Which of the following does not fall under the category of "sales literature," as defined by FINRA?
Answer(s): B
An announcement containing some biological information on a registered representative who has just joined the firm does not fall under the category of "sales literature," as defined by FINRA since it does not constitute a sales solicitation. All of the other choices are regarded as "sales literature" by FINRA.
Which of the following securities always sell at a discount from their face values?I). Treasury billsII). Treasury notesIII). industrial revenue bondsIV). banker's acceptances
Answer(s): D
Selections I and IV will always sell at a discount from their face values. Both Treasury bills and banker's acceptances are money market instruments that make no interim interest payments. They sell below their face values, and the investor earns the difference between their face values and the price paid. Treasury notes and industrial revenue bonds make interim interest payments, and they may sell below, above, or at their face values.
Which of the following statements regarding both a Uniform Gifts to Minors account (UGMA) and a Uniform Transfers to Minors account (UTMA) is false?
The false statement regarding both a UGMA and a UTMA is that the assets must be re- registered in the minor child's name when the child turns 18. The rule differs between the two types of accounts. The UGMA requires that the assets must be re-registered when the child reaches the "age of majority," as defined by the state, and the definition differs among states. Under the UTMA, the transfer of the account can be delayed until the minor child has reached the age of 25.
The essential difference between a 401(k) plan and a 403(b) plan is that:
Answer(s): C
The essential difference between a 401(k) plan and a 403(b) plan is that the 403(b) plan is for employees of specific non-profit organizations whereas the 401(k) plan is for the employees of private corporations. The tax advantages and eligibility requirements of a 403(b) plan are the same as those for a 401(k) plan.
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