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Question 1 of 10
1. Question
No carrying or clearing member shall consummate which of the following agreements with respect to any of its assets, or a sale, factoring, or financing arrangement with respect to any unsecured accounts receivable, where any such arrangement would increase the member’s tentative net capital by 10% or more, without the prior written authorization of FINRA?
Correct
no member shall carry out any sale-and-leaseback arrangement which would increase the member’s tentative net capital by 10% or more,
Incorrect
no member shall carry out any sale-and-leaseback arrangement which would increase the member’s tentative net capital by 10% or more,
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Question 2 of 10
2. Question
No carrying member shall consummate any arrangement concerning the sale or factoring of customer debit balances, irrespective of the amount, without the prior written authorization of which of the following authority?
Correct
FINRA written authorization is required to consummate any arrangement concerning the sale or factoring of customer debit balances,
Incorrect
FINRA written authorization is required to consummate any arrangement concerning the sale or factoring of customer debit balances,
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Question 3 of 10
3. Question
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 a signed copy of the loan agreement which must have at least what duration and provide non-recourse to the assets of the member?
Correct
a signed copy of the loan agreement of a 12-month duration which will be contributed to the capital of the member
Incorrect
a signed copy of the loan agreement of a 12-month duration which will be contributed to the capital of the member
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Question 4 of 10
4. Question
No member may do which of the following to its business during any period in which FINRA restricts the member from expanding its business for any financial or operational reason. In any such instance, FINRA shall issue a notice pursuant to Rule 9557?
Correct
expansion of any business is prohibited where FINRA has disallowed it for any financial or operational reason.
Incorrect
expansion of any business is prohibited where FINRA has disallowed it for any financial or operational reason.
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Question 5 of 10
5. Question
Each carrying or clearing member shall submit to FINRA such which of the following regarding the member or any of its correspondents as FINRA deems essential for the protection of investors and the public interest?
Correct
financial and operational information needs to be submitted to FINRA as instructed.
Incorrect
financial and operational information needs to be submitted to FINRA as instructed.
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Question 6 of 10
6. Question
Each carrying or clearing member shall notify which of the following in writing, no more than 48 hours after its tentative net capital as computed pursuant to SEA Rule 15c3-1 has declined 20 percent or more from the amount reported in its most which of the following report?
Correct
FINRA must be notified through Carrying or Clearing member’s FOCUS Report of the decline of its tentative net capital by 20 percent.
Incorrect
FINRA must be notified through Carrying or Clearing member’s FOCUS Report of the decline of its tentative net capital by 20 percent.
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Question 7 of 10
7. Question
Members carrying margin accounts for customers are required to submit, on a settlement date basis, the following information as of the last business day of the month.
Correct
Total of all debit balances in securities margin accounts; and Total of all free credit balances in all cash accounts and all securities margin accounts.
Incorrect
Total of all debit balances in securities margin accounts; and Total of all free credit balances in all cash accounts and all securities margin accounts.
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Question 8 of 10
8. Question
Basket shall mean a group of which of the following that FINRA or any national securities exchange designates as eligible for execution in a single trade through its trading facilities?
Correct
Group of stocks that are eligible for execution under FINRA are termed as Basket.
Incorrect
Group of stocks that are eligible for execution under FINRA are termed as Basket.
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Question 9 of 10
9. Question
Which of the following means the total cost or net proceeds of security on the day it was purchased or sold or at any other time the preceding business day’s closing price as shown by any regularly published reporting?
Correct
the total cost or net proceeds of security on the day it was purchased or sold is termed as current market value
Incorrect
the total cost or net proceeds of security on the day it was purchased or sold is termed as current market value
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Question 10 of 10
10. Question
Equity means the customer’s ownership interest in the account, computed by adding the current market value of all securities “long” and the amount of any credit balance and subtracting the current market value of all securities “short” and the amount of which of the following balance?
Correct
Equity is computed by adding the current market value of all securities “long” and the amount of any credit balance and subtracting the current market value of all securities “short” and the amount of any debit balance.
Incorrect
Equity is computed by adding the current market value of all securities “long” and the amount of any credit balance and subtracting the current market value of all securities “short” and the amount of any debit balance.