6) State which of the following is a primary or secondary investment objective (15 marks)

Liquidity __________________________________________ ______

Income __________________________________________ ______

Growth __________________________________________ ______

Tax minimization _________________________________________

Safety __________________________________________ ________

7) Describe the investment strategy that investors should follow with respect to stocks during each of the phases in the equity cycle (12 marks)

Contraction: __________________________________________ _________________

________________________________________________________________________ Trough: ________________________________ ______ ______________________

Expansion_______________________________________________________________

Peak: _ ____

6) State which of the following is a primary or secondary investment objective (15 marks) Liquidity Income Growth Tax minimization Safety 7) Describe the investment strategy that investors should follow with respect to stocks during each of the phases in the equity cycle (12 marks) Contraction: Trough: Expansion Peak