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Series 24 Practice Exams
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Series 24 Practice Exam 1

Series 24 Practice Exams

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Series 24 Practice Exam 1

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Question 1 of 10

1. Question

FINRA rules requires that each member firm make and maintain a customer complaint file which must be retained for a minimum of:

3 years
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4 years
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6 years
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10 years
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Question 2 of 10

2. Question

Absent DNR instructions, which of the following customer orders for a NYSE listed stock will be adjusted when the stock goes ex?

market at the close
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not held order
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open sell stop-limit order
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day buy limit order
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Question 3 of 10

3. Question

Sub-penny quotes are permitted to be given by market makers under what conditions?

the stock is trading below $1.00
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the stock is trading below $5.00
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the stock is trading below $175.00
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under no circumstances – the minimum unit of quotation is the penny
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Question 4 of 10

4. Question

As the BOM (Branch Office Manager) of a sizeable branch operation, one of your duties is the recruiting of candidates to become registered representatives. Prior to your signing the Form U-4 and submitting it for regulatory approval, which of the following are verification requirements of FINRA?

you must verify residences dating back 10 years
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you must verify employment dating back 10 years
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you must verify employment dating back no less than 5 years
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you must verify residences dating back no less than 5 years
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Question 5 of 10

5. Question

A sale of NASDAQ stock remains unsettled 3 business days after the trade. A buy-in will occur if the transaction remains unsettled:

2 additional business days
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5 additional business days
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7 additional calendar days
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10 additional business days
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Correct

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Question 6 of 10

6. Question

Required customer signatures, at the time of opening a customer margin account, include each of these documents except:

loan consent agreement
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credit agreement
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margin agreement
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none of these is an exception
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Question 7 of 10

7. Question

A margin account shows long 200 shares XYZ at $140/share with a debit balance of $15,000. Compute the maximum amount which may be rehypothecated by the broker-dealer.

$15,000
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$21,000
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$28,000
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50% of current market value, marked to the market daily
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Question 8 of 10

8. Question

Market maker D wishes to begin entering quotes on the stock of Beta Tech, Inc., a NASDAQ listed issuer.

Looking at the quotes entered by Market makers A, B and C in this stock, which of the following quotes entered by firm D would not be compliant?

Market Maker A       32.25 – 32.55

Market Maker B       32.26 – 32.56

Market Maker C       32.22 – 32.53

32.50 – 32. 65
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32.15 – 32.50
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32.30 – 32.54
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32.15 – 32.25
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Correct

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Question 9 of 10

9. Question

With respect to OSJ inspections,

they may be conducted by FINRA as frequently as the SRO deems necessary
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they may be conducted by the member on an annual or bi-annual basis based upon the member’s business and size.
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they must be conducted by the member firm at least annually.
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answers A. and C. are correct
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Question 10 of 10

10. Question

Under existing SEC regulations, a tender offer must remain open for a period no less than:

2 weeks
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10 business days
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20 business days
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the time periods set forth in the Hart Scott Rodino Act
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