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Question 1 of 10
1. Question
Unless otherwise permitted by FINRA, each member partnership whose general partner enters into any secured or unsecured borrowing, the proceeds of which will be contributed to the capital of the member, shall submit the following for approval in order for such proceeds to qualify as capital acceptable for inclusion in the computation of the net capital of the member
Correct
A signed copy of the loan agreement has at least a 12-month duration and provides non-recourse to the assets of the member.
Incorrect
A signed copy of the loan agreement has at least a 12-month duration and provides non-recourse to the assets of the member.
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Question 2 of 10
2. Question
The provisions of section 5 (Prohibitions Relating to Interstate Commerce and the Mails) shall not apply to;
Correct
Transactions by an issuer not involving any public offering & transactions by any person other than an issuer, underwriter, or dealer.
Incorrect
Transactions by an issuer not involving any public offering & transactions by any person other than an issuer, underwriter, or dealer.
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Question 3 of 10
3. Question
It shall be unlawful for any person in the offer or sale of any securities (including security-based swaps) or any security-based swap agreement by the use of any means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly;
Correct
To employ any device, scheme, or artifice to defraud or obtain money or property by means of any untrue statement.
Incorrect
To employ any device, scheme, or artifice to defraud or obtain money or property by means of any untrue statement.
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Question 4 of 10
4. Question
What are the dominant form of investing in securities markets for most individuals, but which funds have enjoyed a far greater growth rate in the last decade?
Correct
Reminder: Mutual funds are the dominant form of investing in securities markets for most individuals, but hedge funds have enjoyed a far greater growth rate in the last decade
Incorrect
Reminder: Mutual funds are the dominant form of investing in securities markets for most individuals, but hedge funds have enjoyed a far greater growth rate in the last decade
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Question 5 of 10
5. Question
Under the Securities Act of 1933, which of the following statements is correct concerning a public issuer of securities who has made a registered offering?
Correct
If the issuer has made a registered offering the issuer must file an annual report (Form 10-K) with the SEC.
Incorrect
If the issuer has made a registered offering the issuer must file an annual report (Form 10-K) with the SEC.
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Question 6 of 10
6. Question
Which of the following persons is not an insider of a corporation subject to the Securities Exchange Act of 1934 registration and reporting requirements?
Correct
As per the Securities Exchange Act of 1934 registration and reporting requirements, an owner of 5% of the corporation’s outstanding debentures.
Incorrect
As per the Securities Exchange Act of 1934 registration and reporting requirements, an owner of 5% of the corporation’s outstanding debentures.
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Question 7 of 10
7. Question
A member cannot execute directly with a market but must employ a broker’s broker or some other means in order to ensure an execution advantageous to the customer, the burden of showing the acceptable circumstances for doing so is on
Correct
Member is responsible for showing the evidence.
Incorrect
Member is responsible for showing the evidence.
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Question 8 of 10
8. 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 9 of 10
9. Question
Total consolidated trading assets and liabilities of the insured depository institution, and every entity that controls it must be equal to or less than what percentage of its total consolidated assets?
Correct
Total consolidated trading assets and liabilities must be equal to or less than 5% of insured depository institution consolidated assets
Incorrect
Total consolidated trading assets and liabilities must be equal to or less than 5% of insured depository institution consolidated assets
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Question 10 of 10
10. Question
What is prohibited regarding an inventory position in a security or a derivative of such security-based on non-public advance knowledge of the content or timing of a research report in that security?
Correct
Liquidation of inventory position is prohibited under FINRA Rule 5280: Trading Ahead of Research Reports based on non-public advance knowledge of the content or timing of a research report in that security.
Incorrect
Liquidation of inventory position is prohibited under FINRA Rule 5280: Trading Ahead of Research Reports based on non-public advance knowledge of the content or timing of a research report in that security.