1.

Select the correct answer: A Long position in a Cattle Futures Contract:

		Gives the buyer the right to acquire cattle at a fixed price over a period of time in the future.
		Gives the buyer the right to sell cattle at a fixed price over a period of time in the future.
		Requires that the buyer acquire cattle at a fixed price at a period of time in the future.
		Requires that the buyer sell cattle at a fixed price at a period of time in the future.

2. True or False: The Volatility Risk Pattern of High Yield Bonds has historically been similar to that of Small Cap Equities.

3.

One mechanism by which private equity firms do not typically create value for their portfolio companies is through:

		Ability to reengineer organizational structure
		Ability to access credit markets on competitive terms
		Ability to liquidate the assets
		Aligntments of interest

4. True or False: Credit Culture is the idea that some lending institutions have better underwriting checks and balances and corporate governance mechanisms that result in superior credit structuring, investing, management and performance.