877-218-1776 
Free Series 99 Sample Exam Questions Results
You scored 50% on the free Series 99 practice questions - see below for more details.
If you have any other questions or concerns, please let us know!
Your exam results: |
|
|
|
| 50% - sorry, you failed |
| Exam: Free Series 99 Sample Exam Questions |
| Time Spent: 00 hours 7 minutes 20 seconds |
| Max. Marks: 10 |
| Marks Obtained: 5 |
| View All Series 99 Exam Prep Products | ||||
| Correct Answer Wrong Answer | ||||
| Q. No | Question | Correct Answer | Your Answer | Explanation |
|---|---|---|---|---|
| 1. | A customer and their spouse have an account registered as joint tenants in common. If the customer dies what would happen to the account | The decedent’s assets will be distributed according to their Will | The spouse would get the assets in the account | The assets of the decedent will be distributed according to their will. This account is JTIC no JTWROS |
| 2. | A customer has an open margin account with a long market value of $125,000 and a debit balance of $54,000. How low can the value of the securities drop before a margin call is issued ? | $72,000 | $100,000 | The market value could fall to $72,000. This is found by dividing the debit balance by .75 or 54,000/.75 =72,000 |
| 3. | A firm discovers that a security that is has delivered should have been rejected by the receiving firm. The firm can fix this issue by: | Reclamation | Reclamation | The delivering firm can correct this though reclamation. Reclamation is the process by which the receiving firm requests the delivering firm to correct the delivery of securities. |
| 4. | A member firm is waiting on delivery of 500 shares of stock. Which of the following is not true? | If the member receives 2 certificates of 80 they must accept partial delivery and notify FINRA of a partial fail to deliver | If the member receives 2 certificates of 80 they must accept partial delivery and notify FINRA of a partial fail to deliver | Member firms are required to accept partial delivery if the delivery meets normal good delivery guidelines. Multiples of 100 or smaller lots that equal 100 shares are considered good delivery |
| 5. | III & IV | III & IV | If a client gives a third party a durable power of attorney both the client and the son may enter orders for the account. Since this is a durable power of attorney, the power of attorney survives the incapacitation of the client. |
|
| 6. | A representative reports to a customer that they bought 1000 XYZ at 24.35. Upon review of the confirmation you notice that the trade was actually done at 24.55. Which of the following is true ? | The customer must pay 24.55 for the shares | Either the firm or the representative must absorb the $200 | An erroneous report is not binding on the firm or the representative. The customer must accept the trade as it was executed so long as the execution is within the terms of their order. |
| 7. | All of the following are functions of a transfer agent except | Setting the payment date for dividends | Cancelling old shares and issuing new shares | The issuer sets the declaration date, the record date and the payment date for dividends. All of the other choices are functions of the transfer agent |
| 8. | Customer A places an order to buy 100 shares of ABC and later in the same day closes the position for a profit. The customer does not submit payment stating that he covered the position for a profit and that would meet his payment requirement. Which of the follow is true? | This is a violation and the customer’s account will be frozen for 90 days | This is a violation and the customer’s account will be frozen for 90 days | This is known as free riding and the customer’s account will be frozen for 90 days. Any purchases made in a frozen account must be paid for in full prior to accepting the order. |
| 9. | When a beneficiary of a UGMA account reaches the age of majority what happens to the custodian ? | The custodianship is terminated | The custodianship is terminated | When the beneficiary of a UGMA account reaches the age of majority the custodianship is terminated. Custodians for UGMA accounts are generally not paid and have no claim to the assets in the account. |
| 10. | Who must approve a correction of a trade being processed through the error account? | A Principal of Member firm | A Registered Representative | All adjustments processed through the error account for errors on completed orders must be approved by a principal of the member firm. |
Related Products
Combination Packages
Updated on December 2024