A broker-dealer moves its main office, so the address on its Form BD is no longer accurate. What does SEA Rule 15b3-1 require?SEA Rule 15b3-1(a), 17 CFR 240.15b3-1. Outline: FINRA Series 24 Content Outline (2023), Function 1, task 1.1.
A member files an initial Form U4 for a new hire. By when must its written procedures have the form's accuracy and completeness verified?FINRA Rule 3110(e). Outline: FINRA Series 24 Content Outline (2023), Function 1, task 1.2.
A member has 40 associated persons and conducts a general securities business. How many of its officers or partners must be registered as General Securities Principals at a minimum?FINRA Rule 1210, Supplementary Material .01. Outline: FINRA Series 24 Content Outline (2023), Function 1, task 1.2.
A registered person misses the Regulatory Element deadline and her registration is deemed inactive. What happens if it stays inactive for two consecutive years?FINRA Rule 1240(a)(2). Outline: FINRA Series 24 Content Outline (2023), Function 1, task 1.2.
Show all 50 questions (46 more)
General broker-dealer activities 14
A customer sells a stock in a cash account without having paid for it in full. What does Regulation T impose on the account?Regulation T, 12 CFR 220.8(c). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.7.
A customer's arbitration claim names only the member firm as respondent and is settled. Above what settlement amount must the member report it under FINRA Rule 4530(a)(1)(G)?FINRA Rule 4530(a)(1)(G). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.5.
A member concludes on its own review that it violated a securities rule. How long does it have to report the conclusion to FINRA under Rule 4530(b)?FINRA Rule 4530(b). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.5.
A member receives a registered person's written notice of a proposed outside business activity. What must the member consider under FINRA Rule 3270?FINRA Rule 3270, Supplementary Material .01. Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.2.
A wholesaler's firm wants to pay a retail representative of another member for consulting work, beyond the gift limit. What does FINRA Rule 3220(b) require?FINRA Rule 3220(b). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.3.
An associated person gives written notice of a private securities transaction for which she will receive no selling compensation. What must the member do?FINRA Rule 3280(d). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.2.
By when must a member report statistical and summary information about the written customer complaints it received in a calendar quarter?FINRA Rule 4530(d). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.5.
For how long must a broker-dealer preserve the business communications it sends and receives under SEA Rule 17a-4(b)(4)?SEA Rule 17a-4(b), 17 CFR 240.17a-4. Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.6.
How long must a broker-dealer keep the questionnaire or application record of an associated person required by SEA Rule 17a-3(a)(12)?SEA Rule 17a-4(e)(1), 17 CFR 240.17a-4. Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.6.
How often must a member inspect a non-branch location under FINRA Rule 3110(c)(1)?FINRA Rule 3110(c)(1). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.1.
Under FINRA Rule 3110(b)(2), how must a member's transactions relating to its investment banking or securities business be reviewed?FINRA Rule 3110(b)(2). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.1.
What must the principals designated under FINRA Rule 3120 do with the member's supervisory procedures?FINRA Rule 3120(a). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.1.
Which activity, carried on at an office, makes that office an office of supervisory jurisdiction?FINRA Rule 3110(f)(1). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.1.
Which of these falls outside the definition of a private securities transaction in FINRA Rule 3280?FINRA Rule 3280(e)(1). Outline: FINRA Series 24 Content Outline (2023), Function 2, task 2.2.
Customer-related activities 11
A broker-dealer files a suspicious activity report. For how long must it keep a copy of the report and the supporting documentation?FinCEN rule, 31 CFR 1023.320(d). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
A customer tells her representative to buy 500 shares of a named stock and leaves the price and time to him. With no written instruction to the contrary, how long does that discretion last?FINRA Rule 3260(d)(1). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.3.
A firm recommends that a retail investor who is already its customer roll over retirement plan assets into an account. What does SEA Rule 17a-14 require about Form CRS?SEA Rule 17a-14(c)(2), 17 CFR 240.17a-14. Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.3.
A member executes no transactions for customers, holds no customer accounts and is not an introducing broker. How often must its anti-money laundering program be independently tested?FINRA Rule 3310(c). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
A representative e-mails the same market commentary to 20 retail investors in one week and to no one else that month. How does FINRA Rule 2210 classify it?FINRA Rule 2210(a). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.2.
At the opening of a non-institutional account, what must a member tell the customer in writing about the trusted contact person?FINRA Rule 4512, Supplementary Material .06. Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
For a discretionary account, which record does FINRA Rule 4512(a)(3) add to the usual account information?FINRA Rule 4512(a)(3). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
For the retail communications that FINRA Rule 2210(c)(3) requires an established member to file, what is the filing deadline?FINRA Rule 2210(c)(3). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.2.
When must a broker-dealer's customer identification program verify the identity of a new customer?FinCEN rule, 31 CFR 1023.220(a)(2). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
Which Regulation Best Interest obligation is met by giving the retail customer, in writing, the material facts about the scope and terms of the relationship?Regulation Best Interest, 17 CFR 240.15l-1(a)(2). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.3.
Who may a member designate as its anti-money laundering compliance person under FINRA Rule 3310(d)?FINRA Rule 3310(d). Outline: FINRA Series 24 Content Outline (2023), Function 3, task 3.1.
Trading and market making 11
A clearing firm's fail to deliver in an equity security resulted from a long sale, as its books show. By when must it close out the position under Rule 204 of Regulation SHO?Regulation SHO, 17 CFR 242.204(a)(1). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
A customer asks her broker-dealer where her held orders in NMS stocks were routed. For what period before the request must the firm disclose the venues under Rule 606(b)(1)?Regulation NMS, 17 CFR 242.606(b)(1). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.3.
A customer owns the shares she is selling, but they are held at another firm. When may her broker-dealer mark the sell order long under Rule 200(g) of Regulation SHO?Regulation SHO, 17 CFR 242.200(g). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
A firm's proprietary desk trades a stock while its retail desk holds a customer limit order in it. What must the firm have for the no-knowledge exception of FINRA Rule 5320?FINRA Rule 5320, Supplementary Material .02. Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
A member holds a customer limit order to buy an NMS stock at $25.00. To trade for its own account ahead of that order without filling it, by how much must the member's price improve on $25.00?FINRA Rule 5320, Supplementary Material .06. Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
A member holds a retail customer's order to buy 12,000 shares of a $30 stock. Which exception to FINRA Rule 5320 can cover the member's own trading, given the right disclosure?FINRA Rule 5320, Supplementary Material .01. Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
A member sells a corporate bond to a customer at 2:00 p.m. Eastern Time on a business day. By when must it report the trade to TRACE under FINRA Rule 6730?FINRA Rule 6730(a). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.3.
An exchange specialist holds a customer limit order priced better than the specialist's own bid in an NMS stock. What does Rule 604 of Regulation NMS require?Regulation NMS, 17 CFR 242.604(a). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.3.
Unless the parties expressly agree otherwise at the time of the trade, what is the latest settlement a broker-dealer may contract for on a purchase of corporate stock under SEA Rule 15c6-1(a)?SEA Rule 15c6-1(a), 17 CFR 240.15c6-1. Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.2.
What must a trading center have in place under Rule 611 of Regulation NMS?Regulation NMS, 17 CFR 242.611(a). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.3.
Which factor is on FINRA Rule 5310's list for judging whether a member used reasonable diligence to find the best market?FINRA Rule 5310(a)(1). Outline: FINRA Series 24 Content Outline (2023), Function 4, task 4.1.
Investment banking and research 10
A customer quickly resells her new issue shares. When may the member take back the commission it credited to her representative under FINRA Rule 5131(c)?FINRA Rule 5131(c). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
A firm describes an offering to customers as all-or-none. Under SEA Rule 10b-9, what must be true of the offering?SEA Rule 10b-9, 17 CFR 240.10b-9. Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
A member was a manager of a secondary offering. For at least how long after the offering date must its policies bar it from publishing research on the issuer under FINRA Rule 2241?FINRA Rule 2241(b)(2)(I). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.3.
A member was paid for investment banking services by a public company eight months ago. May it allocate new issue shares to an account owned by that company's chief executive officer?FINRA Rule 5131(b). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
An investor bought shares in an intrastate offering under Rule 147. To whom may she resell them during the six months after the issuer's sale?Securities Act Rule 147(e), 17 CFR 230.147. Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
An issuer files its registration statement with the SEC on Monday. By when must the required documents for the public offering be filed with FINRA under Rule 5110?FINRA Rule 5110(a)(3). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
An issuer sells shares continuously at prevailing market prices in an at-the-market offering. May the underwriter place a stabilizing bid under Rule 104 of Regulation M?Regulation M, 17 CFR 242.104(e). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
An underwriter receives warrants as part of its underwriting compensation in a public equity offering. For how long is their sale or transfer restricted under FINRA Rule 5110(e)(1)?FINRA Rule 5110(e)(1). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
In a firm commitment public offering, above what share of the securities being offered is an overallotment option a prohibited arrangement under FINRA Rule 5110(g)?FINRA Rule 5110(g)(9). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
Restricted persons hold beneficial interests in a hedge fund that wants to buy a new issue. Up to what combined share of the fund may they hold for the de minimis exemption of FINRA Rule 5130?FINRA Rule 5130(c)(4). Outline: FINRA Series 24 Content Outline (2023), Function 5, task 5.1.
How this list was compiled: Our own questions, written to FINRA's General Securities Principal Qualification Examination (Series 24) Content Outline, marked 2023 (https://www.finra.org/sites/default/files/Series_24_Outline.pdf, read 2026-10-14): Function 1 supervision of registration of the broker-dealer and personnel management activities 9 of 150 questions, Function 2 supervision of general broker-dealer activities 45, Function 3 supervision of retail and institutional customer-related activities 32, Function 4 supervision of trading and market making activities 32, Function 5 supervision of investment banking and research 32. The bank holds 4, 14, 11, 11 and 10. Every fact was read on 2026-10-14 in the public text the question names: on finra.org, FINRA Rules 1210, 1240, 2210, 2241, 3110, 3120, 3220, 3260, 3270, 3280, 3310, 4512, 4530, 5110, 5130, 5131, 5310, 5320 and 6730; on ecfr.gov, SEA Rules 10b-9, 15b3-1, 15c6-1, 15l-1, 17a-4 and 17a-14, Securities Act Rule 147, Regulation SHO Rules 200 and 204, Regulation NMS Rules 604, 606 and 611, Regulation M Rule 104, Regulation T and the FinCEN rules at 31 CFR 1023.220 and 1023.320. Licence: Questions, choices and explanations are original work of this site.
How it works
These Series 24 practice questions are our own: 50 on supervising registration, firm conduct, customer accounts, trading and investment banking, each naming its rule. Unofficial: not affiliated with, endorsed by or sponsored by FINRA. Not investment advice.
Read the full guide
Five functions, in FINRA's shares
FINRA's outline gives 150 scored questions: 9 on registration and personnel, 45 on general broker-dealer activities, 32 on customer-related activities, 32 on trading and market making, and 32 on investment banking and research. This bank holds 4, 14, 11, 11 and 10.
Series 24 sample questions, rule by rule
Each answer cites the text it rests on: FINRA Rules 3110, 3120, 4530, 5110, 5130 and 5320, Regulation SHO, Regulation NMS, Regulation M and the SEC's books and records rules.
A Series 24 practice exam, timed
The timed run asks all 50 in 70 minutes, the real pace of 160 questions in 3 hours and 45 minutes.
Keep the two Rule 4530 clocks apart: 30 calendar days for a reportable event, the 15th of the month after the quarter for complaint statistics.
Three Rule 5110 numbers go together: three business days to file, 180 days of lock-up, 15 percent of overallotment.
Questions and answers
What is the Series 24 exam?
FINRA's General Securities Principal Qualification Examination. It tests whether a new principal can supervise a broker-dealer's registration, general conduct, customer business, trading and market making, and investment banking and research.
Is there a Series 24 exam study guide?
FINRA's Series 24 content outline is a free PDF that lists every task and rule on the exam. FINRA says it produces only the outline and endorses no course of study. Paid guides and Series 24 practice exams are sold by others.
How many questions are on the Series 24 exam?
160 multiple-choice questions in 3 hours and 45 minutes. 150 are scored and 10 are unidentified pretest questions that do not count. There is no penalty for guessing.
What is the passing score for the Series 24?
70, as FINRA lists it. The outline gives 70 percent and says scores are placed on a common scale by equating, to allow for small differences in difficulty between sets of questions.
Are these the real Series 24 questions?
No. Every question here is our own, written from FINRA's outline and the rules it lists. Nothing here is copied or reworded from the real examination or from the sample items in the outline.