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Question 1

Which of the following rates is the interest rate at which banks borrow and lend to each other on an overnight basis?

Options :

A : Prime rate

B : Discount rate

C : Federal funds ratec

D : LIBOR

Answer: C

Question 2

On settlement date, a customer is unable to pay for a purchase in his cash account. His position is liquidated. Which of the following statements is true according to Federal Reserve Regulation T?

Options :

A : Only closing transactions are permitted.

B : The customer is barred from trading for 30 days.

C : The customer-s account is frozen for 90 days.

D : All related accounts are frozen for 90 days.

Answer: C

Question 3

Which of the following is considered nonpublic information?

Options :

A : Customer-s name

B : Customer-s address

C : Customer-s net worth

D : Customer-s telephone number

Answer: C

Question 4

Executing trades using the delivery versus payment (DVP) settlement process requires the buyer to make a cash payment by which of the following deadlines?

Options :

A : On the 5th business day after execution

B : Before or at the same time as securities being delivered

C : No later than 3 days after the securities are delivered

D : By the agreed-upon settlement date with the issuer

Answer: B

Question 5

A registered representative who is terminated from a broker-dealer must notify FINRA of a residential address change for what period of time after termination?

Options :

A : One year

B : Two years

C : Three years

D : Six years

Answer: B