QUESTION 39 The 5-percent markup policy applies to the riskless or simultaneous transactions commissions charged when executing trades for a customer o all the questions provided are correct markdowns on stock sold from inventory QUESTION 40 Which of the following are nonexempt securities? 1. Municipal unit investment trust shares II. U.S. government bond fund shares III. Variable annuity accumulation units IV. Fixed annuities O III and IV Ill only O I, II, and III I and 11