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Series 24 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

Which of the following gifts is permitted under FINRA® rules?

A.

One gift of $100 value per person per year


B.

Unlimited number of gifts of $100 value per person per year

C.

One gift of $200 value per person per year
D ) Unlimited number of gifts of $200 value per person per year

D.

Unlimited number of gifts of $200 value per person per year

Answer: The best answer is A

Rationale: FINRA limits gifts that are related to one’s activities in the securities industry to a maximum of $100 per person per year.

Jeff wishes to transfer his account from ABC Broker-Dealer to XYZ Broker-Dealer. How is the transfer process initiated?

A.

Jeff initiates the process with ABC, which then notifies XYZ.

B.

Jeff initiates the process with XYZ, which then notifies ABC.

C.

Jeff initiates the process with both ABC and XYZ.

D.

Jeff initiates the process with ACATS, which then notifies both ABC and XYZ.

Answer: B

Rationale: A customer wishing to transfer his account to another firm will initiate the process with the new firm (called the receiving firm, because it will be receiving the account). In this case, the receiving firm is XYZ.Once the customer submits the necessary paperwork to the receiving firm, it must immediately send a transfer request to the customer’s existing brokerage firm, known in this context as the carrying firm. In this case, ABC is the carrying firm.Therefore, as soon as Jeff submits his transfer form to XYZ, XYZ will send a transfer request to ABC. The way that ABC sends this transfer request is through a nationwide account transfer system known as the Automated Customer Account Transfer Service (ACATS).

The FINRA® name:

A.

Is not permitted to be used on a member firm’s website

B.

Can only be used on a member firm’s website with prior FINRA approval

C.

Can only be used on a member firm’s website if it is hyperlinked to the FINRA website

D.

Can be used on a member firm’s website if its use is consistent with fair and ethical business practices

Answer: The best answer is C

Rationale: A broker-dealer can use the FINRA name on its website if it states that the firm is a FINRA member; the FINRA name is in smaller letters than the member firm name; and the FINRA name is hyperlinked to the FINRA website.

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