A branch office does options business with the public. When may its principal supervisor be someone who is not qualified as a Registered Options Principal or a General Securities Sales Supervisor?FINRA Rule 2360(b)(20)(B). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
A branch office manager who is not a Registered Options Principal approves a customer's account for options trading. What must follow?FINRA Rule 2360(b)(16)(B). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
A customer buys a listed call that expires in four months. How much of the purchase price must be paid under FINRA Rule 4210?FINRA Rule 4210(f)(2)(D). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.3.
A customer tells her representative at 10 a.m. to buy five XYZ calls and leaves the time and price to him. Without written instructions to the contrary, how long does that discretion last?FINRA Rule 2360(b)(18)(A)(ii). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
Show all 44 questions (40 more)
Opening and maintaining options accounts, continued
A customer writes one uncovered listed call on XYZ with a 50 strike for a premium of 2. XYZ trades at 48. What margin does FINRA Rule 4210 require?FINRA Rule 4210(f)(2)(E)(i). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.3.
A firm gathers a customer's financial background before approving options trading. How does FINRA Rule 2360 word the net worth item?FINRA Rule 2360(b)(16)(B)(i). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
A firm has no computerized surveillance tools for discretionary options accounts. What must a designated Registered Options Principal do with each discretionary order?FINRA Rule 2360(b)(18)(A)(iii). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
A member lets customers write uncovered short options. Which item must its specific written procedures for those accounts include?FINRA Rule 2360(b)(16)(E). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
After an account is approved for options trading, how soon must the member send the customer the background and financial information for verification?FINRA Rule 2360(b)(16)(C). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
Before recommending an opening options transaction, what must a registered person reasonably believe about the customer under FINRA Rule 2360(b)(19)?FINRA Rule 2360(b)(19). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.2.
By when must a customer receive the special written statement that describes the risks of writing uncovered short options?FINRA Rule 2360(b)(11)(A)(ii) and (b)(16)(E)(v). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
What does the customer undertake in the written options account agreement that must be obtained within fifteen days of approval?FINRA Rule 2360(b)(16)(D). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
When must a member deliver the current options disclosure document to a customer?FINRA Rule 2360(b)(11). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
Who must accept a discretionary options account in writing?FINRA Rule 2360(b)(18)(A)(i). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 1, task 1.1.
Sales practices and options trading 15
A branch office receives a written options complaint. How soon must it be forwarded to the office that keeps the central complaint file?FINRA Rule 2360(b)(17)(A); Cboe Rule 9.17. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.1.
A customer does not want an in-the-money option exercised at expiration. Until what time may the member submit the Contrary Exercise Advice for that customer account?FINRA Rule 2360(b)(23)(A)(iv). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
A customer's account holds 12,000 non-FLEX equity option contracts on the same side of the market. What further report does Cboe Rule 8.43 require?Cboe Rule 8.43(b). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
A customer's option position shows a loss. When may a Cboe member organization take that position into its own account?Cboe Rule 9.13. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.2.
An account's options position reaches the reportable size on Monday. By when must the member file the report required by FINRA Rule 2360(b)(5)?FINRA Rule 2360(b)(5)(A)(ii). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
At what size must a member report an account's options position on the same side of the market in one underlying security?FINRA Rule 2360(b)(5)(A); Cboe Rule 8.43(a). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
FINRA restricts exercises in a series of options. During which period before expiration do such exercise restrictions not remain in effect?FINRA Rule 2360(b)(8). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
For position limits, which two positions are on the same side of the market and are added together?FINRA Rule 2360(b)(3)(A); Cboe Rule 8.30. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
How does the Options Clearing Corporation choose which clearing member account receives an exercise notice?The Options Industry Council, Options Assignment FAQ. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
How may a member allocate exercise assignment notices among its customers' short positions?FINRA Rule 2360(b)(23)(C); Cboe Rule 6.21. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
On the day an equity option expires, until what time may an option holder make a final decision to exercise or not?FINRA Rule 2360(b)(23)(A)(iii). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.4.
Over what period are exercises counted against the exercise limit?FINRA Rule 2360(b)(4); Cboe Rule 8.42. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
The position limit for XYZ options is 25,000 contracts. A customer is long 20,000 XYZ calls. How many XYZ puts may she be short at the same time?FINRA Rule 2360, Supplementary Material .01; Cboe Rule 8.30.01. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
Where must a member keep its separate central log or file of all options-related complaints?FINRA Rule 2360(b)(17)(A). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.1.
Which hedged position is exempt from the standardized equity option position limits under FINRA Rule 2360?FINRA Rule 2360(b)(3)(A)(ii). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 2, task 2.3.
Options communications 4
A communication shows the record of a firm's past options recommendations. What is the shortest period the record may cover?FINRA Rule 2220(d)(4). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 3, task 3.1.
A retail communication about standardized options will be used before the options disclosure document is delivered. When must it be filed with FINRA?FINRA Rule 2220(c)(1). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 3, task 3.1.
Which content is barred from an options communication used before the options disclosure document is delivered?FINRA Rule 2220(d)(1)(A). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 3, task 3.1.
Who must approve a retail communication about options before it is used?FINRA Rule 2220(b)(1). Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 3, task 3.1.
Options products and strategies 11
A customer buys one XYZ 50 call for a premium of 3. At what stock price does the position break even at expiration?The Options Industry Council, Long Call. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A customer buys one XYZ 60 call and sells one XYZ 65 call for a net debit of 2. What is the maximum gain per share?The Options Industry Council, Bull Call Spread. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A customer buys one XYZ 70 call and one XYZ 70 put, paying total premiums of 6. At which two stock prices does the straddle break even at expiration?The Options Industry Council, Long Straddle. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A customer buys XYZ stock at 48 and writes one XYZ 50 call for a premium of 2. What is the maximum gain per share?The Options Industry Council, Covered Call. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A customer buys XYZ stock at 55 and one XYZ 50 put for a premium of 2. What is the maximum loss per share?The Options Industry Council, Protective Put. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A customer writes one cash-secured XYZ 40 put for a premium of 3. What is the maximum loss per share?The Options Industry Council, Cash-Secured Put. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
A stock has a 1-for-10 reverse split. How is an outstanding option contract on it typically adjusted?The Options Industry Council, Splits, Mergers, Spinoffs and Bankruptcies FAQ. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
At expiration, OCC exercises an equity option in a customer account by exception unless told otherwise. How far in the money must the option be?The Options Industry Council, Options Exercise FAQ. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
How does European-style exercise differ from American-style exercise?The Options Industry Council, Options Exercise FAQ. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
In Cboe's rules, what do all option contracts in the same series have in common?Cboe Rule 1.1, Definitions. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
What is the maximum loss for the writer of an uncovered call?The Options Industry Council, Naked Call. Outline: FINRA Series 9/10 Content Outline (2020), Part 2: Series 9, Function 4, task 4.1.
How this list was compiled: Our own questions, written to Part 2 (Series 9) of FINRA's General Securities Sales Supervisor Qualification Examination (Series 9/10) Content Outline, marked 2020 (https://www.finra.org/sites/default/files/Series_9-10_Outline.pdf, read 2026-10-13): Function 1 opening and maintenance of customer options accounts 18 of 55 questions, Function 2 sales practices and general options trading 19, Function 3 options communications 5, Function 4 associated persons and personnel management, which is product knowledge, 13. The bank holds 14, 15, 4 and 11. Every fact was read on 2026-10-13 in the public text the question names: FINRA Rules 2360, 2220 and 4210 on finra.org, the Cboe Exchange rule book (https://cdn.cboe.com/resources/regulation/rule_book/C1_Exchange_Rule_Book.pdf, marked updated as of October 12, 2026), and the strategy and exercise pages of The Options Industry Council (optionseducation.org), which the outline lists among its references. Licence: Questions, choices and explanations are original work of this site.
How it works
This Series 9 practice test asks 44 questions of our own on supervising options business, the options half of the General Securities Sales Supervisor exams. Unofficial: not affiliated with, endorsed by or sponsored by FINRA. Not investment advice.
Read the full guide
Four functions, in FINRA's shares
FINRA's outline gives the Series 9 55 scored questions: 18 on opening and maintaining options accounts, 19 on sales practices and options trading, 5 on options communications, and 13 on products and personnel. This bank holds 14, 15, 4 and 11.
Listed options, rule by rule
Answers cite FINRA Rules 2360, 2220 and 4210 and the Cboe rule book. The outline says to read every question as applying to exchange-listed standardized options unless it names over-the-counter options. Each strategy answer shows its formula.
A timed run
Exam mode asks all 44 with 72 minutes on the clock, the real pace of 55 in an hour and a half.
For position limits, add long calls to short puts, and long puts to short calls. Each pair sits on the same side of the market.
Fifteen days appears twice in account opening: to send the customer's information for verification, and to obtain the signed options agreement.
Questions and answers
What is the Series 9 exam?
It is the options module of FINRA's General Securities Sales Supervisor exams. Its four functions cover supervising options accounts, options trading, options communications and the people who sell options. The Series 10 is the general module.
How many questions are on the Series 9 exam?
60 multiple-choice questions in 1 hour and 30 minutes. Fifty-five are scored and 5 are unidentified pretest questions that do not count.
What is the passing score for the Series 9?
70, as FINRA lists it. FINRA equates scores to a common scale to allow for small differences in difficulty between sets of questions.
Do you need the Series 7 to take the Series 9?
FINRA lists the SIE and the Series 7 as corequisites: a candidate must pass both to hold the General Securities Sales Supervisor registration. A member firm must also sponsor the candidate.
How much does the Series 9 exam cost?
$175, as FINRA's page for the Series 9 and 10 exams lists it. The Series 10 is a separate exam with a $235 fee.