Unit 1 - Test Prep

Question 1

A RR has been called into active military service. All of the following statements are true.

Answer 1

1. the RR continues to receive commissions on the book during deployment
2. the regulatory element of CE will be waived
3. the firm element of CE will be waived

The RR’s license may not remain active.

Question 2

An outside independent bookkeeper has been contracted to perform monthly trail balances for a FINRA member firm. Which of the below is true with regard to the bookkeeper?

Answer 2

The bookkeeper must be fingerprinted.

Does not need to be registered, qualify by exam, or be a US citizen.

Question 3

Which if the below would be deemed a violation of the FINRA rules?

Answer 3

Parking a license

Registering a noncitizen rep, submitting fingerprint cards for a non-reg receptionist, and registering a rep with more than 1 regulatory body are not a violation.

Question 4

An associated person with the firm has failed a qualification exam 4 times. How long must the AP wait before attempting the test again?

Answer 4

180 days

Question 5

A year following the departure of a RR from the firm, a serious infraction of FINRA rules was uncovered. What must the firm do?

Answer 5

File an amended Form U-5