Which of the Following Securities Offerings Is Not Exempt from Registration

question 38

Multiple Choice

Which of the following securities offerings is not exempt from registration prior to their sale?

• A) offerings of more than $5 million.
• B) securities issued by governments.
• C) securities issued by banks.
• D) securities issued by savings and loan associations.
• E) offerings of no more than $1 million made to any number of investors within a 12-month period.

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Definitions:

Inelastic Demand

The case in which the price elasticity of demand is less than 1.

FICA

FICA stands for the Federal Insurance Contributions Act and is a United States federal payroll tax that funds Social Security and Medicare programs.

Payroll Tax

A tax on the earnings an employer pays to an employee.

Burden Of The Tax

The burden of the tax refers to the impact of a tax on the economic welfare of stakeholders, indicating who ultimately bears the cost of the tax.