In the pedagogical taxonomy of receptive and productive language skills, listening and speaking encompass distinct macro-functions and cognitive processing mechanisms. Consider the following four advanced propositions regarding the functions of language in listening and speaking: I. Transactional language functions primarily to convey propositional information, exchange goods and services, and achieve explicit, real-world outcomes where the successful transfer of referential data and task completion are paramount, with little emphasis on interpersonal rapport. II. Interactional language functions primarily to establish and maintain social relationships, foster solidarity, and manage interpersonal bonding, where the accuracy and informational density of the message are secondary to social harmony (e.g., casual greetings, small talk, and banter). III. Talk as performance refers to public speaking events that transmit information before an audience in a structured, predictable format akin to written texts, requiring careful attention to form, audience appropriateness, and stylistic register (e.g., academic lectures, public announcements, and formal debates). IV. In second language listening pedagogy, bottom-up processing relies on schema activation, contextual expectancies, and prior background knowledge to predict global meaning, whereas top-down processing involves decoding individual phonemes, lexical units, and morphosyntactic boundaries sequentially before assembling overall comprehension. Identify the option that correctly evaluates the linguistic, functional, and pedagogical validity of propositions I, II, III, and IV according to standard English language teaching methodology and Functions of language principles.