1. An important financial institution that assists in the initial sale of securities in the primary market is the:
investment bank
commercial bank
money market mutual
stock exchange
2. Which statement does not describe banker's acceptances?
It is an order to pay a specified amount of money to the bearer on a given date.
It is a relatively new money market security, having developed only in the late 1970s, but having expanded continuously since.
They can be bought and sold until they mature, i.e., there is a relatively active secondary market.
Their primary use is in international trade