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Question 1 of 10
1. Question
In the case of a listed put, call, index stock group option, or stock index warrant carried “long”, margin must be deposited and maintained equal to at least what percentage of the current market value of the option or warrant?
Correct
75 percent of the current market value Margin needs to be maintained.
Incorrect
75 percent of the current market value Margin needs to be maintained.
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Question 2 of 10
2. Question
In the case of a call on any other option contract, the escrow agreement must certify that the custodian holds for the account of the customer which of the following for the agreement?
Correct
Custodians must hold as security under the escrow agreement.
Incorrect
Custodians must hold as security under the escrow agreement.
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Question 3 of 10
3. Question
When a member guarantees an option or stock index warrant to receive or deliver securities or foreign currencies for a customer, such an option or stock index warrant shall be margined as if it were which of the following?
Correct
to receive or deliver securities or foreign currencies for a customer, put or call option margined shall be used.
Incorrect
to receive or deliver securities or foreign currencies for a customer, put or call option margined shall be used.
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Question 4 of 10
4. Question
On any net position resulting from contracts for “when-issued” security made for or with a non-member broker-dealer, no margin need be required, but such net position must be which of the following?
Correct
marked to the market is essential for any net position resulting from contracts for “when-issued” security made for or with a non-member broker-dealer,
Incorrect
marked to the market is essential for any net position resulting from contracts for “when-issued” security made for or with a non-member broker-dealer,
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Question 5 of 10
5. Question
The amount of margin or “mark to market” required by any provision shall be obtained as promptly as possible and in any event within from which date such deficiency occurred?
Correct
15 business days is the time period required to be obtained the amount of margin for any deficiency
Incorrect
15 business days is the time period required to be obtained the amount of margin for any deficiency
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Question 6 of 10
6. Question
Pattern day trader means any customer who executes which of the following or more day trades within five business days. However, if the number of day trades is 6 percent or less of total trades for the five business day period?
Correct
four or more day trades within five business days are required by any customer to be termed as Pattern day trader.
Incorrect
four or more day trades within five business days are required by any customer to be termed as Pattern day trader.
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Question 7 of 10
7. Question
Whenever day trading occurs in a customer’s margin account the special maintenance margin required, based on the cost of all the day trades made during the day, shall be which percentage for margin eligible equity securities, and 100 percent for non-margin eligible equity securities?
Correct
25 percent for margin eligible equity securities are required for special maintenance margin.
Incorrect
25 percent for margin eligible equity securities are required for special maintenance margin.
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Question 8 of 10
8. Question
How much minimum equity is required for the accounts of customers deemed to be pattern day traders?
Correct
$25,000 is the minimum equity required for the accounts of customers deemed to be pattern day traders.
Incorrect
$25,000 is the minimum equity required for the accounts of customers deemed to be pattern day traders.
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Question 9 of 10
9. Question
Underlying stock basket means a group of securities that includes each of the component securities of the applicable index and that meets the following conditions except:
Correct
The underlying stock basket includes the quantity of each stock in the basket is proportional to its representation in the index, the total market value of the basket is equal to the underlying index value of the index options or warrants to be covered, and the securities in the basket cannot be used to cover more than the number of index options or warrants represented by that value but does not have the requirement regarding the current price of debentures
Incorrect
The underlying stock basket includes the quantity of each stock in the basket is proportional to its representation in the index, the total market value of the basket is equal to the underlying index value of the index options or warrants to be covered, and the securities in the basket cannot be used to cover more than the number of index options or warrants represented by that value but does not have the requirement regarding the current price of debentures
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Question 10 of 10
10. Question
A member may carry which of the following account which is limited to bona fide specialist or market making transactions including hedge transactions with security futures contracts upon a margin basis that is satisfactory to both parties?
Correct
“Approved specialist” or “approved market maker” account can be carried out by a member but is limited to bona fide specialist or market making transactions including hedge transactions.
Incorrect
“Approved specialist” or “approved market maker” account can be carried out by a member but is limited to bona fide specialist or market making transactions including hedge transactions.