Series 9 Sample Questions

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Sample Questions


To establish a short call position, an order ticket must be marked:

A ) Opening purchase
B ) Opening sale
C ) Closing purchase
D ) Closing sale

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Answer: The best answer is B

Rationale: To establish a short option position, the order ticket must be marked “opening sale.” To liquidate this position, the order ticket is marked “closing purchase.”


A registered representative is promoting covered call writing by telling his customers that “selling covered calls gives a high rate of return.” Under CBOE® rules, this statement is:

A ) Prohibited
B ) Allowed only if preceded or accompanied by the latest Options Clearing Corporation (OCC) disclosure document
C ) Allowed only if the representative informs his customers that supporting documentation to the claim is available upon request
D ) Allowed under all circumstances

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Answer: The best answer is A

Rationale: The statement made by the registered representative that “selling covered calls gives a high rate of return,” without any disclaimer or discussion of the risks involved, is prohibited, since it is misleading. The customer must be informed that in a falling market, he or she can lose the entire value of the stock purchased (net of premiums received) when employing this strategy.


A customer buys 100 shares of XYZ at $49 and buys 1 XYZ Jan 50 Put @ $5. The maximum potential gain is:

A ) $500
B ) $4,400
C ) $5,500
D ) Unlimited

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Answer: The best answer is D

Rationale: Since the customer has a long stock position, his potential gain is unlimited. If the market moves up, he lets the put expire “out the money” and sells the stock in the market at the higher price.