All of the following are true about UGMA and UTMA accounts EXCEPT:

	A.	Both accounts allow the custodian to collect fees for managing the account.
	B.	If endorsements on certificate are required, the custodian must sign the certificates.
	C.	The minor's social security number is registered on the new account form.
	D.	Gifts to the minor are irrevocable.

Which of the following could only be a closed-end fund?

	A.	NAV = $12.75 : POP = $13.00
	B.	NAV = $21.56 : POP = $22.25
	C.	NAV = $17.65 : POP = $15.40
	D.	NAV = $36.75 : POP = $36.75

While ABC is trading at $44.50 per share, an investor purchases an Oct 40 put at 3. What is the investor's break-even point?

	A.	$37
	B.	$41.50
	C.	$43
	D.	$47.50

What is the taxable equivalent yield(TEY) for an investor purchasing a 5% municipal bond if she's in gthe 24% tax bracket?

	A.	5%
	B.	5.88%
	C.	6.14%
	D.	6.58%

The Telephone Act of 1991 applies to sales calls from all of the following types of companies EXCEPT:

	A.	Broker-dealers
	B.	Insurance companies
	C.	Non-profit organisations
	D.	None of the above are exceptions

A customer purchases 500 shares oh HIJ common stock at $22 per share from Xtra Broker-Dealer. If the customer purchased the stock from Xtra's inventory, which of the following is true?

	A.	The purchase was on a principal basis and the customer's price includes a markup
	B.	The purchase was on a principal basis and the customer will be charged a commission
	C.	The purchase was on an agency basis and the customer's price includes a markup
	D.	The purchase was on an agency basis and the customer's will be charged a commission