18. Directors who are not employees, former employees, or family members of employees and who do not have existing or potential business relationships with the firm are called: (A) inside directors. (B) monitoring directors. (C) independent directors. (D) gray directors.

9. Which of the following statements is FALSE? (A) When a bond trades at a price equal to its face value, it is said to trade at par. (B) When a bond is trading at a discount, the price drop when a coupon is paid will be larger than the price increase between coupons, so the bond's discount will tend to decline as time passes. (C) As interest rates and bond yields rise, bond prices will fall. (D) Ultimately, the prices of all bonds approach the bond's face value when the bonds mature and their last coupon is paid.

18. Directors who are not employees, former employees, or family members of employees and who do not have existing or potential business relationships with the firm are called:
(A) inside directors.
(B) monitoring directors.
(C) independent directors.
(D) gray directors.

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