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NEW QUESTION # 110
When a member firm buys or sells securities directly as principal with a public customer, it is acting as:
Answer: D
Explanation:
Explanation/Reference:
Explanation: a dealer. When a firm does business directly with a customer, it is acting as a dealer. When it represents a customer, it is acting as a broker.
NEW QUESTION # 111
The total assets of a corporation are $840,000, of which $350,000 are current items. Total liabilities are $460,000, of which $290,00 are fixed obligations.
How much is the corporation's working capital?
Answer: A
Explanation:
$180,000. Subtract current liabilities from current assets. Current liabilities are $170,000 ($460,000 - $290,000).
NEW QUESTION # 112
In a securities underwriting a participating firm is said to be liable severally but not jointly.
What is this type of underwriting is called?
Answer: B
Explanation:
a Western account. In a Western account each underwriter has a divided liability and is responsible only for his portion of the issue. In Eastern accounts, generally used for municipal issues, the underwriter is responsible for a percentage of any unsold portion. This is called an undivided liability.
NEW QUESTION # 113
Assuming all of the following bonds from the same issuer are callable now, which one would most likely get called first?
Answer: A
Explanation:
8% maturing 1-15-2016. Bonds with the highest coupon rates would be the first to most likely get called. The issuer will look to issue new debt at a lower rate. Since there are two 8% bonds, the one that would most likely get called are those with the longest maturity.
NEW QUESTION # 114
What is the possible reward for investing in raw land?
Answer: D
Explanation:
Explanation/Reference:
Explanation: potential capital appreciation. This is the only correct choice. Any income is not deferred, raw land cannot be depreciation for a large deduction, and there is substantial risk.
NEW QUESTION # 115
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