A synthetic long futures position consists of:

A long call and short put at the same strike and expiration for the same underlying contract

Any long call and short put for the same underlying contract

Any short call and long put for the same underlying contract

A long call and short put at the same strike and expiration for the same underlying contract

A short call and long put at the same strike and expiration for the same underlying contract

For equity options, purchasers of calls and puts must deposit a margin on the underlying security's market value of:

A fixed dollar amount unique to the underlying

When a long call option on a futures contract is traded, gains and losses are calculated in which way?

By subtracting the premium price of the long call option from the premium price of the short call option

By subtracting the option’s strike price from the market price of the underlying contract

By subtracting the market price of the underlying contract from the option’s strike price

By subtracting the strike price of the long call option from the strike price of the shorted call option

By subtracting the premium price of the long call option from the premium price of the short call option

When demand for the U.S. dollar weakens, which of the following is true?

The price of foreign goods will rise

The price of imports will decline

The dollar will be able to buy more units of a foreign currency

The price of foreign goods will rise

Foreign governments are more likely to invest in American businesses

Which of the following is not true about futures contracts?

Loss on a short futures position is limited

They are legally binding for both parties

Delivery is only required if the contract is kept to the end of the delivery period

Loss on a short futures position is limited

A “normal” futures commodity market has higher prices for the distant months than the nearby months

Which of the following are not able to serve on a case requiring FINRA arbitrators?

All FINRA-registered principals

Arbitrators from the FINRA arbitrator roster

Which of the following is true of the settlement of a futures contract?

The settlement price is determined at the close of each day.

The settlement price remains steady throughout the life of the contract.

The account is only adjusted when it drops lower than the initial price.

The account is only adjusted when it becomes higher than the initial price.

Series 3 Sample Quiz

NFA National Commodities Futures Exam

Number of Questions	10
Time Duration	Untimed
Answer Feedback Instant validation and rationale
Percentage required to pass	70%

Start Test

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SERIES 3 ONLINE STUDY GUIDE

The NFA Series 3 National Commodities Futures Examination requires a high standard of knowledge and competency. "The Solomon Exam Prep Guide to the Series 3" will help you tackle the Series 3 exam by focusing on the most important and difficult concepts of the exam. The Series 3 Study Guide includes practice questions and answers after each chapter, information about the exam, and helpful study tips.

Chapters include:

Trading in Commodity Futures
Trading in Interest Rate Futures
Foreign Exchange Futures, Stock Futures, and Futures Spreads
Simple Options and The Futures Market
Hedging With Multiple Options
Futures Price and Market Analysis
Registration, Regulation, and Disciplinary Procedures

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