All of the following are TRUE of warrants EXCEPT

I. they pay dividends quarterly

II. they are equity securities

III. they are used to buy common stock at a fixed price

IV. they give the holder a leveraged position

I and II

II, III, and IV

III and IV

II and III

RANs, BANs, TANs, and CLNs are issued by municipalities to

provide long-term financing

provide short-term financing

provide flexible-term financing

provide intermediate-term financing

Which TWO of the following are TRUE about variable life insurance policies?

I. The minimum death benefit is guaranteed.

II. The minimum death benefit is not guaranteed.

III. The minimum cash value is guaranteed.

IV. The minimum cash value is not guaranteed.

II and IV

I and III

I and IV

II and III

Which of the following is TRUE regarding a registered rep working weekends as a bartender?

This is allowed with approval from the rep's firm.

This is allowed with approval from the state administrator.

This is not allowed under any circumstances.

This is allowed with approval from the SEC.

Which of the following would affect the premium of an option?

I. Whether the option is in-the-money

II. The amount of time the investor has to use the option

III. The volatility of the underlying security

IV. Investor sentiment

I, II, III, and IV

II, III, and IV

I, II, and III

I, II, and IV