Series 14 Example Questions
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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
Feedback: 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.
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
Feedback: 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.
XYZ Brokerage is a NYSE member firm, a Nasdaq member firm, and a FINRA member firm. XYZ is in compliance with all NYSE supervisory requirements. Which of the following statements is true?
A ) XYZ is in compliance with the supervisory requirements of all SROs
B ) XYZ is also in compliance with all Nasdaq supervisory requirements
C ) XYZ is not automatically in compliance with the supervisory requirements of any other securities-related entity
D ) XYZ is also in compliance with all FINRA supervisory requirements
Answer: The Correct Answer is D
Feedback: Any member firm that is also a member of the New York Stock Exchange and is in compliance with similar supervisory requirements of the exchange shall be deemed to be in compliance with FINRA’s supervisory controls. The same is not true of a firm that is both an NYSE and Nasdaq member