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Series 99 – Practice Test 1

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Question 1 of 10

1. Question

From an operational point of view and in accordance with applicable SRO/FINRA rules, meeting the minimum equity requirements for the opening of a day trading account can be done with:

The equity in the client’s personal account only
Correct Incorrect Correct answer

The combined equity in the client’s personal account and IRA account
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The combined equity in personal as well as joint accounts with his/her spouse
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The combined equity in sole ownership brokerage accounts at the member firm
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Question 2 of 10

2. Question

An operations manager needs to be mindful of the limited resources of clients who may wish to engage in day trading. The greatest concern is:

The ability, or lack thereof, of the client to incur losses inherent in any day trading activity
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The client’s tax bracket
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The client’s long term investment objectives
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The client’s general lack of understanding of the intricacies of the stock market
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Question 3 of 10

3. Question

Opening an account for a Hedge Fund requires each of the below except:

The names of the investors in the fund
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The business format of the fund
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The name of the fund and its principal address
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The name or names of individuals with authority to trade on behalf of the fund
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Question 4 of 10

4. Question

In processing requests for liquidation of securities in a joint account, one joint owner:

May enter liquidation orders and have a check made payable to that owner
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May enter liquidation orders, but the check for payment must be in joint names
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May not enter liquidation orders without consent of the joint owners
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May enter liquidation market orders only
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Question 5 of 10

5. Question

Carrying broker/dealers must comply with which of the following under SRO rules when a customer wishes to transfer their account to another firm?

The transfer is required to be effected within one business day of receipt of the transfer request
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The transfer is required to be effected within three business days of receipt of the transfer request
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The transfer is required to be effected within three business days of validation of the transfer request
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The transfer is required to be effected within one business day of validation of the transfer request
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Question 6 of 10

6. Question

The back office of a member firm has been made aware that communications mailed to a client’s address of record have been returned to the firm by the US Post Office.

Have the RR of record write a personal email to the client inquiring what is going on
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Have the BOM of the branch write a personal email to the client inquiring what is going on
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Have the Compliance Office of the B/D attempt to contact the client personally to find out what is going on
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Have the RR of record attempt to reach the client through any means possible, other than mail, to find out if there has been a change of address or other event of significance
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Question 7 of 10

7. Question

When the minor in an UGMA account has reached majority and wishes to liquidate the assets in the account:

The firm must first obtain written authorization from the Custodian before releasing any assets to the former minor
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The firm may release assets in the account upon presentation by the former minor of their birth certificate indicating they are now of the age of majority
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The firm may liquidate assets in the account but must await an order from a court before releasing any assets from the account
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Upon a showing of proper proof, a check made payable to the minor and Custodian may be provided to the former minor in the account
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Question 8 of 10

8. Question

When a customer transfers their account from one member firm to another, what records of that account must the firm losing the customer retain according to SRO and SEC rules?

Fails to deliver in that account
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Fails to receive in that account
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Both A and B
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Customer account statements for that customer’s account
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Question 9 of 10

9. Question

On those occasions in which an RR offers to provide a client with a security which is different but very similar to the security the client has requested, the proper marking on the order ticket would be:

Unsolicited order
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Solicited order
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Discretionary order
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Special terms and conditions order
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Question 10 of 10

10. Question

Your member firm has been notified by FINRA that it has become subject to the Taping Rule. This will impact the back office of the firm in what way?

Back office personnel are not subject to the taping rule
Correct Incorrect Correct answer

All RRs of the firm will have their communications subject to this rule
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All personnel of the B/D will have their communications subject to this rule
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All personnel of the B/D will be required to submit new fingerprint cards to the SRO
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Quiz Summary

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1. Question

From an operational point of view and in accordance with applicable SRO/FINRA rules, meeting the minimum equity requirements for the opening of a day trading account can be done with:

2. Question

An operations manager needs to be mindful of the limited resources of clients who may wish to engage in day trading. The greatest concern is:

3. Question

Opening an account for a Hedge Fund requires each of the below except:

4. Question

In processing requests for liquidation of securities in a joint account, one joint owner:

5. Question

Carrying broker/dealers must comply with which of the following under SRO rules when a customer wishes to transfer their account to another firm?

6. Question

The back office of a member firm has been made aware that communications mailed to a client’s address of record have been returned to the firm by the US Post Office.

7. Question

When the minor in an UGMA account has reached majority and wishes to liquidate the assets in the account:

8. Question

When a customer transfers their account from one member firm to another, what records of that account must the firm losing the customer retain according to SRO and SEC rules?

9. Question

On those occasions in which an RR offers to provide a client with a security which is different but very similar to the security the client has requested, the proper marking on the order ticket would be:

10. Question

Your member firm has been notified by FINRA that it has become subject to the Taping Rule. This will impact the back office of the firm in what way?