______ not required to be refunded during the lifetime of the business. 1. Preference shares 2. Debentures 3. Equity shares 4. Retained earnings

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Equity shares and retained earnings are not required to be refunded during the lifetime of the business. Explanation: • Equity Shares: Represent the permanent capital of a company and are not required to be refunded during its lifetime. • Retained Earnings: Are the profits kept in the business and never refunded to shareholders unless the company is liquidated. Whereas: • Preference Shares: May be redeemable (repayable after a certain period) or irredeemable (though rare now). • Debentures: Are debt instruments and must be repaid after the maturity period. Therefore, only Equity Shares and Retained Earnings are not required to be refunded during the lifetime of the business.

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