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Question 1 of 10
Which of the following meet the definition of a security under the USA?
Equity index annuity
Certificate of participation in gas, oil or mineral rights
Whiskey warehouse receipts
Multi-level marketing schemes
Question 2 of 10
One of your margin account customers has failed to meet a margin maintenance call. Your broker-dealer has liquidated sufficient securities to satisfy the call. Under the USA, this liquidation:
Question 3 of 10
The term ‘impersonal advisory services’ refers to:
Question 4 of 10
All things being equal, which of the following investment recommendations would be most suitable for a widow in her 60’s with a modest pension and minimal savings?
Question 5 of 10
One of the key investment risks associated with securities is failure to diversify. Which of the following risks will diversification of a portfolio be least effective at reducing or mitigating?
Question 6 of 10
An agent of a broker-dealer presents a stock recommendation to a customer which the agent strongly believes is an excellent buy at the current time. The customer agrees with the agent’s assessment, the agent recommends a $15,000 purchase, the customer agrees, and the transaction takes place. After the customer receives the trade confirm in the mail a few days later, he informs the agent he simply does not have the wherewithal to cover a trade of that size and requests the trade be canceled. Under the USA:
Question 7 of 10
In accordance with the Uniform Securities Act, an institutional investor is one:
Question 8 of 10
Which of the following statements is true regarding the interpretations of the USA when a brokerage firm is distributing a new issue of corporate bonds that have warrants attached?
Question 9 of 10
The ex-dividend date is fast approaching in a mutual fund with which your firm has a selling agreement. Because the amount of the dividend is particularly generous this quarter, you contact a number of your clients for whom the fund is suitable and encourage them to buy prior to the cut-off date in order to be sure to receive the upcoming dividend payment. According to NASAA rules:
Question 10 of 10
The net worth requirements set forth in the USA are applicable to:
Investment Advisers
Investment Adviser Representatives
Agents
Broker-dealers
