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Series 14 Sample Questions

Our Questions Mimic the Real Exam

Our courses reinforce retention over memorization with in-depth content and practice questions that mimic the actual test — so there are no surprises come exam day.

Closed & Open Stem

Most/Least/Best

Except or Not

Complex Multiple Choice


More about Testing Methods
Team members collaborating

Lena is a principal at her firm. Today she had to send a rep home on the spot for sending an unauthorized order. She was trained on how to document her actions—years ago—but she’s never actually been in this situation and doesn’t remember what to do. Which element of a firm’s supervisory system is most likely to help Lena document that she acted properly?

A.

Written supervisory procedures

B.

Internal inspections

C.

Chain of command

D.

Supervisory controls

Answer: A

Rationale: A firm’s written supervisory procedures (WSPs) document the firm’s supervisory system and instruct the supervisor on how those responsibilities must be performed. If the supervisor uncovers suspicious activity, the WSPs must clearly define how to report that activity. The WSPs should also instruct the supervisor how to document her own oversight activities. A copy of the WSPs must be kept in each OSJ and at each location where supervisory activities are conducted.

The computation to determine how much is needed in a customer reserve bank account must occur:

A.

Quarterly

B.

Monthly

C.

Weekly

D.

Daily

Answer: The Best Answer is B

Rationale: The computation must occur weekly for most broker-dealers at the close of the last business day of the week. Any required deposits into the account must be made no later than one hour after the opening of banking business on the second following business day.

Andrew fills out an order ticket for a trade that he executes for a customer. He later realizes that he forgot to note that the order was subject to his discretionary authority. He makes the change and then resubmits the ticket. Which of the following is true?

A.

Once filled out an order ticket cannot be changed, so Andrew could be penalized for his actions

B.

Because whether or not a trade is subject to discretionary authority is not information that is required on an order ticket, Andrew did nothing wrong

C.

Once an order ticket is filled out any changes on the ticket must be approved by a manager, so Andrew could be penalized for his actions

D.

Andrew is allowed to make this change

Answer: The Best Answer is C

Rationale: Whether an order is subject to discretionary authority is one of the many pieces of information that is required on an order ticket, so Andrew’s mistake should be corrected. However, a manager must sign off on any changes made to an order ticket. If this written approval is not provided, representatives may be fined or censured. Thus, the fact that Andrew failed to get his manager’s signature on the change could result in a penalty.

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