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Series 99 – Practice Test 2

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Question 1 of 10

1. Question

The requirements of the Do-Not-Call rules prohibit personnel of the B/D to contact individuals who are on which of the following lists?

FINRA’s do not call list
Correct Incorrect Correct answer

SEC’s do not call list
Correct Incorrect Correct answer

The national do not call registry
Correct Incorrect Correct answer

Any of the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 10

2. Question

When as and if a RR has place an order for a client out of the wrong account of the client, which of the below will be the proper procedure?

Request a cancel and re-bill with principal approval
Correct Incorrect Correct answer

Cancel the order
Correct Incorrect Correct answer

Request a cancel and re-bill with no principal approval required
Correct Incorrect Correct answer

Make no changes and run the order as presented
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 10

3. Question

When trades in OTC Equity are effected, where a reclamation is required due to improper delivery by the selling member, your firm as the buyer is:

Not required to make payment until discrepancies are resolved
Correct Incorrect Correct answer

Required to make payment pending settlement of discrepancies
Correct Incorrect Correct answer

May make payment for the part of the delivery which is not in dispute
Correct Incorrect Correct answer

Is required to make payment for the part of the delivery which is not in dispute
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 10

4. Question

When a transfer of account has been requested by a customer of your member firm, each of the following is a legitimate reason for delaying or denying the transfer, except:

There is a court order claiming the customer owes money to their spouse
Correct Incorrect Correct answer

There is a bona fide claim by your firm against the account
Correct Incorrect Correct answer

Debit balances have yet to be paid
Correct Incorrect Correct answer

The RR who handled that client’s account owes the firm monies
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 10

5. Question

The proper order in the handing and processing of customer orders insofar as the back office is concerned is:

Order room; P&S department; margin department; cashier
Correct Incorrect Correct answer

Order room; margin department; P&S department; cashier
Correct Incorrect Correct answer

Wire room; P&S department; compliance department; the cage
Correct Incorrect Correct answer

Sales department; margin department; the cage
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 10

6. Question

The back office has noticed a pattern of financial activity which appears to rise to the level of ‘suspicious activity.’ What are your firm’s responsibilities with regard to the regulations on disclosure?

Notify your firm’s anti-money laundering principal or legal department of the suspicious activity.
Correct Incorrect Correct answer

Provide the details of the activity including names, addresses, phone numbers and email address, and any other information which will be required on the suspicious activity report (SAR).
Correct Incorrect Correct answer

An SAR must be filed within 30 days of the event which gave rise to your suspicions.
Correct Incorrect Correct answer

All of the above.
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 10

7. Question

One of your firm’s RRs has a client who wishes to open an account for a nephew who is 8 years old. Which of the below is what steps need to be taken to bring this about?

The client should be advised to open a joint account with the child as JTWROS
Correct Incorrect Correct answer

The client should be advised to open a Tenancy in Common account with the child
Correct Incorrect Correct answer

The client should be advised to open an UGMA or UTMA account and appoint a Custodian for the account
Correct Incorrect Correct answer

Any of the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 10

8. Question

In dealer to dealer transactions, when the seller fails to make delivery in a timely way,

The buying firm may execute a buy-in on the next business day past settlement.
Correct Incorrect Correct answer

The buying firm may execute a buy-in after providing a buy-in notice to the seller 2 business days prior to the intended buy-in date.
Correct Incorrect Correct answer

The buying firm may not execute a buy-in with FINRA approval.
Correct Incorrect Correct answer

None of the above.
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 10

9. Question

A minor money difference in a municipal bond transaction between dealers

Will result in a close-out by the injured party.
Correct Incorrect Correct answer

Will result in an arbitration.
Correct Incorrect Correct answer

Will result in the calculations of the selling firm to be used to settle the trade.
Correct Incorrect Correct answer

Will result in the parties agreeing on delivery of equivalent bonds.
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 10

10. Question

Transactions in NMS securities will be confirmed under normal conditions

Through the ACT system
Correct Incorrect Correct answer

Through manual exchange of dealer comparison forms
Correct Incorrect Correct answer

On the 3rd business day after the trade
Correct Incorrect Correct answer

Through the alternative display system
Correct Incorrect Correct answer

Correct

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1. Question

The requirements of the Do-Not-Call rules prohibit personnel of the B/D to contact individuals who are on which of the following lists?

2. Question

When as and if a RR has place an order for a client out of the wrong account of the client, which of the below will be the proper procedure?

3. Question

When trades in OTC Equity are effected, where a reclamation is required due to improper delivery by the selling member, your firm as the buyer is:

4. Question

When a transfer of account has been requested by a customer of your member firm, each of the following is a legitimate reason for delaying or denying the transfer, except:

5. Question

The proper order in the handing and processing of customer orders insofar as the back office is concerned is:

6. Question

The back office has noticed a pattern of financial activity which appears to rise to the level of ‘suspicious activity.’ What are your firm’s responsibilities with regard to the regulations on disclosure?

7. Question

One of your firm’s RRs has a client who wishes to open an account for a nephew who is 8 years old. Which of the below is what steps need to be taken to bring this about?

8. Question

In dealer to dealer transactions, when the seller fails to make delivery in a timely way,

9. Question

A minor money difference in a municipal bond transaction between dealers

10. Question

Transactions in NMS securities will be confirmed under normal conditions