HOTSPOT
You have the following stored procedure:
You run the following Transact-SQL statements:
What is the result of each Transact-SQL statement? To answer, select the appropriate options in the answer area.
Answer: 
Explanation:
Box 1: All transactions are rolled back.
The first IF-statement, IF @CODE = ‘C2323’ AND @ApplicationID = 1, will be true, an error will be raised, the error will be caught in the CATCH block, and the only transaction that has been started will be rolled back.
Box 2: All transactions are rolled back.
When nesting transactions, this same statement rolls back all inner transactions to the outermost BEGIN TRANSACTION statement.
References: https://docs.microsoft.com/en-us/sql/t-sql/language-elements/rollback-transaction-transact-sql