Series 28 (Introducing Broker-Dealer Financial and Operations Principal Exam)
Thank you very much for your interests in our service Please note that our free trial questions merely demonstrate the system and layout. Our premium version adheres to the real exam format and is updated frequently on a weekly basis.
Quiz-summary
0 of 30 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
Information
Series 28 Free Preview
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 30 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- Answered
- Review
-
Question 1 of 30
1. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), at what time a written notice should be delivered to the carrying member at its office, two business days preceding the execution of the proposed “close-out”?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), written notice shall be delivered to the carrying member at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “close-out.”
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), written notice shall be delivered to the carrying member at its office not later than 12:00 noon, Eastern Time (ET), two business days preceding the execution of the proposed “close-out.”
-
Question 2 of 30
2. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), which of the following cases re-transmitted notices may be issued regardless of its origin?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), re-transmitted notices may be issued against a fail contract regardless of its origin.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), re-transmitted notices may be issued against a fail contract regardless of its origin.
-
Question 3 of 30
3. Question
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), which of the following statement(s) is/are correct for contracts made for “cash,” or made for or amended to include guaranteed delivery on a specified date?
Correct
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), Contracts made for “cash,” or made for or amended to include guaranteed delivery on a specified date may be “bought-in” without notice during the normal trading hours on the day following the date delivery is due on the contract.
Incorrect
In the FINRA Rule 11810 (Buy-In Procedures and Requirements), Contracts made for “cash,” or made for or amended to include guaranteed delivery on a specified date may be “bought-in” without notice during the normal trading hours on the day following the date delivery is due on the contract.
-
Question 4 of 30
4. Question
In the FINRA Rule 11840 (Rights and Warrants), the transactions in rights to subscribe shall be on the basis of one right accruing to each share of issued stock and the unit of trading in rights shall be in how many rights?
Correct
In the FINRA Rule 11840 (Rights and Warrants), except as otherwise designated by the Committee, transactions in rights to subscribe shall be on the basis of one right accruing to each share of issued stock and the unit of trading in rights shall be 100 rights (unless otherwise specified).
Incorrect
In the FINRA Rule 11840 (Rights and Warrants), except as otherwise designated by the Committee, transactions in rights to subscribe shall be on the basis of one right accruing to each share of issued stock and the unit of trading in rights shall be 100 rights (unless otherwise specified).
-
Question 5 of 30
5. Question
In the FINRA Rule 11860 (COD Orders), at what time the member shall deliver to the customer all relevant data customarily contained in confirmation with respect to the execution of the order?
Correct
In the FINRA Rule 11860 (COD Orders), the member shall deliver to the customer, a confirmation or all relevant data customarily contained in confirmation with respect to the execution of the order, in whole or in part, not later than the close of business on the next business day after any such execution.
Incorrect
In the FINRA Rule 11860 (COD Orders), the member shall deliver to the customer, a confirmation or all relevant data customarily contained in confirmation with respect to the execution of the order, in whole or in part, not later than the close of business on the next business day after any such execution.
-
Question 6 of 30
6. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the basis of computation of interest?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
-
Question 7 of 30
7. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 1st of the following?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 8 of 30
8. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 1st of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 9 of 30
9. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee based on up to 10,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 10 of 30
10. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following incremental fee-based for above 200,000 up to 500,000 nominee accounts should be paid when an issuer elects to utilize notice and access for a proxy distribution?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), when an issuer elects to utilize notice and access for a proxy distribution, there is an incremental fee based on all nominee accounts through which the issuer’s securities are beneficially owned as follows:-
(a) 25 cents for each account up to 10,000 accounts.
(b) 20 cents for each account over 10,000 accounts, up to 100,000 accounts.
(c) 15 cents for each account over 100,000 accounts, up to 200,000 accounts.
(d) 10 cents for each account over 200,000 accounts, up to 500,000 accounts.
(e) 5 cents for each account over 500,000 accounts. -
Question 11 of 30
11. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), how much fee should be imposed for a nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved, notwithstanding any other provision of this Supplementary Material?
Correct
Notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for any nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved.
Incorrect
Notwithstanding any other provision of this Supplementary Material, no fee shall be imposed for any nominee account which contains only a fractional share, i.e., less than one share or unit of the security involved.
-
Question 12 of 30
12. Question
In the FINRA Rule 4150 (Guarantees by, or Flow-through Benefits for, Members), which of the following conditions a prior written notice shall be given to FINRA at least 10 business days?
Correct
In the FINRA Rule 4150 (Guarantees by, or Flow-through Benefits for, Members), The prior written notice shall be given to FINRA at least 10 business days prior whenever any member guarantees, endorses or assumes, directly or indirectly, the obligations or liabilities with another person.
Incorrect
In the FINRA Rule 4150 (Guarantees by, or Flow-through Benefits for, Members), The prior written notice shall be given to FINRA at least 10 business days prior whenever any member guarantees, endorses or assumes, directly or indirectly, the obligations or liabilities with another person.
-
Question 13 of 30
13. Question
In the FINRA Rule 4521 (Notifications, Questionnaires and Reports), which of the following authority should be notified in writing by the each carrying or clearing member, no more than 48 hours after its tentative net capital as computed pursuant to SEA Rule 15c3-1 has declined 20 percent or more from the amount reported in its most recent FOCUS Report?
Correct
In the FINRA Rule 4521 (Notifications, Questionnaires and Reports), each carrying or clearing member shall notify FINRA in writing, no more than 48 hours after its tentative net capital as computed pursuant to SEA Rule 15c3-1 has declined 20 percent or more from the amount reported in its most recent FOCUS Report or if later, the most recent such notification filed with FINRA.
Incorrect
In the FINRA Rule 4521 (Notifications, Questionnaires and Reports), each carrying or clearing member shall notify FINRA in writing, no more than 48 hours after its tentative net capital as computed pursuant to SEA Rule 15c3-1 has declined 20 percent or more from the amount reported in its most recent FOCUS Report or if later, the most recent such notification filed with FINRA.
-
Question 14 of 30
14. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following authority should process and forward promptly all information related to proxy and other issuer related materials regarding security to the beneficial owner if the member carries the account in which the security is held for the beneficial owner?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), A member shall process and forward promptly all information as required by this Rule and applicable SEC rules regarding security to the beneficial owner (or the beneficial owner’s designated investment adviser) if the member carries the account in which the security is held for the beneficial owner and the security is registered in a name other than the name of the beneficial owner.
Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), A member shall process and forward promptly all information as required by this Rule and applicable SEC rules regarding security to the beneficial owner (or the beneficial owner’s designated investment adviser) if the member carries the account in which the security is held for the beneficial owner and the security is registered in a name other than the name of the beneficial owner.
-
Question 15 of 30
15. Question
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), which of the following intermediary unit fee should be paid for above 100,000 up to 300,000 nominee accounts for each set of proxy material through which the issuer’s securities are beneficially owned?
Correct
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), An Intermediary Unit Fee for each set of proxy material, based on the following schedule according to the number of nominee accounts through which the issuer’s securities are beneficially owned:-
(a) 14 cents for each account up to 10,000 accounts.
(b) 13 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 11 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 9 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 7 cents for each account above 500,000 accounts.Incorrect
In the FINRA Rule 2251 (Processing and Forwarding of Proxy and Other Issuer-Related Materials), An Intermediary Unit Fee for each set of proxy material, based on the following schedule according to the number of nominee accounts through which the issuer’s securities are beneficially owned:-
(a) 14 cents for each account up to 10,000 accounts.
(b) 13 cents for each account above 10,000 accounts, up to 100,000 accounts.
(c) 11 cents for each account above 100,000 accounts, up to 300,000 accounts.
(d) 9 cents for each account above 300,000 accounts, up to 500,000 accounts.
(e) 7 cents for each account above 500,000 accounts. -
Question 16 of 30
16. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following authority the applicant may file a written request to direct the Department to issue a decision, If the Department fails to serve a decision within 180 days after filing of an application?
Correct
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
Incorrect
If the Department fails to serve a decision within 180 days after the filing of an application or such later date as the Department and the Applicant have agreed in writing, the Applicant may file a written request with the FINRA Board requesting that the FINRA Board direct the Department to issue a decision.
-
Question 17 of 30
17. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), within how many days the member should submit a new application, If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal:-
(a) The member should submit a new application under this Rule and fee pursuant to Schedule A to the FINRA By-Laws.
(b) The member should unwind the transaction.
(c) The member should file a Form BDW.Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal:-
(a) The member should submit a new application under this Rule and fee pursuant to Schedule A to the FINRA By-Laws.
(b) The member should unwind the transaction.
(c) The member should file a Form BDW. -
Question 18 of 30
18. Question
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), which of the following action should be taken by member within no more than 60 days after the lapse or exhaustion or waiver of appeal, If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived?
Correct
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal.
Incorrect
In the FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations), If an application for approval of a change in ownership lapses, or is denied and all appeals are exhausted or waived. The member should take the following action within no more than 60 days after the lapse or exhaustion or waiver of appeal.
-
Question 19 of 30
19. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business?
Correct
FINRA may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business.
Incorrect
FINRA may issue a notice pursuant to Rule 9557 directing a member that is not in compliance with applicable net capital requirements set forth in SEA Rule 15c3-1 to suspend all or a portion of its business.
-
Question 20 of 30
20. Question
In the FINRA Rule 4110 (Capital Compliance), which of the following authority’s prior written approval is required for the carrying or clearing member to consummate a sale-and-leaseback arrangement with respect to any of its assets, where any such arrangement would increase the member’s tentative net capital by 10% or more?
Correct
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
Incorrect
In the FINRA Rule 4110 (Capital Compliance), no carrying or clearing member shall consummate a sale-and-leaseback arrangement with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA.
-
Question 21 of 30
21. Question
In the FINRA Rule 4120 (Regulatory Notification and Business Curtailment), within how much time each carrying or clearing member shall promptly notify FINRA in writing if its net capital falls below the 150 percent of its minimum dollar net capital requirement?
Correct
In the FINRA Rule 4120 (Regulatory Notification and Business Curtailment), In any event within 24 hours each carrying or clearing member shall promptly notify FINRA in writing if its net capital falls below the 150 percent of its minimum dollar net capital requirement or such greater percentage thereof as may from time to time be designated by FINRA.
Incorrect
In the FINRA Rule 4120 (Regulatory Notification and Business Curtailment), In any event within 24 hours each carrying or clearing member shall promptly notify FINRA in writing if its net capital falls below the 150 percent of its minimum dollar net capital requirement or such greater percentage thereof as may from time to time be designated by FINRA.
-
Question 22 of 30
22. Question
In the FINRA Rule 2231 (Customer Account Statements), which of the following condition quarterly account statements need not be sent to a customer?
Correct
In the FINRA Rule 2231 (Customer Account Statements), quarterly account statements need not be sent to a customer on the following conditions:-
(a) The customer’s account is carried solely for the purpose of execution on a DVP/RVP basis.
(b) All transactions effected for the account are done on a DVP/RVP basis in conformity with Rule 11860.
(c) The account does not show security or money positions at the end of the quarter (provided, however, that positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions, shall not be deemed security or money positions.
(d) The customer consents to the suspension of such statements in writing. The member must maintain such consents in a manner consistent with Rule 4512 and SEA Rule 17a-4.
(e) The member undertakes to provide any particular statement or statements to the customer promptly upon request.
(f) The member undertakes to promptly reinstate the delivery of such statements to the customer upon request.Incorrect
In the FINRA Rule 2231 (Customer Account Statements), quarterly account statements need not be sent to a customer on the following conditions:-
(a) The customer’s account is carried solely for the purpose of execution on a DVP/RVP basis.
(b) All transactions effected for the account are done on a DVP/RVP basis in conformity with Rule 11860.
(c) The account does not show security or money positions at the end of the quarter (provided, however, that positions of a temporary nature, such as those arising from fails to receive or deliver, errors, questioned trades, dividend or bond interest entries and other similar transactions, shall not be deemed security or money positions.
(d) The customer consents to the suspension of such statements in writing. The member must maintain such consents in a manner consistent with Rule 4512 and SEA Rule 17a-4.
(e) The member undertakes to provide any particular statement or statements to the customer promptly upon request.
(f) The member undertakes to promptly reinstate the delivery of such statements to the customer upon request. -
Question 23 of 30
23. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), what is the time interval to conduct a review of member’s business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must update its plan in the event of any material change to the member’s operations, structure, business or location. Each member must also conduct an annual review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location.
Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), each member must update its plan in the event of any material change to the member’s operations, structure, business or location. Each member must also conduct an annual review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member’s operations, structure, business, or location.
-
Question 24 of 30
24. Question
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), how many associated persons should be included in the emergency contact information for the member as an emergency contact person?
Correct
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the emergency contact information for the member includes the designation of two associated persons as emergency contact persons.
Incorrect
In the FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information), the emergency contact information for the member includes the designation of two associated persons as emergency contact persons.
-
Question 25 of 30
25. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), within how many days each member should review, and if necessary update its required contact information?
Correct
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
Incorrect
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
-
Question 26 of 30
26. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time limit for the preservation of all records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account?
Correct
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
Incorrect
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
-
Question 27 of 30
27. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), which type of responsibilities for each account may be assigned by each member with only one associated person, subject to applicable registration requirements?
Correct
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
Incorrect
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
-
Question 28 of 30
28. Question
In the FINRA Rule 2261 (Disclosure of Financial Condition), which type of information should be made available by a member for inspection by a bona fide regular customer upon his request?
Correct
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
Incorrect
A member shall make available the information relative to such member’s financial condition as disclosed in its most recent balance sheet prepared either in accordance with such member’s usual practice or as required by any state or federal securities laws, or any rule or regulation thereunder to inspection by any bona fide regular customer upon request.
-
Question 29 of 30
29. Question
In the FINRA Rule 1017, which of the following conditions a member should file an application for approval of any changes to its ownership, control, or business operations?
Correct
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
Incorrect
A member should file an application for approval when there are any changes to its ownership, control, or business operations in a case, a direct or indirect acquisition by the member of another member unless the acquiring member is a member of the New York Stock Exchange, Inc.
-
Question 30 of 30
30. Question
In the FINRA Rule 11870 (Customer Account Transfer Contracts), which of the following authority may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system?
Correct
In the FINRA Rule 11870 (Customer Account Transfer Contracts), A carrying member may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system, in connection with assets in an account that has been transferred but which assets have not been delivered to the receiving member.
Incorrect
In the FINRA Rule 11870 (Customer Account Transfer Contracts), A carrying member may not reject (“DK”) a fail contract, including a Receive/Deliver Instruction generated by an automated customer account transfer system, in connection with assets in an account that has been transferred but which assets have not been delivered to the receiving member.
Benefits Using Fraser Exam
- Save Your Valuable Time & Money To Retake The Exam
- Increase Your Market Competitiveness
- Frequently Updated Test Bank
- Adhere to Real Examination Format
- Unique Questions Bank by Fraser Exam
- Secured Payment via PayPal & SSL
- Instant Access Under One Minute
- Risk-Free Guarantee
- Premium Support 24/7/365
- Study Anywhere with Mobile Device
- Explanation Given For Each and Every Question
- Unlimited Access For Assigned Period