Series 7 Customer Accounts Practice Questions
F2 2.1–2.4 · Opens accounts after evaluating the customer’s profile · 11 of 125 scored questions
Ten Series 7 questions on opening accounts and retirement plans, untimed, with a worked answer after each one.
Or take the full Series 7 mock examA 403(b) tax-sheltered annuity plan is available only to certain employees. Which worker is eligible to participate in a 403(b) plan through his or her employer?
Opening accounts and retirement plans on the Series 7
Function 2 is 11 of the 125 scored questions: opening the right account for the right customer, collecting the information the rules require and getting the approvals.
- Outline
- F2 2.1–2.4: Account types and registrations, customer identification, investment profiles, approvals and retirement accounts
- Share of the exam
- F2 Opens accounts after evaluating the customer’s profile: 11 of 125 scored questions (9%)
- Our drill
- 10 questions from 38 on this topic, untimed, a worked answer after each; one free attempt, unlimited with a pass
What to know
- FINRA Rule 4512 requires the customer’s name and residence, whether the customer is of legal age, and, for every non-institutional account, a reasonable effort to get the name and contact information of a trusted contact person age 18 or older.
- Joint tenants with right of survivorship pass the account to the survivor; tenants in common pass a deceased owner’s share to that owner’s estate.
- A custodial (UTMA or UGMA) account has one minor and one custodian, uses the minor’s Social Security number, and cannot be a margin account.
- Options accounts need principal approval and delivery of the Options Disclosure Document; margin accounts need a signed margin agreement and hypothecation consent.
- Discretionary authority must be written and the account approved by a principal; time-and-price discretion on a customer’s order lapses at the end of the day it was given unless the customer signs and dates a written instruction extending it.
- Traditional IRA contributions may be deductible and withdrawals are taxed as income; qualified Roth IRA withdrawals are tax-free. Required minimum distributions now begin at age 73.
Test yourself on opening accounts and retirement plans
Ten Series 7 questions on opening accounts and retirement plans, untimed, with a worked answer after each one.
Or take the full Series 7 mock examCommon questions
How many opening accounts and retirement plans questions are on the Series 7?
Function 2 is 11 of the 125 scored questions, about 9% of the exam.
Are these real Series 7 questions?
No. FINRA and NASAA do not release exam questions. These are original practice questions written to the official content outline, with a worked explanation and the rule behind every answer.
More Series 7 topics
Outline and exam facts checked November 2026: FINRA: Series 7 exam · FINRA Series 7 Content Outline · FINRA Regulatory Notice 26-18.
Original independent practice questions written to the published FINRA content outline. Not affiliated with or endorsed by FINRA or NASAA.