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

Question 26

If a customer fails to pay for securities purchased in a cash account, the member firm broker will do which of the following?

A.grant an extension for a bona fide reason

B.place the securities temporarily in a general account

C.purchase the securities for the firm's error account

D.liquidate the securities or otherwise cancel the transaction

Question 27

Bubba opens a margin account and sells short 100 shares of XYZ at $50. Assuming a Reg T requirement of 50%, what is the opening balance in Bubba's account?

A.$10,000

B.$7,500

C.$5,000

D.$2,500

Question 28

Bubba maintains an individual cash account as well as a joint account with his wife, Bubbette. While Bubba is out of town on a fishing trip, Bubbette calls the brokerage firm with an order to buy 100 shares of Great Company, Inc., at the market value for Bubba individual account. It is a stock Bubba has previously informed the brokerage he wanted to buy at the "right price".
What does the brokerage do?

A.refuse to accept the order unless Bubba has provided a signed trading authorization in favor of Bubbette

B.execute the order as requested

C.enter the order only after receipt of written instructions to do so from Bubba

D.buy the stock in the joint account and, after verification from Bubba, journal the security to his individual account

Question 29

Which of the following situations is possible for a writer of a covered call option?

A.buying the underlying stock if the call is exercised

B.depositing margin into his account

C.purchasing a put option to hedge against unlimited loss potential

D.selling the security, he already owns

Question 30

Which of the following would not normally be a function of an investment banker?

A.providing short-term capital needs to client companies

B.underwriting new issues of securities

C.providing long-term capital needs to client companies

D.assisting in large secondary offerings of securities

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