Bubba held one XYZ July 30 listed call option when XYZ split 2 for 1.
What is the resulting position, Bubba has on the Option Clearing Corporation's record?

• A.long one XYZ July 30 call
• B.long one XYZ July 30 call and short one XYZ July 30 call
• C.long two XYZ July 30 calls
• D.long two XYZ July 15 calls

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A CMO is issued that has three tranches. One has an average life of 2 years. A second has an average life of 10 years. The third has an average life of 30 years. Initially, interest payments are distributed in this order:

• A.first to the holders of the 2-year tranche
• B.first to the holders of the 10-year tranche
• C.first to the holders of the 30-year tranche
• D.equally to all CMO holders of any tranche

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The minimum denomination for a US treasury bond is:

• A.$100
• B.$1,000
• C.$10,000
• D.$100,000

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Which of the following municipal securities carries the full faith and credit of the US government for payment of interest and principal if the issuer's funds are insufficient?

• A.general obligation bonds issued municipalities
• B.special tax bonds issued by municipalities
• C.revenue bonds issued by municipal port authorities
• D.new housing authority bonds issued by a public housing authority

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Which securities do not receive dividends?

• A.ADRs
• B.warrants
• C.common stock
• D.preferred stock

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