Series 24 Sample Questions
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Sample Questions
1)
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
See Answer
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.
2)
A Series 7 licensed registered representative has been called up for active military duty. The representative wants his registered sales assistant to service his clients while he is away. He agrees to pay the sales assistant a weekly salary for this help, out of commissions earned. This arrangement is:
A ) Permitted under FINRA® rules
B ) Prohibited because a sales assistant is not Series 7 licensed
C ) Prohibited because sales assistants cannot earn commissions
D ) Prohibited because representatives who are called up for active duty cannot be compensated while they are
“out of the business”
See Answer
Answer: The best answer is A
Rationale: A registered representative who has been called up for active duty in a foreign country can arrange for another representative at the same firm to service his or her customer accounts while away; and can share commissions with that representative. This arrangement is only permitted with a representative at the same broker-dealer, not another broker-dealer.
3)
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
See Answer
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.