Under ASC $820($don$\text{'}$t worry about the Act, just use logic$)$ the Fair Value Measurement Standard of U$.$S$.$ GAAP, the Fair Value Hierarchy requires:

Question $9$ options:

If quoted market prices exist, they must be used since they are the highest level.

Company management may always choose which level of fair value determination will be used, but the decision is irrevocable.

Management may choose whether to determine fair value via an internal model or external market quotations, but must disclose the choice.

The auditors must determine fair values in order to keep the decision independent from management.