Free Access FINRA.Series-7.v2023-03-10.q140 Practice Test (Page 2)

Question 1

Which of the following are considered to be discretionary orders under the FINRA Rules of Fair Practice?

A.a customer instructs her registered representative to purchase stock in XYZ whenever the representative deems the price to be right

B.a customer instructs her registered representative to sell 300 shares of ABC that is long in her account whenever the representative thinks the time and price are appropriate

C.a customer gives a member firm a check for $25,000 and instructs the firm to purchase bank stocks and insurance company stocks when the prices appear to be favorable

D.both A and C

Question 2

Bubba want to buy a CMO. In general, how often should he expect to receive interest payments?

A.every week

B.every month

C.every year

D.at maturity

Question 3

With the Regulation T requirement at 50%, a firm wishes to impose house rules that require a minimum equity of 40%.
Which of the following is true?

A.this cannot be implemented because the level is below Reg T

B.this cannot be implemented since maintenance requirements are only 25% of equity for long positions

C.this is permissible

D.this action must be approved by the FRB and FINRA

Question 4

The accounting statement that represents a company's financial position on a particular date is the:

A.income statement

B.balance sheet

C.Profit and Loss

D.cash flow statement

Question 5

Bubba Corporation has a registered public offering of 500,000 shares at $36. Of these, 300,000 shares were authorized by unissued and 200,000 shares were sold on behalf of an affiliated person.
What is evident from this information?

A.the entire proceeds of the offering are a primary offering accruing to the corporation

B.300,000 shares are identified as a primary distribution

C.60% of the proceeds are paid to the corporation and the balance accrues to the affiliated person

D.both B and C

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