1. Which one of the following statements best describes the intrinsic value of a stock?
   1. The current market price.
   2. The future value of expected dividends.
   3. The present value of future dividends.
   4. The current dividend yields

2. Which one of the following describes the system where new securities are sold directly to financial institutions?

1. Private Placement
2. Prompt Offering Qualification System
3. Initial Public Offering
4. Prospectus System