Chapter 7 Practice Questions
1. FINRA is all of the following, except:
A. A self-regulatory organization
B. A private not-for-profit organization
C. A government agency
D. The regulatory body that makes the rules governing the over-the-counter markets
2. A broker-dealer requesting registration must fill out an application with the SEC containing all necessary information and documentation. How is the SEC expected to respond?
A. Grant or deny registration to the broker-dealer within 45 days
B. Evaluate completeness of application and accompanying documentation within 30 days and submit to FINRA for review
C. Grant or deny registration of the broker-dealer within 60 days
D. Grant registration or institute proceedings to determine whether registration should be denied within 45 days
3. An individual registers with a member firm using which of the following documents?
A. Form BD
B. Form U4
C. Form U5
D. Form BR
4. Jonny has failed his Series 7 exam for the third time. Besides having to postpone his celebratory sparkling cider, how long will he have to wait before he is able to attempt the exam again?
A. 60 days
B. 90 days
C. 180 days
D. 365 days
5. Richard just returned to the States from his third tour of duty in Afghanistan. After relaxing with family and friends for two months, he reregistered with his old employer, where he had worked as a broker. In the meantime, his license:
A. Expired after his second year-long tour of duty
B. Expires ninety days after completing his second tour of duty
C. Remains current
D. Expires in 30 days unless Richard successfully completes his continuing education program
6. Any applicant for registration who has been registered in the industry before has the responsibility to, upon request, provide a copy of her Form U5 to a requesting member firm within how many days?
A. 2 business days
B. 5 business days
C. 10 calendar da