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Tag: cash account

Study Question of the Month – July

This month’s study question from the Solomon Online Exam Simulator question database is now available. Relevant to the Series 7, 24, 26, 27, 28, 62, and 99. ***ANSWER POSTED*** Continue reading

This month’s study question from the Solomon Online Exam Simulator question database is now available.

***Submit your answer to info@solomonexamprep.com to be entered to win a $10 Starbucks gift card.***

Study Question

Question (Relevant to the Series 7, Series 24, Series 26, Series 27, Series 28, Series 62, and Series 99):

Terry Johnson just discovered that his broker-dealer put a 90-day freeze on his account because he bought and sold common stock before paying for the shares in a cash account. This means that he:

Answers:

A. cannot purchase securities until the freeze is lifted

B. can purchase securities and pay for them by the settlement date

C. can purchase securities provided he pays for them on the date of the trade

D. cannot purchase securities for 10 business days

Correct Answer: C. can purchase securities provided he pays for them on the date of the trade

Rationale: According to the Federal Reserve Board’s Regulation T, a customer whose account has been frozen as a result of buying and then selling securities in a cash account before paying for them must pay for all securities purchased on the day of the trade until the freeze is lifted.

Congratulations Stacy W., this month’s Study Question of the Month winner!

All study questions are from Solomon’s industry-leading Online Exam Simulator.

Author ProfessorPosted on July 2, 2015July 31, 2015Categories Series 24, Series 26, Series 27, Series 28, Series 7, Series 99, Study QuestionTags 90-day freeze, cash account, common stock, Series 24, Series 26, Series 27, Series 28, Series 62, Series 7, Series 99Leave a comment on Study Question of the Month – July

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