Series 52: Exercise

Taken from our Series 52 Top Off Online Guide

Exercise

Fill in the blank with the correct term or answer true or false

  1. 1. The best bid for a customer who is selling a municipal security is the _____ bid.
  2. 2. An ask quote is the price at which a municipals dealer is willing to _____ the security.
  3. 3. A broker’s broker always acts in a(n) _____ capacity.
  4. 4. When a municipals dealer sells out of its own inventory, it is called a _____ transaction.
  5. 5. A _____ bid or offer indicates that the dealer stands ready to buy or sell at the quoted price.
  6. 6. A bid or offer that is subject to the market maker’s reconfirmation is called a _____ quote.
  7. 7. A nominal bid at a specific price is called a _____.
  8. 8. Regular way settlement for municipal securities in the secondary market is _____ after the trade day.
  9. 9. Municipal securities transactions must be reported within _____ from the time of the trade.
  10. 10. Municipal securities transactions are settled through the _____.
  11. 11. True or false. The calculated yield must be disclosed on the trade confirmation, but the yields of bonds sold at par do not need to be listed, because the coupon rate is the same as the yield to maturity.
  12. 12. The _____ is usually the quoted yield for non-callable bonds.
  13. 13. Municipal bonds pay interest _____ (quarterly or semiannually or annually or they do not pay interest).
  14. 14. True or false. When an investor buys a municipal bond

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