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Series 66 > Definition Of Terms > Flashcards

Definition Of Terms Flashcards

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Series 66 flashcards
1
Q

Examples of Securities

A

Stocks / Bonds / ETFs
Variable Contracts
Certificates
Interest In
Options
Single Stock Futures

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2
Q

The Howley Test
(What is a Security?)

A

Investment of Money
A Common Enterprise
Expectation of Profit
Managed by Third Party

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3
Q

Who is a Person?

A

Any natural person or any entity that can enter a legally binding contract

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4
Q

Examples of a Non-Person?

A

Deceased Persons
Legally Incompetent
Minors

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5
Q

Are Corporations a Person?

A

Yes

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6
Q

Define Broker Dealer

A

A person who affects transactions in securities for their own account or for the account of others

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7
Q

Broker Dealers Are Not

A

Investment Advisors
Agent
Bank
Savings and Loan

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8
Q

What is an Agent?

A

A natural person who represents
A broker dealer
An investment advisor
An issuer

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9
Q

Issuer

A

Any person who issues or proposes to issue a security

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10
Q

Define Investment Advisor

A

A person who provides advice for a fee

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11
Q

Who are exemptions to the definition of an investment advisor?

A

LATE
Lawyers
Accountants
Teachers
Engineers

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12
Q

Pension Consultants advise employees on how to:

A

Find their benefit plan
Advise on selection of asset managers

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13
Q

Pension Consultants must register when AUM hit what number?

A

200 million

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14
Q

Define Investment Counsil

A

Must be principally in the business of giving continuous, consistent advice

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15
Q

Investment Advisor Registration Database

A

Maintains registration information regarding investment advisors and IARs

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16
Q

Central Registration Depository

A

Maintains registration information for broker dealers and agents

17
Q

When can a an Investment Advisor hand the client a brochure at the time a contract is signed?

A

If the client has 5 days to cancel

18
Q

Before signing a contract, clients must be made aware of fees and how advice is given when?

A

48 hours before signing

Series 66 (1 decks)

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