If a customer dies, the registered representative is required to:

• A.cancel all open (good 'til cancelled) orders
• B.await instructions and necessary papers from the executor of the estate
• C.sell out the account
• D.both A and B

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Which of the following best describes phantom income?

• A.income from deductions and tax credits
• B.the non-taxable portion of a distribution
• C.income received but not reported
• D.income reported but not received

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Bubba buys one XYZ November 65 call at $3 and one XYZ November 65 put at $2. XYZ is trading at $72. The put expires and the call is closed at its intrinsic value.
What is the resulting profit?

• A.$200
• B.$300
• C.$500
• D.$700

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The maximum contribution an employer may make to a SEP-IRA is:

• A.$4,000
• B.$5,000
• C.25% of employee compensation
• D.100% of employee compensation

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Which of the following is an analyst most likely to classify as a defensive issue?

• A.the securities of a company that airplanes to the military
• B.a stock of a large company
• C.the common stock of a utility company
• D.a corporate bond

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