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Question 1 of 10
1. Question
In the FINRA Rule 11320 (Dates of Delivery), what should be the date of delivery at the office of the purchaser In connection with a transaction made for “Delayed-Delivery”?
Correct
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction made for “delayed-delivery,” delivery shall be at the office of the purchaser on the date agreed upon at the time for the transaction.
Incorrect
In the FINRA Rule 11320 (Dates of Delivery), in connection with a transaction made for “delayed-delivery,” delivery shall be at the office of the purchaser on the date agreed upon at the time for the transaction.
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Question 2 of 10
2. Question
In the FINRA Rule 11361 (Units of Delivery-Stocks), which of the following statement(s) is/are correct for the stock certificates delivered in settlement of contracts?
Correct
In the FINRA Rule 11361 (Units of Delivery-Stocks), the following statements best describe the stock certificates delivered in settlement of contracts:-
(a) In which the transaction is for 100 shares may be in one certificate for the exact number of shares or certificates totaling 100 shares.
(b) In which the transaction is greater than 100 shares and a multiple of 100 shall be in the exact amount of the contract, or in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof equaling the amount of the contract.
(c) In which the transaction is for more than 100 shares but not in a multiple of 100 shall be in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof, plus either the exact amount for the odd lot or smaller amounts equaling the odd lot.
(d) In which the transaction is for less than 100 shares shall be in the exact amount of the contract or for smaller units aggregating the amount of the contract.Incorrect
In the FINRA Rule 11361 (Units of Delivery-Stocks), the following statements best describe the stock certificates delivered in settlement of contracts:-
(a) In which the transaction is for 100 shares may be in one certificate for the exact number of shares or certificates totaling 100 shares.
(b) In which the transaction is greater than 100 shares and a multiple of 100 shall be in the exact amount of the contract, or in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof equaling the amount of the contract.
(c) In which the transaction is for more than 100 shares but not in a multiple of 100 shall be in multiples of 100 shares, or in amounts from which units of 100 shares can be made, or a combination thereof, plus either the exact amount for the odd lot or smaller amounts equaling the odd lot.
(d) In which the transaction is for less than 100 shares shall be in the exact amount of the contract or for smaller units aggregating the amount of the contract. -
Question 3 of 10
3. Question
In the FINRA Rule 11362 (Units of Delivery- Bonds), which of the following statement(s) is/are correct for each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds”?
Correct
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds” shall be made in denominations of $1,000 or in denominations of $100 or multiples thereof aggregating $1,000.
Incorrect
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in coupon bearer form “Coupon Bonds” shall be made in denominations of $1,000 or in denominations of $100 or multiples thereof aggregating $1,000.
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Question 4 of 10
4. Question
In the FINRA Rule 11362 (Units of Delivery- Bonds), which of the following statement(s) is/are correct for each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds”?
Correct
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds” issued shall be made in denominations of $1,000 or multiples thereof or in amounts of $100 or multiples aggregating $1,000 but in no event in denominations larger than $100,000.
Incorrect
In the FINRA Rule 11362 (Units of Delivery- Bonds), each delivery of bonds or similar evidence of indebtedness in fully registered bond “Registered Bonds” issued shall be made in denominations of $1,000 or multiples thereof or in amounts of $100 or multiples aggregating $1,000 but in no event in denominations larger than $100,000.
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Question 5 of 10
5. Question
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), what should be the minimum unit of delivery for Unit Investment Trust Securities?
Correct
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), for the Unit Investment Trust Securities the minimum unit of delivery shall be calculated as a single unit of the trust.
Incorrect
In the FINRA Rule 11363 (Units of Delivery – Unit Investment Trust Securities), for the Unit Investment Trust Securities the minimum unit of delivery shall be calculated as a single unit of the trust.
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Question 6 of 10
6. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), which of the following statement is correct for the technical correctness of the signature to an assignment or power of substitution?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), The signature to an assignment or power of substitution shall be technically correct; i.e., it shall correspond with the name as written upon the certificate in every particular without alteration or enlargement, or any change whatever, except that “and” or “&” “Company” or “Co.” may be written either way.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), The signature to an assignment or power of substitution shall be technically correct; i.e., it shall correspond with the name as written upon the certificate in every particular without alteration or enlargement, or any change whatever, except that “and” or “&” “Company” or “Co.” may be written either way.
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Question 7 of 10
7. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what type of information should be included in a separate (detached) assignment that contains a provision for the irrevocable appointment of an attorney, with the power of substitution and a full description of the security?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), provision for the irrevocable appointment of an attorney with the power of substitution and a full description of the security, including the name of the issuer, issue, certificate number, and amount (expressed in words and numerals) should be contained in a separate (detached) assignment.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), provision for the irrevocable appointment of an attorney with the power of substitution and a full description of the security, including the name of the issuer, issue, certificate number, and amount (expressed in words and numerals) should be contained in a separate (detached) assignment.
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Question 8 of 10
8. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what is the requirement for a certificate (good delivery) that is registered in the names of two or more individuals or firms?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), A certificate registered in the names of two or more individuals or firms shall be a good delivery only if signed by all the registered owners.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), A certificate registered in the names of two or more individuals or firms shall be a good delivery only if signed by all the registered owners.
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Question 9 of 10
9. Question
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), what is the requirement for any alteration or correction in an assignment or power of substitution?
Correct
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), any alteration or correction in an assignment or power of substitution shall be accompanied by an explanation on the original instrument signed by the person or firm executing the same.
Incorrect
In the FINRA Rule 11550 (Assignments and Powers of Substitution; Delivery of Registered Securities), any alteration or correction in an assignment or power of substitution shall be accompanied by an explanation on the original instrument signed by the person or firm executing the same.
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Question 10 of 10
10. Question
In the FINRA Rule 11620 (Computation of Interest), what type of currency price added in the settlement of contracts in interest-paying securities other than for “cash”?
Correct
In the FINRA Rule 11620 (Computation of Interest), in the settlement of contracts in interest-paying securities other than for “cash,” there shall be added to the dollar price interest at the rate specified in the security, which shall be computed up to but not including the second business day following the date of the transaction. In transactions for “cash,” interest shall be added to the dollar price at the rate specified in the security up to but not including the date of transaction.
Incorrect
In the FINRA Rule 11620 (Computation of Interest), in the settlement of contracts in interest-paying securities other than for “cash,” there shall be added to the dollar price interest at the rate specified in the security, which shall be computed up to but not including the second business day following the date of the transaction. In transactions for “cash,” interest shall be added to the dollar price at the rate specified in the security up to but not including the date of transaction.