🧪 Series 24 Prep Quiz – 15 Rule-Focused Questions

Preparing for the Series 24 exam requires more than just understanding securities products—you need to master FINRA rules, supervisory procedures, and regulatory frameworks. This 15-question quiz focuses on the areas that matter most for a General Securities Principal. Use it to sharpen your compliance instincts and identify weak points in your prep.

📋 Quiz: 15 Rule-Based Practice Questions

1️⃣

A principal must approve a new account:

A. Within 7 calendar days of opening
B. Before any trades occur
C. Promptly after the first trade
D. On the same day the account is opened

✅ Correct Answer: C

2️⃣

Which of the following communications must be filed with FINRA at least 10 business days before use?

A. Institutional communication
B. Retail communication about mutual funds with rankings
C. Independently prepared reprints
D. Correspondence

✅ Correct Answer: B

3️⃣

How often must firms inspect OSJs (Office of Supervisory Jurisdiction)?

A. Monthly
B. Quarterly
C. Annually
D. Every three years

✅ Correct Answer: C

4️⃣

Which activity requires Series 24 registration?

A. Executing trades in a customer account
B. Supervising registered representatives
C. Cold-calling prospects
D. Preparing sales literature

✅ Correct Answer: B

5️⃣

A branch manager fails to review email correspondence. This is a violation of:

A. SEC Rule 10b-5
B. FINRA Rule 2210
C. Supervision under FINRA Rule 3110
D. Recordkeeping under SEC Rule 17a-3

✅ Correct Answer: C

6️⃣

Retail communications must be kept on file for how long?

A. 2 years from use
B. 3 years from creation
C. 5 years from filing
D. 6 years from distribution

✅ Correct Answer: A

7️⃣

Who is responsible for enforcing MSRB rules on broker-dealers?

A. MSRB
B. SEC
C. FINRA
D. SIPC

✅ Correct Answer: C

8️⃣

A firm must report a written customer complaint:

A. Immediately to the SEC
B. Monthly to the MSRB
C. Quarterly via Form U5
D. Quarterly through FINRA’s Rule 4530 system

✅ Correct Answer: D

9️⃣

Which of the following requires principal pre-approval before use?

A. Institutional communication
B. Public appearance
C. Retail communication involving options
D. Internal memo

✅ Correct Answer: C

🔟

A firm’s anti-money laundering program must be tested:

A. Monthly
B. Semi-annually
C. Annually
D. Every 12–15 months

✅ Correct Answer: D

1️⃣1️⃣

Under FINRA Rule 3110, written supervisory procedures (WSPs) must be:

A. Approved by the SEC
B. Updated annually
C. Filed with FINRA quarterly
D. Notarized by the CCO

✅ Correct Answer: B

1️⃣2️⃣

A registered rep’s outside business activity must be:

A. Approved by FINRA
B. Reported to the SEC
C. Disclosed in writing to the firm
D. Registered as a DBA

✅ Correct Answer: C

1️⃣3️⃣

Reg BI (Best Interest) applies to:

A. Broker-dealers only
B. Investment advisers only
C. Both BDs and IAs
D. Broker-dealers when making a recommendation to a retail client

✅ Correct Answer: D

1️⃣4️⃣

A firm’s business continuity plan must be:

A. Filed with the SEC
B. Reviewed monthly
C. Available to FINRA upon request
D. Publicly posted on the website

✅ Correct Answer: C

1️⃣5️⃣

A firm must update a registered rep’s Form U4 within:

A. 10 business days
B. 30 calendar days
C. 60 business days
D. Immediately upon request

✅ Correct Answer: B

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