The federal personal income tax rate is progressive integrative flat regressive 31 1 point Which of the following statements regarding the use of a passive investment strategy in common stock valuation is(are) CORRECT? I. If the securities market is totally efficient, no active investment strategy should be able to beat the market on a risk-adjusted basis; therefore, a passive investment strategy may be superior. II. Passive investment strategies include stock selection, sector rotation, and market timing. I only Il only Both I and II Neither I nor 11 32 1 point Which of the following statements regarding bond characteristics is(are) CORRECT? 1. A call provision gives the bond issuer the right to retire the issue by paying off the obligation II. Exercising the call provision becomes attractive to the bond issuer when market interest rates rise sufficiently above the coupon rate on the outstanding bonds and, as a result, the issuer saves money. I only Il only Both I and II Neither I nor