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The return by the receiving party of securities previously accepted for delivery or a demand by the delivering party for return of securities that have been delivered is called:

A.

rejection

B.

close-out

C.

reclamation

D.

re-delivery

Which of the following are direct obligations of the US government?

A.

Import-Export bank bonds

B.

Series EE bonds

C.

Farm Credit System bonds

D.

both B and C

Regulation T is set at 50%. Bubba’s account contains long positions in the following securities with the prices listed:

100 ABC $30

200 XYZ $70

200 QBB $40

200 KKK $25

Total market value = $30,000

Debit balance in the account = $12,000

Net equity balance of the account = $18,000

What is the buying power in Bubba’s account?

A.

$3,000

B.

$6,000

C.

$11,000

D.

$0

Which of the following is not an investment company within the terms of the Investment Company Act of 1940?

A.

a holding company dealing in mineral leaseholds

B.

a face-amount certificate company

C.

a unit investment trust company

D.

a management company

Bubba is a registered representative who wishes to buy shares of a new issue his firm is distributing. Under FINRA Conduct Rules, Bubba may:

A.

not do so under any circumstance

B.

do so if he has a history of buying hot issues

C.

not do so for his own account, buy may purchase shares for his sister’s account

D.

do so if his allotment is insubstantial and not disproportionate to public orders

Which of the following are not flat rate taxes?

A.

excise tax

B.

gasoline tax

C.

gift tax

D.

general income tax

The expiration date of a listed option is:

A.

the last day of the expiration month

B.

the third Saturday of the expiration month

C.

the Saturday following the third Friday of the expiration month

D.

the third Friday of the expiration month

Bubba owns stock with cumulative voting rights. There are five vacancies on a board and he owns 100 shares of stock. Bubba is entitled to cast the following votes:

A.

a total of 100 votes

B.

a total of 100 votes per

C.

a total of 500 votes

D.

you are not allowed to vote

Which of the following option positions is indicative of the same class of option?

A.

long one XYZ July 70 put and one XYZ July 70 call

B.

long one XYZ October 20 call and one XYZ January 30 call

C.

short one XYZ February 60 put and one ABC February 60 put

D.

short one XYZ June 40 call and one ABC June 20 call

An advertisement for a CMO security by a member of FINRA should disclose which of the following?

A.

the exact yield investor will earn

B.

the yield based upon the prevailing discount rate

C.

that the stated yield is an estimate that may vary passed upon prepayments and market factors

D.

that the yield may be greater than the stated percentage but never less