... Reflective Thinking 2.2 Structure of Financial Markets 1) Which of the following statements about the characteristics of debt and equity is FALSE? A) They can both be long-term financial instruments B) ... equities markets C) financial intermediaries D) bond markets Answer: C AACSB: Application of Knowledge 20) The countries that have made the least use of securities markets are and ; ... institutions include A) banks, mutual funds, and insurance companies B) savings and loan associations, mutual savings banks, and credit unions C) finance companies, mutual funds, and money market funds...