1. Which of the following is NOT true regarding dark pools?

a. As of 2014, Total Volume on Dark Pools and other ATSs Trade Exceeds Either NYSE or NASDAQ

b. Dark Pools are not Required to Report Trades to the Consolidated Tape (SIP)

c. Limit Order Books for Dark Pools are not Observable

d. Orders Sent to Dark Pools Face Greater Execution Risk

e. Some of the Largest Dark Pools have Paid Large Fines to United States Regulators

2. Fill in the Blank: Brokerages charge clients ____________________ for each order to compensate the brokerage for costs associated with trade facilitation (e.g. labor, capital, etc.).

a. Commissions

b. High Frequency

c. Mental Accounts

d. Soft Dollars

e. Spreads

3. Which of the following is NOT a behavioral bias?

a. Anchoring

b. Diversification

c. Framing

d. Mental Accounting

e. Regret Avoidance

4. The notion that the peak of a market bubble can be identified by the mass entry into that market by novice/retail investors can be referred to as:

a. Limits to Arbitrage

b. Positive Feedback Loops

c. Prospect Theory

d. Representativeness

e. Winner s Curse

5. The behavioral bias in which investors tend to sell winning stocks too early and hold on to losing stocks for too long is known as:

a. Anchoring

b. Disposition Effect

c. Framing

d. Mental Accounting

e. Representativeness