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Flashcards in Test Questions Deck (90)
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1

Renewal of of an agents registration must occur before _______ of each year

Dec 31st

2

A testamentary trust goes into effect when _____

the grantor dies

3

A ______ is named on a Totten Trust account

beneficiary

4

Excluded from gross income on an individuals tax return are _______ interest and retirement plan distributions from non-qualified accounts attributable to the ______

muni interest and payments attributable to the cost basis (principal)

5

Whole life is not _____ (whereas Universal is)

flexible

6

If an agent moves from one BD to another, the registration of that BD must be transferred ______

promptly (aka immediately)

7

For a sole proprietorship's application, they must submit ________ and attest that _____

financial statement and attest that they are true

8

Weak for EMT states that ________ is essentially useless

technical

9

The two basic categories of portfolio management "styles" are _____ and ____

active and passive

10

A mutual fund dealer would be considered a ______

BD

11

Dividends on preferred are paid only in _____

cash

12

If you acquire a 5% stake in a company and intend to be active, you file a form 13_, if passive you file a form 13___

active = 13d; passive = 13g

13

The Federal Intermediate Credit Bank issues _______ at a _____

short term notes at a discount

14

There is NO "issuer" for fractional interests in ______ and ______ programs

oil&gas and mining

15

No exemption is offered for agents who offer ______

municipal securities

16

When securities markets have reach price equilibrium, commission costs are _______

subject to change

17

A capital needs analysis is used for determining need for ______

a variable form of insurance

18

If you expect treasuries prices to fall, you would go _____ on futures or forwards contracts

go short

19

Is there an account statement mailing rule if an IA does NOT take custody of client assets?

NO - quarterly if they do

20

If an IA is deemed "fee only", they CANNOT accept ______

12b-1 fees

21

No exemption is offered to an IA who only gives advice on ______

munis

22

When the yield curve is inverted, the Fed is pursuing _____ monetary policy

tight

23

If there is a customer complaint against an agent who has withdrawn their registration, the court retains jurisdiction over that agent for _____

1 year

24

If you wanted to invest "globally", would you just invest according to market cap % or using some measure of growth potential?

some measure of growth potential

25

529 rollovers are permitted once every _____ without a tax penatly

12 months

26

If you mistakenly receive a check from a customer and return it promptly, are you still required to keep a record?

Yes

27

If the US is running a trade deficit, then the currency is _____ relative to foreign currencies and exports would become _____ to foreign countries

US dollar will decrease relative to other currencies and exports will be less expensive to foreign countries

28

Interest income from "non-essential use" munis are subject to the ____

AMT

29

The MOST appropriate investment in a flat or falling interest rate environment would be _____

US debt

30

What is the best measure of a company's solvency?

Quick ratio