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Question 1 of 10
1. Question
What are the depositories for checking accounts as well as the primary source of short-term financing for corporations?
I. Insurance companies
II. FDIC
III. Banks
IV. Credit UnionsCorrect
Banks are the primary depository for checking accounts as well as the primary source of short-term financing for corporations. The Federal Deposit Insurance Corporation (FDIC) insures banks. Credit unions also serve as a depository for checking accounts, and they also provide short-term financing to corporations.
Incorrect
Banks are the primary depository for checking accounts as well as the primary source of short-term financing for corporations. The Federal Deposit Insurance Corporation (FDIC) insures banks. Credit unions also serve as a depository for checking accounts, and they also provide short-term financing to corporations.
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Question 2 of 10
2. Question
In which type of depository, the members make loans by collecting their own funds and elect a board to oversee the operations?
Correct
In a credit union, the members make loans by pooling their own funds and elect a volunteer board to oversee the credit union’s operations.
Incorrect
In a credit union, the members make loans by pooling their own funds and elect a volunteer board to oversee the credit union’s operations.
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Question 3 of 10
3. Question
Which agency insures Credit Unions?
Correct
The National Credit Union Administration (NCUA), an agency of the federal government, insures credit unions.
Incorrect
The National Credit Union Administration (NCUA), an agency of the federal government, insures credit unions.
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Question 4 of 10
4. Question
Which types of insurance are covered by the insurance companies?
I. Life
II. Property
III. Unemployment
IV. DisabilityCorrect
Insurance companies are the primary vendors of life, health, property, and disability insurance.
Incorrect
Insurance companies are the primary vendors of life, health, property, and disability insurance.
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Question 5 of 10
5. Question
Which agency insures brokerage firms?
Correct
The Securities Investor Protection Corporation (SIPC) insures brokerage firms.
Incorrect
The Securities Investor Protection Corporation (SIPC) insures brokerage firms.
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Question 6 of 10
6. Question
What is the amount reimbursed by FDIC for any losses, even if the depositor is not a US citizen or the resident of the Unites States?
Correct
The FDIC will reimburse a depositor for any losses up to the amount of $250,000, even if the depositor is not a U.S. citizen or resident of the United States. The FDIC insures all types of deposits received by a financial institution regularly but not Treasury securities.
Incorrect
The FDIC will reimburse a depositor for any losses up to the amount of $250,000, even if the depositor is not a U.S. citizen or resident of the United States. The FDIC insures all types of deposits received by a financial institution regularly but not Treasury securities.
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Question 7 of 10
7. Question
Which among the following are ineligible for SIPC protection?
I. Brokerage firms
II. Treasury Securities
III. Currency
IV. Investment contractsCorrect
Commodity futures contracts, currency, and investment contracts are ineligible for SIPC protection.
Incorrect
Commodity futures contracts, currency, and investment contracts are ineligible for SIPC protection.
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Question 8 of 10
8. Question
How can an individual register with FINRA?
Correct
In order to register with FINRA, securities dealers have to fill out a Uniform Application for Securities Industry Regulation, a Form U-4, and pass one or more exams.
Incorrect
In order to register with FINRA, securities dealers have to fill out a Uniform Application for Securities Industry Regulation, a Form U-4, and pass one or more exams.
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Question 9 of 10
9. Question
Identify the ways insurers can register themselves for selling the insurance:
I. Insurance Agents
II. Insurance Representatives
III. Insurance Brokers
IV. Insurance Service RepresentativesCorrect
There are 3 ways in which insurers sell insurance, and therefore there are 3 different ways for them to register. Insurance agents are direct representatives of an insurance company; insurance brokers act as liaisons between the insurance companies and the insured, though they actually represent the insured; and insurance service representatives are hired by insurance companies to assist insurance agents, and may not require licensure.
Incorrect
There are 3 ways in which insurers sell insurance, and therefore there are 3 different ways for them to register. Insurance agents are direct representatives of an insurance company; insurance brokers act as liaisons between the insurance companies and the insured, though they actually represent the insured; and insurance service representatives are hired by insurance companies to assist insurance agents, and may not require licensure.
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Question 10 of 10
10. Question
Insurance Brokers act as a liaison between:
Correct
insurance brokers act as liaisons between the insurance companies and the insured, though they actually represent the insured
Incorrect
insurance brokers act as liaisons between the insurance companies and the insured, though they actually represent the insured