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Series 9 practice exam

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General Securities Sales Supervisor Exam (FINRA Series 9)

The Series 9 exam and Series 10 exams are known together as the General Securities Sales Supervisor Qualification Exams. When you pass these exams and gain your General Securities Sales Supervisor registration, you will be managing the activities of other registered representatives - typically Series 7 licensees. Therefore, these exams cover the functions of a general securities sales supervisor that are most important for maintaining lawful conduct among you and your subordinates, including: the customer account creation, approval, and handling; sales and sales supervisory personnel training; trading and options activities; and the proper maintenance of records.

The Series 9 is all about options, and covers options strategies themselves, how to supervise the implementation of these strategies, suitability for different types of options trades for customer accounts, options rules and regulations, and training and personnel management related to options trading.

1 hour 30 minutes
55 questions
Passing score
70% (39/55)
Exam fee

Solve each of the Series 9 practice test questions below to get a feel for what to expect on the actual Series 9 exam. Achievable's free Series 9 practice questions are scored instantly, providing the correct answer along with an easy to understand explanation. Get started on the path to passing the Series 9 exam by solving 10 Series 9 exam sample questions.

Question 1

ABC stock has a position limit for its options currently set at 100,000. Which of the following portfolios violate position limits?
50,000 long puts & 60,000 short calls
50,000 long puts & 60,000 short puts
50,000 long calls & 60,000 long puts
50,000 long calls & 60,000 short calls
Question 2

A dispute arises between a firm and a customer, which they attempt to resolve by mediation. All of the following terms are associated with mediation, EXCEPT:
Question 3

The risk and return profile for a short stock position hedged with a held call is:

I. Limited loss potential
II. Unlimited loss potential
III. Limited gain potential
IV. Unlimited gain potential
II and III
I and III
II and IV
I and IV
Question 4

A new employee of a broker-dealer is filling out FINRA Form U-4 to become a registered representative. What statement is true regarding the information placed on the form?
A predispute arbitration agreement is embedded in the U-4
The employee must disclose their 5 year employment history
The employee must disclose their 10 year residence history
Any felony or misdemeanor conviction could result in a statutory disqualification
Question 5

An investor sells 1 ABC Feb $60 put at $6.50 when the market is at $56.75. The market price rises to $69.00 on the expiration date, and stays there until the end of trading. What is the investor's gain or loss?
$650 gain
$650 loss
$900 gain
$900 loss
Question 6

In an investor's account, you find 1 long CVX May $75 call and 1 short CVX May $85 call, which was obtained through a transaction creating a net debit of $4.50. What is the maximum loss?
Question 7

In an investor's account, you find 1 short CVX Mar $65 put and 1 long CVX Mar $55 put, which was obtained through a transaction creating a net credit of $4.75. Which of the following best represents the sentiment of this strategy?
Premium spread to narrow / options to expire
Premium spread to widen / options to exercise
Premium spread to narrow / options to exercise
Premium spread to widen / options to expire
Question 8

In a margin account, an investor writes a naked call with a $65 strike price and an expiration four months later. The underlying stock's market price is at $61 at the time the call is written. Assuming one contract was written, what is the investor's minimum deposit requirement?
Question 9

According to FINRA's Code of Arbitration, which of the following persons maintains the power to disqualify a person from serving as an arbitrator?
The SEC Chairperson
FINRA's Head of Enforcement
FINRA's Chief Hearing Officer
FINRA's Director of the Office of Dispute Resolution
Question 10

An investor establishes the following positions in a brokerage account:

  • Short 1 DEF Jan 35 call at $13
  • Long 2 DEF Jan 45 calls at $5
  • Short 1 DEF Jan 55 call at $1

Assuming these positions were established when DEF's market price was at $43, what best describes the investor's market sentiment?

Market rises to $45, then remains neutral
Market remains between $35 and $45
Market declines to $35 or below, or rises to $55 or above
Market remains between $45 and $55
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FINRA's Series 9 exam summary
Supervise the Opening and Maintenance of Customer Options Accounts
18 questions, 33%

The creation and management of customer options accounts by your sales subordinates. Topics include types of customers and customer accounts; reviewing customer options trading activities to determine if they meet applicable standards; margin account handling; CBOE, FINRA, and NYSE rules related to options accounts and their requirements; and other rules and regulations.

Supervise Sales Practices and General Options Trading Activities
19 questions, 34%

Supervising options trading activities and handling any issues. Topics include reviewing and handling customer complaints; overseeing the correction of options trading errors; reviewing daily trading activity for completeness and accuracy; and managing general options trading operations.

Supervise Options Communications
5 questions, 9%

Supervising communications to customers and the public related to options trading. Topics include options retail communication (such as social media or public appearances); reviewing options correspondence from your subordinates to customers; and reviewing institutional options communications.

Supervise Associated Persons and Personnel Management Activities
13 questions, 24%

Personnel management related to your team and options, including training. Topics include knowing the terms, definitions, rules, regulations, economics, and taxation of sophisticated options products and strategies, and training your team on them.

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