29. In the business of underwriting, when a firm adopts a firm commitment, it is acting as a: A broker B dealer C wholesaler D distributor

30. Not all corporate securities offerings are required to be registered with the SEC. An offering done under Regulation D is often called: A a limited partnership DPP B a private placement C an intrastate exemption D an emerging growth company offering

31. One of the primary risks associated with mortgage backed securities is prepayment risk. This tends to present itself when A the Fed reduces interest rates B the dollar is strong C inflation is increasing D none of the above