Which of the Following Statements Is True of Borrowing Money

Which of the following statements is true of borrowing money?

A) Bonds are financial instruments issued by federal governments and bought by state governments.
B) The power to borrow money for the long term does not require any voter approval.
C) In most cases, revenue bonds require voter approval.
D) State and local bonds are attractive to investors because the interest they earn is exempt from federal income tax.
E) Private businesses can borrow money at a lower interest rate than state and local governments can.