Series 24: Answers

Answers

1. 1. Answer: D. Rationale: When a customer places an order, the customer’s broker-dealer must send a written confirmation of the transaction to the broker-dealer on the other side of the transaction within one business day after the trade/transaction was placed. Any discrepancies in the trade confirmations must be promptly resolved between the broker-dealers.
2. 2. Answer: B. Rationale: Certificates must be “stackable” into round lots of 100 shares. Three 80s stack with the three 20s, with one 80 left, for 380 shares.
3. 3. Answer: B. Rationale: Buying-in consists of initiating a purchase of a promised security in the open market. If a buyer has purchased securities from a seller and the sell