Free Access FINRA.Series-7.v2023-03-10.q140 Practice Test (Page 10)

Question 41

How many days after the settlement date must a broker/dealer "buy in" a customer who has failed to deliver securities?

A.10 days

B.15 days

C.30 days

D.45 days

Question 42

Bubba buys a municipal bond at 102 and holds it ten years to maturity.
For tax purposes, how is that premium treated?

A.recorded as a long-term capital loss

B.an ordinary loss taken as a deduction from taxable income

C.amortized over the life of the bond resulting in no loss at maturity

D.carried forward as a premium loss applied against profits realized on future municipal securities

Question 43

The total assets of a corporation are $840,000, of which $350,000 are current items. Total liabilities are $460,000, of which $290,00 are fixed obligations.
How much is the corporation's working capital?

A.$60,000

B.$110,000

C.$180,000

D.$380,000

Question 44

If federal excise taxes were increased by the government, what would the typical investor do about his securities portfolio?

A.sell treasuries and invest in municipal bonds

B.sell corporate bonds and invest in treasuries

C.sell municipal bonds and invest in high quality growth stocks

D.take no action as a result of the tax increase

Question 45

A front-end loan mutual fund plan is most suitable for:

A.a voluntary accumulation plan

B.a contractual plan

C.an automatic withdrawal plan

D.an optional withdrawal plan

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