Series 28: Chapter 4 Practice Questions

Chapter 4 Practice Questions

1. 1. Under SEC Rule 17a-3, blotters or other records of original entry must be prepared no later than:
2. A. One business day following the trade date
3. B. Two business days following the trade date
4. C. The settlement date
5. D. One business day following the settlement date
6. 2. Trade blotters and other records of original entry must include all of the following except:
7. A. Trade date
8. B. Settlement date
9. C. Account for which transaction was effected
10. D. CUSIP
11. 3. How long after the closing of a customer’s account must a broker-dealer preserve records that relate to the terms and conditions with respect to the opening and maintenance of the account:
12. A. Two years
13. B. Three years
14. C. Six years
15. D. Ten years
16. 4. Under a FINRA interpretation of SEC Rule 17a-3, ledgers reflecting dividends and interest must be prepared no later than:
17. A. The payable date
18. B. Two business days following the payable date
19. C. Three business days following the payable date
20. D. Five business days following the payable date
21. 5. Which of the following is not true regarding the general ledger bookkeeping account?
22. A. Each member firm must designate an associated person to oversee the general ledger bookkeeping account.
23. B. The records regarding the general ledger bookkeeping accounts need to be kept for at least six years.
24. C. The records must be reviewed at least weekly to check for accuracy.
25. D. The firm must maintain a list of all associated persons who oversee the general ledger bookkeeping account.
26. 6. A general ledger may contain summarized information for all the following records except:
27. A. Options record
28. B. Securities failed to receive
29. C. Trial balance
30. D. Dividends and interest received
31. 7. Which of the following ledgers must be maintained