Series-7 Exam Dumps | Under the terms of the 1970 Securities Investor Protection Act, what is the status of a customer whose

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Question 73/390

Under the terms of the 1970 Securities Investor Protection Act, what is the status of a customer whose account assets exceed SIPC insurance coverage when his broker/dealer becomes insolvent?

A. the US Treasury is pledged to make up the deficiency

B. all broker/dealers are assessed to fully satisfy the deficiency

C. the customer becomes a general creditor of the insolvent firm for the amount of deficiency

D. SIPC will issue a debenture to guarantee eventual repayment of the deficiency

Question List (390q): Question 1: Which of the following are sources of funding for limited pa...; Question 2: The Bubba Corporation is offering stock to the public for th...; Question 3: Which of the following sources provides news of prospective ...; Question 4: Which of the following types of investment companies pays ou...; Question 5: Which of the following option positions is indicative of the...; Question 6: The net investment income of an open-end investment company ...; Question 7: Which of the following statements incorrectly describes US s...; Question 8: For a self-employed individual's retirement plan, ERISA perm...; Question 9: Which of the following is a benefit of Section 8 low-income ...; Question 10: Municipal bond brokers generally conduct the following:...; Question 11: An option that permits the holder to exercise the contract o...; Question 12: Under what circumstances may a municipal securities dealer g...; Question 13: When a corporation dissolves, who gets paid first?...; Question 14: A wealth investor gives Bubba discretion to invest $50,000 f...; Question 15: Which of the following is identified as a funded debt instru...; Question 16: The Securities Act of 1933 provides for:...; Question 17: Bubba has a short margin account with a short market value o...; Question 18: Bubba buys an OTC stock from a firm that is a market -maker ...; Question 19: A market-maker has purchased a particular stock over a perio...; Question 20: Bubba has several accounts at a brokerage firm. Which of the...; Question 21: Bubba is long spot Canadian dollars at 0.7400. If he wants t...; Question 22: Bubba owns stock with cumulative voting rights. There are fi...; Question 23: Bubba buys a municipal bond at a discount and holds it to ma...; Question 24: According to FINRA Conduct Rules, a party judged guilty of a...; Question 25: The maximum contribution an employer may make to a SEP-IRA i...; Question 26: An excerpt from a recent tombstone ad reveals bonds offered ...; Question 27: A CMO is issued that has three tranches. One has an average ...; Question 28: Which of the following statements is not true about exchange...; Question 29: To accommodate a customer's order to buy an over-the-counter...; Question 30: In stabilizing a new issue, the manager may make a "syndicat...; Question 31: Provisions of SEC Rule 145 normally apply to an exchange of ...; Question 32: When pricing callable municipal bonds, the "price to call" i...; Question 33: Bubba's order to purchase investment company shares must be ...; Question 34: How many days after the settlement date must a broker/dealer...; Question 35: The most common type of bond issued by a well-established co...; Question 36: Which of the following are not flat rate taxes?...; Question 37: Book value of a corporation is also known as:...; Question 38: Big Easy Investment Banking, Inc., participates in a Western...; Question 39: In a monthly review of customer statements, Bubba notices th...; Question 40: Bubba buys a 5% municipal bond maturing in 15 years that is ...; Question 41: Bubba opens an account at a broker/dealer with instructions ...; Question 42: Distribution from an IRA can begin at age 59½ and must begin...; Question 43: Under Regulation T, when must money be deposited to cover re...; Question 44: A trust instrument drawn pursuant to the Trust Indenture Act...; Question 45: Which of the following is the least important method of mone...; Question 46: Bubba Brokerage Corporation announces through its wire syste...; Question 47: For what time period does a Form 144 remain in effect?...; Question 48: A withdrawal from a Roth IRA may be a qualified distribution...; Question 49: Bubba's pledge to purchase a specified dollar amount of a mu...; Question 50: Bubba opens a margin account and sells short 100 shares of X...; Question 51: Bubba buys "double-barreled" municipal bonds. What is the so...; Question 52: In considering the fairness of a firm's markup, the FINRA co...; Question 53: Which of the following are considered to be discretionary or...; Question 54: Under an initial federal requirement of 70% equity, Bubba pu...; Question 55: In a firm commitment offering, any shares that are not sold ...; Question 56: If a municipality has funds available to make a partial call...; Question 57: Under which of the following was SIPC established?...; Question 58: Bubba wants to buy a $4 convertible preferred with that has ...; Question 59: When does a call option provide the most value to its holder...; Question 60: Bubba has a short margin account with equity of $15,000 and ...; Question 61: Which of the following sets out the details for the manageme...; Question 62: Prospective bidders for a municipal bond being issued should...; Question 63: What is the importance of the "at risk" rule?...; Question 64: Convertible preferred stock has all of the following charact...; Question 65: Which of the following is an analyst most likely to classify...; Question 66: What does the following mean when printed on the stock excha...; Question 67: Which of the following does not decrease basis?...; Question 68: Which of the following persons would consider annual reports...; Question 69: What type of security is quoted with a bid price of 4.72 and...; Question 70: A registered bond with "Happy Birthday" scrawled across the ...; Question 71: Which of the following is normally the largest asset of a ma...; Question 72: Which of the following sets of prices is that of a closed-en...; Question 73: Under the terms of the 1970 Securities Investor Protection A...; Question 74: If the Federal Reserve wished to ease credit, which of the f...; Question 75: A corporation makes a rights offering to raise $10 million o...; Question 76: Which of the information below does not appear in the offici...; Question 77: Which bond buyer index reflects the lowest average yield for...; Question 78: Bubba plans to borrow some money and pledge securities as co...; Question 79: Convertible bonds have all of the following features except:...; Question 80: Which of the following forms of underwriting is least likely...; Question 81: The price an investor pays for a listed option is called the...; Question 82: If federal excise taxes were increased by the government, wh...; Question 83: Which of the following is associated with an income oil and ...; Question 84: When a corporation issues a nonconvertible debenture, what i...; Question 85: How often must Investment companies issue financial statemen...; Question 86: Regulation T is set at 50%. Bubba's account contains long po...; Question 87: The term "mutual fund" is popularly used for which of the fo...; Question 88: A registered representative is given a limited trading autho...; Question 89: Regulation T is set at 50%. Bubba's account contains long po...; Question 90: Bubba buys a bond issued at par with a 5% coupon that is con...; Question 91: What type of mutual fund would invest in equities and bonds?...; Question 92: The Bubba Corporation has 900,000 of common outstanding and ...; Question 93: The registration requirements of the federal securities acts...; Question 94: Which of the following is true of treasury stock?...; Question 95: Which are the primary considerations in evaluating the worth...; Question 96: Under what conditions may an FINRA member firm sell an IPO t...; Question 97: Which of the following does not issue debt securities that t...; Question 98: All sales literature and advertising relating to investment ...; Question 99: Bubba buys one XYZ September 50 call at $7 and sells one XYZ...; Question 100: What rate of return takes into consideration appreciation or...; Question 101: A registered representative privately assures a customer tha...; Question 102: When a member firm buys or sells securities directly as prin...; Question 103: Under what circumstances may a registered investment company...; Question 104: Which of the following is considered an intangible asset?...; Question 105: Bubba is a registered representative who wishes to buy share...; Question 106: Bubba buys a municipal bond at 102 and holds it ten years to...; Question 107: A syndicate manager has just been informed that its bid has ...; Question 108: Which of the following pays interest at maturity only?...; Question 109: Bubba sells short 100 XYZ at $60 and makes the required Regu...; Question 110: Bubba's margin account has $1,000 of SMA. If he buys $20,000...; Question 111: A financial institution requesting a quote on a block of 100...; Question 112: On which of the following is depreciation permitted?...; Question 113: A four-letter symbol assigned to an issue is characteristic ...; Question 114: The return by the receiving party of securities previously a...; Question 115: FINRA advertising standards permit a dealer to state that a ...; Question 116: Approval for a registered investment company to change is in...; Question 117: The minimum denomination for a US treasury bond is:...; Question 118: An ERISA benefits plan qualified under Section 401(a) of the...; Question 119: The public offering price of the securities of an open-end m...; Question 120: Bubba buys a bond issued at par with a 5% coupon that is con...; Question 121: Bubba decides to buy equity securities. Which of the followi...; Question 122: Which of the following would not be subject to the holding p...; Question 123: In the distribution of a new issue, a dealer acting as an un...; Question 124: In a corporation's financial statements, earned surplus is a...; Question 125: Service charges by a FINRA dealer for transfer and safekeepi...; Question 126: Which of the following statements regarding mutual funds is ...; Question 127: Maintaining a fair and orderly market and acting as a broker...; Question 128: Bubba held one XYZ July 30 listed call option when XYZ split...; Question 129: The Bubba Fund is a load mutual fund that offers a reinvestm...; Question 130: Bubba has a cash account and fails to make full and prompt p...; Question 131: Which of the following activities by a limited partner may s...; Question 132: Which of the following rights does an ADR holder not have?...; Question 133: Bubba Securities, Inc. offers 3,000,000 shares of Top Notch ...; Question 134: Who is responsible for verifying that limited partners meet ...; Question 135: Bubba Corporation has 3,500,000 shares of common stock outst...; Question 136: The accounting statement that represents a company's financi...; Question 137: Regulation T is set at 50%. Bubba's account contains long po...; Question 138: Bubba buys a 5% municipal bond maturing in 15 years that is ...; Question 139: Bubba buys one XYZ June 40 call for $1,000 and sells one XYZ...; Question 140: Which of the following receives the highest priority of a mu...; Question 141: A mutual fund with an 8% load and a 1% redemption fee carrie...; Question 142: In order to determine the amount of estate tax due, if any, ...; Question 143: An "accumulation unit" of a variable annuity is used to dete...; Question 144: Which of the following is true about option prices?...; Question 145: Bubba owns a perpetual warrant to buy one share of Internet ...; Question 146: A registered representative just accepted Bubba's instructio...; Question 147: Bubba's margin account has securities valued at $20,000 and ...; Question 148: Which of the following preferred issues is likely to fluctua...; Question 149: Which of the following is not true about mutual funds and va...; Question 150: In terms of depletion, percentage depletion is better than c...; Question 151: The FINRA markup policy requires that over-the-counter trans...; Question 152: A public offering by an investment banker in which any secur...; Question 153: Revenue bonds are least likely to provide constructions fund...; Question 154: A basis point is:; Question 155: The term "secondary market" refers to:...; Question 156: Which of the following will not result in termination of a l...; Question 157: Which of the following price quotes is representative of a t...; Question 158: The amount for which the securities of a close-end investmen...; Question 159: An advertisement for a CMO security by a member of FINRA sho...; Question 160: Customers who engage in increased activity of wiring money f...; Question 161: For an FINRA member firm to exercise discretionary power in ...; Question 162: Which of the following does not appear in a municipal syndic...; Question 163: Which of the following clients could not open a margin accou...; Question 164: Bubba wishes to invest $50,000 in three mutual funds offered...; Question 165: Which of the following items is not deducted to determine a ...; Question 166: Assuming all of the following bonds from the same issuer are...; Question 167: Which of the following registered investment companies norma...; Question 168: Which of the following are direct obligations of the US gove...; Question 169: Which of the following municipal securities carries the full...; Question 170: In June, Bubba bought 100 shares of XYZ at $35. In November,...; Question 171: Who obtains and pays the municipal bond attorney rendering a...; Question 172: Bubba buys 100 shares of XYZ stock at $40 per share and sell...; Question 173: The Bubba Insurance Company is not incorporated. It consists...; Question 174: Under which of the following conditions are homeowners most ...; Question 175: What is the possible reward for investing in raw land?...; Question 176: When depositors withdraw money from savings institutions to ...; Question 177: A mutual fund letter of intent may permissibly be predated f...; Question 178: In regard to discretionary accounts, which of the following ...; Question 179: A company earns $6 per share and pays out 20% in common stoc...; Question 180: A short sale can be made in which of the following types of ...; Question 181: Bubba has a short margin account with a short market value o...; Question 182: Which of the following best describes depreciation?...; Question 183: The agreement between the members of a syndicate and the man...; Question 184: In a best efforts distribution of a new non-exempt issue, a ...; Question 185: Bubba is opening a margin account with a member organization...; Question 186: A corporation makes a rights offering to raise $10 million o...; Question 187: What percentage load is associated with a mutual fund quoted...; Question 188: A case of leverage is:; Question 189: An issuer is most likely to request an investment letter fro...; Question 190: Level III of NASDAQ provides which of the following?...; Question 191: What Federal Reserve Board regulation governs the extension ...; Question 192: Which of the following is not in the subscription agreement ...; Question 193: A revenue bond is issued by a state agency. The state legisl...; Question 194: In a competitive bidding for mortgage bonds of a large publi...; Question 195: Bubba has been classified as a restricted person according t...; Question 196: Which of the following is true about a customer with a froze...; Question 197: Reinvestment of dividends and distributions from investment ...; Question 198: Under the Investment Company Act of 1940, what is the minimu...; Question 199: A dealer buys 100 shares of XYZ common, which is an actively...; Question 200: Which of the following does not describe an underwriting pro...; Question 201: In a triple net lease, which of the following is the tenant ...; Question 202: The principal underwriter of an open-end investment company ...; Question 203: Bubba Corporation has net income of $4,200,000. It has 100,0...; Question 204: The practice of positioning stock in response to a customer'...; Question 205: The FINRA markup policy applies to:...; Question 206: Bubba buys a 5% bond that matures in 15 years with a 5.10 ba...; Question 207: A tax-free rollover of assets between qualified retirement p...; Question 208: If a customer dies, the registered representative is require...; Question 209: When the market value in a long margin account decreases, th...; Question 210: In what broad category of municipal bonds are "limited tax" ...; Question 211: Which of the following is an acceptable deposit to answer an...; Question 212: Which of the following pairs of corporation characteristics ...; Question 213: Limited partnerships try to avoid recapture because:...; Question 214: Crossover is best defined as:; Question 215: Which of the following is considered a firm quotation in the...; Question 216: Bubba buys a $4 convertible preferred with a $50 par value t...; Question 217: In early September, Bubba buys 100 shares of XYZ for $83 per...; Question 218: A group net order is one that benefits municipal syndicate m...; Question 219: The market theory stating that the small investor is usually...; Question 220: Bubba's margin account has $2,000 of SMA. If he buys $10,000...; Question 221: With the Regulation T requirement at 50%, a firm wishes to i...; Question 222: Bubba buys one XYZ September 50 call at $7 and sells one XYZ...; Question 223: Partnership democracy is:; Question 224: Bubba Corporation has a registered public offering of 500,00...; Question 225: Bubba is eligible for a Roth IRA. He may convert his SEP-IRA...; Question 226: Feasibility studies and engineering surveys are most necessa...; Question 227: What is the term applied to a classification of CMO securiti...; Question 228: The definition of debentures is:...; Question 229: The FINRA Conduct Rules permit a transaction made "seller's ...; Question 230: Registration of open-end investment company shares with the ...; Question 231: Which of the following holders of unregistered stock is prec...; Question 232: Which of the following is a right for shareholders of common...; Question 233: Most publicly owned securities are:...; Question 234: Bubba entered an order to sell long 100 shares of XYZ at 38....; Question 235: In which of the following situations may exemption from comp...; Question 236: At the time it underlying stock is trading at 48, Bubba buys...; Question 237: In a securities underwriting a participating firm is said to...; Question 238: In a 401(k) plan, when are employee's contributions of compe...; Question 239: A buy-in of a customer's sale transaction is mandated if the...; Question 240: Which of the following securities has the highest amount of ...; Question 241: Which of the following best describes phantom income?...; Question 242: When the Federal Reserve lowers reserve requirements, what i...; Question 243: Who owns a corporation?; Question 244: Which of the following is not good delivery on a sale of 470...; Question 245: A mutual fund custodian is paid according to which of the fo...; Question 246: Which of the following may occasionally be purchased at a di...; Question 247: Bubba has not existing positions in his account and writes 1...; Question 248: Which of the following would not normally be a function of a...; Question 249: A call option is in the money when the market value of the u...; Question 250: Which of the following is not found in the final prospectus?...; Question 251: A corporation makes a rights offering to raise $10 million o...; Question 252: Bubba is age 54 and has investments in a retirement plan wit...; Question 253: Which of the following is least relevant in evaluating the s...; Question 254: Bubba maintains an individual cash account as well as a join...; Question 255: Under Regulation T of the Federal Reserve, when may a broker...; Question 256: A treasury obligation having no fixed rate of interest with ...; Question 257: Big Guns Municipal Bond Dealer Corporation buys 100M of 7% 2...; Question 258: Bubba owns a subordinated debenture in a company that is liq...; Question 259: Bonds are most often quoted as a percentage of:...; Question 260: Although a corporation has no earnings in a particular year,...; Question 261: Smart Company, Inc., has cash it intends to use in six month...; Question 262: Which of the following is not an attribute of US treasury bi...; Question 263: What is the loan value on a call option held in a customer's...; Question 264: When an index option is exercised, settlement is made by:...; Question 265: Which of the following stock exchanges is not registered wit...; Question 266: The net asset value of a mutual fund was $9.72 last month. T...; Question 267: The gross spread in a new issue depends upon which of the fo...; Question 268: Bubba buys a 5% municipal bond maturing in 15 years that is ...; Question 269: Bubba is buying a Federal Home Loan Bank issue that is offer...; Question 270: Bubba wants to buy a US treasury bond with a bid of 97.28 an...; Question 271: Which of the following is not classified as a money market i...; Question 272: Bubba buys a ten-year municipal and at 102 and sells it five...; Question 273: Which of the following would be least useful to an analyst m...; Question 274: A management group may serve an investment company as its:...; Question 275: Mutual fund salespersons may not represent that a product is...; Question 276: With respect to the public offering of securities by an unde...; Question 277: Which of the following oil and gas programs does not directl...; Question 278: Regulation T is set at 50%. Bubba's account contains long po...; Question 279: A company may pay a declared dividend in which of the follow...; Question 280: An investor purchasing a corporate bond regular way will hav...; Question 281: A bank or trust company that is acting as custodian for a mu...; Question 282: Smart Guys Securities Corporation has given a workable bid t...; Question 283: Assuming that the information contained in a registration st...; Question 284: Bubba purchases 100 shares of XYZ at 78 and, on the same day...; Question 285: Bubba buys a US treasury bond. The interest he earns is:...; Question 286: Which of the following has the least active secondary market...; Question 287: Which of the following has the greatest risk?...; Question 288: In June, Bubba bought 100 shares of XYZ at $35. In November,...; Question 289: In comparing the premium cost of a LEAPS option with a premi...; Question 290: Which of the following is available both to owners of stock ...; Question 291: Interest rates rise from 5.10% to 5.30%. 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If...; Question 306: Which of the following must be true in order for an offering...; Question 307: Which of the following best describes depreciation?...; Question 308: A stock with a current P/E of 17 is selling at $74.50 per sh...; Question 309: Municipalities are most likely to issue notes for which of t...; Question 310: Which of the following organizations usually has a prominent...; Question 311: Bubba Corporation issued bonds that pay interest on January ...; Question 312: Which of the following statements about the custodian for an...; Question 313: XYZ Corporation earned $2 per share last year and is selling...; Question 314: Big Easy Investment Banking, Inc., is participating in an Ea...; Question 315: When opening a brokerage account for a customer, a registere...; Question 316: Bubba owns 200 shares of XYZ at $90, and wishes to hedge the...; Question 317: Which of the following does not affect the public offering p...; Question 318: In the sale of open-end investment company shares, the amoun...; Question 319: Under a leaseback arrangement used to finance construction o...; Question 320: In the distribution of a new issue underwriters or selling g...; Question 321: A typical money market instrument carries which of the follo...; Question 322: What does the bond buyer placement ratio represent?...; Question 323: Bubba is concerned about the liquidity of a possible municip...; Question 324: An offering price of 102 plus accrued interest applies to wh...; Question 325: In which of the following is not a case where a deed to a co...; Question 326: What is represented by the net investment income of an open-...; Question 327: Which securities do not receive dividends?...; Question 328: Bubba sells 100 shares of XYZ short at $58 and buys 1 XYZ Ma...; Question 329: Bubba buys municipal bonds with a $100,000 principal amount ...; Question 330: The general purpose of the Securities Act of 1933 is to:...; Question 331: Call loans made by banks to broker/dealers are generally for...; Question 332: Which of the following is not provided for by Blue Sky laws?...; Question 333: In June, Bubba bought 100 shares of XYZ at $35. 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Bubba's account contains long po...; Question 353: Upon opening a new account for a customer, a registered repr...; Question 354: The preferred stock of Greatest Technology Corporation has a...; Question 355: How much currency is one mil worth?...; Question 356: What expression is used to describe the application of incom...; Question 357: Bubba buys one XYZ November 65 call at $3 and one XYZ Novemb...; Question 358: If a customer fails to pay for securities purchased in a cas...; Question 359: A 5% markup policy applies to:; Question 360: Bubba owns 100 shares of XYZ at $58. He needs to limit his l...; Question 361: Under which of the following conditions may a registered rep...; Question 362: Bubba is buying a treasury bill. The discount he receives re...; Question 363: To qualify as an intrastate offering under SEC Rule 147, whi...; Question 364: Which of the following is not a marketable security?...; Question 365: Bubba Corporation has a registered public offering of 750,00...; Question 366: As a general rule, when a partnership is terminated, in what...; Question 367: Which of the following have a stated interest rate on the fa...; Question 368: Which of the following statements is pertinent to closed-end...; Question 369: Which of the following is not an investment company within t...; Question 370: The initial Federal Reserve Bank margin requirement is set a...; Question 371: Initial margin deposit minimum requirements are set by the:...; Question 372: Under Rule 415 a corporation may file a single registration ...; Question 373: Bubba Corporation has a profit sharing plan. The company pre...; Question 374: CMOs are sold and priced based upon which of the following:...; Question 375: Bubba buys one XYZ October 80 put and sells one XYZ October ...; Question 376: What percentage of maintenance charges and debt service are ...; Question 377: Hypothecation usually refers to which of the following?...; Question 378: A NYSE floor member executing an order for a public customer...; Question 379: Which of the following is not true about brokerage accounts?...; Question 380: Bubba Corporation owes income tax. Which of the following ma...; Question 381: An investment company incapable of issuing a long-term debt ...; Question 382: In the offering of new securities, members of the syndicate ...; Question 383: Which of the following securities is traded only in the over...; Question 384: Municipal syndicate allocation procedures are described in w...; Question 385: Bubba wants to buy 500 shares of an NYSE listed stock at 38....; Question 386: Bubba opens a new account with a broker/dealer and asks for ...; Question 387: Which of the following securities provides the longest term ...; Question 388: How much money is a concession of 3/8 worth for one municipa...; Question 389: What is the name for the rate of discount from the list pric...; Question 390: Bubba and his wife, Bubbette, maintain a joint account with ...

Question 73/390

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