Last year, a company failed to pay the full dividend to its preferred shareholders, but now wants to pay a cash dividend on its common shares. Which preferred stock must be paid all of the dividends in arrears before the dividend can be paid on its common shares?

A. Participating preferred

B. Convertible preferred

What's an investment adviser?

A. A person who buys or sells securities

B. A person in the business of giving investment advice for a fee

C. A person who holds funds or securities

D. A person who manages and keeps track of an issuing company's shareholders

C. Callable preferred

D. Cumulative preferred

Which of the following securities would be subject to federal securities registration requirements?

A. Securities offered through a private placement

B. GNMA securities (government agency securities)

C. Municipal bonds

D. Mutual fund shares