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Types Of Accts Flashcards

1
Q

Limited partnership

Document that attests the formation of the partnership

A

The certificate of limited partnership

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2
Q

Document that describes roles of general and limited partners in a limited partnership offering

A

The partnership agreement

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3
Q

Type of limited partnership oil and gas most risky

A

Exploratory
Then developmental
Least risky is income

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4
Q

Oil and gas least risky

A

Income

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5
Q

What is most commonly used for limited and general partners with sharing arrangements?

A

Functional allocation

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6
Q

In a non recourse debt for LP

A

LPs are not liable for third investments

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7
Q

Largest monthly check an annuitant can receive for the rest of his life

A

Straight life payout option

Life income or life only

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8
Q

New stock is issued any funds paid for the stock in excess of par or stated value

A

Capital surplus

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9
Q

Joint tenants w rights of survivorship if husband or wife dies what’s the estate tax liability

A

Surviving spouse is not taxed on assets transferred in this manner

Unlimited marital deduction

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10
Q

Pursuant to reg T cash dividends received in a margin account

A

Can be withdrawn anytime within the first 30 days of receipt

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11
Q

Limited partnership public offerings require

A

Federal registration and a prospectus is required

Certificate of LP
Partnership agreement
Subscription agreement

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12
Q

Business has the simplest requirements for opening an acct at a FINRA member firm

A 
Sole proprietorship 
(Individual acct so it’s less forms and no ppl except one)
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13
Q

Limited partnership interest is sold

Gain or loss in sale is

A

Difference sales proceeds and the adjusted basis

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14
Q

What business structure is the income taxed in business?

A

C corporation

Taxable entities and must pay tax on their income before they can distribute dividends to shareholders

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15
Q

Prime brokers arrives include?

A

Back office support
Processing transactions
Supplying clearing services

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16
Q

What occurs in a partnership account if one partner dies?

A

The account is frozen until a new or amended partnership agreement is received

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17
Q

Tenants in Common

Ownership provides a deceased tenant’s fractional interest in an account

A

The deceased tenants estate and not passed on to the surviving tenant

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18
Q

Regulation BI place a limitation on the use of the descriptive term

A

Financial advisor

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19
Q

Member firm suspects exploitation in the account of a specified adult
Proceeds from sales may be put on temporary hold

A

15 business days

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20
Q

Latest date IRA participant may make an IRA deposit for the current year

A

April 15th of the following year

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21
Q

What is the minimum age requirement for establishing an IRA

A

There is no minimum age!

However you must have earned income such as wages or tips

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22
Q

SImPLE plans restrictions

A

The business cannot have another retirement plan in place

24
Q

Pattern day trader

A

Executes four or more day trades in a five business day

25
Day trader
Buys and sells the same security on the same day
26
Primary benefit of an income oil and gas program
Depletion Buying oil and gas wells that produce There is no drilling costs involved Depletion is taken once oil and gas have been sold
27
Customer wishes to change a day order to a GTC in the middle of the day Registered Representative should
Allow the day order to expire at the end of the day and put in the GTC order before the next day’s opening
28
Which REIT issuer purchases real estate properties that produce income As well as mortgages on income producing real estate properties
Hybrid REIT
29
Which REIT goal is income from rentals with possible capital appreciation when properties are sold in future
Equity REIT
30
REIT provide financing for income-producing real estate by purchasing or originating mortgages backed securities and earning income from the interest on these investments
Mortgage REIT
31
In a partnership if a partner dies what happens
The account is frozen until a new or amended partnership agreement is received
32
When comparing ETF with mutual funds what can ETF do that mutual funds can not
You can trade ETFs in the secondary market
33
Non systematic risk in a portfolio can do what
It can diversify away risk because
34
What can’t systematic risk be diversified away?
Because it had interest rate and purchasing power risk
35
In a limited partnership who is required to sign the account application
The General Partner
36
Types of fiduciary accts
Receiver of bankruptcy Executor of estate Conservator for incompetent
37
Difference between the UGMA and UTMA
UGMA transfer at legal age UTMA transfer age set by custodian Some states 21 some 25
38
Real estate and art work are permitted gifts in which account
UTMA
39
Order ticket information must be recorded by the member firm prior to the order
Entry
40
When an order is filled the order ticket record must include
Time of order receipt Time of order entry Time of order execution
41
Under Finra rules, orders can be feected for an account that is transferred from another brokerage firm when
Carrying firm validates the account transfer form
42
Finra rules records kept by registered representative for customer account records
Customer name and acct number of fletch security position A record of aggregate position maintained among all customers in each security
43
Which dept would be responsible for keeping customer account records
Margin department
44
Fincen
Bank secrecy 1970
45
OFAC
Crates list of SDN that must be checked acct for foreign entity
46
Mutual funds and variable annuities
Are negotiable
47
Government bonds and DPP are
Negotiable DPP are rarely traded because of the thin mkt but they do trade
48
What is disclosed on a customer confirmation
Commission agency trade Amount of accrued interest for a bond trade Markup is not disclose because it is included in net price
49
Which companies are categorized as low price/ earnings ratio and high dividend payout ratios
Mature companies
50
Companies characterized by high price/ earnings ratio and low dividend payout ratios are
Growth companies
51
Member wishes to appeal an adverse decision in a code of procedure hearing appeal National adjudicators council how many days
25 days
52
Which plans have employees who are highly compensated | Have fewer years left until retirement
Defined benefit plans
53
A defined benefit retirement plan establishes in advance
The payout received by the retiree

Cus Accts (8 decks)

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