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Free Series 23 – General Securities Principal – Sales Supervisor Module Exam Exam Questions and Answers
Last updated: January 14, 2025
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Series 23 – General Securities Principal – Sales Supervisor Module Exam
#Question
How often should a firm conduct training on ethical practices and compliance?
A.Every five years
B.Only during onboarding
C.Every three months
D.Once a year
Correct Answer:
C
Firms should conduct training on ethical practices and compliance every three months to ensure employees remain aware of regulations and ethical standards.
#Question
What is the consequence of giving recommendations based solely on commissions received?
A.Legal repercussions
B.Heightened scrutiny
C.Increase client trust
D.Positive market impact
Correct Answer:
A
Giving investment recommendations based solely on commissions can lead to legal repercussions due to conflicts of interest and regulatory violations.
#Question
How should a firm manage its business continuity plan?
A.Limit communications
B.Share with competitors
C.Ignore it
D.Update regularly
Correct Answer:
D
A firm should regularly update its business continuity plan to ensure it is effective in addressing potential disruptions and protecting client interests.
#Question
When transitioning a client to a new investment strategy, what is the primary consideration?
A.Client's investment objectives
B.Selling previous holdings
C.Recent market performance
D.Trend analysis
Correct Answer:
A
When transitioning a client to a new investment strategy, the primary consideration should be the client's investment objectives to ensure alignment.
#Question
How often should a firm's supervisory procedures be reviewed?
A.Annually
B.Monthly
C.Once every five years
D.Only when issues arise
Correct Answer:
A
A firm's supervisory procedures should be reviewed at least annually to ensure they are effective and compliant with regulatory requirements.
#Question
What is the potential impact of failing to maintain compliance with AML regulations?
A.Enhanced customer loyalty
B.Significant penalties
C.Increased transaction volume
D.Tighter competition
Correct Answer:
B
Failing to maintain compliance with anti-money laundering (AML) regulations can result in significant penalties for the firm and damage its reputation.
#Question
What should a registered representative do if they have a personal relationship with a client?
A.Keep it confidential
B.Ignore it
C.Recommend only safe investments
D.Disclose the relationship
Correct Answer:
D
A registered representative must disclose any personal relationship with a client to uphold ethical standards and transparency.
Series 23 – General Securities Principal – Sales Supervisor Module Exam
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