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Question 1 of 10
1. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the consideration for every calendar month for 360 days?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 2 of 10
2. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the consideration for every period from a date in one month to the same date in the following month?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 3 of 10
3. Question
In the FINRA Rule 11620 (Computation of Interest), what should be the basis of computation of interest?
Correct
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), Interest shall be computed on the basis of a 360-day year, i.e., every calendar month shall be considered to be 1/12 of 360 days; every period from a date in one month to the same date in the following month shall be considered to be 30 days.
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Question 4 of 10
4. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 30th of the same month?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 5 of 10
5. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 31st of the same month?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 6 of 10
6. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 1st of the following?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 7 of 10
7. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 1st to 28th of February?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 8 of 10
8. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 23rd of February to the 3rd of March?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 9 of 10
9. Question
In the FINRA Rule 11620 (Computation of Interest), how many days should be computed for the elapsed days from the 15th of May to the 6th of June?
Correct
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days.Incorrect
In the FINRA Rule 11620 (Computation of Interest), the number of elapsed days should be computed in accordance with the following examples:-
(a) From 1st to 30th of the same month to be figured as 29 days.
(b) From 1st to 31st of the same month to be figured as 30 days.
(c) From 1st to 1st of the following month to be figured as 30 days.
(d) From 1st to 28th of February to be figured as 27 days.
(e) From the 23rd of February to the 3rd of March is to be figured as 10 days.
(f) From the 15th of May to the 6th of June is to be figured as 21 days. -
Question 10 of 10
10. 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 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.