1. We calculate both variance and standard deviation because:
   1. Variance is easy to do math with, standard deviation is easy to visualize
   2. Variance is more vulnerable to small sample errors
   3. One works best with scenario data, the other works best with time series data
   4. All answers are correct
2. Which of these statements is correct?
   1. Weak form efficient market hypothesis implies it would be very difficult to beat the market by asking your friend at JP Morgan about unannounced merger deals he is working on
   2. Semistrong market efficiency implies it would be very difficult to beat the market by reading the Financial Times
   3. Strong market efficiency implies it would be very difficult to beat the market by studying old stock prices
   4. None of the other answers are correct
3. The CAPM market beta of riskless debt is:
   1. 1
   2. -1
   3. 0
   4. Infinity