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WorksheetsKnowledge Check - Acronyms + Definitions
Total questions: 30
Worksheet time: 17mins
What does ACATS stand for?
Automated Customer Account Transfer Service
Account Customer Automated Transfer System
Automated Customer Account Transfer System
Automated Client Account Transfer Service
What is a 401K?
a retirement plan for certain employees of public schools, certain tax-exempt organizations, and certain ministers
a profit sharing retirement plan that allows employees to make elective salary deferrals while avoiding current taxes on that portion of their incomes
an employer funded retirement plan that allows employers to make pre-tax contributions into a participant’s (eligible employee’s) IRA. Distributions from the IRAs can occur at any time at the participants request and are considered taxable income when distributed.
a defined contribution plan featuring a fixed employer contribution. This pre-tax contribution from the employee is mandatory and established by the plan sponsor each year.
Which of the following define an account type?
The primary identifier for ownership of an account.
The owner information of an account.
A periodic summary of account activity with a beginning date and an ending date
Indicates the account’s purpose, such as an individual, joint, corporation, or retirement.
The owner information of an account is known as the?
Account Registration
Account Number
Account Type
Account Statement
Select the abbreviation for annuity
AN
ANT
ANN
ANNY
Which party is entitled to receive benefits from an annuity?
Shareholder
Annuitant
Beneficiary
Custodian
A person designated as the recipient of assets under a will, trust, insurance policy, etc. after an individual passes away is known as the... ?
Annuitant
Custodian
Advisor
Beneficiary
What does the following acronym stand for - R/T:
Retransmit
Resubmit
What does the following acronym stand for - R/S:
Resubmit
Retransmit
Name the product - this is a financial contract in the form of an insurance product according to which a seller (issuer), typically a financial institution such as a life insurance company, makes a series of future payments to a annuitant in exchange for the immediate payment of a lump sum or a series of regular payments
(a)
What financial instrument is similar to a savings account, but has a specific, fixed term (often monthly, three months, six months, or one to five years), and, usually, a fixed interest rate?
(a)
What does BIN stand for?
Beneficiary Initiation Notice
Branch Identification Notice
Broker Identification Number
What types of securities registered in book entry form are registered in the name of the investor directly on the transfer agent's books?
Certificate Deposit
Common Stock
DRS
Mutual Funds
Which is the correct abbreviation for Custodian?
CSN
CDSN
CUSTDN
CSDN
What does the acronym CUSIP stand for?
Customer on Uniform Security Identification Procedures
Committee on Uniform Security Identification Procedures
Client in Uniform Security Identification Procedures
Customer on Uniform Security Identification Policies
Which of the below defines one that guards or maintains; one entrusted with guarding and keeping property or records or with custody or guardianship
Customer
Client
Conservator
Custodian
C2018200000123 is an example of what?
CUSIP
DTCC Participation Number
Control Number
ACATS BIN
Which of the below describes a new account at the mutual fund company or a subaccount in Advisor Central/BNY for omnibus CUSIPs. This is used for Mutual Fund transfers.
Contract
CUSIP
Clearing Number
B50
Which of the following is a deliver residual that has passed the 6 month residual sweep time frame?
AGED RCR
DEL RCR
REC RCR
RCL RCR
Which is known as the process of updating the registered representative or agent on a direct investment product, most commonly a mutual fund or annuity?
Agent Change
Change of Dealer
Custodian change
LOA
When assets are sold and the proceeds are paid out as cash, this is known as
Loan
Liquidation
Mass account transfer
Cost basis
This type of transfer consists of the transfer of ownership of an asset (from one firm to another)
Loan
Liquidation
Mass account transfer
Cost basis
The other financial institution that is associated with the transfer is oftern referred to as the:
Carrier
Clearing Company
other company
Contra Firm
True or False?
A contract number is the primary identifier for ownership of an annuity. It may consist of letters and/or numbers
True
False
True or False?
The original value of an asset for tax purposes (usually the purchase price), adjusted for stock splits, dividends and return of capital distributions. This value is used to determine the capital gain, which is equal to the difference between the asset's cost basis and the current market value is known as Cost basis
True
False
Abbreviation for "deliver"
(a)
ACATS transfer type: Which of the below is the acronym to describe a request to transfer out a specific number of shares or securities from a client's account.
PTR
PTF
PTD
ACATS transfer type: Which of the below is the acronym to describe a request to transfer specific assets into a client's account from another firm.
PTR
PTF
PTD
ACATS transfer type: Which of the below is the acronym to describe a request to transfer shares of a specific mutual fund into a client's account from a mutual fund company, or request to transfer out shares of a specific mutual fund to a client's account held direct at the mutual fund company.
PTR
PTF
PTD
Which of the below is the commonly used acronym for a form with a set of transfer instructions that provides certain information and identifies the firm currently holding the assets (the “carrying firm”)
LOA
TIF
FCAT
DFA
