24) Hardy Lumber has a capital structure that includes bonds, preferred stock, and common stock. Which one of the following rights is most apt to be granted to the preferred shareholders? 24) A) Right to all residual income after the common dividends have been paid B) Right to share in company profits prior to other shareholders C) Right to elect the corporate directors D) Right to a permanent seat on the board of directors E) Right to vote on proposed mergers

25) A company has four open seats on its board of directors. There are seven candidates vying for these four positions. There will be a single election to determine the winners. As the owner of 100 shares of stock, you will receive one vote per share for each open seat. You decide to cast all 400 of your votes for a single candidate. What is this type of voting called? 25) A) Straight B) Deferred C) Proxy D) Democratic E) Cumulative 5 26) The secondary market is best defined as the market:

26) A) dominated by dealers. B) conducted solely by brokers. C) where outstanding shares of stock are resold. D) in which subordinated shares are issued and resold. E) where warrants are offered and sold.

27) The owner of a trading license for the NYSE is called a: 27) A) agent. B) specialist. C) dealer. D) member. E) broker.

28) A member who acts as a dealer in a limited number of securities on the floor of the NYSE is called a: 28) A) commission broker. B) designated market maker. C) floor trader. D) floor post. E) floor broker

. 29) The stream of customer orders coming in to the NYSE trading floor is called the: 29) A) bid-ask spread. B) paper trail. C) order flow. D) trading volume. E) commission trail