Regulations-Securities Exchange Act of 1934-Sections 5-10

A firm that is required to start a tape recording its registered persons' telemarketing activities must continue to do so for a period of

• 1 year

• 3 years

• 5 years

• indefinitely

The maximum gift that broker/dealers can give their employees per year is

• $100

• $250

• $500

• $1, 000

Registered persons on active duty in the US military who are placed on inactive status with FINRA

• are considered personnel for the purpose of paying FINRA dues.

• may not earn commissions.

• may earn commissions.

• must retake a qualifying exam when they return from active duty.

The use of which of the following terms is acceptable in retail communication providing all of other regulations met?

• "Endorsed by FINRA"

• "Registered Representative of FINRA"

• "Member of FINRA"

• "FINRA Member in Good Standing Since CCYY (where CCYY designates the first year of membership in FINRA)

Which of the following are true of the registered person on inactive status serving in active duty in the US military.

I. They have 90 days to re-register when they return to work at their member firm or another member firm.

II. They can only return continuing commissions.

III. Upon returning to a member firm, they must make up any continuing education requirements.

IV. They can earn commissions and continuing commission.

• I and III

• I and IV

• II and III

• II and IV

How long do registered persons returning from active duty in the US military have to associate themselves with a member?

• 180 days

• 90 days

• 60 days

• 30 days

Which of the following individuals are required to register with FINRA?

• Those whose sole functions are limited to clerical duties.

• Those who effect securities transactions only by the floor of an exchange.

• Those who are not actively engaged in the investment banking or securities business.

• Those who are associated with a member and are to function as Assistant Representatives-Order Processing.

Customer account transactions are made by registered representatives must be

• reviewed and endorsed by a branch manager.

• based on written instructions

• subject to cancellation until settlement date.

• contingent on FINRA review approval.

If a quote is not otherwise qualified, a dealer will be obligated to buy or sell

• 100 shares.

• $10,000 worth of the security at the current market price.

• 500 shares.

• 50 shares.

A private securities transactions exists when a representative

• is engaged in an outside business activity.

• has a joint account with a family member.

• is selling away.

• makes a trade for his personal account.