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
According to FINRA Rule 4512 ‘Customer Account Information’, how much does a person must at least have for “institutional account”?
Correct
A person must have assets of at least $50 million for “institutional account”.
Incorrect
A person must have assets of at least $50 million for “institutional account”.
-
Question 2 of 10
2. Question
According to FINRA Rule 4512 ‘Customer Account Information’, which is the requirement that institutional account is exempted from?
Correct
For institutional account, one may not need to give customer’s tax identification or Social Security number but is required to give other information regarding documentation and ownership.
Incorrect
For institutional account, one may not need to give customer’s tax identification or Social Security number but is required to give other information regarding documentation and ownership.
-
Question 3 of 10
3. Question
According to FINRA Rule 4513 ‘Records of Written Customer Complaints’, for how long a member must preserve the customer complaint records?
Correct
Customer complaint records shall be preserved for at least a period of 4 years.
Incorrect
Customer complaint records shall be preserved for at least a period of 4 years.
-
Question 4 of 10
4. Question
According to FINRA Rule 4514 ‘Authorization Records for Negotiable Instruments Drawn From a Customer’s Account’, for how long the member shall preserve the authorization, following the date it expires?
Correct
The member shall keep and preserve the authorization for a period of 3 years following the date the authorization expires.
Incorrect
The member shall keep and preserve the authorization for a period of 3 years following the date the authorization expires.
-
Question 5 of 10
5. Question
According to FINRA Rule 4514 ‘Authorization Records for Negotiable Instruments Drawn From a Customer’s Account’, which of the following copies is not required to members to preserve?
Correct
Members shall not require to preserve copies of negotiable instruments signed by customers.
Incorrect
Members shall not require to preserve copies of negotiable instruments signed by customers.
-
Question 6 of 10
6. Question
According to FINRA Rule 4515 ‘Approval and Documentation of Changes in Account Name or Designation’, who can authorize the change for the account name or designation?
Correct
Any change related to account name or designation can only be approved if it’s authorized by a qualified and registered principal designated by the member.
Incorrect
Any change related to account name or designation can only be approved if it’s authorized by a qualified and registered principal designated by the member.
-
Question 7 of 10
7. Question
According to FINRA Rule 7440 ‘Recording of Order Information’, which of the following information does Reporting Member not record when a trading department gets an order?
Correct
Since, only a registered person can receive an order, it’s important to record the identification of that person who directly receives it from a customer or client.
Incorrect
Since, only a registered person can receive an order, it’s important to record the identification of that person who directly receives it from a customer or client.
-
Question 8 of 10
8. Question
According to FINRA Rule 7440 ‘Recording of Order Information’, what shall be recorded by a Reporting Member when transmitting an order to a department within the member?
Correct
The Reporting Member shall record:
– the order identifier assigned to the order by the Reporting Member,
– the date the order was first originated or received by the Reporting Member,
– the number of shares to which the transmission applies
Out of the options, ‘the number of shares to which the transmission applies’ is correct since in the rest, information is not assigned, originated or received by Reporting Member.Incorrect
The Reporting Member shall record:
– the order identifier assigned to the order by the Reporting Member,
– the date the order was first originated or received by the Reporting Member,
– the number of shares to which the transmission applies
Out of the options, ‘the number of shares to which the transmission applies’ is correct since in the rest, information is not assigned, originated or received by Reporting Member. -
Question 9 of 10
9. Question
According to FINRA Rule 7440 ‘Recording of Order Information’, when shall Reporting Member record ‘any special handling requests’?
Correct
The Reporting Member shall record any special handling requests when a Reporting Member transmits an order to a department within the member.
Incorrect
The Reporting Member shall record any special handling requests when a Reporting Member transmits an order to a department within the member.
-
Question 10 of 10
10. Question
For the purposes of FINRA Rule 7440 ‘Recording of Order Information’, what is the order origination and receipt time?
Correct
The order origination or receipt time for the purposes of this Rule, is the time the order is received from the customer.
Incorrect
The order origination or receipt time for the purposes of this Rule, is the time the order is received from the customer.