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Bubba’s margin account has $1,000 of SMA. If he buys $20,000 of listed secu rities, how much fully paid margin stock must he deposit to respond to a Reg T requirement of 50%?
If a customer dies, the registered representative is required to:
A. cancel all open (good ‘til cancelled) orders
B. await instructions and necessary papers from the executor of the estate
C. sell out the account
D. both A and B
A tax-free rollover of assets between qualified retirement plans for the benefit of a specific individual is permitted so long as it is accomplished within:
A. 30 days
B. 60 days
C. 90 days
D. one year
Which of the following organizations usually has a prominent role in guiding investment policies of mutual funds?
A. the plan company
B. the management group
C. the custodian bank
D. the underwriter
Common stocks for which of the following industries are most likely to decline in valuewhen interest rates rise?
A. automobile manufacturers
C. stock brokers
D. public utility companies
Bubba buys a $4 convertible preferred with a $50 par value that is exchangeable for common stock at 47.50. If the preferred stock is trading at 52 and the common stock at 51,Bubba determines that the preferred stock is:
A. overpriced and will quickly decline
B. selling at a 4% premium over conversion value
C. underpriced and should rise quickly
D. going to be called when the common stock price is $52
In a monthly review of customer statements, Bubba notices that one of his firm’s clients has paid for seven purchases five days late. What does he do?
A. decides this situation is acceptable provided payment was received before any securities were sold
B. ascertains whether the client had a sufficient bank balance on settlement date
C. nothing because this is not a violation provided the securities were not listed on the NYSE
D. ascertains that extensions had been obtained under Reg T
Assuming all of the following bonds from the same issuer are callable now, which one would most likely get called first?
A. 8% maturing 1-15-2016
B. 8% maturing 1-15-2007
C. 4% maturing 1-15-2012
D. 4% maturing 1-15-2007
Under what conditions may an FINRA member firm sell an IPO to an employee of another broker/dealer?
A. if the amount of the purchase is small and the transaction accords with the employee’s normal investment practice
B. if the member firm notifies the other broker/dealer of the transaction
C. if the employing broker/dealer guarantees that resale of the securities acquired by its employee will be restricted for two years
D. under no circumstances
A group net order is one that benefits municipal syndicate members:
B. according to their percentage participation in the account
C. according to the number of designated orders they’ve received
D. according to the number of presale orders they’ve received