QUESTION 2 When a company is raising funds in a First or Seed round, its product or service is usually: O At the prototype stage In the beta testing stage O Selling commercially O None of the above QUESTION 3 Corporate equity securities have a perpetual existence. O True False QUESTION 4 Provided a company is not offering equity securities to the general public, it is free to sell equity to any investor in a private deal. O True O False QUESTION 5 The Securities and Exchange Commission (SEC] is only involved in regulating broad public offerings of securities. O True O False QUESTION 6 When a company is raising funds in the Second or Professional round, its product or service is usually: O At the prototype stage O In the beta testing stage O Selling commercially O None of the above QUESTION 7 Equity Interests [Units] in a Limited Liability Company (LLC] have a perpetual existence. O True O False QUESTIONS A Corporation cannot have multiple classes of equity shares that have rights to different levels of dividend. O True O False QUESTION 9 The Board of Directors of a Corporation controls the business decisions and strategy for the Corporation. O True False QUESTION 10 Angel Investors prefer to invest in which funding round: O First or Seed Round O Second or Professional Round O Third or Mezzanine Round o Only in the IPO offering