SIE Exam: Understanding Trading, Customer Accounts and Prohibited Activities Practice Test 7

A. 1934 Act 15c2-12 – Municipal Securities Disclosure

B. FINRA 2231 – Customer Account Statements

C. FINRA 4512 – Customer Account Information

D. FINRA 4514 – Authorization Records for Negotiable Instruments Drawn

A. Social Security number or tax identification

B. Occupation and employer's name and address

C. Whether the customer is a representative for another member firm

D. An alternative contact

A. Within five business days after requested by the customer

B. Every calendar year

C. Every calendar quarter

D. Every calendar month

A. 1934 Act 15c2-12 – Municipal Securities Disclosure

B. FINRA 2231 – Customer Account Statements

C. MSRB G-47 – Time of Trade Disclosure

D. MSRB G-13 – Quotations

A. A customer must give oral or written permission for a representative to withdraw money from the customer's account.

B. A customer must give written permission for a representative to withdraw money or money-like assets from the customer's account.

C. A customer must give permission before a representative removes bearer bonds from the member firm's premises.

D. A customer must give oral or written permission for the representative to keep blank checks signed by the customer in the representative's file.

A. Only cash may be held in the account.

B. All transactions must be paid for in full.

C. Purchases may be made on margin, but no short selling is allowed

D. Short selling is allowed, but the cash must not be used to purchase any other investments.

A. Short sales must be made in a cash account.

B. Margin purchases must be made in a cash account.

C. Payments are made promptly, not later than T+2, for securities purchased from a margin account.

D. Repayment of the borrowed part of a margin purchase from a cash account must be made promptly, not later than T+1.

A. At least 45 percent

B. At least 25 percent (or the amount over $1,000)

C. At least 30 percent

D. At least 50 percent (or the amount over $500)

A. The member's own account

B. A registered representative's account

C. An account for which a registered representative may act with discretion

D. Market makers