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Cus Accts > Types Of Accts > Flashcards

Types Of Accts Flashcards

1
Q

Limited partnership

Document that attests the formation of the partnership

A

The certificate of limited partnership

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2
Q

Document that describes roles of general and limited partners in a limited partnership offering

A

The partnership agreement

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3
Q

Type of limited partnership oil and gas most risky

A

Exploratory
Then developmental
Least risky is income

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4
Q

Oil and gas least risky

A

Income

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5
Q

What is most commonly used for limited and general partners with sharing arrangements?

A

Functional allocation

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6
Q

In a non recourse debt for LP

A

LPs are not liable for third investments

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7
Q

Largest monthly check an annuitant can receive for the rest of his life

A

Straight life payout option

Life income or life only

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8
Q

New stock is issued any funds paid for the stock in excess of par or stated value

A

Capital surplus

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9
Q

Joint tenants w rights of survivorship if husband or wife dies what’s the estate tax liability

A

Surviving spouse is not taxed on assets transferred in this manner

Unlimited marital deduction

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10
Q

Pursuant to reg T cash dividends received in a margin account

A

Can be withdrawn anytime within the first 30 days of receipt

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11
Q

Limited partnership public offerings require

A

Federal registration and a prospectus is required

Certificate of LP
Partnership agreement
Subscription agreement

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12
Q

Business has the simplest requirements for opening an acct at a FINRA member firm

A 
Sole proprietorship 
(Individual acct so it’s less forms and no ppl except one)
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13
Q

Limited partnership interest is sold

Gain or loss in sale is

A

Difference sales proceeds and the adjusted basis

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14
Q

What business structure is the income taxed in business?

A

C corporation

Taxable entities and must pay tax on their income before they can distribute dividends to shareholders

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15
Q

Prime brokers arrives include?

A

Back office support
Processing transactions
Supplying clearing services

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16
Q

What occurs in a partnership account if one partner dies?

A

The account is frozen until a new or amended partnership agreement is received

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17
Q

Tenants in Common

Ownership provides a deceased tenant’s fractional interest in an account

A

The deceased tenants estate and not passed on to the surviving tenant

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18
Q

Regulation BI place a limitation on the use of the descriptive term

A

Financial advisor

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19
Q

Member firm suspects exploitation in the account of a specified adult
Proceeds from sales may be put on temporary hold

A

15 business days

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20
Q

Latest date IRA participant may make an IRA deposit for the current year

A

April 15th of the following year

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21
Q

What is the minimum age requirement for establishing an IRA

A

There is no minimum age!

However you must have earned income such as wages or tips

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22
Q

SImPLE plans restrictions

A

The business cannot have another retirement plan in place

23
Q
A
24
Q

Pattern day trader

A

Executes four or more day trades in a five business day

25
Q

Day trader

A

Buys and sells the same security on the same day

26
Q

Primary benefit of an income oil and gas program

A

Depletion

Buying oil and gas wells that produce
There is no drilling costs involved
Depletion is taken once oil and gas have been sold

27
Q

Customer wishes to change a day order to a GTC in the middle of the day
Registered Representative should

A

Allow the day order to expire at the end of the day and put in the GTC order before the next day’s opening

28
Q

Which REIT issuer purchases real estate properties that produce income
As well as mortgages on income producing real estate properties

A

Hybrid REIT

29
Q

Which REIT goal is income from rentals with possible capital appreciation when properties are sold in future

A

Equity REIT

30
Q

REIT provide financing for income-producing real estate by purchasing or originating mortgages backed securities and earning income from the interest on these investments

A

Mortgage REIT

31
Q

In a partnership if a partner dies what happens

A

The account is frozen until a new or amended partnership agreement is received

32
Q

When comparing ETF with mutual funds what can ETF do that mutual funds can not

A

You can trade ETFs in the secondary market

33
Q

Non systematic risk in a portfolio can do what

A

It can diversify away risk because

34
Q

What can’t systematic risk be diversified away?

A

Because it had interest rate and purchasing power risk

35
Q

In a limited partnership who is required to sign the account application

A

The General Partner

36
Q

Types of fiduciary accts

A

Receiver of bankruptcy
Executor of estate
Conservator for incompetent

37
Q

Difference between the UGMA and UTMA

A

UGMA transfer at legal age

UTMA transfer age set by custodian
Some states 21 some 25

38
Q

Real estate and art work are permitted gifts in which account

A

UTMA

39
Q

Order ticket information must be recorded by the member firm prior to the order

A

Entry

40
Q

When an order is filled the order ticket record must include

A

Time of order receipt
Time of order entry
Time of order execution

41
Q

Under Finra rules, orders can be feected for an account that is transferred from another brokerage firm when

A

Carrying firm validates the account transfer form

42
Q

Finra rules records kept by registered representative for customer account records

A

Customer name and acct number of fletch security position

A record of aggregate position maintained among all customers in each security

43
Q

Which dept would be responsible for keeping customer account records

A

Margin department

44
Q

Fincen

A

Bank secrecy 1970

45
Q

OFAC

A

Crates list of SDN that must be checked acct for foreign entity

46
Q

Mutual funds and variable annuities

A

Are negotiable

47
Q

Government bonds and DPP are

A

Negotiable

DPP are rarely traded because of the thin mkt but they do trade

48
Q

What is disclosed on a customer confirmation

A

Commission agency trade
Amount of accrued interest for a bond trade

Markup is not disclose because it is included in net price

49
Q

Which companies are categorized as low price/ earnings ratio and high dividend payout ratios

A

Mature companies

50
Q

Companies characterized by high price/ earnings ratio and low dividend payout ratios are

A

Growth companies

51
Q

Member wishes to appeal an adverse decision in a code of procedure hearing appeal National adjudicators council how many days

A

25 days

52
Q

Which plans have employees who are highly compensated

Have fewer years left until retirement

A

Defined benefit plans

53
Q

A defined benefit retirement plan establishes in advance

A

The payout received by the retiree

Cus Accts (8 decks)

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