1. When all bidders pay the highest winning yield bid in a competitive bidding underwriting, this kind of auction is known as:

single-price auction

dutch auction

multiple-price auction

a and b only

none of the above

2.

1. If a securities firm is behaving as __, it is maintaining inventory.

dealer

broker

advisor

none of the above

3.

1. Banks are highly leveraged financial institutions, that means most of their funds come from

Deposits

Borrowings from the Federal Reserve through the discount window

Capital gains from the sale of securities

a and b only

all of the above