Skip to content

FINRA Practice Tests
Practice Exams
- SIE
- Series 3
- Series 4
- Series 6
- Series 7
- Series 9
- Series 10
- Series 24
- Series 26
- Series 27
- Series 57
- Series 63
- Series 65
- Series 66
- Series 79
- Series 99

Series 57 – Practice Test 2

Time limit: 0

Quiz Summary

0 of 10 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Exam complete. Results are being recorded.

Results

0 of 10 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

Next Exam Main Menu

Question 1 of 10

1. Question

MOO and MOC orders are:

Market at the opening
Correct Incorrect Correct answer

Market at the close
Correct Incorrect Correct answer

Both of the above are correct
Correct Incorrect Correct answer

Neither of the above are correct
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 10

2. Question

Among its many provisions, Regulation NMS provides that NASDAQ and NYSE stock transactions shall occur in minimum increments of one penny per share. Sub-penny trading:

Is only permitted in OTC Non-NASDAQ stock trading
Correct Incorrect Correct answer

Is only permitted on Regional stock exchanges
Correct Incorrect Correct answer

Is only permitted for VWAP orders
Correct Incorrect Correct answer

Is never permitted under any circumstances
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 10

3. Question

A net trade occurs:

When your firm purchases stock from a market maker and then re-sells the stock to a retain client at a price higher than your contemporaneous cost, plus a fair reasonable mark-up
Correct Incorrect Correct answer

When your firm purchases stock on a wholesale basis for the firm’s inventory
Correct Incorrect Correct answer

When your firm sells stock out of inventory at contemporaneous cost plus mark-up
Correct Incorrect Correct answer

When you firm sells stock out of inventory at contemporaneous cost with no mark-up
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 10

4. Question

FINRA Rule 5130 provides that no member firm or its personnel or immediate family members:

May have an account at their employing member firm
Correct Incorrect Correct answer

May lend money to customers to assist them in completing their trades
Correct Incorrect Correct answer

May purchase shares of an equity IPO
Correct Incorrect Correct answer

May extend credit on new issues
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 10

5. Question

The limit order display rule holds that customer limit orders:

Must be displayed on the NASDAQ system
Correct Incorrect Correct answer

May be forwarded to an eligible ECN for display
Correct Incorrect Correct answer

May be executed immediately at the firm’s bid or ask quote
Correct Incorrect Correct answer

Will be given priority over the firm’s transactions even when the firm is willing to do a trade at a better bid or ask price
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 10

6. Question

A registered representative receives an order from a client to purchase 5,000 shares of VXYZ at a price of $ 0.85 per share. How should the RR handle this purchase order?

Refuse the order until at least three competitive quotes are obtained.
Correct Incorrect Correct answer

Accept the order and have the firm’s trader process it for execution.
Correct Incorrect Correct answer

Accept the order only after verifying the customer has been found suitable for penny stock trading.
Correct Incorrect Correct answer

None of the above
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 10

7. Question

The trade modifier .Z is used when the trade is:

Being reported after regular trading house
Correct Incorrect Correct answer

Being reported late or out of sequence
Correct Incorrect Correct answer

Going to be confirmed by manual means
Correct Incorrect Correct answer

Being reported after a 5 minute wait due to a halt in the stock
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 10

8. Question

According to the Consolidated Audit Trail system, the daily end of day reports consider the trading day runs from (Easter Time):

4:30 am to 8:00 pm
Correct Incorrect Correct answer

8:00 am to 8:00 pm
Correct Incorrect Correct answer

4:00:01 pm one business day to 4:00:00 pm the next business day
Correct Incorrect Correct answer

12:00:00 am to 11:59:59 pm on the same business day
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 10

9. Question

A transaction in a TRACE-eligible security takes place at 6:29 pm on a business day. It will be reported to the TRACE system:

Within 15 minutes of execution
Correct Incorrect Correct answer

By 8:15 am the next business day
Correct Incorrect Correct answer

By 8:00 am the next business day
Correct Incorrect Correct answer

Within 10 seconds of execution
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 10

10. Question

A trade-through has been executed due to a weighted-average price order, in which way will this be reported on the Tape?

With a .W modifier
Correct Incorrect Correct answer

With a .T modifier
Correct Incorrect Correct answer

With a .VWAP modifier
Correct Incorrect Correct answer

With a .TT modifier
Correct Incorrect Correct answer

Correct

Incorrect

1
2
3
4
5
6
7
8
9
10

FINRA Practice Tests

FINRA®, SIE®, and Securities Industry Essentials® are trademarks of the Financial Industry Regulatory Authority (FINRA). This website is not affiliated with, endorsed by, or approved by FINRA. All trademarks are the property of their respective owners.

Practice Tests

SIE
Series 10
Series 63
Series 3
Series 24
Series 65
Series 4
Series 26
Series 66
Series 6
Series 27
Series 79
Series 7
Series 57
Series 99
Series 9

Quick Links

Home
About
Contact
Privacy Policy

Quiz Summary

Information

Results

Results

Categories

1. Question

MOO and MOC orders are:

2. Question

Among its many provisions, Regulation NMS provides that NASDAQ and NYSE stock transactions shall occur in minimum increments of one penny per share. Sub-penny trading:

3. Question

A net trade occurs:

4. Question

FINRA Rule 5130 provides that no member firm or its personnel or immediate family members:

5. Question

The limit order display rule holds that customer limit orders:

6. Question

A registered representative receives an order from a client to purchase 5,000 shares of VXYZ at a price of $ 0.85 per share. How should the RR handle this purchase order?

7. Question

The trade modifier .Z is used when the trade is:

8. Question

According to the Consolidated Audit Trail system, the daily end of day reports consider the trading day runs from (Easter Time):

9. Question

A transaction in a TRACE-eligible security takes place at 6:29 pm on a business day. It will be reported to the TRACE system:

10. Question

A trade-through has been executed due to a weighted-average price order, in which way will this be reported on the Tape?