Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Certdemy free practice questions
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 10 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
- Answered
- Review
-
Question 1 of 10
1. Question
The Bank Secrecy Act, also known as the –
Correct
The Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act of 1970.
Incorrect
The Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act of 1970.
-
Question 2 of 10
2. Question
Under the Bank Secrecy Act, financial institutions in the United States are required to report and to maintain records for all cash transactions occurring in a single day in excess of –
Correct
Under the act, financial institutions in the United States are required to report and to maintain records for all cash transactions occurring in a single day in excess of $10,000.
Incorrect
Under the act, financial institutions in the United States are required to report and to maintain records for all cash transactions occurring in a single day in excess of $10,000.
-
Question 3 of 10
3. Question
According to the Bank Secrecy Act, for any cash purchases of monetary or negotiable instruments between $3,000 and $10,000 in a single day, financial institutions must maintain records on their premises for a period of –
Correct
Financial institutions must maintain records on their premises for a period of five years for any cash purchases of monetary or negotiable instruments between $3,000 and $10,000 in a single day.
Incorrect
Financial institutions must maintain records on their premises for a period of five years for any cash purchases of monetary or negotiable instruments between $3,000 and $10,000 in a single day.
-
Question 4 of 10
4. Question
Under the Bank Secrecy Act, which is designed to prevent and detect money laundering and other illegal financial activities, sender’s financial institutions are required which of the following information?
I. Name and address of the sender
II. Execution date of the transaction
III. Payment instructions provided by sender
IV. Any other specific identifiers of the recipientCorrect
Under the Bank Secrecy Act, which is designed to prevent and detect money laundering and other illegal financial activities, financial institutions are required to collect certain data on the sender and recipient of funds for certain transactions.
The information to be retained by the sender’s financial institution includes:
1. Name and address of the sender
2. Amount that was sent
3. Execution date of the transaction
4. Payment instructions provided by sender
5. Identity of recipient’s financial institutionIncorrect
Under the Bank Secrecy Act, which is designed to prevent and detect money laundering and other illegal financial activities, financial institutions are required to collect certain data on the sender and recipient of funds for certain transactions.
The information to be retained by the sender’s financial institution includes:
1. Name and address of the sender
2. Amount that was sent
3. Execution date of the transaction
4. Payment instructions provided by sender
5. Identity of recipient’s financial institution -
Question 5 of 10
5. Question
Under the Bank Secrecy Act, which is designed to prevent and detect money laundering and other illegal financial activities, the information for the recipient includes:
I. Name and address of the recipient
II. Account number of the recipient
III. Amount that was sent
IV. Any other specific identifiers of the recipientCorrect
The information for the recipient includes:
1. Name and address of the recipient
2. Account number of the recipient
3. Any other specific identifiers of the recipientIncorrect
The information for the recipient includes:
1. Name and address of the recipient
2. Account number of the recipient
3. Any other specific identifiers of the recipient -
Question 6 of 10
6. Question
Which of the following statement(s) is(are) true about Margin accounts?
I. Margin accounts are accounts whereby investors have access to loanable funds, or leverage.
II. Investors have the potential to increase the gain in margin accounts by borrowing extra capital to invest and paying it back from the extra gains earned from the extra capital invested.
III. Margin accounts are used by most investors for their simplicity and low risk as an account type.
IV. Only sophisticated and experienced investors who understand the implications of margin accounts and seek speculative gains should use margin accounts.Correct
Margin accounts are accounts whereby investors have access to loanable funds, or leverage. The loanable funds are used to magnify gains but have the potential to magnify losses. Investors have the potential to increase the gain in margin accounts by borrowing extra capital to invest and paying it back from the extra gains earned from the extra capital invested. This process works in reverse with losses in margin accounts, increasing the potential for losses. The investor must also pay a rate of interest on the loaned funds in a margin account. Only sophisticated and experienced investors who understand the implications of margin accounts and seek speculative gains should use margin accounts.
Incorrect
Margin accounts are accounts whereby investors have access to loanable funds, or leverage. The loanable funds are used to magnify gains but have the potential to magnify losses. Investors have the potential to increase the gain in margin accounts by borrowing extra capital to invest and paying it back from the extra gains earned from the extra capital invested. This process works in reverse with losses in margin accounts, increasing the potential for losses. The investor must also pay a rate of interest on the loaned funds in a margin account. Only sophisticated and experienced investors who understand the implications of margin accounts and seek speculative gains should use margin accounts.
-
Question 7 of 10
7. Question
Which of the following statement(s) is(are) true about Cash accounts?
I. Cash accounts are the most common types of brokerage accounts.
II. Cash accounts are used by most investors for their simplicity and low risk as an account type.
III. Cash accounts are acceptable accounts for all investor types.
IV. Gains in cash accounts are limited by the amount of capital available to the investor.Correct
Cash accounts are the most common types of brokerage accounts. They are used by most investors for their simplicity and low risk as an account type. Cash accounts are acceptable accounts for all investor types. Gains in cash accounts are limited by the amount of capital available to the investor.
Incorrect
Cash accounts are the most common types of brokerage accounts. They are used by most investors for their simplicity and low risk as an account type. Cash accounts are acceptable accounts for all investor types. Gains in cash accounts are limited by the amount of capital available to the investor.
-
Question 8 of 10
8. Question
Which of the following is called regular way settlement?
Correct
T + 3 is called regular way settlement.
Incorrect
T + 3 is called regular way settlement.
-
Question 9 of 10
9. Question
By which of the following way stocks, corporate and municipal bonds, and securities issued by agencies of the federal government all settle?
Correct
T + 3 is shorthand for regular way settlement. Stocks, corporate and municipal bonds, and securities issued by agencies of the federal government all settle regular way.
Incorrect
T + 3 is shorthand for regular way settlement. Stocks, corporate and municipal bonds, and securities issued by agencies of the federal government all settle regular way.
-
Question 10 of 10
10. Question
Under Rule 10b-10 of the Securities Exchange Act of 1934, to disclose which of the following information, a broker or dealer is required, at or before the sale of a security?
I. The date and time of the transaction (or that such information will be provided upon completion of the transaction)
II. The identity, price, and number of shares or units of each security sold or purchased
III. The name of the person from whom the security was purchased, or to whom it was sold, or the fact that this information will be provided upon the customer’s written request
IV. Whether the customer paid any odd-lot fees in connection with the transactionCorrect
Under Rule 10b-10 of the Securities Exchange Act of 1934, a broker or dealer is required, at or before the sale of a security, to disclose the following information:
1. The date and time of the transaction (or that such information will be provided upon completion of the transaction)
2. The identity, price, and number of shares or units of each security sold or purchased
3. The name of the person from whom the security was purchased, or to whom it was sold, or the fact that this information will be provided upon the
customer’s written request
4. The amount of any remuneration received by the broker from the transaction, unless governed by a previously written agreement with the customer on a basis other than transactional
5. Whether the customer paid any odd-lot fees in connection with the transactionIncorrect
Under Rule 10b-10 of the Securities Exchange Act of 1934, a broker or dealer is required, at or before the sale of a security, to disclose the following information:
1. The date and time of the transaction (or that such information will be provided upon completion of the transaction)
2. The identity, price, and number of shares or units of each security sold or purchased
3. The name of the person from whom the security was purchased, or to whom it was sold, or the fact that this information will be provided upon the
customer’s written request
4. The amount of any remuneration received by the broker from the transaction, unless governed by a previously written agreement with the customer on a basis other than transactional
5. Whether the customer paid any odd-lot fees in connection with the transaction