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
Question 1 |
3 years | |
4 years | |
6 years | |
10 years |
Question 2 |
market at the close | |
not held order | |
open sell stop-limit order | |
day buy limit order |
Question 3 |
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 |
Question 4 |
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 |
Question 5 |
2 additional business days | |
5 additional business days | |
7 additional calendar days | |
10 additional business days |
Question 6 |
loan consent agreement | |
credit agreement | |
margin agreement | |
none of these is an exception |
Question 7 |
$15,000 | |
$21,000 | |
$28,000 | |
50% of current market value, marked to the market daily |
Question 8 |
32.50 – 32. 65 | |
32.15 – 32.50 | |
32.30 – 32.54 | |
32.15 – 32.25 |
Question 9 |
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 |
Question 10 |
2 weeks | |
10 business days | |
20 business days | |
the time periods set forth in the Hart Scott Rodino Act |
Question 11 |
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 |
Question 12 |
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. |
Question 13 |
I and II | |
I, II and IV | |
III and IV | |
I, II, III and IV |
Question 14 |
short selling of outstanding shares of companies currently in registration for a follow-on offering. | |
stabilization of new issues. | |
trade shredding | |
passive market making |
Question 15 |
3.03 % | |
2.52 % | |
2.83 % | |
1.01 % |
List |
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!