46. Which of the following most applies to cost averaging in the private equity markets?

A. Cost averaging can be viewed as part of an asset allocation strategy, but with deviations from long-term objectives.

B. There is a consensus in the industry that cost averaging does not work

C. Cost averaging can be seen as nave diversification over time

D. Cost averaging requires forecasting which vintage year will present the best opportunities

47. The Absolute Priority Rule (APR) of Capital Structure states that loan seniority ranks in importance in the following way:

A. DIP Loans, Secured Debt, 2nd Lien Bonds, Unsecured Debt, Common Equity

B. Common Equity, Unsecured Debt, 2nd Lien Bonds, Secured Debt, DIP Loans

C. DIP Loans, Common Equity , Secured Debt, 2nd Lien Bonds, Unsecured Debt

D. DIP Loans, Unsecured Debt, Secured Debt, 2nd Lien Bonds, Common Equity

48. What does Chapter 11 concern? A. liquidations.

A trustee is picked, ceases operations, takes control and liquidates assets

B. reorganization or sale cases, and sometimes orderly liquidation

C. IPOs

D. leveraged buyouts