit-buy order B) Discretionary order C) Limit-sell order D) Stop-buy order E) Market order

25) You sold short 100 shares of common stock at $45 per share. The initial margin is 50%. Your initial investment was

A) $4,800. B) $12,000. C) $2,250. D) $7,200.