1.A customer previously entered an open order to buy 500 shares of XYZ at $40 that was accepted by a brokerage firm. If XYZ announced a 10% stock dividend, how will the order be adjusted on the ex-dividend date?

The order would be canceled

500 shares of XYZ at $40

500 shares of XYZ at $36.36

550 shares of XYZ at $36.36

2.

1. The consolidated Tape shows all of the following except

   		Preferred stocks
   		Common stocks
   		Bonds
   		Warrants

2. Which NASDAQ OMX PHLX access level includes all firm quotes entered by all market makers?

   		Level III
   		Level IV
   		Level I
   		Level II