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Finra Series-63 Exam - Topic 5 Question 23 Discussion

Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September 15th, you inform the client that payment is due on
A) Monday, September 20th.
B) Thursday, September 16th.
C) Friday, September 17th.
D) Saturday, September 18th.

Finra Series-63 Exam - Topic 5 Question 23 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 23
Topic #: 5
[All Series-63 Questions]

Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September 15th, you inform the client that payment is due on

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Suggested Answer: A

If your client places an order to purchase 500 shares of Oracle on the open market on Wednesday, September 15th, payment will be due on Monday, September 20th. The settlement date for stock transactions is T + 3, which means the third business day after the trade. Saturday is not a business day.


by Claudia at May 16, 2026, 06:44 AM

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Francoise
5 hours ago
Payment is due the next business day after the order.
upvoted 0 times
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Juliana
5 days ago
I’m a bit confused about the exact dates. I thought it was due the next day, but that doesn’t seem to fit here.
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Ernest
11 days ago
I practiced a similar question, and I think it was about the same timeline. But what if the market is closed on a weekend?
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Alesia
16 days ago
I remember something about T+2 settlement, so I guess that would make it Monday, September 20th, right?
upvoted 0 times
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Toi
2 months ago
I think payment is usually due two business days after the trade date, but I'm not entirely sure if weekends count.
upvoted 0 times
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