Why does UNIX system have $/$etc$/$profile$?$ When is this file executed?

Group of answer choices

$/$etc$/$profile is meant for storing each user$$s default custom settings and is executed when a user logs in$,$ and before his$/$her own profile in the login directory is executed

$/$etc$/$profile is meant for storing global settings and is executed when a user logs in$,$ and after his$/$her own profile in the login directory is executed

$/$etc$/$profile is meant for storing global settings and is executed when a user logs in$,$ and before his$/$her own profile in the login directory is executed

There is no $/$etc$/$profile in the UNIX system