Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Which of the following is a security as defined by the Uniform Securities Act (USA)?
  1. a debenture
  2. a futures option contract on wheat
  3. a term life insurance policy
  4. Both A and B are securities as defined by the Uniform Securities Act.
Explanation
Answer: D - Both a debenture and a futures option contract on wheat are securities as defined by the USA. A debenture is a long-term, unsecured debt instrument and is specifically listed as a security in the Act. Although commodity futures contracts are not considered to be securities as defined by the Act, options on commodity futures contracts are.
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