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Question 1 of 10
1. Question
Which of the following is “designated account” mean?
I. An investment company registered with the SEC under the Investment Company Act
II. A state or political subdivision thereof
III. Deducts any margin deficiencies in customers’ accounts based upon a margin requirement
IV. A savings association (as defined in Section 3(b) of the Federal Deposit Insurance Act), the deposits of which are insured by the Federal Deposit Insurance CorporationCorrect
According to FINRA rule 4210, the following is designated account mean:
(a) An investment company registered with the SEC under the Investment Company Act
(b) A state or political subdivision thereof
(c) A savings association (as defined in Section 3(b) of the Federal Deposit Insurance Act), the deposits of which are insured by the Federal Deposit Insurance CorporationIncorrect
According to FINRA rule 4210, the following is designated account mean:
(a) An investment company registered with the SEC under the Investment Company Act
(b) A state or political subdivision thereof
(c) A savings association (as defined in Section 3(b) of the Federal Deposit Insurance Act), the deposits of which are insured by the Federal Deposit Insurance Corporation -
Question 2 of 10
2. Question
What current market value mean in FINRA
Correct
Current Market Value
According to FINRA rule 4210 the current market value is the total cost or net proceeds of a 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 or quotation service except for security futures contracts.Incorrect
Current Market Value
According to FINRA rule 4210 the current market value is the total cost or net proceeds of a 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 or quotation service except for security futures contracts. -
Question 3 of 10
3. Question
What investment grade debt securities mean?
Correct
According to FINRA rule 4210, investment grade debt securities is any debt securities (including those issued by the government of a foreign country, its provinces, states or cities, or a supranational entity)
Incorrect
According to FINRA rule 4210, investment grade debt securities is any debt securities (including those issued by the government of a foreign country, its provinces, states or cities, or a supranational entity)
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Question 4 of 10
4. Question
How many percent need in Minimum Margin Required for Type of option in U.S. Government or U.S. Government Agency debt securities other than those exempted by SEA Rule 3a12-7*?
Correct
According to FINRA rule 4210 Minimum Margin Required for Type of option in U.S. Government or U.S. Government Agency debt securities other than those exempted by SEA Rule 3a12- need 20 percent.
Incorrect
According to FINRA rule 4210 Minimum Margin Required for Type of option in U.S. Government or U.S. Government Agency debt securities other than those exempted by SEA Rule 3a12- need 20 percent.
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Question 5 of 10
5. Question
How many days does the pursuant has a subject reporting requirement of Section 15(d) of the Exchange Act?
Correct
According to FINRA rule 4210, the pursuant has a subject reporting requirement of Section 15(d) of the Exchange Act for a period of at least 90 days and has filed all the reports required to be filed thereunder during the preceding 12 months.
Incorrect
According to FINRA rule 4210, the pursuant has a subject reporting requirement of Section 15(d) of the Exchange Act for a period of at least 90 days and has filed all the reports required to be filed thereunder during the preceding 12 months.
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Question 6 of 10
6. Question
Which of the following statemen describe Covered Agency Transaction ?
I. To Be Announced (“TBA”) transactions, as defined in Rule 6710(u), inclusive of adjustable rate mortgage (“ARM”) transactions, for which the difference between the trade date and contractual settlement date is greater than one business day
II. Specified Pool Transactions, as defined in Rule 6710(x), for which the difference between the trade date and contractual settlement date is greater than one business day
III. Transactions in Collateralized Mortgage Obligations (“CMOs”), as defined in Rule 6710(dd), issued in conformity with a program of an Agency, as defined in Rule 6710(k), or a Government-Sponsored Enterprise, as defined in Rule 6710(n), for which the difference between the trade date and contractual settlement date is greater than three business days
IV Securities registered pursuant to the Securities Act, has been subject to the reporting requirements of Section 15(d) of the Exchange Act for a period of at least 90 days and has filed all the reports required to be filed thereunder during the preceding 12 months (or such shorter period as it was required to file such reports)Correct
According to FINRA rule 4210, the following statemen describe Covered Agency Transaction:
(a) To Be Announced (“TBA”) transactions, as defined in Rule 6710(u), inclusive of adjustable rate mortgage (“ARM”) transactions, for which the difference between the trade date and contractual settlement date is greater than one business day
(b) Specified Pool Transactions, as defined in Rule 6710(x), for which the difference between the trade date and contractual settlement date is greater than one business day
(c) Transactions in Collateralized Mortgage Obligations (“CMOs”), as defined in Rule 6710(dd), issued in conformity with a program of an Agency, as defined in Rule 6710(k), or a Government-Sponsored Enterprise, as defined in Rule 6710(n), for which the difference between the trade date and contractual settlement date is greater than three business daysIncorrect
According to FINRA rule 4210, the following statemen describe Covered Agency Transaction:
(a) To Be Announced (“TBA”) transactions, as defined in Rule 6710(u), inclusive of adjustable rate mortgage (“ARM”) transactions, for which the difference between the trade date and contractual settlement date is greater than one business day
(b) Specified Pool Transactions, as defined in Rule 6710(x), for which the difference between the trade date and contractual settlement date is greater than one business day
(c) Transactions in Collateralized Mortgage Obligations (“CMOs”), as defined in Rule 6710(dd), issued in conformity with a program of an Agency, as defined in Rule 6710(k), or a Government-Sponsored Enterprise, as defined in Rule 6710(n), for which the difference between the trade date and contractual settlement date is greater than three business days -
Question 7 of 10
7. Question
Which of the following statement describes Limits on Net Capital Deductions for Exempt Accounts?
I. Members shall maintain a written risk analysis methodology for assessing the amount of credit extended to exempt accounts pursuant to paragraphs
II. In the event that the net capital deductions taken by a member as a result of marked to the market losses
III. Members shall not maintain a written risk analysis methodology for assessing the amount of credit extended to exempt accounts pursuant to paragraphs
IV. In the event that the net capital deductions taken by a non-member as a result of marked to the market lossesCorrect
According to FINRA rule 4210, the following statement describes Limits on Net Capital Deductions for Exempt Accounts:
(a) Members shall maintain a written risk analysis methodology for assessing the amount of credit extended to exempt accounts pursuant to paragraphs
(b) In the event that the net capital deductions taken by a member as a result of marked to the market lossesIncorrect
According to FINRA rule 4210, the following statement describes Limits on Net Capital Deductions for Exempt Accounts:
(a) Members shall maintain a written risk analysis methodology for assessing the amount of credit extended to exempt accounts pursuant to paragraphs
(b) In the event that the net capital deductions taken by a member as a result of marked to the market losses -
Question 8 of 10
8. Question
How much is the minimum maintenance margin levels for security futures contracts, “long” and “short”?
Correct
According to FINRA rule 4210,the minimum maintenance margin levels for security futures contracts, “long” and “short” is 30 percent
Incorrect
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Question 9 of 10
9. Question
What percent of margin to be shall be maintained the market value of such obligations in Ten years but less than twenty years to maturity?
Correct
According to FINRA rule 4210, 5 percent shall be maintained the market value of such obligations in Five years but less than ten years to maturity.
Incorrect
According to FINRA rule 4210, 5 percent shall be maintained the market value of such obligations in Five years but less than ten years to maturity.
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Question 10 of 10
10. Question
Which of the following is true about baskets in obligations of the United States and highly rated foreign sovereign debt securities?
Correct
According to FINRA rule 4210, A member may clear and carry basket transactions of one or more members registered as market makers in baskets in obligations of the United States and highly rated foreign sovereign debt securities.
Incorrect
According to FINRA rule 4210, A member may clear and carry basket transactions of one or more members registered as market makers in baskets in obligations of the United States and highly rated foreign sovereign debt securities.