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Question 1 of 10
1. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 30th of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 2 of 10
2. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 31st of the following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 3 of 10
3. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 30th or 31st to 1st of the second following month, where interest is payable on 30th or 31st of the month?
Correct
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day.Incorrect
In the FINRA Rule 11620 (Computation of Interest), where interest is payable on 30th or 31st of the month, the number of elapsed days should be computed in accordance with the following examples:-
(a) From 30th or 31st to 1st of the following month to be figured as 1 day.
(b) From 30th or 31st to 30th of the following month to be figured as 30 days.
(c) From 30th or 31st to 31st of the following month to be figured as 30 days.
(d) From 30th or 31st to 1st of the second following month to be figured as 1 month, 1 day. -
Question 4 of 10
4. Question
In the FINRA Rule 11620 (Computation of Interest), how much deduction should be made on settlement when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date?
Correct
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date, a deduction equivalent to the full amount of the interest to be paid shall be made on the settlement.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “and interest” is made between the record date fixed for the purpose of determining the holder entitled to receive interest and the interest payment date, a deduction equivalent to the full amount of the interest to be paid shall be made on the settlement.
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Question 5 of 10
5. Question
In the FINRA Rule 11620 (Computation of Interest), what should be accompanied with the delivery when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest”?
Correct
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest,” a due-bill check for the full amount of the interest to be paid shall accompany the delivery.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), when delivery of security traded “flat” is made after the record date fixed for the purpose of determining the holder entitled to receive interest, in the settlement of a contract made prior to the date on which the security was traded “ex-interest,” a due-bill check for the full amount of the interest to be paid shall accompany the delivery.
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Question 6 of 10
6. Question
In the FINRA Rule 11620 (Computation of Interest), how many fractions of a cent should be regarded as one cent In all transactions involving the payment of interest?
Correct
In the FINRA Rule 11620 (Computation of Interest), In all transactions involving the payment of interest, fractions of a cent equaling or exceeding five mills shall be regarded as one cent; fractions of a cent less than five mills shall be disregarded.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), In all transactions involving the payment of interest, fractions of a cent equaling or exceeding five mills shall be regarded as one cent; fractions of a cent less than five mills shall be disregarded.
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Question 7 of 10
7. Question
In the FINRA Rule 11740 (Marking to the Market), what kind of deposit may be demanded from the other party if a party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities, without being required to make a mutual deposit?
Correct
In the FINRA Rule 11740 (Marking to the Market), the party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities may demand from the other party a deposit equal to the difference between the contract price and the market price, without being required to make a mutual deposit.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), the party who is partially unsecured by reason of a change in the market value of the subject of a contract in securities may demand from the other party a deposit equal to the difference between the contract price and the market price, without being required to make a mutual deposit.
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Question 8 of 10
8. Question
In the FINRA Rule 11740 (Marking to the Market), at what time either party to a contract in securities may assign the contract, provided the other party to the contract assents to the assignment?
Correct
In the FINRA Rule 11740 (Marking to the Market), either party to a contract in securities may assign the contract, either at the time the transaction is effected or at the time a request is made for funds to “mark to the market,” provided the other party to the contract assents to the assignment.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), either party to a contract in securities may assign the contract, either at the time the transaction is effected or at the time a request is made for funds to “mark to the market,” provided the other party to the contract assents to the assignment.
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Question 9 of 10
9. Question
In the FINRA Rule 11740 (Marking to the Market), what should be the format of all demands for deposits or refunds?
Correct
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
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Question 10 of 10
10. Question
In the FINRA Rule 11740 (Marking to the Market), at what time and place, all demands for deposits or refunds should be delivered at the office of the party upon whom the demand is made?
Correct
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.
Incorrect
In the FINRA Rule 11740 (Marking to the Market), all demands for deposits or refunds shall be in writing and shall be delivered at the office of the party upon whom the demand is made during the business hours of member banks of the Federal Reserve System located in the community where such party maintains its office, and such demands shall be complied with immediately.