Q. A trading venue that functions like an exchange but does not exercise regulatory authority over its subscribers is known as:

1. a primary market.

2. a private placement.

3. an alternative trading system.

Q. All else being equal, as investors' time horizon increases, their risk tolerance will:

1. decrease.

2. be unchanged.

3. increase.

Q. If an investor exercises warrants, the number of shares outstanding of the issuing company most likely:

1. decreases.

2. remains the same.

3. increases.