Which of the following is a misconception about beta?

Which element is "defined" in a defined benefit pension plan?

A municipal bond is callable beginning with the fifth coupon date. The call price schedule specifies call prices that decline with each passing coupon payment date from 107% of par to 100% of par on the maturity date.
I). The call provision makes the timing of the promised cash flows uncertain
II). The call provision makes the size of the promised cash flows uncertain
III). The call provision makes the tax status of the interest payments uncertain

Assuming that an investment manager only has a small block of shares from a "hot" IPO. What is the best way for him to allocate this block according to the Standards of Professional Conduct on Fair
Dealing?

An analyst is reviewing the following quotes from around the world:
In London: E(GBP)1 = $2.
In New York: $1 = Y(JPY)120.
What is the true cross rate between the E(GBP) and Y(JPY) (E(GBP):Y(JPY))?