The General Securities Principal Exam is more commonly known as the Series 24 Exam. This test is designed to measure the competency of an entry-level general securities principal candidate. It will test your knowledge of critical management functions including the rules and statutes applicable to the supervision of a general securities broker-dealer. The test is administered by FINRA. Start you exam prep right now with our free Series 24 practice exam.
Series 24 Questions
market at the close
not held order
open sell stop-limit order
day buy limit order
the stock is trading below $1.00
the stock is trading below $5.00
the stock is trading below $175.00
under no circumstances – the minimum unit of quotation is the penny
you must verify residences dating back 10 years
you must verify employment dating back 10 years
you must verify employment dating back no less than 5 years
you must verify residences dating back no less than 5 years
2 additional business days
5 additional business days
7 additional calendar days
10 additional business days
loan consent agreement
none of these is an exception
50% of current market value, marked to the market daily
32.50 – 32. 65
32.15 – 32.50
32.30 – 32.54
32.15 – 32.25
they may be conducted by FINRA as frequently as the SRO deems necessary
they may be conducted by the member on an annual or bi-annual basis based upon the member’s business and size.
they must be conducted by the member firm at least annually.
answers A. and C. are correct
10 business days
20 business days
the time periods set forth in the Hart Scott Rodino Act
a single certificate for 680 shares
two certificates for 340 shares each
four certificates for 150 shares each and a certificate for 80 shares
all of the above
the rep has decided to go back to school full time to obtain an MBA degree and intends to return to the firm upon completion of the program.
the rep has been advised by a physician that for health reasons, a leave of absence should be taken without delay.
the rep has received military orders requiring the rep to report for active duty assignment.
any of the above quality for inactive status.
I and II
I, II and IV
III and IV
I, II, III and IV
short selling of outstanding shares of companies currently in registration for a follow-on offering.
stabilization of new issues.
passive market making
Series 24 Study Material
- Series 24 Study Guides – An overview of the best study guides available.
Series 24 Exam
The Series 24 Exam consists of 160 multiple choice questions, but only 150 of the questions are scored. You have 3 hours and 45 minutes to complete this test, and the passing score is 70%. These are the major content areas with the number of Series 24 exam questions for each topic:
- Supervision of Investment Banking, Underwriting, and Research (33 Questions)
- Supervision of Trading and Market Making Activities (31 Questions)
- Supervision of Brokerage Office Operations (29 Questions)
- Sales Supervision and General Supervision of Employees (43 Questions)
- Compliance with Financial Responsibility Rules (14 Questions)
The best way to get started with your Series 24 exam prep is with a good study guide and lots of practice questions. Work through our free Series 24 sample questions to get an idea about what sort of questions to expect. This is a challenging test so be sure to dedicate plenty of time to your test prep and review. Good luck with your exam!