Series 7 Exam Practice Test 13: Rules and Regulations

1. Which of the following are self-regulatory organizations?

I. FINRA

II. MSRB

III. SEC

IV. NYSE

2. AylDec Corporation would like to open a cash account at Lightning Broker-Dealer. In order for AylDec to open the account, it would need to send Lightning a copy of its

3. A husband and wife open up an account as joint with tenants in common. If the husband dies, what must be done with his portion of the account?

4. Which of the following are TRUE about arbitration?

I. Members may take non-members to arbitration

II. Non-members may take members to arbitration

III. Members may take members to arbitration

IV. Decisions are final and binding

5. What is the settlement date for a corporate bond transaction?

6. Matching orders is

7. Bearer bonds must be delivered in denominations of

I. $1,000

II. $5,000

III. $10,000

IV. $50,000

8. Corporate and partnership documents must be kept by a brokerage firm for

9. The return of securities previously accepted for delivery is called

10. What is the settlement date for U.S. government bond transactions?

11. Alyssa H. is interested in purchasing 1,000 shares of DIM Corp. common stock. As her registered rep, you feel that the transaction is unsuitable for her. You may still take the order from her if

12. Investors are allowed to maintain stock or bond certificates in book entry form instead of receiving the actual certificates through