Form U4 is used primarily to

Register an individual with FINRA, other SROs and states, and disclose the individual's background — The Uniform Application for Securities Industry Registration or Transfer (Form U4), filed through FINRA's CRD system under FINRA By-Laws Article V, registers an individual and collects employment history, residential history and disclosure information such as criminal, regulatory, civil and financial events. Form BD registers the firm and Form U5 reports terminations.

An investor buys one broad-based index call with a strike of 4,500 for a premium of 20 (multiplier $100). At expiration the index settles at 4,560 and the option is exercised. What is the investor's profit?

$4,000 — Index options settle in cash: the holder receives the in-the-money amount (settlement value minus strike) times the multiplier, and the net profit is that amount less the premium paid. This is the concept of cash settlement of index options.

An investor buys one XYZ 70 call at a premium of 4. XYZ falls to $55 at expiration. What is the investor's loss?

$400 — The most an option buyer can lose is the premium paid; if the call expires out of the money it is worthless and the entire premium is lost, regardless of how far the stock falls. This is the concept of maximum loss for option buyers.

A registered representative pleads guilty to a misdemeanor charge of embezzling funds from a former employer. Which statement best describes the representative's obligation?

The event must be disclosed on Form U4 within 30 days because it is a financial-related misdemeanor, and it may result in statutory disqualification — Form U4 requires disclosure of any felony charge or conviction and any misdemeanor charge or conviction involving investments, fraud, false statements, forgery, wrongful taking of property, bribery or perjury. Embezzlement is a misdemeanor involving the wrongful taking of property, so it is disclosable within 30 days under FINRA By-Laws Article V and can trigger statutory disqualification under Exchange Act Section 3(a)(39) for ten years.

A broker-dealer's office of supervisory jurisdiction received a written customer complaint on June 10 of Year 1. Under FINRA Rule 4513, for how long must the firm retain the complaint record, and what is the earliest date on which it may dispose of the file?

4 years; after June 10 of Year 5 — FINRA Rule 4513 requires each member to keep in each office of supervisory jurisdiction a separate file of all written customer complaints and the action taken, or a record of where those records are kept, for at least 4 years. The 3-year and 6-year periods are SEC Rule 17a-4 retention periods for other categories of records (such as confirmations and blotters) and do not apply to the complaint file. Counting 4 years from receipt, the file must be kept through June 10 of Year 5.

A customer's long margin account holds securities with a market value of $40,000 and a debit balance of $32,000. Under the FINRA minimum maintenance requirement, what is the customer's equity and the amount of any maintenance call?

Equity $8,000; call of $2,000 — Equity in a long account is market value minus the debit balance. FINRA Rule 4210 requires equity of at least 25% of the long market value; here that is $10,000, and the account holds only $8,000, so the customer must deposit $2,000 to restore the minimum. A $12,000 figure would be the amount needed to restore the 50% Reg T level, which is not required after the initial purchase.

An investor holds 1,000 shares of XYZ Corp with a cost basis of $2 per share. XYZ announces a 1-for-5 reverse split. What is the investor's position after the split?

200 shares with a basis of $10 — A reverse split reduces the number of shares outstanding and raises the price and cost basis proportionately; total value and total cost basis are unchanged. Every 5 old shares become 1 new share, so 1,000 shares become 200, and the $2 basis becomes $10. Issuers often use reverse splits to meet exchange minimum-price listing standards.

An investor buys a municipal bond issued by her home state and later sells it at a profit. Which statement about taxation is correct?

The interest is generally exempt from federal (and often state) tax, but the capital gain is taxable — Interest on most municipal bonds is exempt from federal income tax and usually from state tax for residents of the issuing state. The tax exemption applies only to interest; capital gains on the sale of a municipal bond are taxable like any other gain. This is the concept of tax treatment of municipal securities.

Which of the following is an example of fiscal policy?

Congress passes a bill that increases federal spending on infrastructure — Fiscal policy is set by Congress and the President through taxation and government spending. Monetary policy is set by the Federal Reserve through tools such as the discount rate, reserve requirements and open market operations.

Under a broker-dealer's customer identification program (CIP), which of the following must the firm obtain from an individual before opening an account?

Name, date of birth, residential address and a taxpayer identification number — USA PATRIOT Act Section 326 and the CIP rule require a firm to obtain, at a minimum, the customer's name, date of birth (for individuals), address, and identification number (such as a Social Security number) before opening an account, and to verify identity within a reasonable time. Income and investment objectives relate to suitability and account records under FINRA Rule 4512, not CIP.

A fund's shares are offered at a public offering price of $25.00 with a net asset value of $23.75. What is the sales charge percentage?

5.00% — The sales charge percentage is (POP - NAV) / POP. Dividing by NAV instead of POP produces 5.26%, a common distractor. FINRA Rule 2341 caps mutual fund sales charges at 8.5% of the offering price.

An exchange-traded fund differs from a traditional open-end mutual fund in that an ETF:

Trades on an exchange throughout the day at market prices, can be sold short and bought on margin — ETFs are registered under the Investment Company Act of 1940 but their shares are listed and trade intraday like stocks, with market prices that may differ slightly from NAV. Mutual fund orders are instead filled at the next NAV under forward pricing. ETFs can be shorted and margined; mutual funds cannot.

A market maker quotes ABC Corp at $24.10 bid, $24.18 ask. What is the spread, and at what price would a customer's market order to buy be filled by that market maker?

Spread $0.08; the buy is filled at $24.18 — The spread is the difference between the ask (offer) and the bid. A customer buying pays the market maker's ask price, while a customer selling receives the bid. The concept of bid-ask spread is central to dealer (principal) markets governed by FINRA Rule 2121 fair pricing standards.

A mutual fund may describe itself as a no-load fund only if:

Its annual 12b-1 fee does not exceed 0.25% of average net assets and it has no front-end or deferred sales charge — FINRA Rule 2341 permits a fund to be marketed as no-load only if it has no front-end or deferred sales load and its asset-based 12b-1 fee does not exceed 0.25% per year. A no-load fund may still charge a management fee and other operating expenses.

The Federal Open Market Committee wants to tighten the money supply to slow inflation. Which action would accomplish this?

Selling Treasury securities in the open market — Open market operations are the Fed's most frequently used monetary tool. When the Fed sells Treasury securities, it drains reserves from the banking system, reducing the money supply and pushing short-term rates up. Buying securities, lowering the discount rate and reducing reserve requirements all ease policy.

An investor established a portfolio of 60% stocks and 40% bonds. After a strong stock market year, the allocation has drifted to 72% stocks and 28% bonds. Selling stocks and buying bonds to return to 60/40 is an example of:

Rebalancing, which restores the target allocation and controls risk that has drifted upward — Rebalancing periodically returns a portfolio to its target asset allocation, trimming asset classes that have grown and adding to those that have lagged. It is a risk-mitigation technique that keeps the portfolio's risk level consistent with the investor's objectives rather than a forecast-driven decision.

An investor who buys a call option on XYZ stock has:

The right, but not the obligation, to buy XYZ at the strike price before expiration — A call gives its buyer the right to purchase the underlying security at the strike price; the call writer has the corresponding obligation to deliver. Call buyers are bullish and pay a premium for this right. This is the concept of the rights and obligations of option buyers and writers.

Which of the following is a possible consequence for a registered representative found to have engaged in insider trading?

Criminal prosecution with imprisonment, SEC civil penalties, and FINRA sanctions such as suspension or bar from the industry — Insider trading violates Exchange Act Section 10(b) and Rule 10b-5 and can result in criminal fines and imprisonment of up to 20 years, SEC civil penalties of up to three times the profit under Section 21A (ITSFEA 1988), disgorgement, and SRO disciplinary action under FINRA Rule 2010 and 2020, including suspension, expulsion or a permanent bar. Section 20A also allows contemporaneous traders to sue for damages. Sanctions apply to the individual; they do not strip the firm of SIPC membership.

A registered representative wants to sell securities to residents of a state in which neither the representative nor the firm is registered. Which regulator's rules govern whether this is permitted?

The state securities administrator under the state's blue-sky laws — Each state's securities administrator enforces that state's blue-sky laws, which generally require agents and broker-dealers to register in the state before transacting business with its residents. NASAA coordinates these state regulators but is not itself a regulator; the Fed, IRS and SIPC have no role in agent registration.

Which statement about standard listed equity options is correct?

They are American style, meaning they may be exercised at any time before expiration — Standard listed equity options are American style and may be exercised by the holder at any time up to expiration; the monthly expiration is the third Friday of the expiration month. European style options, common for many index options, can be exercised only at expiration. This is the concept of American versus European exercise.

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1 / 204Multiple choice4. Overview of the Regulatory Framework — 4.2.1 Employee Conduct
Form U4 is used primarily to
- Register a broker-dealer with the SEC
- Report the termination of a registered person
- Register an individual with FINRA, other SROs and states, and disclose the individual's background (correct answer)
- File an annual audited financial report for a member firm
Correct answer: C
The Uniform Application for Securities Industry Registration or Transfer (Form U4), filed through FINRA's CRD system under FINRA By-Laws Article V, registers an individual and collects employment history, residential history and disclosure information such as criminal, regulatory, civil and financial events. Form BD registers the firm and Form U5 reports terminations.
Source: finra.orgQuestion bank checked October 27, 2026
2 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.3 Options
An investor buys one broad-based index call with a strike of 4,500 for a premium of 20 (multiplier $100). At expiration the index settles at 4,560 and the option is exercised. What is the investor's profit?
- $6,000
- $2,000
- $4,000 (correct answer)
- $600
Correct answer: C
Index options settle in cash: the holder receives the in-the-money amount (settlement value minus strike) times the multiplier, and the net profit is that amount less the premium paid. This is the concept of cash settlement of index options.
Calculation
```
In-the-money amount = 4,560 - 4,500 = 60 points
Cash received = 60 x $100 = $6,000
Premium paid = 20 x $100 = $2,000
Profit = $6,000 - $2,000 = $4,000
Result: $4,000
```
Source: finra.orgQuestion bank checked October 27, 2026
3 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.3 Options
An investor buys one XYZ 70 call at a premium of 4. XYZ falls to $55 at expiration. What is the investor's loss?
- $1,500
- $400 (correct answer)
- $1,100
- $7,000
Correct answer: B
The most an option buyer can lose is the premium paid; if the call expires out of the money it is worthless and the entire premium is lost, regardless of how far the stock falls. This is the concept of maximum loss for option buyers.
Calculation
```
Stock $55 < strike $70, so the call expires worthless
Loss = premium paid = 4 x 100 = $400
Result: $400
```
Source: finra.orgQuestion bank checked October 27, 2026
4 / 204Multiple choice4. Overview of the Regulatory Framework — 4.2.2 Reportable Events
A registered representative pleads guilty to a misdemeanor charge of embezzling funds from a former employer. Which statement best describes the representative's obligation?
- No disclosure is required because misdemeanors are never reportable
- Disclosure is required only if the representative is sentenced to jail time
- The event must be disclosed on Form U4 within 30 days because it is a financial-related misdemeanor, and it may result in statutory disqualification (correct answer)
- The event must be disclosed only to the firm's compliance department, not on Form U4
Correct answer: C
Form U4 requires disclosure of any felony charge or conviction and any misdemeanor charge or conviction involving investments, fraud, false statements, forgery, wrongful taking of property, bribery or perjury. Embezzlement is a misdemeanor involving the wrongful taking of property, so it is disclosable within 30 days under FINRA By-Laws Article V and can trigger statutory disqualification under Exchange Act Section 3(a)(39) for ten years.
Source: finra.orgQuestion bank checked October 27, 2026
5 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.2.4 Books and Records and Privacy
A broker-dealer's office of supervisory jurisdiction received a written customer complaint on June 10 of Year 1. Under FINRA Rule 4513, for how long must the firm retain the complaint record, and what is the earliest date on which it may dispose of the file?
- 3 years; after June 10 of Year 4
- 6 years; after June 10 of Year 7
- 2 years; after June 10 of Year 3
- 4 years; after June 10 of Year 5 (correct answer)
Correct answer: D
FINRA Rule 4513 requires each member to keep in each office of supervisory jurisdiction a separate file of all written customer complaints and the action taken, or a record of where those records are kept, for at least 4 years. The 3-year and 6-year periods are SEC Rule 17a-4 retention periods for other categories of records (such as confirmations and blotters) and do not apply to the complaint file. Counting 4 years from receipt, the file must be kept through June 10 of Year 5.
Calculation
```
Complaint received: June 10, Year 1
FINRA Rule 4513 retention: 4 years
June 10, Year 1 + 4 years = June 10, Year 5
Earliest disposal: after June 10, Year 5
```
Source: finra.orgQuestion bank checked October 27, 2026
6 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.2.1 Account Types and Characteristics
A customer's long margin account holds securities with a market value of $40,000 and a debit balance of $32,000. Under the FINRA minimum maintenance requirement, what is the customer's equity and the amount of any maintenance call?
- Equity $8,000; no call
- Equity $8,000; call of $12,000
- Equity $12,000; no call
- Equity $8,000; call of $2,000 (correct answer)
Correct answer: D
Equity in a long account is market value minus the debit balance. FINRA Rule 4210 requires equity of at least 25% of the long market value; here that is $10,000, and the account holds only $8,000, so the customer must deposit $2,000 to restore the minimum. A $12,000 figure would be the amount needed to restore the 50% Reg T level, which is not required after the initial purchase.
Calculation
```
Equity = LMV - debit = $40,000 - $32,000 = $8,000
Minimum maintenance (FINRA 4210) = 25% x $40,000 = $10,000
Call = $10,000 - $8,000 = $2,000
```
Source: finra.orgQuestion bank checked October 27, 2026
7 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.1.4 Corporate Actions
An investor holds 1,000 shares of XYZ Corp with a cost basis of $2 per share. XYZ announces a 1-for-5 reverse split. What is the investor's position after the split?
- 5,000 shares with a basis of $0.40
- 1,000 shares with a basis of $10
- 200 shares with a basis of $10 (correct answer)
- 200 shares with a basis of $2
Correct answer: C
A reverse split reduces the number of shares outstanding and raises the price and cost basis proportionately; total value and total cost basis are unchanged. Every 5 old shares become 1 new share, so 1,000 shares become 200, and the $2 basis becomes $10. Issuers often use reverse splits to meet exchange minimum-price listing standards.
Calculation
```
New shares = 1,000 x 1/5 = 200 shares
New basis per share = $2 x 5/1 = $10
Total basis check: 1,000 x $2 = $2,000 = 200 x $10
```
Source: finra.orgQuestion bank checked October 27, 2026
8 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.2 Debt Instruments
An investor buys a municipal bond issued by her home state and later sells it at a profit. Which statement about taxation is correct?
- Both the interest and the gain are exempt from federal tax
- The interest is generally exempt from federal (and often state) tax, but the capital gain is taxable (correct answer)
- The interest is taxable but the gain is exempt
- Both the interest and the gain are fully taxable at the federal level
Correct answer: B
Interest on most municipal bonds is exempt from federal income tax and usually from state tax for residents of the issuing state. The tax exemption applies only to interest; capital gains on the sale of a municipal bond are taxable like any other gain. This is the concept of tax treatment of municipal securities.
Source: finra.orgQuestion bank checked October 27, 2026
9 / 201Multiple choice1. Knowledge of Capital Markets — 1.3.1 The Federal Reserve Board
Which of the following is an example of fiscal policy?
- Congress passes a bill that increases federal spending on infrastructure (correct answer)
- The Federal Reserve lowers the discount rate
- The Federal Open Market Committee sells Treasury securities
- The Federal Reserve raises reserve requirements
Correct answer: A
Fiscal policy is set by Congress and the President through taxation and government spending. Monetary policy is set by the Federal Reserve through tools such as the discount rate, reserve requirements and open market operations.
Source: finra.orgQuestion bank checked October 27, 2026
10 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.2.3 Anti-money Laundering
Under a broker-dealer's customer identification program (CIP), which of the following must the firm obtain from an individual before opening an account?
- Name, date of birth, residential address and a taxpayer identification number (correct answer)
- Name, employer, annual income and investment objectives
- Name, address, and a notarized copy of the customer's passport
- Name, date of birth, and a credit report from a consumer reporting agency
Correct answer: A
USA PATRIOT Act Section 326 and the CIP rule require a firm to obtain, at a minimum, the customer's name, date of birth (for individuals), address, and identification number (such as a Social Security number) before opening an account, and to verify identity within a reasonable time. Income and investment objectives relate to suitability and account records under FINRA Rule 4512, not CIP.
Source: finra.orgQuestion bank checked October 27, 2026
11 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.4 Packaged Products
A fund's shares are offered at a public offering price of $25.00 with a net asset value of $23.75. What is the sales charge percentage?
- 5.00% (correct answer)
- 5.26%
- 4.75%
- 1.25%
Correct answer: A
The sales charge percentage is (POP - NAV) / POP. Dividing by NAV instead of POP produces 5.26%, a common distractor. FINRA Rule 2341 caps mutual fund sales charges at 8.5% of the offering price.
Calculation
```
Sales charge in dollars = $25.00 - $23.75 = $1.25
Sales charge % = $1.25 / $25.00 = 0.05
Result: 5.00%
```
Source: finra.orgQuestion bank checked October 27, 2026
12 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.9 Exchange-traded Products
An exchange-traded fund differs from a traditional open-end mutual fund in that an ETF:
- Must be actively managed by an investment adviser
- Is priced once a day at the next computed NAV
- Trades on an exchange throughout the day at market prices, can be sold short and bought on margin (correct answer)
- Cannot be held in a retirement account
Correct answer: C
ETFs are registered under the Investment Company Act of 1940 but their shares are listed and trade intraday like stocks, with market prices that may differ slightly from NAV. Mutual fund orders are instead filled at the next NAV under forward pricing. ETFs can be shorted and margined; mutual funds cannot.
Source: finra.orgQuestion bank checked October 27, 2026
13 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.1.1 Orders and Strategies
A market maker quotes ABC Corp at $24.10 bid, $24.18 ask. What is the spread, and at what price would a customer's market order to buy be filled by that market maker?
- Spread $0.08; the buy is filled at $24.18 (correct answer)
- Spread $0.08; the buy is filled at $24.10
- Spread $0.18; the buy is filled at $24.14
- Spread $0.10; the buy is filled at $24.18
Correct answer: A
The spread is the difference between the ask (offer) and the bid. A customer buying pays the market maker's ask price, while a customer selling receives the bid. The concept of bid-ask spread is central to dealer (principal) markets governed by FINRA Rule 2121 fair pricing standards.
Calculation
```
Ask - bid = $24.18 - $24.10 = $0.08 spread
Customer buys at the ask = $24.18
Customer sells at the bid = $24.10
```
Source: finra.orgQuestion bank checked October 27, 2026
14 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.4 Packaged Products
A mutual fund may describe itself as a no-load fund only if:
- It charges no management fee
- It charges no contingent deferred sales charge and no 12b-1 fee of any size
- Its annual 12b-1 fee does not exceed 0.25% of average net assets and it has no front-end or deferred sales charge (correct answer)
- Its total expense ratio is below 1%
Correct answer: C
FINRA Rule 2341 permits a fund to be marketed as no-load only if it has no front-end or deferred sales load and its asset-based 12b-1 fee does not exceed 0.25% per year. A no-load fund may still charge a management fee and other operating expenses.
Source: finra.orgQuestion bank checked October 27, 2026
15 / 201Multiple choice1. Knowledge of Capital Markets — 1.3.1 The Federal Reserve Board
The Federal Open Market Committee wants to tighten the money supply to slow inflation. Which action would accomplish this?
- Buying Treasury securities in the open market
- Lowering the discount rate
- Reducing reserve requirements for member banks
- Selling Treasury securities in the open market (correct answer)
Correct answer: D
Open market operations are the Fed's most frequently used monetary tool. When the Fed sells Treasury securities, it drains reserves from the banking system, reducing the money supply and pushing short-term rates up. Buying securities, lowering the discount rate and reducing reserve requirements all ease policy.
Source: finra.orgQuestion bank checked October 27, 2026
16 / 202Multiple choice2. Understanding Products and Their Risks — 2.2 Investment Risks
An investor established a portfolio of 60% stocks and 40% bonds. After a strong stock market year, the allocation has drifted to 72% stocks and 28% bonds. Selling stocks and buying bonds to return to 60/40 is an example of:
- Hedging
- Rebalancing, which restores the target allocation and controls risk that has drifted upward (correct answer)
- Dollar-cost averaging
- Market timing based on an economic forecast
Correct answer: B
Rebalancing periodically returns a portfolio to its target asset allocation, trimming asset classes that have grown and adding to those that have lagged. It is a risk-mitigation technique that keeps the portfolio's risk level consistent with the investor's objectives rather than a forecast-driven decision.
Source: finra.orgQuestion bank checked October 27, 2026
17 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.3 Options
An investor who buys a call option on XYZ stock has:
- The obligation to sell XYZ at the strike price if assigned
- The right, but not the obligation, to buy XYZ at the strike price before expiration (correct answer)
- The obligation to buy XYZ at the strike price if assigned
- The right to sell XYZ at the strike price before expiration
Correct answer: B
A call gives its buyer the right to purchase the underlying security at the strike price; the call writer has the corresponding obligation to deliver. Call buyers are bullish and pay a premium for this right. This is the concept of the rights and obligations of option buyers and writers.
Source: finra.orgQuestion bank checked October 27, 2026
18 / 203Multiple choice3. Trading, Customer Accounts and Prohibited Activities — 3.3.2 Insider Trading
Which of the following is a possible consequence for a registered representative found to have engaged in insider trading?
- Criminal prosecution with imprisonment, SEC civil penalties, and FINRA sanctions such as suspension or bar from the industry (correct answer)
- A FINRA fine only, because insider trading is a self-regulatory matter
- Mandatory re-taking of the SIE and representative-level exams
- Loss of the firm's SIPC membership
Correct answer: A
Insider trading violates Exchange Act Section 10(b) and Rule 10b-5 and can result in criminal fines and imprisonment of up to 20 years, SEC civil penalties of up to three times the profit under Section 21A (ITSFEA 1988), disgorgement, and SRO disciplinary action under FINRA Rule 2010 and 2020, including suspension, expulsion or a permanent bar. Section 20A also allows contemporaneous traders to sue for damages. Sanctions apply to the individual; they do not strip the firm of SIPC membership.
Source: finra.orgQuestion bank checked October 27, 2026
19 / 201Multiple choice1. Knowledge of Capital Markets — 1.1.3 Other Regulators and Agencies
A registered representative wants to sell securities to residents of a state in which neither the representative nor the firm is registered. Which regulator's rules govern whether this is permitted?
- The state securities administrator under the state's blue-sky laws (correct answer)
- The Federal Reserve Board
- The Internal Revenue Service
- The Securities Investor Protection Corporation
Correct answer: A
Each state's securities administrator enforces that state's blue-sky laws, which generally require agents and broker-dealers to register in the state before transacting business with its residents. NASAA coordinates these state regulators but is not itself a regulator; the Fed, IRS and SIPC have no role in agent registration.
Source: finra.orgQuestion bank checked October 27, 2026
20 / 202Multiple choice2. Understanding Products and Their Risks — 2.1.3 Options
Which statement about standard listed equity options is correct?
- They expire on the last business day of the expiration month
- They are American style, meaning they may be exercised at any time before expiration (correct answer)
- They are European style, meaning they may be exercised only on the expiration date
- They may be exercised only by the writer
Correct answer: B
Standard listed equity options are American style and may be exercised by the holder at any time up to expiration; the monthly expiration is the third Friday of the expiration month. European style options, common for many index options, can be exercised only at expiration. This is the concept of American versus European exercise.
Source: finra.orgQuestion bank checked October 27, 2026

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