Series 99: Exercise

Exercise

Answer the following questions.

1. 1. Jill Jordan has $1,000 cash in her account that was paid as a cash dividend. Jill asked her broker-dealer to cut her a check for the $1,000. What must Jill’s broker-dealer do?
2. A. Jill’s broker-dealer has 30 days to send her the check.
3. B. Jill’s broker-dealer has 7 days to send her the check.
4. C. Jill’s broker-dealer must promptly send her the check.
5. D. Jill’s broker-dealer has 3 days to send her the check.
6. 2. Which of the following is not a characteristic of a negotiable check?
7. A. It is payable to bearer or to order.
8. B. It is payable on demand or at a definite time.
9. C. It does not state any other undertaking or instruction to do any act in addition to the payment of money.
10. D. None of the choices listed because all choices are characteristics of a negotiable check.
11. 3. An itemized daily record of all purchases and sales of securities, all receipts and deliveries of securities (including certificate numbers), all receipts and disbursements of cash, and all other debits and credits kept by a broker-dealer is known as a:
12. A. Ledger
13. B. Blotter
14. C. Registry
15. D. Log

Answers

1. 1. C. Broker-dealers must not delay payment of a customer’s free credit balance if this balance is requested by the customer. In o