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Question 1 of 10
1. Question
What agency regulates the commodity futures, commodity options, and swaps trading markets?
Correct
The agency which regulates the commodity futures, commodity options, and swap trading markets is the Commodity Futures Trading Commission (CFTC). Members trade futures with the public or give advice for the future. An example of an object using futures is a metal. This includes silver, copper, and gold.
Incorrect
The agency which regulates the commodity futures, commodity options, and swap trading markets is the Commodity Futures Trading Commission (CFTC). Members trade futures with the public or give advice for the future. An example of an object using futures is a metal. This includes silver, copper, and gold.
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Question 2 of 10
2. Question
Which of the following is correct regarding the commodity futures contract?
I. It is an agreement to buy or sell a specific quantity of the commodity.
II. It is purchasing financial index to be settled at a future date.
III. Commodities include financial instruments and currencies.
IV. It is used to speculate on the direction of price movement for an index.Correct
An agreement to buy or sell a specific quantity of the commodity is a commodity futures contract as defined by FINRA. These include financial instruments and currencies. On the other hand, purchasing the financial index to be settled at a future date is an index futures contract. This is used in speculating the direction of price movements of an index.
Incorrect
An agreement to buy or sell a specific quantity of the commodity is a commodity futures contract as defined by FINRA. These include financial instruments and currencies. On the other hand, purchasing the financial index to be settled at a future date is an index futures contract. This is used in speculating the direction of price movements of an index.
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Question 3 of 10
3. Question
Which of the following agencies are significant for the commodity futures contract?
I. Securities and Exchange Commission
II. National Audit Office
III. Commodity Futures Trading Commission
IV. National Futures AssociationCorrect
The Securities and Exchange Commission, Commodity Futures Trading Commission, and National Futures Association are agencies significant in commodity futures contracts. The Commodity Futures Trading Commission is the commodity futures’ federal regulator. The Securities and Exchange Commission provides an overview of commodity futures. The National Futures Association is a regulator for anyone who trades futures in public.
Incorrect
The Securities and Exchange Commission, Commodity Futures Trading Commission, and National Futures Association are agencies significant in commodity futures contracts. The Commodity Futures Trading Commission is the commodity futures’ federal regulator. The Securities and Exchange Commission provides an overview of commodity futures. The National Futures Association is a regulator for anyone who trades futures in public.
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Question 4 of 10
4. Question
For cases involving investors, where shall arbitration or hearing take place?
I. At a regional FINRA office
II. At an events place to be set up as a hearing location
III. At an office building arranged by FINRA
IV. At a hotel arranged by FINRACorrect
The hearing locations for cases involving investors are at a regional FINRA office, or at an office building or hotel arranged by FINRA. The conference room shall be in the city where the hearing will take place. However, the investor has a right to change the location based on their convenience provided that there is a written agreement with FINRA.
Incorrect
The hearing locations for cases involving investors are at a regional FINRA office, or at an office building or hotel arranged by FINRA. The conference room shall be in the city where the hearing will take place. However, the investor has a right to change the location based on their convenience provided that there is a written agreement with FINRA.
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Question 5 of 10
5. Question
According to FINRA, how shall hearings be recorded?
I. Hearings are recorded digitally.
II. Hearings are recorded through transcription.
III. Hearings have a stenographic record.
IV. Hearings shall not be recorded for confidentiality.Correct
Hearings of FINRA are recorded and preserved digitally, aside from having its transcription. Any parties may also make stenographic records. However, digital records are the official recording tool for the proceedings, unless the panel determines otherwise.
Incorrect
Hearings of FINRA are recorded and preserved digitally, aside from having its transcription. Any parties may also make stenographic records. However, digital records are the official recording tool for the proceedings, unless the panel determines otherwise.
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Question 6 of 10
6. Question
What are the two types of proofs accepted by the arbitrators under FINRA?
I. Proof by contradiction
II. Proof by inference
III. Oral testimony by witnesses
IV. Documentary evidenceCorrect
The two types of proofs that are usually accepted by the arbitrators are the oral testimony by witnesses and documentary evidence. Proofs by contradiction and by inference shall not be used as it is not applied in actual cases. It is only applied for mathematical problems where estimation arises instead of facts.
Incorrect
The two types of proofs that are usually accepted by the arbitrators are the oral testimony by witnesses and documentary evidence. Proofs by contradiction and by inference shall not be used as it is not applied in actual cases. It is only applied for mathematical problems where estimation arises instead of facts.
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Question 7 of 10
7. Question
Which of the following shall be done by one party to another party in case of hearings under FINRA?
I. To provide the other party the written agreement between their clients
II. To inform the other party about the witnesses they intend to call
III. To provide the other party copies of evidence they will present
IV. To inform the other party on how the hearing shall be doneCorrect
A party shall inform the other parties regarding the witnesses they intend to call. They shall also provide the copies of evidence they wish to present. This is a formal act that arises before the hearing. Evidence to be submitted are the documentary evidence. For oral testimony, the name of the witness shall be given to the other party.
Incorrect
A party shall inform the other parties regarding the witnesses they intend to call. They shall also provide the copies of evidence they wish to present. This is a formal act that arises before the hearing. Evidence to be submitted are the documentary evidence. For oral testimony, the name of the witness shall be given to the other party.
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Question 8 of 10
8. Question
Who generally chooses the hearing location according to FINRA?
Correct
The hearing location is decided by the directors of FINRA. The location shall be closest to the associated person where he was employed at the time of events giving rise to the dispute. In cases involving investors, it shall be closest to the investor’s residence at the time of events giving rise to the dispute.
Incorrect
The hearing location is decided by the directors of FINRA. The location shall be closest to the associated person where he was employed at the time of events giving rise to the dispute. In cases involving investors, it shall be closest to the investor’s residence at the time of events giving rise to the dispute.
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Question 9 of 10
9. Question
Which of the following is a factor in choosing the hearing location?
Correct
The agreement signed by the parties regarding the hearing location is a factor in choosing the right location to be done by the directors. For cases involving investors, investors have the right to change the location at his own convenience provided that it has a significant reason.
Incorrect
The agreement signed by the parties regarding the hearing location is a factor in choosing the right location to be done by the directors. For cases involving investors, investors have the right to change the location at his own convenience provided that it has a significant reason.
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Question 10 of 10
10. Question
According to FINRA, what are the elements of a hearing?
I. Closing statements
II. Direct and cross-examination
III. Testimony and evidence
IV. Hearing locationCorrect
The elements of a hearing are closing statements, direct and cross-examination, testimony and evidence, motions, and exhibits. A document produced and shown to an arbitration panel during a hearing is called an exhibit. It may be argued by the parties if such a document shall be accepted or not. A request for the arbitrators to direct an act by issuing an order or ruling is called a motion.
Incorrect
The elements of a hearing are closing statements, direct and cross-examination, testimony and evidence, motions, and exhibits. A document produced and shown to an arbitration panel during a hearing is called an exhibit. It may be argued by the parties if such a document shall be accepted or not. A request for the arbitrators to direct an act by issuing an order or ruling is called a motion.