Free Series 99 Practice Test

Heads up: these are full-difficulty, exam-level questions — harder than most free Series 99 questions online, on purpose. A low score before studying is normal. Answer all 8 to see your score and a full explanation for each.

Question 1 of 8 · Clearance & Settlement

Regular-way settlement for most securities transactions is currently:

Question 2 of 8 · Clearance & Settlement

A delivering firm fails to deliver securities on settlement date. This situation is best described as:

Question 3 of 8 · Account Transfers

During an ACATS transfer, the receiving firm submits the transfer instruction and the carrying firm responds. The carrying firm's proper action when the client's name and identifiers match is to:

Question 4 of 8 · Books & Records

Why does the requirement to preserve books and records for prescribed periods exist?

Question 5 of 8 · Customer Protection

The customer protection rule requires a broker-dealer to maintain physical possession or control of fully paid customer securities. The purpose is to:

Question 6 of 8 · AML & Escalation

An operations employee notices a pattern of transactions in a customer account with no apparent business purpose. The correct action is to:

Question 7 of 8 · Corporate Actions

A company declares a stock split. From an operations standpoint, the immediate effect on a customer's position is:

Question 8 of 8 · Margin Operations

A customer's margin account falls below the maintenance requirement. The firm's response is to: