Series 7 Exam Question 312: Answer and Explanation

Question: 312

A principal is responsible for approving new accounts opened for

I. individuals

II. corporations

III. banks

IV. trusts

• A. I only
• B. I and II
• C. I, II, and III
• D. I, II, III, and IV

Correct Answer: D

Explanation:

D. I hope this was an easy one for you. Principals must approve all new accounts and must sign all new account forms.