Series 24 Exam Question

Here is a great series 24 exam question :

An MFP donates $2,500 to a candidate in an election where they are not able to vote. The candidate running for municipal office is an old college friend of the MFP. Which of the following is true?



A) The employing firm has no restrictions due to the relationship between the MFP and the candidate.

B) If the employing firm wants to bid on an offering in that municipality it must get prior permission from FINRA.

C) The firm is restricted from bidding on offerings in that municipality for 2 years.

D) The firm is restricted from bidding on offerings in that municipality for 270 days.

Anser:

(C) The firm is restricted from bidding on offerings is that municipality for 2 years because the donation was greater than $250 and the MFP making the donation can not vote in the election.

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Series 24 Exam Question

Here is a great series 24 exam question regarding electronic communications between departments at FINRA member firms.

Regarding electronic communications between a firm's research department and non-research departments all of the following are true except:

A) Pre- approval of FINRA is required
B) Pre-approval by the principal is required for certain public communications
C) Copies of the electronic communications must sent to the firm's legal department
D) Copies of the electronic communications must be sent to the firm's compliance department

A) Both the NYSE and FINRA rules require that electronic communications between the research and non-research departments be copied to the firm's legal and compliance departments. Additionally, the principal is required to pre-approve all sales literature (eg: a research report). FINRA does not approve internal communications, advertising or sales literature.



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Series 7 Exam Question

While there are not a large number of margin questions on the series 7 exam, students must be able to answer them correctly to help ensure passing the exam. Here is a typical series 7 margin question:

An investor has an open margin account with $48,000 in market value and a debit balance of $10,000. His minimum equity at this level is:




(A) $24,000

(B) $12,000

(C) $13,333

(D) $10,000

 
 
(B) To find the minimum equity given a long market value, simply multiply the market value by .25 in this case $48,000 X. 25 = $12,000. Therefore the customer must have at least $12,000 in equity to hold a position with a long market value of $48,000. This investor has $38,000 in equity.


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