Online Access Free Series_63 Practice Test

An agent working for a broker-dealer mistakenly sends an investment adviser some bonds that the
adviser purchased on behalf of his client instead of directing the bonds to the financial institution that is
serving as the qualified custodian of the client's funds. If the investment adviser wants to avoid being
considered custodian of this client's account, what must the adviser do?

• A.Record what securities were sent, when he received them, and when he forwarded them--which must
  be within twenty-four hours-to his client.
• B.Record what securities were sent, when he received them, and when he forwarded them--which must
  be within twenty-four hours-to the qualified custodian of the client's funds.
• C.Record what securities were sent, when he received them, and when he forwarded them--which
• D.Record what securities were sent, when he received them, and when he forwarded them--which must
  be within three business days-to his client.

Ms. Connie Fused sent her investment adviser a check, payable to a mutual fund that he had
recommended to her. What must the adviser do in order to avoid being considered the custodian of this
account and, thereby, subject to some strict requirements, including a higher minimum net capital?

• A.He needs to forward the check to the mutual fund within 24 hours.
• B.He needs to forward the check to the mutual fund within 3 days.
• C.He needs to get a written statement from Ms. Fused, addressed to the state Administrator,indicating it
  was her mistake.
• D.He needs both to forward the check within 24 hours and to obtain a written statement from Ms. Fused.

Under the Uniform Securities Act, which of the following does not need to be included when filing to
register a security issue with the state?

• A.a copy of any indenture applying to the security being registered
• B.All of the above documents must be included when filing to register a security with the state.
• C.copies of the underwriter agreements
• D.a copy of the firm's articles of incorporation and bylaws, or the equivalent

Which of the following would a firm not be expected to provide to the Administrator when registering an
issue of securities with the state?

• A.The firm will be expected to provide all of the above to the Administrator when registering an issue of
  securities with the state.
• B.all sales and advertising materials that will be used in conjunction with the offering.
• C.the agreement between the issuing firm and the underwriters
• D.the agreement among the underwriters themselves

Which of the following would not appear on a trade confirmation?

• A.the settlement date
• B.the commission
• C.the client's account number
• D.All of the above items appear on a trade confirmation.