Series 14 Compliance Officer Qualification Examination (CR) Test Bank Free Trial
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Question 1 of 10
1. Question
Which of the following should be done before any customer order, is placed upon the order form or other similar records of the member for each transaction, the name or designation of the account (or accounts)?
Correct
The name or designation of the account (or accounts) should be executed before any customer order
Incorrect
The name or designation of the account (or accounts) should be executed before any customer order
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Question 2 of 10
2. Question
A member shall suspend all business operations during any period in which it is not in compliance with which of the following applicable requirement set forth in SEA Rule 15c3-1?
Correct
Net Capital requirement must be fulfilled by a member in order to carry out business operations
Incorrect
Net Capital requirement must be fulfilled by a member in order to carry out business operations
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Question 3 of 10
3. Question
No carrying member shall consummate any arrangement concerning the sale or factoring of customer debit balances, irrespective of the amount, without the prior written authorization of which of the following authority?
Correct
FINRA written authorization is required to consummate any arrangement concerning the sale or factoring of customer debit balances,
Incorrect
FINRA written authorization is required to consummate any arrangement concerning the sale or factoring of customer debit balances,
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Question 4 of 10
4. Question
Where an issuer registers an offering of which of the following securities and also registers the common stock to be issued upon conversion, the 10% test of Rule 415(a)(4)(ii) would not be applied to the common stock issuable upon conversion?
Correct
the 10% test of Rule 415(a)(4)(ii) would not be applied to the common stock issuable upon conversion for convertible debt securities
Incorrect
the 10% test of Rule 415(a)(4)(ii) would not be applied to the common stock issuable upon conversion for convertible debt securities
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Question 5 of 10
5. Question
Underlying stock basket means a group of securities that includes each of the component securities of the applicable index and that meets the following conditions except:
Correct
The underlying stock basket includes the quantity of each stock in the basket is proportional to its representation in the index, the total market value of the basket is equal to the underlying index value of the index options or warrants to be covered, and the securities in the basket cannot be used to cover more than the number of index options or warrants represented by that value but does not have the requirement regarding the current price of debentures
Incorrect
The underlying stock basket includes the quantity of each stock in the basket is proportional to its representation in the index, the total market value of the basket is equal to the underlying index value of the index options or warrants to be covered, and the securities in the basket cannot be used to cover more than the number of index options or warrants represented by that value but does not have the requirement regarding the current price of debentures
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Question 6 of 10
6. Question
The publication of quotations by a broker-dealer indicates that which of the following exists for the issuer’s securities?
Correct
a market exists for the securities when a Broker public the quotations
Incorrect
a market exists for the securities when a Broker public the quotations
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Question 7 of 10
7. Question
Each carrying firm shall conduct appropriate what procedure with respect to any new introducing firm relationship to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm?
Correct
due diligence is required to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm.
Incorrect
due diligence is required to assess the financial, operational, credit and reputational risk that such an arrangement will have upon the carrying firm.
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Question 8 of 10
8. Question
A member shall suspend all business operations during any period in which it is not in compliance with which of the following applicable requirement set forth in SEA Rule 15c3-1?
Correct
Net Capital requirement must be fulfilled by a member in order to carry out business operations
Incorrect
Net Capital requirement must be fulfilled by a member in order to carry out business operations
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Question 9 of 10
9. Question
The insured depository institution, and every entity that controls it must have total consolidated assets equal to or less than:
Correct
Total consolidated assets should be equal to or less than $10 billion
Incorrect
Total consolidated assets should be equal to or less than $10 billion
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Question 10 of 10
10. Question
Which of the following has the primary responsibility of non-delegable duty for the timely, accurate, and complete reporting of transaction information?
Correct
The primary responsibility rest with the Member.
Incorrect
The primary responsibility rest with the Member.
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