public 14- In the context of an initial public offering, a syndicate is: A) A group of underwriters and company insiders who together sell the issue to the B) A group of investors who agree to buy the issue from the underwriter C) A group of company insiders who organize to restrict the supply of shares made available to the public. D) A group of underwriters who together sell the issue to the public E) None of the above a: 15- Underwriting where the syndicate sells as much of the issue as possible, but can retum unsold securities to the issuing firm without any further financial responsibility, is called A) Firm commitment offering. B) Best efforts offering. C) Direct rights offering. D) Private placement offering. E) None of the above. 16- Which of the following describe(s) variable costs? 1. Can be forecast with a high degree of certainty beforehand. II. Are equal to zero when production is zero. III. Change with the quantity of output produced. A) II only B) I and II only C) II and III only D) I and III only E) 1, II and III 17- Which of the following does not correctly complete this sentence: A project that just breaks even in an accounting sense A) will lose money in a financial sense B) will result in zero taxes paid C) will not contribute to net income for the firm D) will have operating cash flow equal to depreciation expense E) none of the above