Finra Series-7 Exam - Topic 4 Question 57 Discussion

Actual exam question for Finra's Series-7 exam

Question #: 57
Topic #: 4

In a monthly review of customer statements, Bubba notices that one of his firm's clients has paid for seven purchases five days late.

What does he do?

Adecides this situation is acceptable provided payment was received before any securities were sold

Bascertains whether the client had a sufficient bank balance on settlement date

Cnothing because this is not a violation provided the securities were not listed on the NYSE

Dascertains that extensions had been obtained under Reg T

Show Suggested Answer

Suggested Answer: D

ascertains that extensions had been obtained under Reg T. If valid reasons exist, extension of time for payment may be obtained.

by Gail at Aug 20, 2022, 03:24 PM

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Ardella

4 months ago

I don't see why he wouldn't just let it slide if payments were made eventually.

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Britt

4 months ago

Extensions under Reg T are important, so D could be valid too.

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Loren

4 months ago

Wait, is it really okay to be late if they weren't on the NYSE? Seems risky.

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Daniel

4 months ago

Totally agree, option B makes the most sense here.

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Rikki

4 months ago

I think he should check if the client had enough funds on the settlement date.

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Scarlet

5 months ago

I'm a bit confused about whether late payments are always a violation, especially if the securities weren't on the NYSE.

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Chantell

5 months ago

I feel like we had a practice question about late payments, and I think it was important to confirm if extensions were in place.

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Christoper

5 months ago

I think option B makes sense because checking the bank balance could clarify if the client had the funds to pay on time.

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Jaime

5 months ago

I remember discussing Reg T in class, but I'm not entirely sure how it applies to late payments.

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Michel

5 months ago

This is a good test of my knowledge on port security and access control. I'm confident I can identify the correct configuration that meets the stated requirements.

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German

5 months ago

Hmm, this seems straightforward. I think the key is to expand the file system without changing the volume size, so I'll go with option C - fsadm.

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Tarra

5 months ago

This seems like a straightforward question about the TOGAF template. I'll need to review the different sections to identify the one that covers the requirements for carrying out the principle.

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Winfred

5 months ago

I vaguely remember needing to write some scripts with Python, but I wonder if that's really the best initial step or just something we did later on.

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Thaddeus

5 months ago

This looks like a tricky one. I'll need to carefully examine the expressions in each Calculation stage to determine the final value of the Result Data Item.

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Evelynn

5 months ago

This question seems straightforward. I'll focus on identifying the characteristic that is not an effective control environment.

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