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Series 9 Practice Exam 2

Series 9 Practice Exams

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Practice Exam 2
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Series 9 Practice Exam 2

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Question 1 of 10

1. Question

A margin account customer goes long 1000 shares LAR at $80 with Reg. T at 50% while shorting 10 LAR Sep 85 calls @ 3 pts. The Reg. T requirement for this transaction will be:

$40,000
Correct Incorrect Correct answer

$37,000
Correct Incorrect Correct answer

$43,000
Correct Incorrect Correct answer

$77,000
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 10

2. Question

A margin account customer goes long 500 shares HML at $60 with Reg. T at 50% while shorting 5 HML Nov. 65 call at 2 pts. The customer’s deposit requirement will be:

$14,000
Correct Incorrect Correct answer

$15,000
Correct Incorrect Correct answer

$16,000
Correct Incorrect Correct answer

$29,000
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 10

3. Question

In computing the SMA in your client’s margin account, long option contracts are:

Included at their current premium
Correct Incorrect Correct answer

Included at their cost basis
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Excluded from the computation
Correct Incorrect Correct answer

Included to the extent the contracts are intrinsic
Correct Incorrect Correct answer

Correct

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Question 4 of 10

4. Question

Cabinet trading is available principally when a contract:

Is being traded on its expiration date
Correct Incorrect Correct answer

Is being liquidated at a $.01 per share premium
Correct Incorrect Correct answer

Is a method of guaranteeing a floor broker an execution for a customer order only
Correct Incorrect Correct answer

Is a method to enter limit orders for options on the floor
Correct Incorrect Correct answer

Correct

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Question 5 of 10

5. Question

Record keeping retention of option transactions may be done by member firms in all the following ways with the exception of:

Optical storage
Correct Incorrect Correct answer

Tamper-evident electronic storage
Correct Incorrect Correct answer

Micro-fiche
Correct Incorrect Correct answer

None of the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 10

6. Question

According the current SRO rules pertaining to keeping and retaining books and records, customer statements must be kept:

For the most recent 6 months in the Branch only
Correct Incorrect Correct answer

For the most recent 6 months in the Branch and the OSJ
Correct Incorrect Correct answer

For the most recent 12 months in the Branch only
Correct Incorrect Correct answer

For the most recent 6 months in the Branch and for 6 years at the OSJ
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 10

7. Question

An employee of another member firm wishes to open an options account at your firm, which of the below statements is most accurate?

It is not permitted
Correct Incorrect Correct answer

It is permitted if your firm’s Branch Manager and Senior ROP approves
Correct Incorrect Correct answer

It is permitted with the employing member firm’s authorization in writing
Correct Incorrect Correct answer

It is permitted with authorization from the employing member firm and the Exchange
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 10

8. Question

A customer’s account has been approved to engage in writing covered calls, and will then be considered approved for which of the following strategies?

Long stock/long put
Correct Incorrect Correct answer

Long put/long call
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Short stock/long call
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All of the above
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Correct

Incorrect
Question 9 of 10

9. Question

The Options SROs periodically revise their Options Disclosure Document. For clients with an already-approved options account who have received a copy of the ODD prior to the revised version,

They are required to receive the revisions/amendments when those are approved.
Correct Incorrect Correct answer

The member firm may provide them the existing ODD with copies of the revisions/amendments.
Correct Incorrect Correct answer

The new ODD no later than the end of the next calendar quarter
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The new ODD no later than the time of their next option transaction
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 10

10. Question

SRO rules are quite specific when it pertains to advertising and sales literature. A member firm wishes to distribute communications with its institutional customers, which will comply in which of the below cases?

The firm has substantial reason to believe the communications will not be redistributed to the public.
Correct Incorrect Correct answer

The firm will permit redistribution of the communications to the public so long as the institution provides a list of public persons to whom it has provided access to the information.
Correct Incorrect Correct answer

There are no special rules pertaining to distribution communications to institutional customers
Correct Incorrect Correct answer

None of the above.
Correct Incorrect Correct answer

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