Exercise

Match the description with the type of account.

A. Unincorporated associations

B. Custodial accounts

C. Estate accounts

D. Transfer on death (TOD) accounts

E. Prime brokerage accounts

F. Trust accounts

G. Partnership accounts

H. Individual accounts

I. Corporate accounts

J. Sole proprietorship accounts

K. Institutional accounts

L. Community property accounts

M. Joint accounts

1. _____ Numbered accounts and multiple individual accounts are two variations of these.

2. _____ These are accounts of a bank or investment company, a registered investment adviser, or any other business or person with total assets of at least $50 million.

3. _____ These are accounts in which more than one party can access and trade in the account.

4. _____ These accounts are the community property of the named parties, who must be married or registered domestic partners.

5. _____ In these accounts, executing brokers engage in trading activity rather than the prime brokers.

6. _____ In these accounts, the owner is entitled to all profits and is responsible for all the business’s debts, losses, and liabilities.

7. _____ For these accounts, a partnership agreement must be signed, showing who will have trading authority in the account.

8. _____ For these accounts, a business is considered a “person” from the perspective of tax laws, meaning that it can sue and be sued, hire and fire employees, enter into contracts, incur debt, and pay taxes.

9. _____ A unio