PART 1

1. Briefly discuss how the price of gold is generally determined

2. Explain when a taxable loss in a precious metal investment is recognized, and one circumstance where it may not be.

3. List two advantages of "storage certificate programs" as opposed to taking physical delivery of a precious metal.

PART 2

1. Distinguish between a master limited partnership and a private limited partnership

2. Explain the ways in which "leverage" can affect an investment in limited partnerships

3. State some reasons why a careful reading of any partnership agreement is important, especially as it relates to liability concerns and payments to investors

PART 3

1. Briefly explain what is meant by the terms "letter stock" and "mezzanine financing"

2. Explain why privately-placed debt issues normally provide a higher rate of return than do securities that are traded publicly

3. Discuss how mergers and acquisitions play a role in venture firms